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]

Core Insights - Haier Smart Home reported its 2024 annual results with revenue of 286 billion yuan, net profit attributable to shareholders of 18.7 billion yuan, and net profit excluding non-recurring items of 17.8 billion yuan, reflecting year-on-year growth of 4%, 13%, and 13% respectively [1] - The company plans to distribute a cash dividend of 9.65 yuan per share, totaling 9 billion yuan, with a dividend payout ratio of 48%, and intends to repurchase shares worth 1 to 2 billion yuan at a price not exceeding 40 yuan per share [1] Revenue Growth - Both domestic and international sales grew, with significant increases in the Middle East, Africa, South Asia, and Southeast Asia [2] - Revenue from various segments for 2024 included: refrigeration 83.6 billion yuan (+2%), kitchen appliances 41.2 billion yuan (-1%), washing machines 63.3 billion yuan (+3%), air conditioning 49.6 billion yuan (+8%), water appliances 16.2 billion yuan (+5%), and other businesses 118.2 billion yuan (+7%) [2] - Domestic revenue was 142.2 billion yuan (+3%) and overseas revenue was 143.8 billion yuan (+5%) [2] Brand Performance - The retail revenue of the Casarte brand increased by 12%, with Q4 revenue growth exceeding 30% [3] - The Leader brand saw a 26% increase in retail revenue, driven by product innovation and marketing upgrades [3] Profitability Improvement - The overall gross margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with improvements in both domestic and overseas gross margins [4] - Profit margins for various segments included: air conditioning 23.9%, refrigeration 30.8%, kitchen appliances 29.3%, water appliances 41.6%, washing machines 31.4%, and equipment and channel services 8.6%, all showing year-on-year increases [4][5] - The net profit margin for 2024 was 6.6%, up 0.5 percentage points year-on-year, with all segments showing improved profit margins [5] Future Outlook - The company is positioned as a leader in the white goods industry, with advantages in high-end, global layout, and localized operations [5] - The integration of logistics capabilities through the merger with Rishun is expected to enhance domestic and international operations [5] - Revenue projections for 2025 and 2026 are 21.4 billion yuan and 23.9 billion yuan respectively, with corresponding EPS of 2.29 yuan and 2.54 yuan, indicating a PE ratio of 12.0 and 10.8 times [5]

Core Viewpoint - Haier Smart Home Co., Ltd. has announced a share repurchase plan for part of its A-shares, with a total repurchase amount not exceeding RMB 2 billion and not less than RMB 1 billion, aimed at implementing an employee stock ownership plan [2][3][4] Summary by Sections 1. Repurchase Plan Approval and Implementation - The board of directors approved the share repurchase plan on March 27, 2025, and the announcement was disclosed on March 28, 2025 [2][3] - The repurchase will be conducted within a 12-month period from the board's approval date [4][5] 2. Main Content of the Repurchase Plan - The repurchase amount is set between RMB 1 billion and RMB 2 billion, with a maximum repurchase price of RMB 40 per share [2][3] - The estimated number of shares to be repurchased is up to 50 million shares, based on the maximum repurchase amount and price [3][4] - The repurchased shares will be used for the employee stock ownership plan, and any unused shares after 36 months will be canceled [4][9] 3. Funding Sources - The funding for the repurchase will come from the company's own funds and/or self-raised funds, including special loans for stock repurchase [3][5] 4. Impact on Share Structure - The repurchase is expected to reduce the proportion of circulating shares, with the maximum repurchase potentially affecting the total share capital by approximately 0.53% [6][7] - The repurchase will not change the company's control and will maintain its listing status [7][9] 5. Risk Factors - The plan may face risks such as the stock price exceeding the repurchase price limit, which could hinder or partially implement the repurchase [10][11] - The company will adjust the repurchase terms according to regulatory changes during the implementation period [11] 6. Disclosure and Compliance - The company will fulfill its information disclosure obligations regarding the progress of the repurchase in accordance with relevant laws and regulations [12]

股票简称：海尔智家 股票代码：600690 编号：临 2025-021 海尔智家股份有限公司 关于回购部分 A 股社会公众股份方案的报告书 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： 回购股份的种类：本公司发行的 A 股股票； 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； 回购数量：按照回购金额上限 20 亿元和回购价格上限 40 元/股的条件下 测算，预计回购数量不超过 5,000 万股，具体以回购期满时实际回购数 量为准； 回购期限：自董事会审议通过回购股份方案之日起 12 个月内； 拟回购股份的用途：本次回购股份计划将用于员工持股计划，公司如未 能在股份回购完成之后 36 个月内实施前述用途，未使用部分将履行相关 程序予以注销； 回购资金来源：公司自有资金和/或自筹资金（含股票回购专项贷款资金 等）； 相关股东是否存在减持计划：经问询，公司董事除俞汉度外、监事、高 级管理人员、控股股东及实际控制人及除青岛海创智管理咨询企业（有 限合伙）以外的一致行动人、 ...

周五下班买的鲜肉放冰箱冷藏，周天就发黏了！一开洗衣机筒门被异味熏得眼前一黑，衣服又忘晒了！每次指挥空调都得精确到多少度、什么风，还不如自己动手……每一个痛在用户心上的生活难 4月2日，海尔智家第八届全球研发创新大奖颁奖大会在青岛举行。现场，千余海尔研发人获得了嘉奖。其实，每一个获奖项目都是源自用户的创新成果，所以每一项荣誉也都属于用户。这场面向 始终为用户研发，全球创新引领是底气 本着始终为用户研发的初心，海尔智家打造了全球引领的10+N开放创新体系。这使其能快速集中全球顶尖研发资源，针对每一个用户需求攻坚克难。 深化全球协同，成为全球用户信赖的海尔。欧洲用户对节能格外敏感，由中国、澳洲、欧洲、美国的研发中心协同创新的X11系列洗衣机，比欧标A级能效还节能60%。日本用户希望冰箱既占地小 替用户嘉奖，深度研发只为用户满意 与其说这是一场科技盛会，不如说这是全球用户选出来的爆品大赏。因为每一项创新成果，都旨在为用户解决难题。 创新从用户需求中来，爆款是最佳回馈。拿获得"金创奖"的和悦冰箱来说，以原创磁控保鲜科技破解了鲜肉冷藏易变质、冷冻又会影响口感的难题，让保鲜作用到食材分子运动层面，实现冷鲜肉 创新深入生活方 ...

[Table_Summary] 2024 年公司实现营业收入 2859.81 亿元，同比增长 4.29%，实现归母净利润 187.41 亿元，同 比增长 12.92%，实现扣非归母净利润 178.05 亿元，同比增长 12.52%。其中，2024Q4 公司 实现营业收入 830.10 亿元，同比增长 9.88%，实现归母净利润 35.87 亿元，同比增长 3.96%， 实现扣非归母净利润 31.20 亿元，同比增长 0.52%。 丨证券研究报告丨 公司研究丨点评报告丨海尔智家（600690.SH） [Table_Title] 营收规模稳健增长，Q4 归母净利润有所扰动 报告要点 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海尔智家（600690.SH） cjzqdt11111 [Table_Title2] 营收规模稳健增长，Q4 归母净利润有所扰动 [Table_Summary2] 事件描述 公司披露年报：2024 年公司实现营业收入 2859.8 ...

注： 该账户为公司H股股东的集合账户，系中国香港登记机构根据当地市场惯例及其技术设置合并后向 公司提供的原始数据，不代表最终持股人。 二、公司前十大无限售条件股东持股情况 海尔智家股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东持股情况的公告 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。 海尔智家股份有限公司（以下简称"公司"）于2025年3月27日召开第十一届董事会第十三次会议，审议 通过了《海尔智家股份有限公司关于回购部分A股社会公众股份方案的议案》，并于2025年3月28日在 上海证券交易所（www.sse.com.cn）披露了《海尔智家股份有限公司关于回购部分A股社会公众股份方 案的公告》（公告编号：临2025-019）。 根据《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关规定，现将公司第十一届董 事会第十三次会议决议公告的前一个交易日（即2025年3月27日）登记在册的前十大股东和前十大无限 售条件股东的名称、持股数量和持股比例情况公告如下： 一、公司前十大股东持股情况 ■ 股票简称： ...

（文章来源：每日经济新闻） 2024年1至12月份，海尔智家的营业收入构成为：电冰箱占比29.11%，洗衣机占比22.04%，空调器占比 17.15%，厨卫电器占比14.38%，渠道综合服务及其他占比11.33%，水家电占比5.51%。 海尔智家（SH 600690，收盘价：26.95元）4月1日晚间发布公告称，海尔智家股份有限公司于2025年3 月27日召开第十一届董事会第十三次会议，审议通过了《海尔智家股份有限公司关于回购部分A股社会 公众股份方案的议案》，并于2025年3月28日在上海证券交易所披露了《海尔智家股份有限公司关于回 购部分A股社会公众股份方案的公告》。现将公司2025年3月27日前十大无限售条件股东披露如下： HKSCC NOMINEES LIMITED持约23.13亿股，占比24.66%；海尔卡奥斯股份有限公司持约12.59亿股， 占比13.41%；海尔集团公司持约10.73亿股，占比11.43%；香港中央结算有限公司持约5.87亿股，占比 6.25%；HCH (HK) INVESTMENT MANAGEMENT CO. LIMITED持约5.39亿股，占比5.74%；中国证券 金融股份 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-020 海尔智家股份有限公司 注： 该账户为公司 H 股股东的集合账户，系中国香港登记机构根据当地市场惯例及其 技术设置合并后向公司提供的原始数据，不代表最终持股人。 特此公告。 海尔智家股份有限公司董事会 2025 年 4 月 1 日 序号 股东名称 持股数量（股） 占总股本比例 持股类别 1 HKSCC NOMINEES LIMITED 2,313,484,930 24.66% H 股 2 海尔卡奥斯股份有限公司 1,258,684,824 13.41% A 股 3 海尔集团公司 1,072,610,764 11.43% A 股 4 香港中央结算有限公司 586,613,296 6.25% A 股 5 HCH (HK) INVESTMENT MANAGEMENT CO., LIMITED 538,560,000 5.74% H 股 6 中国证券金融股份有限公司 182,592,654 1.95% A 股 7 青岛海尔创业投资咨询有限公司 172,252,560 1.84% A 股 8 青岛海创智管理咨询企业（有限合伙） 133,791,058 ...