Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price based on the last closing price of 24.95 [1][9]. Core Insights - Haier Smart Home reported a steady revenue growth of 7.33% in 2023, achieving total revenue of 261.43 billion yuan and a net profit of 16.60 billion yuan, reflecting a 12.81% increase [3][4]. - The company plans to increase its cash dividend payout ratio, with a proposed cash dividend of 8.04 yuan per 10 shares, totaling 7.47 billion yuan, which corresponds to a payout ratio of 45.02% [3][4]. - The air conditioning segment saw double-digit growth, with significant contributions from the European market [4]. Financial Performance - In Q4 2023, Haier Smart Home achieved a revenue of 62.77 billion yuan, up 6.82%, and a net profit of 3.45 billion yuan, an increase of 13.20% [3][4]. - The gross margin for Q4 2023 was 34.03%, with a net margin of 5.52%, indicating effective cost management [4]. - The company’s revenue from major appliances, including refrigerators, washing machines, and air conditioners, showed positive growth rates, with air conditioning revenue increasing by 13.98% [3][4]. Regional Performance - Domestic revenue reached 1246.14 billion yuan, growing by 7.12%, while international revenue was 1356.78 billion yuan, up 7.60% [3][4]. - In the overseas market, revenue from North America, Europe, South Asia, and Southeast Asia grew by 4.1%, 23.9%, 14.9%, and 11.6% respectively, with Europe showing the fastest growth [3][4]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 18.83 billion yuan, 20.86 billion yuan, and 23.05 billion yuan respectively, with corresponding EPS of 2.00 yuan, 2.21 yuan, and 2.44 yuan [6][7]. - The expected PE ratios for the same years are 12.84, 11.59, and 10.49 times [6][7]. Strategic Initiatives - The company is focusing on high-end market opportunities, with the Casarte brand achieving a retail sales growth of 14% in 2023 [4]. - The "Three Wings Bird" initiative has seen retail sales increase by 84%, with over 60% of sales coming from complete sets [4].

证券研究报告 公司点评 海尔智家(600690.SH) 家用电器｜ 白色家电 业绩稳增，盈利能力持续 改善，加大分红力度 2024年 04月 03日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 2,435.14 2,614 .28 2,820.51 3,048.92 3,292.14 归母净利润(亿元) 147.11 165.97 182.49 200.59 224.38 评级变动 维持 每股收益（元） 1.56 1.76 1.93 2.13 2.38 交易数据 每股净资产（元） 9.90 10.97 12.61 14.41 16.42 当前价格（元） 25.96 P/E 16.66 14.76 13.43 12.21 10.92 52周价格区间（元） 20.10-25.96 P/B 2.62 2.37 2.06 1.80 1.58 总市值（百万） 228828.95 资料来源：iFinD，财信证券 流通市值（百万） 163770.03 总股本（万股） 943811.50 投资要点： 流通股（万股） 943811.50  事件：公司发布2023年年报， ...

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home with a target price raised to HK$31.24, indicating a potential upside of 21.8% from the current price of HK$25.65 [2][4]. Core Insights - Haier's FY24E guidance is expected to be resilient, supported by steady growth in the Casarte brand, improvements in the Air-conditioning business, and favorable macroeconomic policies [2][6]. - The company has raised its dividend payout ratio to over 45% for FY24E, reflecting a strong commitment to returning value to shareholders amidst a challenging macro environment [2][6]. - Management remains confident in achieving sales growth of mid-single digits to high-single digits (MSD to HSD) and over 10% net profit growth for FY24E [2][6]. Financial Summary - FY23 results showed a 7% YoY increase in sales to RMB261.4 billion and a 14% YoY rise in net profit to RMB16.7 billion, aligning with Bloomberg estimates [6]. - The dividend per share (DPS) increased by 42% YoY to RMB8.04, with a payout ratio significantly up from 36% the previous year [6]. - Revenue projections for FY24E are set at RMB278.9 billion, with expected net profit of RMB19.3 billion, reflecting a 14% growth [3][12]. Growth Drivers - Key growth drivers for FY24E include: 1. Steady sales growth of 10% to 15% for the Casarte brand due to increased presence in high-end markets and repeat orders from members [2]. 2. A ramp-up in the Air-conditioning business, aided by improved operational efficiencies and in-house production [2]. 3. Potential subsidies and favorable policies in the EU market, alongside a rebound in demand in the ANZ market [2]. 4. Continued demand from high-end segments, particularly in the US market [2]. Margin Improvement - Expected improvements in both gross profit (GP) and net profit (NP) margins due to: 1. Centralized sourcing of raw materials and better freight rate negotiations [2]. 2. Increased automation and digitization across global factories [2]. 3. Enhanced product premiumization through high-end brand sales [2]. 4. Targeted marketing strategies and manpower rationalization in the EU market [2]. Earnings Revision - FY24E net profit estimates have been fine-tuned down by 1% to RMB19.1 billion, while FY25E estimates have been adjusted up by 2% to RMB21.8 billion [7]. - Revenue estimates for FY24E have been slightly reduced by 0.8% to RMB278.9 billion, reflecting slower growth in certain segments [7]. Valuation Metrics - The stock is currently trading at 12x FY24E P/E, which is below its 5-year average of 15x, indicating potential undervaluation [2][4]. - The new target price is based on a 14x FY24E P/E, reflecting a positive outlook for the company's performance [2].

家用电器/白色家电 公 司 研 海尔智家（600690.SH） 家电家居的整家之路（一）——海尔智家：三翼鸟 究 2024年04月07日 ——公司深度报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 刘文鑫（联系人） lvming@kysec.cn zhoujiale@kysec.cn liuwenxin@kysec.cn 日期 2024/4/3 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070038 当前股价(元) 26.35  整装布局早、产业链完善，三翼鸟有望实现整装突围，维持“买入”评级 整装行业已成家装行业发展的大势所趋，公司在家电企业中综合实力强、整装布 一年最高最低(元) 26.60/19.86 公 局早、产业链完善，有望实现整装业务良性发展、反哺家电业务。我们维持盈利 司 总市值(亿元) 2,486.94 预测，预计2024-2026年公司归母净利润为187.1/212.6/239.0亿元，对应EPS为 深 流通市值(亿元) 1,662.30 1.98/2.25/2.53元，当前股价对应PE分别为13.3/11. ...

证券研究报告 | 公司动态点评 2024 年 03月 28日 海尔智家（600690.SH） 经营保持稳健，分红比例提升至 45% 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 243,579 261,428 281,316 301,087 321,241 股票信息 增长率yoy（%） 7.3 7.3 7.6 7.0 6.7 归母净利润（百万元） 14,712 16,597 19,274 21,570 24,266 行业 家电 增长率yoy（%） 12.5 12.8 16.1 11.9 12.5 2024年3月27日收盘价（元） 23.78 ROE（%） 15.5 15.8 16.5 16.3 16.1 总市值（百万元） 224,438.37 EPS最新摊薄（元） 1.56 1.76 2.04 2.29 2.57 流通市值（百万元） 150,017.38 P/E（倍） 15.3 13.5 11.6 10.4 9.2 总股本（百万股） 9,438.11 P/B（倍） 2.4 2.2 1.9 1.7 1.5 流通股本（百万股） 6,308.55 资料来 ...

股票简称：海尔智家 股票代码：600690 编号：临 2024-014 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，现将公司回购股份进展情况公告如下： 2024年3月当月，公司通过集中竞价交易方式已累计回购A股股份4,139,014 股，占公司总股本的比例为 0.044%，购买的最高价为 24.96 元/股、最低价为 23.78 元/股，支付的金额为 100,775,544.16 元；本次回购实施起始日（2023 年 5 月 16 日）至 2024 年 3 月 31 日，公司已累计回购股份 83,349,394 股，占公司总股本的 比例为 0.883%，购买的最高价为 24.96 元/股、最低价为 20.15 元/股，支付的金 额为 1,879,718,741.02 元。 海尔智家股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 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： 回购方案的实施情况：2024 年 3 月当月，公司通过集中竞价交易方式已累计回 购 A ...

[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 25.08元 海尔智家（600690） 家用电器 目标价： ——元（6个月） 持续引领高端白电，经营效率稳健提升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报，2023年公司实现营收 2614.3亿元，同比增长 [分Ta析bl师e_：Au龚th梦or泓] 7.3%；实现归母净利润166亿元，同比增长12.8%；实现扣非后归母净利润158.2 执业证号：S1250518090001 亿元，同比增长13.3%。单季度来看，Q4公司实现营收627.7亿元，同比增长 电话：023-63786049 6.8％；实现归母净利润 34.5亿元，同比增长 13.2%；实现扣非后归母净利润 邮箱：gmh@swsc.com.cn 31亿，同比增长13.2%。2023年公司分红率有所提升，现金分红 74.7亿元， 联系人：方建钊 现金分红比例同比提升9pp达到 45%，同时公司提出未来2025-2026年度现金 电话：18428374714 分红比例不低于5 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) with a market price of 25.08 CNY [1]. Core Views - The report highlights an increase in the dividend payout ratio from 36% to 45% for 2023, with expectations to further increase to at least 50% in 2025-2026, indicating enhanced investment value [6]. - The company's revenue for 2023 reached 261.4 billion CNY, representing a year-on-year growth of 7.3%, while net profit was 16.6 billion CNY, up 12.8% [6]. - The report anticipates continued growth in various business segments, particularly in air conditioning and smart home appliances, driven by digital transformation and cost optimization [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 261.4 billion CNY in 2023 to 321.5 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 7% [2]. - Net profit is expected to increase from 16.6 billion CNY in 2023 to 23.8 billion CNY in 2026, maintaining a growth rate of around 12-13% [2][6]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.76 CNY in 2024 to 2.52 CNY in 2026 [2][8]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 16.1 in 2024 to 9.4 by 2026, indicating increasing attractiveness for investors [2]. - Price-to-Book (P/B) ratio is expected to decline from 2.5 in 2024 to 1.5 in 2026 [2]. Business Segment Performance - **Revenue Breakdown**: - Domestic sales grew by 7%, with significant contributions from the Casarte brand and air conditioning, which saw growth rates of 14% and 17% respectively [6]. - International sales increased by 7.6%, with North America and Europe contributing significantly, accounting for 80% of total exports [6]. - **Profitability Analysis**: - The gross margin improved to 31.5%, driven by lower raw material costs and product mix optimization [6]. - Net profit margin increased to 6.3%, reflecting enhanced operational efficiency across all business segments, particularly in air conditioning [6]. Investment Recommendations - The report suggests that Haier Smart Home has multiple avenues for profit enhancement in 2024, including strong domestic sales in air conditioning and kitchen appliances, inventory recovery for the Casarte brand, and cost-saving digital reforms [7]. - The anticipated interest rate cuts in the U.S. in the second half of 2024 may further boost demand in the real estate sector, providing additional growth opportunities for the company [7].

上 市 公 司 家用电器 2024 年03月 28 日 海尔智家 (600690) 公 司 研 究 ——2023 年年报点评：分红超预期，经营行稳致远 / 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 买入 （维持）  业绩符合预期，分红超预期。公司2023年实现营收2614.28亿，同比+7%，归母净利润 165.97亿，同比+13%，扣非归母净利润158.24亿，同比+13%，经营利润169亿，同 证 市场数据： 2024年03月28日 比+15.8%，经营性现金流净额 252.62亿，同比+24.7%，且显著高于同期净利润，公司 券 收盘价（元） 25.08 持续高质量盈利水准。其中，Q4单季度实现营收627.70亿，同比+7%，归母净利润34.47 研 一年内最高/最低（元） 25.44/19.86 亿，同比+13%，扣非归母净利润31.03亿，同比增长13%，整体经营表现符合我们业绩 究 市净率 2.3 报 息率（分红/股价） - 前瞻报告中的预期。公司同期公告，拟向全体股东派发分红74.71亿，对应分红率为45%， 告 流通A股市值（百万元） 158219 较2022年提升9pcts ...

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 47.0% from the current price of HKD 24.35 [1][9]. Core Insights - Haier Smart Home's 2023 performance met expectations, with revenue and net profit increasing by 7.3% and 12.8% year-on-year, reaching RMB 261.4 billion and RMB 16.6 billion, respectively. The company also exceeded market expectations with a dividend payout of RMB 0.8 per share, raising the payout ratio from 36% to 45% [1][2]. - The company has announced a shareholder return plan for 2024-2026, projecting a dividend payout ratio of 50% for 2025 and 2026, which has positively influenced the stock price [1][2]. - All business segments showed revenue and profit growth, with notable performance in the air conditioning sector, which saw a profit margin improvement of 1.3 percentage points year-on-year [1][6]. Financial Overview - In 2023, Haier Smart Home's revenue from major product categories included refrigerators (RMB 81.9 billion), kitchen appliances (RMB 41.7 billion), air conditioning (RMB 46.1 billion), washing machines (RMB 61.5 billion), and water appliances (RMB 15.3 billion), reflecting growth rates of 5%, 7%, 13%, 6%, and 9%, respectively [6][7]. - The company achieved a gross margin of 31.5% and an operating margin of 7.5% in 2023, with a net profit margin of 6.4%, indicating overall profitability improvements [6][10]. - The financial projections for 2024 estimate revenue growth of 8.4% to RMB 283.3 billion and net profit growth of 16.4% to RMB 19.3 billion, with an expected EPS of RMB 2.08 [5][10]. Strategic Initiatives - The high-end brand Casarte is expected to achieve double-digit growth in 2024, supported by product upgrades and an expanded presence in high-end retail locations [2][6]. - The company is focusing on enhancing production efficiency and cost management across all segments, which is anticipated to further improve profitability [1][2]. Market Position - Haier Smart Home is positioned to benefit from ongoing recovery in consumer spending and government policies promoting appliance upgrades, particularly in the refrigerator and washing machine segments [1][2]. - The company is optimistic about its overseas business performance, especially in the North American and European markets, where profitability is expected to improve [1][2].