长江商报消息 ●长江商报记者 黄聪 通过回购和高管增持，海尔智家（600690.SH、06690.HK）正持续提升投资者信心。 日前，海尔智家公告，公司董事长、总裁李华刚在内的9位高管拟进行增持，预计累计增持金额不低于2085万元， 不高于4170万元。 此前，海尔智家还公告，公司拟回购金额不超过20亿元且不低于10亿元；回购价格不超过人民币40元/股。 此外，海尔智家日前首次实施以集中竞价交易方式回购A股股份，已支付的资金总额为1447.95万元（不含交易费 用）。 值得关注的是，2022年年报中，海尔智家在致股东的函件中表示："要成为百年企业，我们下一步将关注如何让Z 世代的年轻人带着梦想来到海尔，不是天天处理繁文缛节，应付内部管理流程，失去激情和动力，而是能够创造 巨大的用户价值并为之骄傲。" 2022年—2024年，海尔智家管理费用率分别为4.5%、4.4%和4.2%，持续下降。公司表示，管理费用率优化得益于 公司采用数字化工具，优化业务流程，提升组织效率。 董事长李华刚带头增持 4月7日晚间，海尔智家发布首次实施以集中竞价交易方式回购A股股份的公告，公司当日通过上海证券交易所交 易系统以集中竞价交易 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-024 海尔智家股份有限公司 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： 2025 年 4 月 8 日至 2025 年 4 月 9 日，公司通过集中竞价交易方式已累计回 购 A 股股份 1,630,100 股，占公司总股本的比例为 0.017%，购买的最高价为 24.73 元/股、最低价为 24.02 元/股，支付的金额为 39,747,858.00 元；本次回购实施起 始日（2025 年 4 月 7 日）至 2025 年 4 月 9 日，公司已累计回购股份 2,240,100 股，占公司总股本的比例为 0.024%，购买的最高价为 24.73 元/股、最低价为 23.60 元/股，支付的金额为 54,227,312.00 元。 上述回购符合相关法律法规规定及公司回购股份方案的要求。 二、 《融资承诺函》主要内容 关于回购 A 股股份进展暨取得融资承诺函的公告 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 ...

美的集团发布回购A股方案，海尔智家已首次实施回股A股，格力电器称美国市场占比不高。 不只美的集团，海尔智家也在回购。4月7日晚，海尔智家公告透露，当天首次实施以集中竞价交易方式回购A股股份61万股，占总股本0.007%，回购成交价 在23.6元/股-23.95元/股之间，已支付资金1447.9万元。海尔智家此前已发布回购A股方案，拟在一年内斥资不超20亿元、不低于10亿元用于回购。 NE h F AUCMA CG100-BREATING DD电 4月8日上午，三大白电龙头企业股价止跌回升。消息面上，美的集团（000333.SZ）、海尔智家（600690.SH）启动回购A股。此外，格力电器 （000651.SZ）称美国市场收入占比不高。 美的集团4月8日发布回购A股方案称，拟在一年内斥资不超过30亿元、不低于15亿元，回购A股股份，回购价不超100元/股，预计回购1500万-3000万股，约 占总股本0.2%-0.39%，回购股份将用于股权激励或员工持股计划，以增强投资者信心，优化公司治理结构，确保长期经营目标实现，回购不会对公司经营产 生重大影响。 4月7日，针对美国对华又加征10%关税的影响，美的集团在深交 ...

Core Viewpoint - Haier Smart Home's management plans to increase their shareholding in the company, reflecting confidence in its future development and long-term investment value [1]. Group 1: Shareholding Increase Plan - The board and senior management of Haier Smart Home intend to voluntarily increase their shareholding using personal funds, with a total planned investment between 20.85 million and 41.7 million yuan [1]. - The increase will be executed through the Shanghai Stock Exchange and Hong Kong Stock Exchange, with no specific price range set for the purchases [1]. - The implementation period for this shareholding increase is six months from the announcement date [1]. Group 2: Management Involved - The individuals involved in the shareholding increase include Chairman and President Li Huagang, Vice Presidents Gong Wei, Huang Xiaowu, Zhao Nafu, Wu Yong, Guan Jiangyong, Song Yujun, and Li Yang, as well as Board Secretary Liu Xiaomei [2][3]. Group 3: Market Context and Financial Performance - On April 7, Haier Smart Home's A and H shares experienced significant declines, with A shares hitting a 10% limit down and H shares dropping by 13.45% [4]. - Year-to-date, Haier Smart Home's A shares have decreased by 17.18%, while H shares have fallen by 27.93% [4]. - For the fiscal year 2024, Haier Smart Home reported a revenue of 285.981 billion yuan, a year-on-year increase of 4.29%, and a net profit of 18.74 billion yuan, up 12.92%, both reaching historical highs [4].

海尔智家股份有限公司 关于首次实施以集中竞价交易方式回购A股股份的公 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： 2025 年 4 月 7 日，海尔智家股份有限公司（以下简称"公司"）通过上海证 券交易所交易系统以集中竞价交易方式首次回购 A 股股份 610,000 股，占公司总 股本的比例为 0.007%，回购成交最高价为 23.95 元/股，最低价为 23.60 元/股， 已支付的资金总额为 14,479,454.00 元（不含交易费用）。 一、 回购方案的基本情况 股票简称：海尔智家 股票代码：600690 编号：临 2025-022 二、 首次实施回购股份的具体情况 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》等法律 法规、规范性文件的有关规定，公司应当在首次回购股份事实发生的次日予以公 告。现将公司首次回购股份情况公告如下： 特此公告。 海尔智家股份有限公司董事会 2025 年 4 月 7 日 海尔智家股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-023 公司于近日收到董事、高级管理人员分别出具的《关于增持海尔智家股份 有限公司股份计划的通知函》，增持主体计划自愿以自有资金以集合竞价的方式 通过上海证券交易所交易系统（含港股通）、香港联合交易所有限公司交易系统 允许的方式增持公司股份（包括A股及/或H股）。现将有关情况公告如下： | 序号 | 增持主体 | 职务 | | --- | --- | --- | | 1 | 李华刚 | 董事长、总裁 | | 2 | 宫伟 | 董事、副总裁、财务总监 | | 3 | 黄晓武 | 副总裁 | | 4 | 赵弇锋 | 副总裁 | | 5 | 吴勇 | 副总裁 | | 6 | 管江勇 | 副总裁 | | 7 | 宋玉军 | 副总裁 | | 8 | 李洋 | 副总裁 | 一、增持主体的基本情况 海尔智家股份有限公司（以下简称"公司"）董事、高级管理人员（以下 简称"增持主体"）计划自愿以自有资金以集合竞价的方式通过上海证券 交易所交易系统（含港股通）、香港联合交易所有限公司交易系统允许 的方式增持公司股份（包括 A 股及/或 H 股），预计累计增持金额不低 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The report emphasizes that Haier Smart Home is leveraging AI technology to enhance its strategic, product, and ecological frameworks, leading the industry towards a smart home future [2][3][10]. Strategic Aspects - AI is aiding the company in deepening digital transformation and improving operational efficiency, with a shift to online marketing, AI-driven service matching, and smart logistics reducing costs [11][13]. - The company has upgraded its R&D, manufacturing, and order systems using AI, resulting in a 20% reduction in R&D cycles, a 30% increase in production efficiency, and a 13% improvement in order response times [11][15][16]. Product Development - Haier is transitioning from "assisting with chores" to a vision of "unmanned chores," introducing the "AI Eye" series of appliances that autonomously manage cooking and laundry tasks [17][20]. - The "AI Eye" technology enables appliances to recognize and respond to user needs, enhancing user experience and operational efficiency [20][21]. Ecological Development - The "Smart Home Brain" has been upgraded to incorporate AI perception, voice, and visual capabilities, aiming to create a more intuitive home environment [36][38]. - The company is expanding its smart home solutions through its "Three Wings Bird" brand, which covers smart appliances, customized home solutions, and comprehensive home control [31][35]. Investment Recommendations - The report suggests that Haier Smart Home is well-positioned to capitalize on AI-driven opportunities, with projected net profits of 21.44 billion, 24.29 billion, and 26.76 billion yuan for 2025-2027, corresponding to P/E ratios of 11.5, 10.1, and 9.2 times [43].

Market Overview - The Shanghai Composite Index fell by 0.24% on April 3, with 14 industries experiencing gains, led by Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.81%) and Utilities (up 1.41%) [1] - The sectors with the largest declines were Household Appliances (down 2.65%) and Electronics (down 2.48%), with Household Appliances being the worst performer of the day [1] Capital Flow - The net outflow of capital from the two markets was 31.848 billion yuan, with 11 industries seeing net inflows [1] - The Retail Trade sector had the highest net inflow of capital, totaling 1.232 billion yuan, while the Agriculture, Forestry, Animal Husbandry, and Fishery sector saw a net inflow of 706 million yuan [1] - The Electronics sector experienced the largest net outflow, totaling 10.925 billion yuan, followed by the Power Equipment sector with an outflow of 4.813 billion yuan [1] Household Appliances Sector - The Household Appliances sector saw a decline of 2.65%, with a net outflow of 1.291 billion yuan [2] - Out of 95 stocks in this sector, 10 stocks rose, including one that hit the daily limit, while 83 stocks fell, with one hitting the lower limit [2] - The top three stocks with the highest net outflow were Haier Smart Home (2.749 billion yuan), Midea Group (2.084 billion yuan), and Sanhua Intelligent Controls (2.084 billion yuan) [2] Notable Stocks in Household Appliances - The stock with the highest net inflow was Stone Technology, with 58.7316 million yuan, followed by Samsung New Materials (36.6522 million yuan) and Hisense Home Appliances (34.4755 million yuan) [5] - The stocks with significant net outflows included Haier Smart Home (-27.4498 million yuan), Midea Group (-20.78458 million yuan), and Sanhua Intelligent Controls (-20.77902 million yuan) [2][5]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 27.02 CNY and a target price of 35.54 CNY [1] Core Views - Haier Smart Home achieved a revenue of 286 billion CNY in 2024, representing a year-on-year growth of 4.3%. The net profit attributable to shareholders was 18.7 billion CNY, up 12.9% year-on-year [5][6] - The company continues its high cash dividend policy, proposing a cash dividend of 9.65 CNY per 10 shares, resulting in a cash dividend ratio of 48.0% for 2024, with expectations to exceed 50% in 2025-2026 [5][6] Revenue Performance - The company reported a revenue breakdown by product for 2024: air conditioners (49.1 billion CNY, +7%), refrigerators (83.2 billion CNY, +2%), kitchen appliances (41.1 billion CNY, -1%), water appliances (15.8 billion CNY, +5%), washing machines (63.0 billion CNY, +3%), and equipment parts and channel services (32.4 billion CNY, +16%) [6] - Domestic revenue reached 141.7 billion CNY in 2024, growing 3.1% year-on-year, benefiting from national subsidies [6] - Overseas revenue was 142.9 billion CNY, with notable growth in South Asia (+21%) and Southeast Asia (+15%) [6] Profitability and Cost Management - The gross margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with domestic and international gross margins at 29.8% and 25.4%, respectively [7] - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios at 11.7%, 4.2%, 3.8%, and 0.2%, respectively [7] Financial Forecast and Valuation - The report forecasts a net profit of 21.5 billion CNY for 2025 and 24.3 billion CNY for 2026, with a new estimate of 27.3 billion CNY for 2027 [8] - The current price corresponds to a price-to-earnings (P/E) ratio of 12, 10, and 9 for 2025, 2026, and 2027, respectively [8]

Summary of Haier Smart Home (A/H) Conference Call Company Overview - **Company**: Haier Smart Home Co Ltd - **Ticker**: 6690 HK (H-shares), 600690 CH (A-shares) - **Market Cap**: Approximately $29.996 billion (H-shares) and $35.328 billion (A-shares) [4][23] Key Financial Highlights - **2024 Performance**: - Organic sales growth of 3.5% and earnings growth of 15.1% year-over-year (YoY) [2][21] - Reported sales and earnings grew by 4.3% and 12.9% YoY, respectively [2][21] - Domestic sales increased by 3% YoY, rebounding from a decline in earlier quarters [22] - Overseas sales achieved 4% organic growth, with emerging markets contributing significantly [22] - **2025 Guidance**: - Sales growth expected in the mid-high single digits (M/HSD) and earnings growth in the double digits (DD) [2][21] - Anticipated 7% sales growth in China, driven by premium brand Casarte [22] - Overseas sales forecasted to grow by 5% YoY with stable operating profit margins [22] Strategic Initiatives - **Digitalization and Efficiency**: - Deployment of AI to enhance sales management and supply chain efficiency, targeting a reduction in SG&A ratio by 40-50 basis points in 2025 [2][21] - **Tariff Mitigation Strategies**: - Plans to upgrade product mix, pass some tariff costs to suppliers, and improve production efficiency in the US [2][21] - Establishing a backup supply chain in Southeast Asia to mitigate tariff impacts [2][21] Market Position and Valuation - **Valuation Metrics**: - Haier-H trades at 10x 2025 P/E with a 4.9% dividend yield, more attractive compared to Haier-A's 12x/4.1% and Midea-A's 13.6x/4.5% [2][21] - **Price Target**: - New price target for Haier-H raised to HK$33 (from HK$31) and for Haier-A to Rmb31 (from Rmb30) [2][21][14] Earnings Estimates - **Adjusted EPS Estimates**: - FY25E adjusted EPS for Haier-H increased from Rmb2.14 to Rmb2.23, and for Haier-A from Rmb2.14 to Rmb2.23 [7][18] - **Long-term Growth Projections**: - Forecasted sales and earnings growth of 6% and 11.9% YoY in 2025, with CAGRs of 3.7% and 8.7% over 2025-2027 [25][31] Risks and Considerations - **Market Concerns**: - Haier has been perceived as disproportionately discounted due to fears surrounding US tariff hikes [24][30] - **Operational Challenges**: - Potential impacts from restructuring costs in Europe and fluctuating consumer sentiment in the US and EU markets [22][24] Conclusion - **Investment Thesis**: - Haier's balanced product portfolio and geographical diversification are seen as strengths. The company is expected to improve its operating margins and close the gap with competitors like Midea and Gree [24][30]