Investment Rating - The report assigns a "Buy" rating for the company for the first time [4]. Core Insights - The company experienced a revenue growth of 6.0% year-on-year in Q1 2024, reaching RMB 68.98 billion, with a gross margin of 29.0%, an increase of 0.3 percentage points year-on-year [3][4]. - Domestic sales benefited from digitalization in procurement and R&D, while overseas markets saw improvements from optimized product structures and increased capacity utilization [3]. - The company reported a net profit attributable to shareholders of RMB 4.77 billion in Q1 2024, marking a year-on-year increase of 20.2% [3][4]. - The high-end product category's share in the Chinese market is increasing, with significant revenue growth from brands like Casarte and the Three Wings Bird [3]. - The company is expanding its market share in North America and Europe despite a decline in demand in these regions, utilizing local product adaptations and a dual-brand strategy [3]. Financial Summary - The company forecasts revenue growth from RMB 261.43 billion in 2023 to RMB 324.61 billion in 2026, with a compound annual growth rate (CAGR) of 7.3% to 8.4% [5]. - The net profit is expected to grow from RMB 16.6 billion in 2023 to RMB 24.85 billion in 2026, with a CAGR of 12.8% to 15.1% [5]. - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 2.02, RMB 2.33, and RMB 2.63 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 14.4x, 12.5x, and 11.0x [4][5].

Thank you for your participation.The meeting is ready to start. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券视线书院许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位特征大家早上好我是长江家电影分析师陈良那么汇报一下我们批杀险金开融投第五期主要是针对海尔的汇报那么我们可以看到海尔的话其实在今年的一季度的话整体的利润也是非常超预期的包括在去年的话整体的规模和盈利的话是在创历史的一个新高的 所以在海尔整个规模体量已经超过2600亿的情况下的话依然能够保持一个比较高的一个增长并且引力的效率还在持续的一个提升所以海尔的话而且海尔的话也是在作为这个中国家电作为全球化布局只有品牌业务发展最好的公司的一个代表 所以我们对海尔的话整个的话做了这样一个整体性的这样一个深度的一个这个研究那么这个的话主要是对于海尔未来的这样一个增长的一个潜力做一个分析因为从海尔现在看的话就是整个未来这个增长的话主要可能是为了这个三个方面 第一的话就是 ...

Summary of Haier's Conference Call Company Overview - **Company**: Haier - **Industry**: Home Appliances - **Revenue**: Over 290 billion CNY (approximately 43.5 billion USD) in 2023, with a historical high in profitability [3][7][10] Key Points and Arguments Growth Potential - **Global Expansion**: Haier is focusing on strengthening its global presence and improving profit margins in overseas markets [4][11] - **High-End Market**: The company has established a strong foothold in the high-end appliance market, with expectations for continued growth as consumer income levels rise [4][6][11] - **Air Conditioning Segment**: Although air conditioning contributes a smaller percentage to overall revenue, it accounted for over 30% of profit growth in 2023, indicating its increasing importance [5][10][38] Historical Performance - **Revenue Growth**: Haier has maintained a compound annual growth rate (CAGR) of approximately 14% from 2015 to 2023 [9] - **Profitability**: The company has consistently outperformed revenue growth in terms of profit, achieving double-digit growth rates [7][10] Strategic Initiatives - **Acquisition Strategy**: Since 2015, Haier has pursued an aggressive acquisition strategy, including notable brands like Sanyo and Fisher & Paykel, to enhance its global market share [19][21] - **Brand Development**: The launch of the high-end brand Casarte has been successful, with significant market shares in premium segments (50% in refrigerators priced above 15,000 CNY) [29][30] Market Position - **Global Leadership**: Haier has maintained its position as a leading global appliance manufacturer, ranking first in washing machines, refrigerators, and kitchen appliances in various regions [23][24] - **Regional Performance**: While Haier has strong positions in Asia-Pacific and North America, there are opportunities for growth in Latin America, the Middle East, and Africa [25][26] Financial Outlook - **Profit Margins**: Current profit margins for overseas operations are below 5%, indicating room for improvement [27][28] - **Future Projections**: Expected profits for 2024 are projected to exceed 19.1 billion CNY (approximately 2.9 billion USD), with a target of 25 billion CNY (approximately 3.8 billion USD) by 2026 [47][50] Investment Recommendations - **Valuation**: The current valuation is around 15 times earnings, suggesting a favorable investment opportunity given the expected growth and dividend increases [48][49] - **Dividend Policy**: Haier plans to increase its dividend payout ratio to over 50% by 2025, enhancing its attractiveness to investors [49][50] Additional Important Insights - **Consumer Trends**: Despite economic challenges, consumer demand for high-quality home appliances is expected to continue rising, supporting Haier's high-end strategy [34][35] - **Operational Efficiency**: The company is optimizing its supply chain and product offerings to enhance profitability in the air conditioning segment [42][43] This summary encapsulates the key insights from Haier's conference call, highlighting the company's strategic focus on global expansion, high-end market penetration, and operational efficiency, alongside its historical performance and future growth potential.

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690 SH) [3] Core Views - Haier Smart Home is a global leader in the major home appliance industry with a strong brand and extensive global market presence [2] - The company has a significant advantage in the high-end market and is well-positioned to capitalize on structural quality upgrades [2] - Haier Smart Home's global expansion and efficiency improvements are expected to drive further growth and profitability [2] - The company's revenue in 2023 reached 2614 28 billion yuan, a year-on-year increase of 7 33%, with net profit attributable to shareholders of 165 97 billion yuan, up 12 81% year-on-year [4] Global Expansion - Haier Smart Home has been expanding globally since the late 1990s, focusing on brand-building rather than OEM exports [5] - The company has made strategic acquisitions, including Sanyo's white goods business, GE Appliances, and Fisher & Paykel, to strengthen its global presence [5] - In 2023, Haier Smart Home ranked first globally in market share for washing machines, refrigerators, and large kitchen appliances [5] High-End Market Strategy - Haier Smart Home launched its high-end brand Casarte in 2007, which has become a leader in the high-end appliance market in China [6] - Casarte holds a 50% market share in refrigerators priced above 15,000 yuan and an 84% market share in washing machines priced above 10,000 yuan [6] - The company leverages high-end media and celebrity endorsements to enhance brand recognition and consumer perception [6] Air Conditioning Business - Haier Smart Home is optimizing its air conditioning product strategy, focusing on market share growth and profitability improvement [7] - The company is expanding its presence in lower-tier markets while leveraging the Casarte brand for higher-end products [7] - Haier is also extending its supply chain to improve self-sufficiency in key components, which is expected to enhance profitability [7] Financial Projections - The report forecasts Haier Smart Home's net profit attributable to shareholders to reach 191 47 billion yuan in 2024, 220 46 billion yuan in 2025, and 250 06 billion yuan in 2026 [8] - The corresponding PE ratios are projected to be 15 95x, 13 85x, and 12 21x for 2024-2026, respectively [8] Historical Performance - From 1991 to 2023, Haier Smart Home achieved a compound annual growth rate (CAGR) of 20 97% in revenue [4] - The company's net profit margin attributable to shareholders improved to 6 40% in 2023 [4] Product and Regional Revenue Breakdown - In 2023, Haier Smart Home's revenue was primarily driven by refrigerators (31 23%), washing machines (23 44%), air conditioners (17 47%), and kitchen appliances (15 91%) [17] - The company's revenue from overseas markets accounted for 52 13% of total revenue, up from 47 87% in domestic markets [17]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨海尔智家（ ） 600690.SH [营Ta收b稳le_健T提itle升] ，盈利表现突出 报告要点 [2T0a2b4le Q_S1u公m司ma实ry现] 营收689.78亿元，同比增长6.01%，实现归母净利润47.73亿元，同比增 长20.16%，实现扣非归母净利润46.4亿元，同比增长25.41%。同时公司针对A股和H股推 出员工持股计划。 ...

证券研究报告 公 2024年05月11日 司 报 告 海尔智家(600690) │ 行 业： 家用电器/白色家电 公 投资评级： 买入（维持） 司 2024 年一季报点评： 当前价格： 31.39元 季 报 业绩大超预期，经营持续向上 目标价格： 35.18元 点 事件：海尔智家发布2024年一季报，24Q1实现营业收入689.78亿，同比 评 基本数据 +6.01%，归属净利润47.73亿，同比+20.16%，扣非净利润46.40亿，同比 总股本/流通股本(百万股) 9,438.11/9,438.11 +25.41%。同时，公司披露年度A/H股核心员工持股计划：A股拟覆盖不超 流通A股市值(百万元) 198,025.47 2400 人/额度 7.12 亿，H股 30 人/额度 6850万；按 40%、60%比例分两期 每股净资产(元) 11.37 归属，考核目标24年及25年扣非净利润较23年同比/复合增速不低于15% 资产负债率(%) 57.34 且净资产收益率不低于16.8%，两指标等权重加权完成率0.8~1商议归属。 一年内最高/最低(元) 31.91/19.86  内销增势稳健，海外略有放缓 24 ...

Investment Rating - The investment rating for Haier Smart Home is upgraded to "Buy" [3][21]. Core Views - The company's Q1 2024 performance exceeded expectations, with domestic sales showing steady growth and overseas profits recovering rapidly. Cost optimization is evident, and overall profitability is expected to improve beyond initial forecasts [2][14]. Summary by Sections 1. Performance Overview - In Q1 2024, Haier Smart Home achieved revenue of 68.978 billion yuan, a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.773 billion yuan, up 20.16% year-on-year [8]. 2. Revenue Growth - Domestic revenue grew by 8% year-on-year, while overseas revenue increased by 4%. Key domestic segments such as refrigerators and washing machines are expected to grow by 5-10%, with water appliances achieving double-digit growth [9]. - In the European market, the company implemented a dual-brand strategy with Haier and New Candy, resulting in a market share increase of 0.9 percentage points to 9.0% [9]. 3. Profitability Improvement - The gross margin for Q1 2024 was 28.95%, an increase of 0.26 percentage points year-on-year, while the net margin was 7.04%, up 0.84 percentage points. The company reported over 30% growth in operating profit in the Chinese market [10]. - Overseas operating profit also improved significantly, with double-digit growth driven by cost optimization in procurement and logistics [10]. 4. Cash Flow and Financial Health - As of the end of 2023, the company had cash and cash equivalents plus trading financial assets totaling 54.46 billion yuan, with inventory at 41.281 billion yuan, reflecting a 4.45% increase year-on-year. The net cash flow from operating activities for Q1 2024 was 1.725 billion yuan, up 27.31% year-on-year [12]. 5. Employee Stock Ownership Plan - The company has initiated a new employee stock ownership plan with a funding amount of 711.5 million yuan for A-shares and 68.5 million yuan for H-shares, aimed at incentivizing performance based on net profit growth and return on equity [13]. 6. Investment Recommendations - The report suggests that the company's deepening overseas layout and continuous high-end product development, along with the successful implementation of the scenario brand strategy, will drive revenue structure optimization and enhance operational efficiency [14].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [7]. Core Insights - The company reported a strong Q1 performance with revenue of 68.98 billion RMB, a year-over-year increase of 6.0%, and a net profit of 4.77 billion RMB, reflecting a 20.2% increase year-over-year [4]. - The company has launched a new employee stock ownership plan aimed at incentivizing key personnel, which is expected to enhance shareholder value [4]. - The company is benefiting from favorable policies such as the domestic appliance replacement program, which is anticipated to support steady growth in sales [5]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 30.26 RMB as of April 30, 2024, and a market capitalization of approximately 190.9 billion RMB [2]. Financial Performance - Q1 revenue growth was driven by a robust performance in the Chinese market, which saw an 8.1% increase, while international revenue grew by 4% despite weaker growth in Europe and the US [4]. - The gross margin improved by 0.5 percentage points to 29%, and the net profit margin increased by 0.8 percentage points to 6.9% [4]. Earnings Forecast - The company’s net profit is projected to reach 19.46 billion RMB in 2024, 22.76 billion RMB in 2025, and 25.33 billion RMB in 2026, with year-over-year growth rates of 17.3%, 16.9%, and 11.3% respectively [5][6]. - Earnings per share (EPS) are expected to be 2.1 RMB in 2024, 2.4 RMB in 2025, and 2.7 RMB in 2026 [5]. Valuation Metrics - The A-share price-to-earnings (P/E) ratios are forecasted to be 15X in 2024, 13X in 2025, and 11X in 2026, indicating a reasonable valuation [5][6]. - The company is expected to gradually increase its dividend payout ratio, with a projected dividend per share (DPS) of 1.03 RMB in 2024, yielding 3.41% [6].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 35.79, indicating a potential upside of 22.4% from the current price of HKD 29.25 [1][5]. Core Insights - Haier Smart Home's Q1 2024 profit growth exceeded expectations, with a year-on-year increase of 20.2% in net profit, reaching RMB 4.77 billion, driven by product mix upgrades and cost control measures [1]. - The company's revenue for Q1 2024 grew by 6.0% year-on-year to RMB 69 billion, with a gross margin improvement of 0.3 percentage points to 29.0% [1]. - Both domestic and overseas business profitability improved, with domestic revenue increasing by 8%, particularly in air conditioning and kitchen appliances, which saw double-digit growth [1]. - The high-end brand Casarte achieved a 14% revenue growth in Q1, aligning with the company's targets, and is expected to continue benefiting from new product launches and enhanced brand management [1]. Financial Overview - Revenue projections for Haier Smart Home are as follows: RMB 283.26 billion in 2024E, RMB 306.54 billion in 2025E, and RMB 331.05 billion in 2026E, reflecting a compound annual growth rate (CAGR) of approximately 8.0% [2]. - Net profit is expected to reach RMB 19.31 billion in 2024E, RMB 21.56 billion in 2025E, and RMB 23.84 billion in 2026E, with corresponding year-on-year growth rates of 16.4%, 11.7%, and 10.6% respectively [2]. - The report highlights a projected earnings per share (EPS) of RMB 2.08 for 2024E, increasing to RMB 2.57 by 2026E [2]. Market Performance - The stock has shown a year-to-date increase of 32.65% as of the report date, with a 52-week high of HKD 29.25 and a low of HKD 20.55 [4][3]. - The market capitalization of Haier Smart Home is approximately HKD 289.79 billion [4].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 30.26 CNY [2]. Core Insights - The company achieved a revenue of 68.978 billion CNY in Q1 2024, representing a year-over-year increase of 6.01%. The net profit attributable to shareholders was 4.773 billion CNY, up 20.19% year-over-year, exceeding market expectations [7][8]. - Domestic sales drove growth, with a year-over-year increase of 8.1% in domestic revenue. Key segments such as home air conditioning, kitchen appliances, and smart buildings saw double-digit growth [8]. - The company is enhancing its international presence, with foreign revenue increasing by 4% despite challenges in the U.S. appliance market [8]. Revenue Performance - The company reported a gross margin of 29.0% in Q1 2024, an increase of 0.26 percentage points year-over-year, attributed to digital transformation and product structure optimization [8]. - The net profit margin for Q1 2024 was 7.0%, up 0.85 percentage points year-over-year, indicating improved profitability [8]. Financial Projections - The report projects the company's net profit attributable to shareholders for 2024-2026 to be 19.103 billion CNY, 21.521 billion CNY, and 24.083 billion CNY respectively, with corresponding growth rates of 15.10%, 12.66%, and 11.90% [9]. - The price-to-earnings (P/E) ratio is expected to be 15, 13, and 12 for the years 2024, 2025, and 2026 respectively [8][9]. Cash Flow and Balance Sheet - The operating cash flow for Q1 2024 was 1.725 billion CNY, reflecting a year-over-year increase of 27% [8]. - The proportion of cash to total assets was 11.9%, a decrease of 2.2 percentage points year-over-year, indicating a shift in asset management [8].