Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 37.59, indicating a potential upside of 26.1% from the current closing price of HKD 29.80 [1][3][8]. Core Insights - Haier's overseas business continues to drive revenue growth, with a 3.8% year-on-year increase in Q3, while domestic sales declined by 3% [2][3]. - The company has improved its localization in the U.S. market, increasing its self-manufacturing and sales ratio to 98%, which enhances its ability to mitigate potential tariff risks [2]. - The overall profit outlook for the year remains positive, with expectations of a 15% growth in net profit [3]. Financial Performance Summary - For the first three quarters of 2024, Haier's revenue and net profit grew by 2.2% and 15.3% year-on-year, reaching RMB 203 billion and RMB 15.1 billion, respectively [1]. - In Q3 alone, revenue and net profit showed a slight increase of 0.5% and 13.2% year-on-year, with a gross margin improvement to 31.3% [1][2]. - The company has optimized its expense ratios, with sales and management expense ratios improving by 0.5% and 0.1% year-on-year in Q3 [1]. Revenue and Profit Forecast - Revenue projections for Haier are set to increase from RMB 261.4 billion in 2023 to RMB 273.3 billion in 2024, reflecting a growth rate of 4.5% [5]. - Net profit is expected to rise from RMB 16.6 billion in 2023 to RMB 19.6 billion in 2024, indicating a growth rate of 17.9% [5]. - The earnings per share (EPS) is forecasted to grow from RMB 1.79 in 2023 to RMB 2.11 in 2024 [5].

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home and raises the target price to HK$ 36.41, reflecting a 22.2% upside from the current price of HK$ 29.80 [1][4]. Core Insights - Haier's 3Q24 results were in line with expectations, with a 1% YoY sales increase to RMB 67.3 billion and a 13% YoY net profit growth to RMB 4.7 billion. The company is expected to see a decent pickup in 4Q24 due to favorable macroeconomic conditions and internal efficiency improvements [1][6]. - The management has set a net profit growth target of 15% per annum, supported by various cost-saving initiatives and operational efficiency gains [1][6]. - The report highlights significant sales growth drivers, including improved sales trends in China, strong demand for the Casarte brand, and positive developments in the US and European markets [1][6]. Financial Summary - Revenue is projected to grow from RMB 271.8 billion in FY24E to RMB 304.8 billion in FY26E, with a CAGR of 5.4% [2][11]. - Net profit is expected to increase from RMB 19.8 billion in FY24E to RMB 24.5 billion in FY26E, reflecting a strong growth trajectory [2][11]. - The report revises FY24E/25E/26E net profit forecasts upward by 1%/3%/2% to account for efficiency gains and cost savings [1][7]. Operational Efficiency - Haier is implementing a series of reforms aimed at enhancing operational efficiency, including digitalization efforts and structural changes in procurement and R&D processes [1][6]. - The acquisition of Goodday, a logistics provider, is expected to yield significant synergies, including a 20-30% reduction in inventory levels and a 10% decrease in total logistics costs [1][6]. Market Position - Haier's stock is currently trading at 13x/11x FY24E/FY25E P/E, which is below its 5-year average of 15x, indicating potential undervaluation [1][4]. - The company is focusing on expanding its direct-to-consumer (DTC) business model and enhancing brand equity through value-added products and services [1][6].

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 海外監管公告 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。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2024年10月29日 於本公告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 * 僅供識別 华泰联合证券有限责任公司 关于 海尔智家股份有限公司签署表决权委托协 议暨关联交易之独立财务顾问报告 华泰联合接受海尔智家委托，担任海尔智家本次表决权委托事项的独立财务 顾问，就本事项发表独 ...

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 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2024年10月29日 於本公告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 * 僅供識別 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 根据《中华人民共和国证券法》的规定和《上市公司信息披露管理办法》以 及中国香港、德国等地的有关要求，我们作为公司的监事，在全面了解和审核公 司 2024 年第三季度报告后，认为： 1、202 ...

Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 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。 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 * 僅供識別 股票代码：600690 股票简称：海尔智家 公告编号：临2024-038 海尔智家股份有限公司 第十一届董事会第十二次会议决议公告 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"）第十一届董事会第十二次会议于 2024 年 10 月 29 日上午在青岛市海尔科创生态园生 ...

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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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 中國青島 2024年10月29日 於本通告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 2024年第一次臨時股東大會通告 茲通告海爾智家股份有限公司（「公司」、「本公司」）謹定於2024年12月20日（星期五） 14: 00假座中國青島市嶗山區海爾科創生態園人單合一研究中心舉行2024年第一次 臨時股東大會（「臨時股東大會」），以供本公司股東審議及酌情批准下列決議案： 普通決議案 1. 審議及批准關於接受表決權委託暨關聯交易的議案 承董事會命 海爾智家股份有限公司 董事長 李華剛 股東委任代表之委任書最遲必須於臨時股東大會指定舉行時間24小時前（即2 ...

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 須予披露交易及關連交易：訂立表決權委託協議 及 持續關連交易：修訂服務提供框架協議現有年度上限 訂立表決權委託協議 當前本公司正深入推進中國市場零售轉型變革和海外品牌本土化能力升級，形成 面向未來的、可持續高質量增長的市場競爭力；其中，打造涵蓋倉儲、分銷、配 送的全流程一體化物流能力是變革落地的關鍵一環。基於戰略目標，本公司擬通 過受託表決權的方式，實現對日日順供應鏈科技股份有限公司（「日日順」）的控 制，在本公司家電業務的物流服務體系上形成同一個公司、同一個團隊、同一個 目標，全面打通業務體系與物流體系之間用於鏈接的人員、系統和數據接口，以 充分實現提升運營效率、加速公司業務模式變革落地以及打造新的業務增長點之 目的。為此，於2024年10月29日，海爾集團附屬 ...

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 2024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2024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 ...

Market Position and Growth - Haier Smart Home Co., Ltd. has maintained its position as the global leader in major appliance retail for 15 consecutive years, with significant market presence in over 160 countries[2]. - The company reported a continuous top position in global retail sales of refrigeration and laundry appliances for 16 and 15 years respectively[2]. - The company is actively expanding its market presence and product offerings, focusing on smart home solutions to meet diverse consumer needs[2]. - The management discussion highlights future growth prospects and performance guidance, focusing on expanding market share in emerging regions[2]. - The company plans to continue expanding its market presence and investing in new technologies[18]. - The company completed the acquisition of 100% equity in Zhengzhou Haiyong New Enterprise Management Co., Ltd. for approximately RMB 25 million in December 2023, using the merger accounting method[30]. - The company completed the acquisition of Electrolux South Africa, enhancing its strategic deployment in the African market[140]. Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 135,621 million, an increase of 3.8% from RMB 131,616 million in the same period of 2023[11]. - Gross profit for the same period was RMB 40,784 million, up from RMB 39,216 million, reflecting a gross margin improvement[11]. - Net profit attributable to the company's owners was RMB 10,420 million, a significant increase of 16.2% compared to RMB 8,963 million in the prior year[12]. - Basic earnings per share increased to RMB 1.13 from RMB 0.96, representing a growth of 17.7%[12]. - Total comprehensive income for the period was RMB 10,272 million, compared to RMB 9,180 million in the previous year, marking a 11.9% increase[11]. - For the six months ended June 30, 2024, the company reported a pre-tax profit of RMB 12,739 million, an increase of 14.6% compared to RMB 11,114 million for the same period in 2023[21]. - The company reported a total comprehensive income of RMB 108,584 million for the period[19]. - The company’s interest income increased to RMB 798 million from RMB 411 million, reflecting a growth of 94% year-over-year[21]. Assets and Liabilities - Non-current assets totaled RMB 127,733 million as of June 30, 2024, up from RMB 120,759 million at the end of 2023[14]. - Current assets amounted to RMB 134,517 million, an increase from RMB 132,621 million at the end of 2023[14]. - Total liabilities increased to RMB 153,666 million from RMB 144,468 million, indicating a rise in financial obligations[15]. - The company's net asset value was RMB 108,584 million, up from RMB 105,912 million, reflecting a solid equity position[15]. - Total equity reached RMB 105,912 million, an increase of 10,607 million compared to the previous period[19]. - The group’s interest-bearing borrowings amounted to RMB 30,067 million as of June 30, 2024, compared to RMB 28,396 million as of December 31, 2023, reflecting an increase of approximately 5.89%[92]. Cash Flow and Investments - The net cash generated from operating activities was RMB 7,818 million, compared to RMB 6,790 million in the same period last year, representing an increase of 15.1%[22]. - The company experienced a net cash outflow from investing activities of RMB 7,334 million, compared to RMB 4,333 million in the previous year, indicating a significant increase in investment expenditures[22]. - The company reported a decrease in financing cash flow net amounting to RMB (191) million, compared to RMB (1,269) million in the previous year, indicating improved financing management[22]. - The group acquired properties, plants, and equipment amounting to RMB 3,052 million for the six months ended June 30, 2024, compared to RMB 2,845 million for the same period in 2023[79]. Segment Performance - The segment revenue from the refrigerator and freezer business was RMB 41.128 billion, showing a growth from RMB 40.405 billion in the previous year, while the air energy solution segment generated RMB 29.235 billion, up from RMB 28.176 billion[37][39]. - The company reported segment performance with the home food preservation and cooking solutions generating a profit of RMB 3.539 billion, while the home laundry solutions segment reported a profit of RMB 3.090 billion[37]. - Revenue from the home food preservation and cooking solutions segment, specifically refrigerators/freezers, increased by 1.8% to RMB 41,128 million from RMB 40,405 million in the previous year[191]. - Revenue from air energy solutions, particularly air conditioning, rose by 3.8% to RMB 29,235 million from RMB 28,176 million in the previous year[193]. - Revenue from the home laundry solutions segment, specifically washing machines, increased by 5.0% to RMB 29,737 million from RMB 28,314 million in the previous year[194]. Innovation and Product Development - Haier's smart home solutions are supported by the Haier Smart Home Experience Cloud platform, integrating various smart appliances and user scenarios[2]. - The company emphasizes its commitment to sustainability and innovation in product development, aligning with global trends in smart home technology[2]. - The company continues to invest in research and development to advance its product lines and maintain competitive advantage in the appliance market[2]. - The company launched a new generation of dishwashers in North America, investing USD 118 million to upgrade production lines[128]. - The company introduced innovative products such as the Casa Di refrigerator series, achieving a 98% year-on-year sales growth in the first half of 2024[124]. Market Trends and Challenges - The overall white goods market in China saw a retail value decline of 6.2% in the first half of 2024, with a volume drop of 2.4%[164]. - The company faces risks from macroeconomic slowdown, which could negatively impact market demand for durable consumer goods[181]. - The company aims to enhance profitability through product upgrades, local supply chain layout, and digital transformation across all processes[180]. - The company will manage inventory levels to avoid excess stock and lost sales opportunities, regularly assessing inventory impairment[183].

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home with a target price (TP) of HK$ 31.58, reflecting an upside potential of 31.3% from the current price of HK$ 24.05 [2][3]. Core Insights - The sales growth slowdown in 2Q24 was unexpected, but margin improvements were notable. The outlook for 2H24 is positive, driven by government subsidies, potential interest rate cuts, new product launches, and margin recovery in the EU [2][6]. - The "old for new" trade subsidies initiated in August 2024 are expected to favor high-end products, with significant sales growth observed in home appliances, particularly in Hubei province, where sales increased by 30% YoY [2][6]. - Haier's FY24E guidance remains unchanged, targeting mid-single-digit sales growth in China and over 10% growth overseas, with specific categories like air-conditioners and kitchen appliances expected to perform well [2][6]. Financial Summary - Revenue projections for FY24E are set at RMB 273.7 billion, with a YoY growth of 4.7%. Net profit is expected to reach RMB 19.6 billion, reflecting a 15.2% growth [3][12]. - The report indicates a fine-tuning of net profit forecasts for FY24E, FY25E, and FY26E by +1%/-1%/-1% respectively, accounting for slower sales growth but improved operating leverage and efficiency gains [2][7]. - The earnings summary shows a consistent increase in revenue and net profit over the forecast period, with net profit margins improving from 7.1% in FY24E to 7.7% in FY26E [3][12]. Market Position and Competitive Advantage - Haier is positioned to benefit from the ongoing subsidy programs, with a significant portion of local sales companies and distributors engaged in discussions with the government [2][6]. - The company is expected to leverage its market leadership to capture more high-end demand, with Casarte brand products showing exceptional sales growth [2][6]. - The report highlights Haier's strategic focus on high-end product sales and operational efficiencies, which are anticipated to enhance gross and operating margins in the upcoming periods [6][7].