股票简称：海尔智家 股票代码：600690 公告编号：临 2024-037 海尔智家股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于本公告披露日至 2024 年 9 月 27 日（星期五）16:00 前通过公司 邮箱 finance@haier.com 进行提问，或于 2024 年 9 月 23 日（星期一）至 9 月 27 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 海尔智家股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经 营成果、财务状况，公司计划于 2024 年 9 月 30 日下午 13:00-14:00 举行 2024 年 半年度业绩说明 ...

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home with a target price (TP) of HK$ 31.58, reflecting an upside potential of 31.3% from the current price of HK$ 24.05 [2][3]. Core Insights - The sales growth slowdown in 2Q24 was unexpected, but margin improvements were notable. The outlook for 2H24 is positive, driven by government subsidies, potential interest rate cuts, new product launches, and margin recovery in the EU [2][6]. - The "old for new" trade subsidies initiated in August 2024 are expected to favor high-end products, with significant sales growth observed in home appliances, particularly in Hubei province, where sales increased by 30% YoY [2][6]. - Haier's FY24E guidance remains unchanged, targeting mid-single-digit sales growth in China and over 10% growth overseas, with specific categories like air-conditioners and kitchen appliances expected to perform well [2][6]. Financial Summary - Revenue projections for FY24E are set at RMB 273.7 billion, with a YoY growth of 4.7%. Net profit is expected to reach RMB 19.6 billion, reflecting a 15.2% growth [3][12]. - The report indicates a fine-tuning of net profit forecasts for FY24E, FY25E, and FY26E by +1%/-1%/-1% respectively, accounting for slower sales growth but improved operating leverage and efficiency gains [2][7]. - The earnings summary shows a consistent increase in revenue and net profit over the forecast period, with net profit margins improving from 7.1% in FY24E to 7.7% in FY26E [3][12]. Market Position and Competitive Advantage - Haier is positioned to benefit from the ongoing subsidy programs, with a significant portion of local sales companies and distributors engaged in discussions with the government [2][6]. - The company is expected to leverage its market leadership to capture more high-end demand, with Casarte brand products showing exceptional sales growth [2][6]. - The report highlights Haier's strategic focus on high-end product sales and operational efficiencies, which are anticipated to enhance gross and operating margins in the upcoming periods [6][7].

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 海尔智家（600690）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|---------------| | 股票数据 | | | 09 [ Table_StockInfo 月 09 日收盘价（元） ] | 24.32 | | 52 周股价波动（元） | 19.86-33.00 | | 总股本 / 流通 A 股（百万股） | 9438/6309 | | 总市值 / 流通市值（百万元） | 237652/237652 | | 相关研究 | | | [Table_ReportInfo] 《收入稳健增长，分红持续提升》 | 2024.04.17 | | 《多品牌布局优势，收入利润稳健提升》 | | | 2023.10.13 | | 市场表现 [Table_QuoteInfo] 海尔智家 海通综指 -18.33% -8.33% 1.6 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.05 CNY [2]. Core Insights - The company achieved revenue growth against the trend, with a historical high net profit margin in Q2 [2][7]. - For H1 2024, Haier reported operating revenue of 135.623 billion CNY, a year-on-year increase of 3%, and a net profit attributable to shareholders of 10.42 billion CNY, up 16.3% year-on-year [6][7]. - The company’s gross profit margin improved to 30.6% in H1 2024, with a net profit margin of 7.68%, marking a year-on-year increase of 0.9 percentage points [7][8]. Revenue Performance - Domestic and overseas businesses both experienced growth. Domestic revenue for H1 2024 was 64.8 billion CNY, up 2% year-on-year, while overseas revenue reached 70.8 billion CNY, up 4% year-on-year [7]. - The revenue breakdown by product for H1 2024 shows refrigerators, washing machines, air conditioners, kitchen appliances, and water appliances contributing 30%, 22%, 21%, 15%, and 6% respectively, with year-on-year growth rates of 1%, 5%, 4%, 2%, and 6% [7]. Profitability and Efficiency - The company’s digital transformation efforts have led to cost reductions and efficiency improvements, with a decrease in sales, management, and R&D expense ratios [7][8]. - The net cash flow from operating activities for H1 2024 was 7.8 billion CNY, a 15% increase year-on-year, primarily due to increased operating profit and improved operational efficiency [7]. Forecast and Valuation - The report projects net profits for 2024, 2025, and 2026 to be 19.1 billion CNY, 21.5 billion CNY, and 24.1 billion CNY respectively, with corresponding price-to-earnings ratios of 12, 11, and 10 [8].

海尔智家（600690）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------|---------|---------|--------------------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 24.73 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 243,514 | 261,428 | 272,438 | 289,440 | 307,505 | | | 增长率 yoy% | ...

证券研究报告：家用电器 | 公司点评报告 2024 年 9 月 2 日 股票投资评级 增持|维持 个股表现 海尔智家 家用电器 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | --- | |---------------------------|---------------|----------------| | | | | | 最新收盘价（元） | 24.73 | | | 总股本 / 流通股本（亿股） | 94.38 / 63.09 | | | 总市值 / 流通市值（亿元） | 2,334 / 1,560 | | | 52 周内最高 / 最低价 | 32.90 / 20.10 | | | 资产负债率 (%) | 58.2% | | | 市盈率 | 13.82 | | | | | HKSCC NOMINEES | | 第一大股东 | LIMITED | | 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 海尔智家(6 ...

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：24.08 元 海尔智家（600690）家用电器 目标价：——元（6 个月） 收入稳健增长，盈利能力逆势提升 [Table_Summary 事件：公司发布] 2024年半年报，2024年上半年公司实现营收 1356.2亿元，同 比增长 3%；实现归母净利润 104.2亿元，同比增长 16.3%；实现扣非后归母净 利润 101.6亿元，同比增长 18.1%。单季度来看，Q2公司实现营收 666.5亿元， 同比增长 0.1％；实现归母净利润 56.5 亿元，同比增长 13.2%；实现扣非后归 母净利润 55.2 亿，同比增长 12.6%。 各产业各区域实现稳健增长。分产业看，公司制冷产业加速海外市场高端品牌 转型，提升市场份额，实现营收 411.3亿元，同比增长 1.8%；厨电产业丰富套 系产品阵容、拓展前置渠道广度和深度，实现营收 202.8亿元，同比增长 0.3%； 衣服洗护方案实现营收 297.4亿元，同比增长 5%；空气能源解决方案实现营收 292.4 亿元，同比增长 3 ...

Investment Rating - The report assigns a "Buy" rating for the company [1][9]. Core Views - The company has shown steady revenue growth with a 3.0% year-on-year increase in revenue for the first half of 2024, reaching 135.62 billion yuan, and a 16.3% increase in net profit attributable to shareholders, totaling 10.42 billion yuan [5]. - The company is focusing on enhancing operational efficiency and cost control, leading to continuous improvement in profitability [4][6]. - The company is expanding its presence in overseas markets, with a 3.7% increase in overseas revenue, while emerging markets are showing faster growth compared to Europe and the Americas [6][7]. Financial Performance - The company’s revenue for 2022 was 243.514 billion yuan, with projections of 261.428 billion yuan for 2023 and 272.421 billion yuan for 2024, indicating a steady growth trajectory [8]. - The net profit attributable to shareholders is expected to grow from 16.597 billion yuan in 2023 to 18.272 billion yuan in 2024, with corresponding EPS increasing from 1.76 yuan to 1.94 yuan [8]. - The gross margin for Q2 2024 improved by 0.2 percentage points to 32.3%, while the net margin increased by 1.0 percentage point to 8.5% [7]. Market Position - The company has maintained a strong market position, ranking second in retail volume in the Americas with a market share of 15.8%, and leading in Australia and New Zealand with a market share of 14.6% [6]. - The high-end brand, Casarte, has seen significant growth, with a 145% increase in sales revenue in the first half of 2024 [7]. Future Outlook - The company is projected to achieve revenues of 272.421 billion yuan in 2024, 287.120 billion yuan in 2025, and 304.203 billion yuan in 2026, with net profits expected to reach 18.272 billion yuan, 20.236 billion yuan, and 22.291 billion yuan respectively [8]. - The current stock price corresponds to a PE ratio of 12.20 for 2024, suggesting a valuation range of 25.22 to 29.10 yuan based on a target PE of 13-15 times [7].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) [4][8] Core Views - The company reported a revenue of 135.623 billion yuan for H1 2024, representing a year-on-year increase of 3.03%. The net profit attributable to shareholders was 10.42 billion yuan, up 16.26% year-on-year [1] - The company experienced steady growth in overseas sales, with revenue from international markets reaching 70.8 billion yuan, a year-on-year increase of 3.7%. Domestic sales faced short-term pressure due to the consumption environment [2] - The gross profit margin improved slightly to 30.61% in H1 2024, with a net profit margin of 7.68%, reflecting ongoing efficiency improvements and cost control measures [2][5] Summary by Sections Financial Performance - H1 2024 revenue: 135.623 billion yuan (+3.03% YoY) - H1 2024 net profit: 10.42 billion yuan (+16.26% YoY) - H1 2024 gross margin: 30.61% (+0.17 percentage points YoY) - H1 2024 net profit margin: 7.68% (+0.87 percentage points YoY) [1] Revenue Breakdown - Domestic revenue: 64.8 billion yuan (+2.3% YoY) - Overseas revenue: 70.8 billion yuan (+3.7% YoY) - Notable growth in regions: Southeast Asia (+26.8% YoY), Middle East (+12.4% YoY) [2] Cost and Efficiency - Cost reduction and efficiency improvements led to a decrease in sales, management, and R&D expense ratios in Q2 2024 [2] - Q2 2024 gross margin: 32.33% (+0.18 percentage points YoY) [2] Earnings Forecast - Adjusted EPS for 2024-2026: 2.02 yuan, 2.28 yuan, 2.57 yuan respectively - Corresponding dynamic PE ratios: 11.9x, 10.5x, 9.4x [4][5]