Financial Performance - In Q1 2024, Haier Smart Home achieved revenue of RMB 68.98 billion, a 6.01% increase compared to RMB 65.07 billion in the same period last year[5] - The net profit attributable to shareholders reached RMB 4.77 billion, reflecting a 20.16% growth from RMB 3.97 billion year-on-year[5] - The net profit after deducting non-recurring gains and losses was RMB 4.64 billion, up 25.41% from RMB 3.70 billion in the previous year[5] - Total operating revenue for Q1 2024 reached ¥68,977,513,890.10, an increase of 5.9% compared to ¥65,067,820,534.08 in Q1 2023[27] - Operating profit for Q1 2024 was ¥5,785,602,389.21, compared to ¥4,832,011,147.02 in Q1 2023, indicating a growth of 19.7%[27] - Net profit for Q1 2024 was CNY 4.85 billion, compared to CNY 4.03 billion in Q1 2023, reflecting a year-over-year increase of about 20.5%[28] - Basic earnings per share for Q1 2024 were CNY 0.52, up from CNY 0.43 in Q1 2023, indicating a growth of 20.9%[28] Cash Flow and Investments - Operating cash flow net amount was RMB 1.72 billion, an increase of 27.31% compared to RMB 1.35 billion in the same period last year[3] - The net cash flow from operating activities in Q1 2024 was RMB 1.725 billion, an increase of RMB 370 million compared to Q1 2023, driven by higher operating profits and improved efficiency[14] - The net cash outflow from investing activities in Q1 2024 was RMB 2.212 billion, an increase of RMB 756 million year-over-year, primarily due to higher cash payments for long-term deposits and fixed asset acquisitions[14] - The cash outflow from investing activities for Q1 2024 was CNY 2.21 billion, compared to CNY 1.46 billion in Q1 2023, indicating an increase in investment expenditures[30] - The company reported a significant investment income of RMB 385.53 million from joint ventures in Q1 2024, compared to RMB 92.76 million in the same period last year[34] Market Performance - Revenue growth in the Chinese market was 8.1%, with significant contributions from the refrigeration, washing, and aquatic industries[6] - Overseas revenue grew by 4%, with operating profit increasing by double digits despite challenges in the European and American markets[8] - Haier's market share in Europe increased by 0.9 percentage points to 9.0% in the first two months of 2024, driven by product innovation and brand rejuvenation[8] Expenses and Ratios - In Q1 2024, the sales expense ratio was 13.1%, optimized by 0.5 percentage points compared to Q1 2023, due to digital transformation improvements in marketing resource allocation and logistics efficiency[10] - The management expense ratio in Q1 2024 was 3.2%, optimized by 0.3 percentage points year-over-year, attributed to the application of digital tools and enhanced organizational efficiency[10] - The R&D expense ratio increased to 4.3% in Q1 2024, up by 0.1 percentage points from Q1 2023, reflecting the company's focus on core technologies in the smart home sector[11] - Research and development expenses in Q1 2024 amounted to ¥2,942,378,189.55, compared to ¥2,739,021,316.21 in Q1 2023, representing an increase of 7.4%[27] Assets and Liabilities - The asset-liability ratio at the end of Q1 2024 was 57.3%, a decrease of 0.9 percentage points from the end of 2023, mainly due to profit growth[16] - The company's total assets increased to RMB 103.98 billion as of March 31, 2024, up from RMB 96.43 billion at the end of 2023, representing a growth of approximately 7.9%[32] - Total liabilities rose to ¥147,846,712,310.78, compared to ¥147,468,116,628.46, reflecting a year-over-year increase of 0.3%[26] - The company's total current assets reached RMB 41.54 billion, an increase of 20.6% from RMB 34.39 billion in the previous year[32] Shareholder Information - The total comprehensive income attributable to the parent company for Q1 2024 was CNY 4.16 billion, up from CNY 3.26 billion in Q1 2023, a growth of about 27.5%[28] - The total equity attributable to shareholders was RMB 45.91 billion, slightly up from RMB 45.88 billion, indicating a stable equity position[33] - As of the end of the reporting period, the company has repurchased a total of 83,349,394 shares at a maximum price of RMB 24.96 per share and a minimum price of RMB 20.15 per share, totaling RMB 1.88 billion[22]

Financial Performance - Global revenue reached 261.422 billion yuan, a year-on-year increase of 7.3%, and net profit attributable to shareholders reached 16.597 billion yuan, a year-on-year increase of 12.8%[6] - Revenue in 2023 reached 261.422 billion yuan, a year-on-year increase of 7.3%[25] - Net profit attributable to shareholders in 2023 was 16.597 billion yuan, up 12.8% year-on-year[25] - Gross profit margin in 2023 was 30.9%, an increase of 0.3 percentage points compared to 2022[25] - Sales and distribution expense ratio in 2023 was 15.7%, optimized by 0.1 percentage points year-on-year[25] - Operating cash flow in 2023 was 25.262 billion yuan, an increase of 5.007 billion yuan compared to 2022[26] - Revenue in 2023 reached RMB 261,422 million, a 7.3% increase compared to RMB 243,550 million in 2022[87] - Net profit attributable to shareholders in 2023 was RMB 16,597 million, up 12.8% from RMB 14,712 million in 2022[87] - Revenue from the air energy solutions segment grew by 13.1% to RMB 46,104 million in 2023[88] - Overseas revenue accounted for RMB 136,412 million, representing 7.6% growth compared to 2022[89] - The company's gross profit margin improved due to product mix optimization and cost control measures[90] - Revenue from the home appliance segment in China increased by 7.0% to RMB 125,010 million[89] - The company's operating profit margin expanded to 6.6% in 2023, up from 6.2% in 2022[88] - The company's overseas operating profit reached RMB 6,370 million in 2023[90] - The company's EPS increased by 13.3% to RMB 1.79 in 2023[88] - Refrigerator/Freezer revenue increased by 5.2% from RMB 77,842 million in 2022 to RMB 81,910 million in 2023[91] - Kitchen appliance revenue rose by 6.9% from RMB 38,953 million in 2022 to RMB 41,654 million in 2023[91] - Air energy solutions revenue grew by 13.1% from RMB 40,758 million in 2022 to RMB 46,104 million in 2023[92] - Home laundry solutions revenue increased by 6.2% from RMB 57,909 million in 2022 to RMB 61,492 million in 2023[93] - Whole-house water solutions revenue rose by 8.5% from RMB 14,134 million in 2022 to RMB 15,336 million in 2023[94] - Net profit attributable to the company's owners increased by 12.8% from RMB 14,712 million in 2022 to RMB 16,597 million in 2023[95] - Adjusted operating profit grew by 14.9% from RMB 15,014 million in 2022 to RMB 17,250 million in 2023[96] - The company's overall gross margin increased by 0.3 percentage points to 30.9% in 2023[98] - Sales and distribution expenses as a percentage of revenue decreased by 0.1 percentage points to 15.7% in 2023[99] - Net asset value increased by 11.8% from RMB 94,750 million in 2022 to RMB 105,912 million in 2023[105] - Trade receivables and bills turnover days decreased to 38 days in 2023, down by 2 days compared to 2022, due to effective management[106] - Inventory turnover days decreased to 82 days in 2023, down by 6 days compared to 2022, driven by optimized inventory control[107] - Trade payables and bills turnover days decreased to 138 days in 2023, down by 7 days compared to 2022, due to improved payment efficiency[107] - Net cash flow from operating activities in 2023 was RMB 25,262 million, with a net profit cash content of 1.51, reflecting increased operating profit and efficiency[109] - Net cash outflow from investing activities in 2023 was RMB 17,085 million, a 91.4% increase compared to 2022, primarily due to increased payments for non-current assets and financial products[109][110] - Net cash outflow from financing activities in 2023 was RMB 7,841 million, a 101.1% increase compared to 2022, mainly due to higher repayments of borrowings and dividends paid[111] - The company's cash and cash equivalents, along with financial assets in wealth management products, amounted to RMB 27,599 million at the end of 2023, a 4.5% decrease from 2022, due to increased debt investments[112][113] - The return on cash and cash equivalents and financial assets in wealth management products increased by 62.9% to RMB 1,497 million in 2023, driven by improved fund management efficiency[113] - The company's net profit for the year ended December 31, 2023, is detailed in the financial statements on pages 141 to 295[187] - The company proposed a final dividend of RMB 8.04 per 10 shares for the year ended December 31, 2023, compared to RMB 5.6692 per 10 shares in 2022[187] - The company repurchased 8,483,600 H shares in 2023, with a total payment of HKD 199.14 million[192] - The company repurchased 63,980,252 A shares in 2023, with a total payment of RMB 1,431.95 million[194] - As of December 31, 2023, the company's distributable reserves amounted to approximately RMB 7.48 billion, with RMB 7.47 billion proposed as the final dividend for the year[197] Market Share and Sales Performance - Over 100 million home appliances were sold in more than 200 countries and regions globally[7] - Haier's refrigerator and washing machine market share in China exceeds 40%, with embedded refrigerators creating new consumer demand and integrated washer-dryers leading the industry in the US[9] - Haier's dishwasher business in China is expected to grow rapidly as the market penetration rate is currently less than 4%[9] - Haier's home air conditioning and central air conditioning businesses are in the second tier domestically, with significant development opportunities ahead[10] - Haier's water heater business leads domestically but lacks international presence, with plans to expand into emerging markets[10] - Haier's IoT strategy focuses on integrating home appliances and smart home solutions, with the acquisition of Carrier's global commercial refrigeration business to enhance its cold chain capabilities[11] - Haier's "Three-Winged Bird" platform supports integrated design and transparent shopping experiences, driving adoption of smart small appliances[11] - Haier's magnetic levitation and air suspension technologies in commercial applications have a design lifespan of 30 years with low maintenance costs[10] - Haier's global R&D platform and local supply chain layout aim to expand market share in Europe and Southeast Asia, where it currently ranks outside the top three[9] - The company's high-end market share in the domestic market has significantly increased, with the sales of Casarte's flat-embedded refrigerators growing by 120% year-on-year[28] - The company's refrigerator products achieved a retail sales share of 52.8% in the 10,000 RMB price segment, an increase of 4 percentage points year-on-year[28] - The company's user conversion efficiency improved by 8% through enhanced retail capabilities and digital marketing[28] - The company's production efficiency increased by over 10% through the integration of manufacturing and digital technologies[28] - The company's kitchen appliance business achieved global revenue of 41.654 billion RMB, a year-on-year increase of 6.9%[31] - The company's washing machine business achieved global revenue of 61.492 billion RMB, a year-on-year increase of 6.2%[34] - The company's dryer revenue increased by 20% year-on-year, with a production capacity increase of 2 million units[35] - The company's air energy solutions business achieved revenue of 46.104 billion RMB, a year-on-year increase of 13.1%[37] - The company's high-end product strategy in the North American market led to a 4 percentage point increase in the market share of products priced above 599 euros[36] - The company's high-end air conditioner, Casarte Nebula, sold 110,000 units in its first year, driving the high-end market share above 10,000 RMB to 37%, ranking first in the high-end market[38] - The company's smart building industry achieved global revenue growth of over 14% in 2023, with domestic market revenue exceeding 5 billion RMB, and domestic market share increased by 0.8 percentage points to 9.5%, ranking fourth[40] - The company's water industry achieved global revenue of 15.336 billion RMB in 2023, an 8.5% increase compared to 2022, with domestic revenue exceeding 12 billion RMB[43] - The company's gas water heater business achieved a compound annual growth rate of over 20% from 2021 to 2023[44] - The company's heat pump business saw product revenue growth of 20% in 2023, with the launch of a fully variable frequency high-temperature heat pump product capable of producing 90℃ hot water[41] - The company's self-made core module rate increased by 10%, achieving self-production of 19 core modules, reducing costs[44] - The company's new factory in Zhengzhou for self-made computer boards started mass production in March 2023, with an annual output of 2 million units, expected to optimize costs by over 10 million RMB[38] - The company's compressor joint venture with Haili Co., Ltd. is expected to start production in Q1 2024, further enhancing the supply chain integration[38] - The company's market share in Pakistan and Thailand ranked first in 2023, with brand share growth in Southeast Asia and Western Europe retail channels[39] - The company acquired Tongfang Energy Technology Development Co., Ltd. in September 2023, enhancing integrated heating and cooling operation services and clean energy utilization capabilities[41] - China market share reached 28%, up 1 percentage point year-over-year[46] - Online retail sales achieved double-digit growth in 2023, with customer acquisition costs optimized by 7%[46] - Casarte retail sales increased by 14% in 2023, ranking first in high-end home appliance user attention on Xiaohongshu[47] - Sanyingniao store retail sales surged by 84% in 2023, with over 60% of sales coming from complete sets[47] - Overseas market revenue reached 136.412 billion yuan, a 7.6% increase from 2022[48] - North America market revenue grew by 4.1% to 79.751 billion yuan in 2023[49] - Europe market sales revenue increased by 23.9% to 28.544 billion yuan, with retail volume share rising by 1 percentage point to 9.1%[50] - In Australia, the company's sales volume share increased by 1 percentage point, and retail sales share grew by 0.7 percentage points[51] - In New Zealand, market share for kitchen appliances and dishwashers increased by 4% and 2%, respectively[51] - South Asia market achieved revenue of 9.521 billion yuan, a year-on-year increase of 14.9%[52] - In India, the market share of high-end products increased by 4 percentage points, and the cumulative sales of the side T refrigerator reached 30,000 units[52] - In Pakistan, the company established over 300 exclusive stores, achieving a local currency revenue growth of 20% and a market share of 40%[52] - Southeast Asia market contributed revenue of 5.78 billion yuan, a year-on-year increase of 11.6%[53] - In Vietnam, the Color AI washing machine achieved a price index exceeding 150 and a market share of over 20%[53] - Japan market achieved revenue of 3.662 billion yuan, a year-on-year increase of 2.6% (5.1% in local currency)[54] - The number of active users in the community washing business exceeded 2 million, with over 53,000 devices[54] - User complaints decreased by 24% through the user experience cloud platform[55] - Domestic market single-model output efficiency increased by 19%, and material model numbers decreased by 8%[55] - Domestic factory manufacturing cost rate optimized by 4%, and per capita efficiency increased by 16%[55] - The retail sales of the water heater industry in 2023 reached 50.5 billion yuan, a year-on-year increase of 7.4%, with electric water heaters at 23.3 billion yuan (up 4.0%) and gas water heaters at 27.2 billion yuan (up 10.4%)[57] - The retail sales of the water purifier industry in 2023 reached 20.5 billion yuan, a year-on-year increase of 10.7%[57] - The global home appliance retail market size in 2023 reached 530.106 billion USD, with core appliances at 287.023 billion USD (flat YoY) and small appliances at 243.084 billion USD (up 3.3%)[58] - In 2023, the refrigerator and air conditioning retail sales on the Douyin platform increased by 121% and 164%, respectively[57] - The global home appliance retail market size is expected to reach 540.6 billion USD in 2024, with core appliances at 292.5 billion USD (up 1.9%) and small appliances at 248.2 billion USD (up 2.1%)[61] - The company has been the global leader in large home appliance retail volume for 15 consecutive years, with Haier brand refrigerators and washing machines ranking first globally for 16 and 15 consecutive years, respectively[62] - Global smart home solutions leader with a comprehensive product portfolio, including smart kitchen, laundry, air, and water solutions, supported by the Haier Smart Home App and offline experience centers[63] - In 2023, the company ranked first in Asia with a 26% market share, second in the Americas with 15.8%, first in Australia and New Zealand with 14.6%, and fourth in Europe with 8.8% in the major home appliance market (retail volume)[64] - The Casarte brand dominates China's high-end home appliance market, with a 50% share in refrigerators and 28% in air conditioners priced above 15,000 RMB, and an 84% share in washing machines priced above 10,000 RMB[67] - The company has expanded its overseas operations through acquisitions, including GE Appliances in 2016 and Fisher & Paykel in 2018, enhancing its global presence[64] - The company's smart air solutions include interconnected products for multi-room air conditioning, air purification, and smart air quality monitoring, catering to diverse user needs[64] - The company's water solutions feature interconnected products for hot water, water purification, and soft water treatment, addressing comprehensive household water needs[64] - The company's high-end brand strategy includes Monogram, Café, and GE Profile in North America, with products like the Combo washer-dryer boosting brand image[67] - The company's smart laundry solutions, such as the Zhongzi Mei washing machine, offer integrated washing, drying, and garment care, enhancing user convenience[63] - The company's smart building solutions align with China's "dual carbon" strategy, focusing on energy efficiency and green building technologies[64] - The company has established a global presence with 10+N innovation ecosystems, 122 manufacturing centers, and 108 marketing centers, covering nearly 230,000 sales outlets worldwide[69] - The company operates seven major brand clusters, including Haier, Casarte, Leader, GE Appliances, Candy, Fisher & Paykel, and AQUA, catering to diverse consumer segments across global markets[70] - The company has successfully integrated multiple acquisitions, such as GE Appliances (2016), Fisher & Paykel (2018), and Candy (2019), leveraging its "Rendanheyi" model to enhance post-acquisition performance[71] - The company has developed a global collaborative R&D system, exemplified by the H20 spray technology for dishwashers, co-developed with FPA and CANDY teams, achieving leading product performance[72] - The company has implemented a global supply chain digital management system, using intelligent algorithms to optimize global production capacity and enhance manufacturing competitiveness[72] - The company has introduced innovative technologies, such as magnetic-controlled fresh-keeping technology for refrigerators and 3D透视烘干技术 for dryers, addressing user pain points and setting industry benchmarks[75] - The company has achieved 16 National Science and Technology Progress Awards, ranking first in the industry, and won the highest award in the Ministry of Science and Technology's Disruptive Technology Innovation Competition for two consecutive years[76] - The company holds over 103,000 global patent applications, including 67,000 invention patents, and has been ranked first in the "Global Smart Home Invention Patent Rankings" for ten consecutive years with 6,152 patent applications in 2023[77] - The company has launched the X11 washing machine, meeting Europe's highest energy efficiency standard of A-40%, and developed the first vertical domain model for smart homes, earning the industry's highest "Double 4+" rating[75] - The company has established a global procurement committee, creating a digital procurement platform to enhance supply chain resilience and achieve cost efficiency through shared resources and unified procurement rules[72] - Haier Smart Home has led and participated in the release of 97 international standards and 678 national/industry standards by the end of 2023, making it the only company in the industry to comprehensively cover smart home standards of international organizations such as IEC, ISO, IEEE, OCF, and Matter[78] - Haier has won over 600 international design awards, including 6 international design gold awards, the most in the industry, and 3 "China Excellent Industrial Design Gold Awards" from the Ministry of Industry and Information Technology, making it the only company to win three consecutive gold awards[79] - Haier Smart Home has established a global ESG governance framework, including a Board ESG Committee, a Global ESG Execution Office, and a Global ESG Execution Working Group

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[海ITnaf 尔bol]e 智_Ti家tle]( 600690) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合稳健增长预期，海外盈利仍有改善空间 目标价格： 28.95 上次预测： 28.95 公 ——海尔智家2023 年报点评 当前价格： 25.08 司 蔡雯娟(分析师) 谢丛睿(分析师) 李汉颖(研究助理) 2024.03.29 更 021-38031654 021-38038437 010-83939833 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c xiecongrui@gtjas.com lihanying026725@gtjas.com 报 证书编号 oSm08 80521050002 S0880523090004 S0880122070046 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 20.1 20 3- 62 ,5 7. 00 88 告 本报告导读： 总股本/流通A股（百万股） 9,438/6,3 ...

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].

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月29日 港元24.35 港元35.79↑ +47.0% 海尔智家 (6690 HK) 各业务盈利能力均获提升，派息水平超预期；上调目标价  2023年业绩符合预期，分红超预期：2023年海尔智家销售额/归母净利润 个股评级 同比增长7.3%/12.8%至2614亿/166亿人民币。产品结构持续优化、原材 料价格的下降及生产效率的提升持续利好利润率。2023年毛利率/营业利 买入 润率实现 0.2/0.3 个百分点的提升，驱动净利润率扩张 0.4 个百分点至 6.4%。2023年每股分红0.8元，派息率从去年的36%升至45%。值得注意 的是，公司公布2024-2026年股东回报规划，预计2025和2026年派息率 1年股价表现 提升至50%。超于市场预期的分红计划推动今日公司股价表现。 6690 HK 上证综指 5%  各分部收入利润同比扩张，海外业务持续发力：分品类来看，2023 年公 0% 司冰箱/厨电/空调/洗衣机/水家电收入分别实现5%/7%/13%/6%/9%的同比 -5% 增长至819亿/417亿/461亿/615亿/153 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 261,422 million, representing a 7.3% increase from RMB 243,550 million in 2022[3]. - Gross profit increased by 8.2% to RMB 80,703 million compared to RMB 74,590 million in the previous year[3]. - Adjusted operating profit rose by 14.9% to RMB 17,250 million from RMB 15,014 million in 2022[3]. - Net profit for the year was RMB 16,732 million, a 13.6% increase from RMB 14,733 million in 2022[3]. - Basic earnings per share increased to RMB 1.79, up 13.3% from RMB 1.58 in the previous year[3]. - Proposed dividend per 10 shares is RMB 8.04, compared to RMB 5.67 in 2022[3]. - Non-controlling interests profit surged by 542.9% to RMB 135 million from RMB 21 million in 2022[3]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 133,297 million, an increase from RMB 117,132 million in 2022[8]. - Current liabilities totaled RMB 120,083 million, slightly up from RMB 118,886 million in the previous year[8]. - Non-current liabilities increased to RMB 27,385 million from RMB 22,382 million in 2022[8]. - The total equity attributable to the owners of the company increased to RMB 103,514 million in 2023 from RMB 93,459 million in 2022, representing a growth of approximately 10.9%[9]. - The company's reserves rose to RMB 94,076 million in 2023, up from RMB 84,012 million in 2022, indicating an increase of about 11.8%[9]. - The total equity of the company reached RMB 105,912 million in 2023, compared to RMB 94,750 million in 2022, reflecting a growth of approximately 11.7%[9]. Segment Performance - The segment performance for the cooking solutions segment was RMB 5,026 million, up from RMB 4,244 million in the previous year, indicating a growth of about 18.4%[16][17]. - The air energy solutions segment generated revenue of RMB 46,104 million, compared to RMB 40,758 million in 2022, reflecting an increase of approximately 13.0%[16][17]. - The segment for household laundry solutions reported revenue of RMB 15,336 million, an increase from RMB 14,134 million in 2022, reflecting a growth of approximately 8.5%[16][17]. Market and Revenue Growth - Revenue from Mainland China reached RMB 125,010 million, up 7.4% from RMB 116,791 million in 2022[22]. - North America revenue increased to RMB 79,751 million, a rise of 4.2% from RMB 76,630 million in the previous year[22]. - Revenue from overseas markets reached RMB 136,412 million, up 7.6% from RMB 126,759 million in 2022[116]. Research and Development - Research and development costs for 2023 were RMB 10,221 million, an increase of 7.5% from RMB 9,507 million in 2022[27]. - The company continues to invest in R&D and manufacturing integration to enhance efficiency and profitability in core components[42]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Shanghai Haier Intelligent Technology Co., Ltd. for approximately RMB 70 million in January 2023[14]. - The acquisition of 100% equity in Zhengzhou Haiyongxin Enterprise Management Co., Ltd. was completed for approximately RMB 25 million in December 2023[14]. - The company announced the acquisition of Carrier Refrigeration Benelux B.V. for approximately USD 640 million, expanding into the commercial refrigeration sector[49]. Cash Flow and Capital Expenditures - Cash flow from operating activities amounted to RMB 25.262 billion, reflecting a year-on-year increase of 24.7%[37]. - Capital expenditures for the year amounted to RMB 9,907 million, an increase from RMB 8,209 million in 2022, with RMB 4,825 million spent in China and RMB 5,082 million overseas, mainly for factory and equipment construction[140]. Shareholder Returns - The proposed final dividend for 2023 is RMB 7,471 million, up from RMB 5,298 million in 2022, representing an increase of approximately 41%[28]. - The board proposed a final cash dividend of RMB 8.04 per 10 shares, amounting to approximately RMB 7.47 billion, representing 45.01% of the profit attributable to shareholders[148]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules, with a review of the separation of roles between the chairman and CEO[153]. - The audit committee has reviewed the financial statements for the year ended December 31, 2023, with no disagreements noted regarding accounting principles and practices[155]. Market Challenges and Risks - The company faces risks from macroeconomic slowdowns that could reduce market demand for durable consumer goods[112]. - The company is exposed to raw material price fluctuations, which could impact production costs and operational performance[112].

股 票 研 究 业[Table_industryInfo] 家用电器业 [ Table_Main[海I Tnaf 尔bol]e 智_Ti家tle]（ 6690） [评Tab级le_：Inv est] 增持 当前价格（港元）： 22.70 家电龙头，进阶高端、海外扬帆 2024.03.24 海 ——海尔智家港股（6690.HK）首次覆盖 [ 交Ta易bl数e_M据a rket] 外 蔡雯娟(分析师) 谢丛睿(分析师) 樊夏俐(分析师) 52周内股价区间（港元） 20.55-26.20 当前股本（百万股） 9,438 公 021-38031654 021-38038437 021-38676666 当前市值（百万港元） 214,245 司 caiwenjuan024354@gtjas.co xiecongrui@gtjas.com fanxiali@gtjas.com 证书编号 mS0 880521050002 S0880523090004 S0880523090006 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司作为家电自主品牌的龙头企业，坚持高端化品牌建设，同时海外布局积 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 2023年第三季度報告 本公告乃海爾智家股份有限公司（「本公司」）根據香港法例第571章《證券及期貨條例》 第XIVA部項下內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)條及 第13.10B作出。 本公司於2023年第三季度之財務數據乃根據中國企業會計準則編製並未經審計。合併 財務報表所載歸屬於母公司所有者的淨利潤及歸屬於母公司所有者權益與該等根據國 際財務報告準則編製的財務資料並無差異。 – 1 – 重要內容提示： 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、完整， 不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報告中財務 ...

repap yldneirf latnemnorivne no detnirp si troper miretni sihT 海爾智家股份有限公司 海爾智家股份有限公司 Haier Smart Home Co., Ltd. 中期報告 2023 2 0 2 3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海 爾 智 家 股 份 有 限 公 司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 截至2023年6月30日止六個月之 中期業績公佈 財務摘要 截至6月30日止六個月 2023年 2022年 變動 人民幣百萬元 人民幣百萬元 % （未經審核） （未經審核） （經重列） 收入 131,614 121,629 8.2 毛利 39,216 36,228 8.2 經調整經營利潤（定義見下文） 9,577 8,389 14.2 期內溢利 9,045 8,009 12.9 應佔： 本公司股東 8,964 7,960 12.6 ...