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].

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [2][56]. Core Views - The company achieved steady revenue growth in 2023, with revenue reaching 261.43 billion yuan, a year-on-year increase of 7.3%, and net profit attributable to shareholders of 16.60 billion yuan, up 12.8% [2][8]. - The company is focusing on high-end product offerings and digital transformation to enhance profitability and market share both domestically and internationally [8][56]. - A three-year shareholder return plan has been introduced, with a commitment to maintain a cash dividend ratio of no less than 50% from 2025 to 2026 [55][56]. Summary by Sections Revenue Growth and Profitability - In 2023, the company reported a revenue of 2614.28 billion yuan, with a net profit of 165.97 billion yuan, reflecting a 12.8% increase [2][11]. - Domestic revenue was 1250.16 billion yuan, growing by 7.1%, while overseas revenue reached 1364.12 billion yuan, up 7.6% [2][29]. - The company’s gross margin improved to 31.5%, with a net profit margin of 6.35% [42][55]. Market Share and Product Performance - The company holds a 28% market share in China, with significant growth in high-end segments such as refrigerators and air conditioners [18][22]. - The air conditioning segment saw a revenue increase of 13.1%, contributing to overall profitability [37][40]. - The high-end brand Casarte achieved a retail sales growth of 14% in 2023, leading in several premium product categories [23][26]. Future Outlook and Financial Projections - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 187.1 billion yuan, 212.6 billion yuan, and 239.0 billion yuan respectively [56]. - The earnings per share (EPS) are projected to be 2.0 yuan, 2.3 yuan, and 2.5 yuan for the respective years, with corresponding price-to-earnings (P/E) ratios of 12.6, 11.1, and 9.9 [56].

证券研究报告 | 2024年03月28日 海尔智家（600690.SH） 买入 2023 年年报点评：盈利能力持续提升，加大分红回报力度 核心观点 公司研究·财报点评 盈利持续优化，加大分红力度。公司2023年实现营收2614.3亿/+7.3%，归 家用电器·白色家电 母净利润166.0亿/+12.8%，扣非归母净利润158.2亿/+13.3%。其中Q4收 证券分析师：陈伟奇 证券分析师：王兆康 入627.7亿/+6.8%，归母净利润34.5亿/+13.2%，扣非归母净利润31.0亿 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn /+13.2%。公司拟每10股派发现金股利8.04元，现金股利分配率为45%，同 S0980520110004 S0980520120004 时计划2025年、2026年现金股利分配率不低于50%，分红比例稳步提升。 证券分析师：邹会阳 国内收入稳健增长，海外占比持续提升。公司2023年国内收入增长7.0%至 0755-81981518 zouhuiyang@guosen.com.cn ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) [4][3]. Core Viewpoints - The company reported a revenue of 261.43 billion yuan in 2023, representing a year-on-year growth of 7.3%. The net profit attributable to shareholders was 16.60 billion yuan, up 12.8% year-on-year, with a net profit margin of 6.4% [1][2]. - The company experienced synchronized growth in both domestic and overseas markets, with significant contributions from high-end products. Domestic revenue reached 124.61 billion yuan, growing by 7.1%, while overseas revenue was 136.41 billion yuan, up 7.6% [1][2]. - The company has increased its cash dividend payout ratio to 45%, with a total cash distribution of 7.471 billion yuan planned for 2023, alongside a share buyback of 1.6 billion yuan, totaling 9.084 billion yuan, which accounts for 54.74% of net profit [3][4]. Financial Summary - **2023 Financial Metrics**: - Revenue: 261.43 billion yuan - Net Profit: 16.60 billion yuan - Gross Margin: 31.5% - Return on Equity (ROE): 16.0% [2][5] - **2024-2026 Earnings Forecast**: - Projected EPS for 2024, 2025, and 2026 are 1.99 yuan, 2.24 yuan, and 2.53 yuan respectively, with corresponding dynamic PE ratios of 12.0x, 10.6x, and 9.4x [3][2]. - **Key Financial Ratios**: - Gross Margin is expected to improve slightly to 31.6% in 2024 and 31.8% in 2026 - Net Profit Margin is projected to increase to 6.6% in 2024 and 7.2% in 2026 [2][5].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price of 28.95 CNY [5][24]. Core Views - The company's 2023 performance met expectations, with an increase in dividend payout ratio and a positive outlook on overseas market share growth and high-end product profitability improvement [3][24]. Summary by Sections 1. Performance Overview - In 2023, Haier achieved a revenue of 261.43 billion CNY, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 16.60 billion CNY, up 12.8% year-on-year. In Q4 2023, revenue was 62.77 billion CNY, growing 6.8% year-on-year, with a net profit of 3.45 billion CNY, up 13.2% year-on-year [15][3]. 2. Revenue Growth - The air conditioning segment showed the fastest growth, with a revenue increase of 14% year-on-year. The company’s revenue from domestic sales was 125 billion CNY, up 7%, while international sales reached 136.4 billion CNY, up 8%. In Europe, revenue grew by 24% year-on-year, driven by strategic partnerships and product positioning improvements [16][19]. 3. Profitability - The gross margin for 2023 was 31.51%, an increase of 0.18 percentage points year-on-year, while the net margin was 6.4%, up 0.35 percentage points. Domestic gross margin was 36.37%, up 0.52 percentage points, while overseas gross margin was 26.77%, down 0.15 percentage points [19][20]. 4. Cash Flow - By the end of 2023, the company had cash and cash equivalents of 55.44 billion CNY, a year-on-year increase of 1.43%. The net cash flow from operating activities for 2023 was 25.26 billion CNY, up 25.35% year-on-year [21][22]. 5. Dividend Policy - The company plans to distribute a cash dividend of 8.04 CNY per 10 shares, totaling 7.471 billion CNY, which represents 45.02% of the net profit attributable to shareholders for 2023, an increase of 9% from 2022. The expected dividend yield is 3.4% [23][24]. 6. Investment Outlook - The company is expected to continue its overseas expansion and high-end product strategy, with projected net profits for 2024-2026 of 18.22 billion CNY, 20.32 billion CNY, and 22.35 billion CNY, respectively, corresponding to EPS of 1.93 CNY, 2.15 CNY, and 2.37 CNY, with a growth rate of approximately 10% annually [24][3].

海尔智家（600690） 公司研究/公司点评 盈利稳健，未来 3 年分红提升 ——海尔智家23年报点评 投资评级：买入（维持） 主要观点： 报告日期： 2024-03-28  公司发布202 3年业绩：  23Q4：收入627.7亿（+6.8%），归母34.5亿（+13.2%），扣非31 收盘价（元） 23.78 亿（+13.2%）。 近12个月最高/最低（元） 25.40/20.10  23 年：收入 2614.3 亿（+7.3%），归母净利润 166 亿（+12.8%）， 总股本（百万股） 9,438 扣非158.2亿（+13.3%）。 流通股本（百万股） 6,309  提升分红率：23年分红率45%（同比+9pct），同时发布未来三年股 流通股比例（%） 66.84 东回报计划，规划24-26年分红比例稳步提升且25/26年分红比例不 总市值（亿元） 2,204 低于50%。 流通市值（亿元） 1,473 公司价格与沪 深300走势比较  Q4收入分析：预计Q4内销好于外销 20% 内销：23年中国区实现收入1246.1亿元，同比+7.1%。 7%  卡萨帝Q4同比+5-10%，23年零售额 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company achieved a revenue of 261.43 billion yuan in 2023, representing a year-on-year growth of 7.3%. The net profit attributable to shareholders was 16.60 billion yuan, up 12.8% year-on-year [1][2]. - The company plans to distribute a cash dividend of 8.04 yuan per 10 shares, with a total cash dividend of 7.47 billion yuan, resulting in a payout ratio of 45.02% [1]. - The company has outlined a shareholder return plan for the next three years, aiming for a cash dividend payout ratio of at least 50% in 2025-2026 [1]. Financial Performance - Revenue breakdown by segment for 2023 includes air conditioning (46.1 billion yuan, +13%), refrigeration (81.9 billion yuan, +5%), kitchen appliances (41.7 billion yuan, +7%), washing and drying machines (61.5 billion yuan, +6%), water appliances (15.3 billion yuan, +9%), and other businesses (96.7 billion yuan, +6%) [2]. - Revenue by region shows growth in China (+7%), the US (+4%), Europe (+24%), South Asia (+15%), Southeast Asia (+12%), and Japan (+3%), while the Middle East and Africa saw a decline of 2% [2]. - The gross profit margin for Q4 2023 was 34.0%, reflecting a year-on-year increase of 0.1 percentage points [2]. Future Projections - The company expects net profits to reach 18.92 billion yuan in 2024, 21.41 billion yuan in 2025, and 24.05 billion yuan in 2026, with corresponding P/E ratios of 12.5x, 11.1x, and 9.8x respectively [2][3]. - The report highlights the company's focus on digital transformation and high-end brand positioning domestically, while optimizing product structure and improving supply chain efficiency internationally [2]. Key Financial Metrics - The company's total assets increased from 235.84 billion yuan in 2022 to 253.38 billion yuan in 2023 [8]. - The net profit margin for 2023 was 6.35%, up from 6.04% in 2022 [8]. - The company’s return on equity (ROE) is projected to improve from 16.03% in 2023 to 17.01% in 2026 [8].

[Table_Title] 证券研究报告 高端创牌引领增长，提高分红回报投资者 公司研究 [Table_ReportDate] 2024年03月28日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 2S 0um 2m 3a年ry公] 司实现营业收入2614.28亿元，同比+7.33%；实现归母净 [海Ta尔bl智e_家Sto(c6k0A0n6d9R0an)k ] 利润165.97亿元，同比+12.81%；实现扣非后归母净利润158.24亿元，同 比+13.33%。 投资评级 买入 Q4 公司实现营业收入 627.70 亿元，同比+6.82%；实现归母净利润 34.47 上次评级 买入 亿元，同比+13.20%。 [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 点评： 执业编号：S1500520070002 ➢ 业务板块多点开花，欧洲、南亚市场强势增长。 邮 箱：luoanyang@cindasc.com 从业务板块来看，23 年公司制冷业务/厨电分别实现营业收入 尹圣迪 家电行业分析师 819.10/416.54 亿元，分别同比+5.2%、+6.9%；全球洗衣机 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 25.08 CNY and a target price of 30.35 CNY [2]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 261.43 billion CNY, a year-on-year increase of 7.33%, and a net profit attributable to shareholders of 16.60 billion CNY, up 12.81% year-on-year. The company plans to distribute a cash dividend of 8.04 CNY per 10 shares, totaling 7.47 billion CNY, with a dividend payout ratio of 45% [3][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 261.43 billion CNY, with a net profit of 16.60 billion CNY and a non-recurring net profit of 15.82 billion CNY, reflecting year-on-year growth rates of 7.33%, 12.81%, and 13.33% respectively. In Q4 2023, revenue was 62.77 billion CNY, with a net profit of 3.45 billion CNY, both showing positive year-on-year growth [3][4]. Sales and Product Performance - The company experienced a balanced growth in domestic and international sales, with domestic sales increasing by 7.0% and international sales by 7.6%. The air conditioning segment showed the highest growth at 14.0%, followed by water appliances at 8.9%, and kitchen appliances at 7.4% [4]. Cost Management and Profitability - The company improved its gross margin, with overall gross margins increasing by 0.18 percentage points for the year and 0.05 percentage points in Q4. The sales and management expense ratio decreased by 0.23 percentage points for the year, indicating effective cost management [5]. Dividend Policy - The company raised its dividend payout ratio from 36% to 45% for 2023, with plans to maintain a dividend payout ratio of no less than 50% in 2025 and 2026. This reflects the company's commitment to enhancing shareholder returns while continuing to invest in growth initiatives [6]. Future Outlook - The company is expected to benefit from domestic market upgrades and improving external demand, with projected net profits of 19.10 billion CNY and 21.70 billion CNY for 2024 and 2025, respectively. The current price-to-earnings ratio is projected to be 12.4 and 10.9 for these years [6][7].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月28日 海尔智家(600690.SH/6690.HK) Buy 买进 王睿哲 C0062@capital.com.tw 目标价(元/港币) 29/30 净利稳步增长，分红比例逐步将提升 公司基本资讯 结论及建议： 产业别 家用电器 A股价(2024/3/27) 23.78  公司业绩：公司发布年报，2023年实现营收2614.3亿元，YOY+7.4% ,录 上证指数(2024/3/27) 2993.14 得归母净利润166.0亿元,YOY+12.8%，扣非后归母净利润158.2亿元， 股价12个月高/低 25.25/19.86 YOY+13.3%,公司业绩符合预期。其中Q4单季度实现营收627.7亿 总发行股数(百万) 9438.11 A股数(百万) 6308.55 元,YOY+6.8%,净利34.5亿元，YOY+13.2%，扣非后YOY+13.2%。 A市值(亿元) 1500.17  拟继续提升鼓励分派比例：公司拟每10股派发现金股利人民币8.04元（含 主要股东 香港中央结算 (代理人)有限 税 ...