股票研究 /[Table_Date] 2024.08.28 ——海尔智家 2024H1 中报业绩点评 | --- | --- | --- | --- | |----------|----------------------------|----------------------|--------------------| | | 蔡雯娟(分析师) | 谢丛睿(分析师) | 樊夏俐(分析师) | | | 021-38031654 | 021-38038437 | 021-38676666 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | S0880523090006 | | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Tabl ...

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy - A" with a target price of 28.28 CNY for the next six months, corresponding to a PE valuation of 14x for 2024 [4][2]. Core Views - Haier Smart Home reported a revenue of 135.62 billion CNY for the first half of 2024, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 10.42 billion CNY, up 16.3% year-on-year. In Q2 2024, the company achieved a revenue of 66.65 billion CNY, with a slight year-on-year increase of 0.1%, and a net profit of 5.65 billion CNY, up 13.2% year-on-year [1][2]. - The company is experiencing a continuous improvement in cost efficiency, leading to enhanced profitability in Q2 2024. The gross profit margin for Q2 was 32.3%, an increase of 0.2 percentage points year-on-year, driven by digital transformation in procurement, research, and manufacturing [1][2]. - The management team and employees are increasingly motivated to explore growth opportunities, particularly in overseas markets, which still have significant potential for market share expansion [2]. Financial Performance Summary - For the first half of 2024, Haier's domestic business operating profit margin improved by 1.8 percentage points year-on-year, while the overseas business saw a 0.6 percentage point increase [1]. - The operating cash flow for Q2 was 6.09 billion CNY, reflecting a year-on-year increase of 12.1%, indicating healthy operational performance [1]. - The company expects domestic revenue growth to accelerate due to stimulus from trade-in programs, while overseas revenue is anticipated to gain momentum in a declining interest rate environment [1][2]. Earnings Forecast - The projected earnings per share (EPS) for Haier Smart Home for 2024, 2025, and 2026 are 2.02 CNY, 2.26 CNY, and 2.46 CNY, respectively [2][8]. - The net profit forecast for 2024 is 19.07 billion CNY, with a growth rate of 14.9% expected [3][12]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to decrease from 15.4 in 2022 to 9.8 in 2026, indicating an improving valuation outlook [8][12]. - The net profit margin is expected to rise from 6.0% in 2022 to 7.8% in 2026, reflecting enhanced profitability [8][12].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 135,621 million, a 3.0% increase from RMB 131,616 million in the same period of 2023[3]. - Gross profit for the same period was RMB 40,784 million, reflecting a 4.0% increase from RMB 39,216 million year-over-year[3]. - Adjusted operating profit rose by 18.8% to RMB 11,375 million compared to RMB 9,577 million in the previous year[3]. - Net profit for the period was RMB 10,607 million, up 17.3% from RMB 9,044 million in the prior year[3]. - Basic earnings per share increased to RMB 1.13, a 17.7% rise from RMB 0.96 in the same period last year[3]. - Total comprehensive income for the period was RMB 10,272 million, compared to RMB 9,180 million in the previous year[6]. - Other income for the six months ended June 30, 2024, amounted to RMB 1,844 million, compared to RMB 1,690 million in the same period of 2023, reflecting an increase of about 9.1%[24]. - Financing costs for the six months ended June 30, 2024, totaled RMB 1,217 million, up from RMB 884 million in the same period of 2023, indicating a rise of approximately 37.7%[26]. - Income tax expense for the six months ended June 30, 2024, was RMB 2,132 million, compared to RMB 2,070 million in the same period of 2023, showing an increase of about 3.0%[27]. - The company reported a pre-tax profit of RMB 12,739 million for the six months ended June 30, 2024, compared to RMB 11,114 million for the same period in 2023, marking a growth of around 14.6%[17]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 127,733 million, an increase from RMB 120,759 million at the end of 2023[7]. - Current assets amounted to RMB 134,517 million, up from RMB 132,621 million at the end of the previous year[7]. - Total non-current liabilities amounted to RMB 27,949 million, up from RMB 27,385 million, indicating a growth of 2.1%[8]. - The company's total equity reached RMB 108,584 million, an increase of 2.0% from RMB 105,912 million[8]. - The total assets of the company as of June 30, 2024, amounted to RMB 262,250 million, an increase from RMB 220,031 million reported previously[19]. - The total liabilities stood at RMB 153,666 million, reflecting a slight increase from the previous reporting period[19]. - The company's net asset value increased by 2.5% from RMB 105,912 million on December 31, 2023, to RMB 108,584 million on June 30, 2024[111]. Market and Segment Performance - The segment revenue from the Refrigerators and Freezers business was RMB 41,128 million, up from RMB 40,405 million, indicating a growth of about 1.8% year-over-year[18]. - The Air Energy Solutions segment reported revenue of RMB 29,235 million, compared to RMB 28,176 million in the previous year, reflecting an increase of approximately 3.8%[18]. - The kitchen appliance segment achieved global revenue of RMB 20.275 billion, a 0.3% increase year-on-year[42]. - The laundry care segment reported global revenue of RMB 29.737 billion, a 5.0% increase compared to the same period in 2023[45]. - The company’s overseas revenue maintained rapid growth, benefiting from long-term strategic investments in product iteration and professional channel network construction[51]. - In the North American market, the company achieved revenue of 39.079 billion yuan, outperforming the industry despite a decline in the overall market demand[63]. - The European market generated revenue of 14.505 billion yuan, reflecting a 9.2% year-on-year growth, with a market share increase of 0.1 percentage points[65]. - The South Asia market achieved a revenue of 6.542 billion yuan, with a year-on-year growth of 9.9%, and over 25% growth in the Indian market[68]. Strategic Initiatives - The company is focused on expanding its product offerings in smart home solutions, including refrigerators, kitchen appliances, and air conditioning systems[9]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[17]. - The company plans to leverage the old-for-new exchange program in the domestic market to drive retail growth in the second half of 2024[90]. - The company aims to enhance profitability through product upgrades and supply chain localization in overseas markets[90]. - The company is focusing on digital transformation across its production, procurement, and quality systems to improve cost competitiveness[91]. Operational Efficiency - The company reported a net cash flow from operating activities of RMB 7.818 billion, an increase of RMB 1.028 billion compared to the same period in 2023[37]. - The inventory turnover days improved by 3 days to 79 days in the first half of 2024, attributed to effective inventory management[112]. - The accounts receivable and notes turnover days increased to 41 days in the first half of 2024, up by 3 days compared to the end of 2023, due to increased sales revenue[112]. Challenges and Risks - The company faces risks from macroeconomic slowdowns, intensified industry competition, and fluctuations in raw material prices[92]. - The company anticipates that the second half of 2024 will see a recovery in demand in developed countries as interest rates decrease, benefiting the appliance market[87]. Employee and Governance - The total number of employees decreased by 2.3% from 112,458 on December 31, 2023, to 109,925 on June 30, 2024[127]. - The board did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[130]. - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing financial reporting matters without any objections[133].

Financial Performance - Haier Smart Home reported a revenue of CNY 100 billion for the first half of 2024, representing a year-on-year increase of 15%[11]. - The company achieved a net profit of CNY 8 billion, up 20% compared to the same period last year[11]. - The company's operating revenue for the first half of 2024 reached ¥135.62 billion, representing a 3.03% increase compared to the same period last year[17]. - Net profit attributable to shareholders was ¥10.42 billion, marking a 16.26% increase year-over-year[17]. - The net cash flow from operating activities was ¥7.82 billion, up 15.14% from the previous year[17]. - Basic earnings per share increased to ¥1.13, reflecting a 17.71% growth compared to the same period last year[18]. - The gross margin for the first half of 2024 was 30.6%, an increase of 0.2 percentage points compared to the same period in 2023[41]. - The company's total profit for the first half of 2024 was CNY 12.74 billion, compared to CNY 11.11 billion in the same period of 2023, reflecting a growth of 14.6%[195]. - The total comprehensive income for the first half of 2024 was CNY 10.27 billion, an increase of 11.9% from CNY 9.18 billion in the same period of 2023[196]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[11]. - Haier Smart Home is exploring potential acquisitions in the European market to enhance its product portfolio[11]. - The company aims for a revenue growth target of 12% for the full year 2024, with a focus on digital transformation[11]. - The company has successfully replicated its sales and marketing strategies from China to markets in India, Pakistan, and Thailand, enhancing brand competitiveness[35]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[199]. Product Development and Innovation - New product launches include a smart refrigerator line that integrates AI technology, expected to boost sales by 10% in the next quarter[11]. - Research and development investment increased by 18%, focusing on energy-efficient appliances and smart home solutions[11]. - The company has developed smart home solutions across various categories, including food preservation, laundry care, air, and water solutions[25]. - The company has filed over 109,000 patent applications globally, with more than 70,000 being invention patents, leading the industry in patent quality and quantity[37]. - The company has successfully integrated acquisitions, including the purchase of GE Appliances in 2016 and Candy in 2019, enhancing its operational capabilities and market presence[33]. Sustainability and ESG Commitment - Future outlook includes a commitment to sustainability, with plans to reduce carbon emissions by 30% by 2030[11]. - The company has implemented a "6 Green" strategy for lifecycle management, focusing on green design, manufacturing, and marketing, promoting sustainable development[38]. - The company has established a global ESG governance structure, demonstrating its commitment to environmental, social, and governance responsibilities[38]. - The company has been rated as a leader in ESG by major institutions, reflecting its strong performance in environmental and social governance[38]. - The company is committed to sustainable development and has established a green recycling system to promote resource reuse[149]. Operational Efficiency - The company reported a 5% increase in gross margin, attributed to improved supply chain efficiency[11]. - The company improved order fulfillment efficiency, optimizing the order-to-delivery cycle by 12% in the domestic market[81]. - The company has established over 100 cost accounting models, enhancing the generalization rate of components by 13% and optimizing supply chain costs by 0.3%[80]. - The company reported an 8% increase in production efficiency through intelligent scheduling of manufacturing elements[80]. - The company has implemented strategies such as price negotiations and hedging to mitigate risks associated with raw material price volatility[118]. Challenges and Risks - The company faces risks from macroeconomic slowdown affecting consumer purchasing power, particularly in the white goods sector[118]. - Increased competition in the white goods industry may lead to price wars due to product homogeneity and rising inventory levels in certain sub-industries[118]. - Fluctuations in raw material prices, particularly for metals and plastics, pose a risk to the company's production operations[118]. - The company reported a significant impact from exchange rate fluctuations on its financial status, particularly due to its global operations involving currencies such as USD, EUR, and JPY[119]. Corporate Governance and Shareholder Engagement - The company held its annual shareholder meeting on June 20, 2024, with 602 attendees representing 69.16% of total voting shares[122]. - The company’s board of directors has undergone changes, with Liu Yongfei elected as a new supervisor following the retirement of Ma Yingjie[123]. - The company has initiated a new employee stock ownership plan for 2024, aimed at enhancing corporate governance and shareholder value[125]. - The company has committed to ensuring fair pricing and compliance in related party transactions, adhering to legal and regulatory requirements[155]. - There are no significant lawsuits or arbitration matters reported during the reporting period[160].

海尔智家股份有限公司（以下简称"公司"）第十一届董事会第十一次会议于 2024 年 8 月 27 日上午在青岛市海尔科创生态园生态品牌中心中 118 会议室召开， 应到董事 9 人，实到董事 9 人，其中董事俞汉度、李锦芬、王克勤、吴琪、李世 鹏以通讯方式参会，其他董事现场参会，出席人数符合法律法规和《公司章程》 的规定。本次会议通知于 2024 年 8 月 9 日以电子邮件形式发出，公司监事和高 级管理人员列席了会议，会议的通知和召开符合《公司法》和《公司章程》的规 定，会议由董事长李华刚先生主持。经与会董事认真审议，审议通过了以下议案： 一、《海尔智家股份有限公司 2024 年半年度报告及摘要》（表决结果：同 意 9 票、反对 0 票、弃权 0 票） 内容详见与本公告同日刊登于上海证券交易所网站（www.sse.com.cn）的 《海尔智家股份有限公司 2024 年半年度报告》及摘要、刊登于德国信息披露平 台（https://www.dgap.de/）的《海尔智家股份有限公司 2024 年半年度报告（英 文版）》、刊登于香港联合交易所网站（https://www.hkexnews.hk）上的 H 股 20 ...

北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2024 年 7 月 1 为出具本法律意见书，本所律师审查了公司本次差异化分红的有关文件和材 料，就相关事项向公司进行了必要的询问。本所律师得到公司如下保证，即其已 提供了本所律师认为作为出具本法律意见书所必需的材料，所提供的原始材料、 副本、扫描件、复印件等材料、口头证言均符合真实、准确、完整的要求，有关 副本、扫描件、复印件等材料与原始材料一致。 本法律意见书仅就本次差异化分红所涉及的法律问题发表法律意见，并不对 1 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 致：海尔智家股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受海尔智家股份有限公司（以 下简称"海尔智家"或"公司"）的委托，根据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司股份回购规则》（以下简称《回购规则》）、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》（以下简称《自律监管指引第 7 号》）、《上 海证券交易所股票上市规则》等法律法规、其他 ...

证券代码：600690 证券简称：海尔智家 公告编号：临 2024-032 海尔智家股份有限公司 2023 年年度 A 股权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.80131 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 股 A | 2024/8/15 | － | 2024/8/16 | 2024/8/16 | 差异化分红送转： 是 公司 D 股、H 股股东权益派发事宜参见本公司于境外信息披露平台、德国联邦公报以及 公司网站向 D 股股东、H 股股东另行发出的有关权益派发相关的公告 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经海尔智家股份有限公司（简称"公司"、"本公司"）2024 年 6 月 20 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算 ...

股票简称：海尔智家 股票代码：600690 编号：临 2024-031 海尔智家股份有限公司 二、利润分配预案披露至今的股本变动情况 因公司 A 股股份回购事宜有新进展，使公司实际可参与分配的股份总数发 生变化，具体情况如下： 1、2021 年 3 月 5 日，公司召开第十届董事会第十六次会议，审议通过《海 尔智家股份有限公司关于回购部分社会公众股份方案的议案》，同意公司以集中 竞价的方式使用自有资金回购部分公司 A 股股份，回购价格为不超过人民币 46 元/股，拟回购总金额不超过人民币 40 亿元且不低于 20 亿元，实施期限为自董 事会审议通过回购股份方案之日起 12 个月内，回购股份计划将用于员工持股计 划或股权激励。该次回购已于 2021 年 11 月 16 日完成，共计回购公司 A 股股份 1 79,492,366 股，其中 25,440,807 股股份已于 2021 年 7 月 22 日非交易过户至"海 尔智家股份有限公司－A 股核心员工持股计划（2021 年－2025 年）"专户，因 此共计有 54,051,559 股 A 股回购股份，存放在"海尔智家股份有限公司回购专 用证券账户"内（简称"回 ...

股票代码：600690 股票简称：海尔智家 公告编号：临2024-030 海尔智家股份有限公司 1 购买，上述购买的股票将按照规定予以锁定，锁定期为自本公告披露之日起 12 个 月，即自 2024 年 7 月 27 日至 2025 年 7 月 26 日。 2024 年度 H 股核心员工持股计划 完成股票购买的公告 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。 海尔智家股份有限公司（以下简称"公司"）于 2024 年 6 月 20 日召开公司 2023 年年度股东大会等，审议通过了《海尔智家股份有限公司 2024 年度 H 股核心员工 持股计划（草案）及摘要》，同意实施公司 2024 年度 H 股核心员工持股计划，具 体内容详见公司于 2024 年 5 月 28 日、2024 年 6 月 21 日在上海证券交易所网站 （www.sse.com.cn）披露的 2024 年度 H 股核心员工持股计划及股东大会决议等相 关公告。2024 年度 H 股核心员工持股计划第一次持有人会议于 2024 年 6 月 26 日 召开，审议通过了 ...

2024 年 07 月 24 日 王睿哲 C0062@capital.com.tw 目标价(元/港币) 31/28 公司基本信息 | --- | --- | |---------------------|--------------| | 产业别 | 家用电器 | | A 股价(2024/7/23) | 25.80 | | 上证指数(2024/7/23) | 2915.37 | | 股价 12 个月高/低 | 33/19.86 | | 总发行股数(百万) | 9438.11 | | A 股数(百万) | 6308.55 | | A 市值(亿元) | 1627.61 | | 主要股东 | 香港中央结算 | | | )有限 | | | (24.52%) | | 每股净值(元) | 11.37 | | 股价/账面净值 | 2.27 | | | 一年 | | 股价涨跌(%) | 15.2 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-05-06 | 23.78 | 买进 | 产品组合 | ...