Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, with a projected P/E ratio of 11/10/9X for the upcoming years [9]. Core Views - The company's Q1 performance slightly exceeded expectations, driven by domestic subsidies and resilient contributions from emerging markets, alongside the effectiveness of digital transformation in cost reduction and efficiency improvement [6][8]. - Revenue for Q1 reached 79.118 billion yuan, representing a year-on-year increase of 10.06%, while net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year [8]. Revenue Analysis - Domestic sales supported by national subsidies and flexible contributions from emerging markets, with Q1 domestic and foreign sales growing by 7.8% and 12.6% year-on-year, respectively [8]. - Emerging markets showed significant growth, with North America, Europe, Middle East & Africa, South Asia, Southeast Asia experiencing year-on-year growth rates of approximately 0%, +30%, +50%, +30%, and +20%, respectively [8]. - The Casarte brand continued to perform well, with a year-on-year growth of over 20% in Q1 [8]. Profitability - The gross margin for Q1 was 25.4%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 6.93%, up 0.3 percentage points year-on-year [8]. - Cost reduction and efficiency improvements were attributed to supply chain optimization and digital transformation, leading to better gross and expense ratios [8]. Financial Forecast - The report maintains previous profit forecasts, projecting revenues of 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [8]. - Net profit attributable to the parent company is expected to reach 21.254 billion yuan, 23.346 billion yuan, and 24.804 billion yuan for the same years, reflecting year-on-year growth rates of 13.4%, 9.8%, and 6.2% [8]. Shareholding Plan - The company announced a shareholding plan for 2025, targeting a scale of 757 million yuan, aimed at certain directors, senior management, and core technical personnel, with performance targets set for ROE exceeding 17.7% for 2025-2026 [8].

家用电器/白色家电 海尔智家（600690.SH） 海外及卡萨帝保持较快增长，盈利能力稳健提升 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 24.79 | | 一年最高最低(元) | 35.37/23.10 | | 总市值(亿元) | 2,326.02 | | 流通市值(亿元) | 1,550.49 | | 总股本(亿股) | 93.83 | | 流通股本(亿股) | 62.55 | | 近 3 个月换手率(%) | 47.79 | 股价走势图 风险提示：降费提效不达预期；高端市场需求不达预期；海外行业竞争加剧。 相关研究报告 《经营利润稳健增长，分红比例提升 至 近 一 半 — 公 司 信 息 更 新 报 告 》 -2025.4.1 《2024Q3 持续提效降费，归母净利润 实现较快增长—公司信息更新报告》 -2024.11.1 《2024Q2 提效降费成果显著，盈利持 续保持提升—公司信息更新报告》 -2024.8.29 ——公司信息更新报告 | 吕明（分析师） 周嘉乐（分析师） | 陈怡仲（联系人） ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：KAIZEN投资之道 （ 3 ） 市场表现 ： 格力电器在空调领域的市场份额较高 ， 品牌影响力大 ， 具有较强的竞争 优势 。 不过 ， 其业务相对单一 ， 对空调业务的依赖度较高 ， 一定程度上影响了公司的抗风 险能力 。 2025年一季度 ， 家电三巨头 （ 美的集团 、 格力电器 、 海尔智家 ） 在全球贸易波动与消费分 化的背景下 ， 呈现出差异化的增长路径 。 美的凭借多元化业务和全球化布局实现高速增长 ， 格力依托政策红利与成本优化稳中求进 ， 海尔则通过高端化与智能生态持续突破 。 以下是一季 度业绩报告的详细分析以及后市投资价值的对比 ： 三 、 海尔智家 一 、 美的集团 （ 1 ） 营收与利润 ： 2025 年一季度营业收入为 1284亿元 ， 同比增长 20.61% ； 归母净利 润为 124.22 亿元 ， 同比增长 38.02% ； 扣非归母净利润为 127.50 亿元 ， 同比增长 38.03% 。 （ 2 ） 业务分析 ： 各项业务稳步推进 ， 在机器人与自动化业务领域 ， 2024 年 ...

Group 1: Policy and Market Impact - The government has intensified the promotion of the "trade-in" policy for consumer goods, including 3C digital products, electric bicycles, and washing machines, to stimulate green and intelligent consumption and drive industrial upgrades [1][2] - The retail sales of communication equipment and home appliances in the province saw significant growth in Q1, with increases of 76.2% and 33.0% year-on-year, respectively [2][8] - The "trade-in" policy has led to the sale of 2.59 million digital products and 335,000 home appliances in the province by April 30 [2][8] Group 2: Consumer Behavior and Trends - Young consumers are increasingly drawn to 3C digital products, with the inclusion of these items in the national subsidy program effectively meeting their demand [2][4] - The trend is shifting from price sensitivity to prioritizing quality and technology in consumer purchases, as seen in the growing popularity of smart home appliances [7][8] - The electric bicycle market is experiencing a surge in sales, with 28,000 units traded in under the "trade-in" policy from January to April [10][11] Group 3: Electric Bicycles and New Energy Vehicles - The "trade-in" policy for electric bicycles has been well-received, with government subsidies ranging from 300 to 500 yuan, leading to increased sales during the peak season [10][11] - The new national standards for electric bicycles, effective from September, aim to enhance safety and performance, further encouraging consumer purchases [11] - The new energy vehicle market is thriving, with significant sales growth attributed to government incentives and rising consumer awareness of environmental issues [15][16]

Core Viewpoint - The A-share market has shown robust growth in the home appliance sector for the fiscal year 2024 and the first quarter of 2025, particularly in the white goods segment, which has demonstrated impressive performance [1][2]. White Goods Industry - Most listed companies in the white goods sector reported revenue and profit growth for both 2024 and Q1 2025, with notable performances from Midea Group and Haier Smart Home [2][3]. - Midea Group achieved a total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.29%. In Q1 2025, revenue reached 128.4 billion yuan, growing over 20%, with a net profit of 12.4 billion yuan, up 38.02% [2][5]. - Haier Smart Home reported a total revenue of 285.98 billion yuan in 2024, a 4.29% increase, with a net profit of 18.74 billion yuan, up 12.92%. In Q1 2025, net profit was 5.49 billion yuan, a 15.09% increase [2][5]. - Other companies like Gree Electric, TCL Smart Home, and Hisense Home Appliances also reported net profit growth exceeding 10% in Q1 2025 [3]. Black Goods Industry - The black goods sector showed performance divergence, with leading companies like Sichuan Changhong and Hisense Vision maintaining steady growth [6]. - Sichuan Changhong's 2024 revenue was 103.69 billion yuan, a 6.4% increase, with a net profit of 704 million yuan, up 2.3%. In Q1 2025, revenue was 26.84 billion yuan, a 12.89% increase, and net profit surged by 96.68% to 345 million yuan [6][8]. - Hisense Vision reported 2024 revenue of 58.53 billion yuan, a 9.17% increase, with a net profit of 2.25 billion yuan, up 7.17%. In Q1 2025, revenue was 13.38 billion yuan, a 5.31% increase, and net profit rose by 18.61% to 554 million yuan [6][8]. Small Appliances Industry - The small appliances segment exhibited mixed results, with leading companies like Supor and Xinbao maintaining growth while others faced declines [9][10]. - Supor's 2024 revenue reached 22.43 billion yuan, a 5.27% increase, with a net profit of 2.24 billion yuan, up 2.97%. In Q1 2025, revenue was 5.79 billion yuan, a 7.59% increase, and net profit was 497 million yuan, up 5.82% [9][11]. - Xinbao's 2024 revenue exceeded 16.82 billion yuan, a 14.84% increase, with a net profit of 1.05 billion yuan, up 7.75%. In Q1 2025, revenue was 3.83 billion yuan, a 10.36% increase, and net profit rose by 43.02% to 247 million yuan [10][11]. - Conversely, companies like Joyoung experienced significant declines, with a 7.94% drop in revenue for 2024 and a 68.55% decrease in net profit [10][11].

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读 者。 2024年和2025年一季度，A股市场家电行业上市公司总体实现稳健增长，其中白色家电行业上市企业2025年一季度业绩表现亮眼。 白色家电：一季度业绩表现亮眼 按照申万行业分类，白色家电行业绝大多数上市公司2024年和2025年一季度业绩均实现增长。 比如美的集团披露的2024年年报显示，公司2024年实现营业总收入4091亿元，同比增长9.5%，实现归属于上市公司股东的净利润385亿元，同比增长 14.29%。2025年一季度，美的集团营业总收入1284.28亿元，同比增长逾两成，实现归属于上市公司股东的净利润124.22亿元，同比增长38.02%。 另一家年度营收超过千亿元的公司海尔智家2024年实现营业收入2859.81亿元，同比增长4.29%，实现归属于上市公司股东的净利润187.41亿元，同比增长 12.92%。2025年一季度海尔智家实现归属于上市公司股东的净利润54.87亿元，同比增长15.09%。 如果说2024年度白色家电行业中还有上市公司 ...

Core Viewpoint - The article explores the concept of finding personal "wilderness" within urban life, emphasizing the importance of creating a unique space for mental and emotional well-being amidst the fast-paced city environment [2][7][12]. Group 1: Urban Life and Personal Space - The dichotomy between urban and rural life is challenged, suggesting that individuals can cultivate a personal sanctuary at home, allowing for spiritual freedom without leaving the city [2][9]. - Young people are increasingly dissatisfied with traditional career paths, seeking to integrate personal interests into their work, thus enriching their lives and creating a parallel universe of fulfillment [3][5][6]. - The narrative of a couple transforming their small living space into a naturalistic garden illustrates the potential for urban dwellers to create meaningful, green spaces that enhance their quality of life [9][14]. Group 2: Personal Interests and Hobbies - The phenomenon of collecting blind boxes is highlighted as a way for young individuals to construct a fulfilling inner world, reflecting a desire for novelty and surprise in their lives [3][11]. - The story of a former fitness coach who transitioned into the restaurant industry showcases the flexibility and creativity that young professionals are embracing to align their passions with their careers [5][6]. Group 3: Home and Technology - The Haier Xiaohonghua series is presented as a solution for modern urbanites, offering smart home appliances that enhance daily living experiences and provide emotional comfort [13][14]. - The design philosophy of the Haier Xiaohonghua series emphasizes simplicity and functionality, aiming to create a serene living environment that allows individuals to appreciate the small joys of life [15].

2025年正成为家电行业的洗牌大战。 奥维云网数据显示，2025年一季度家电市场（不含3C）零售规模为1798亿元，同比增长2.1%，较2024年 同期放缓了近5个百分点。 但作为白电巨头的海尔智家业绩依旧刷新了纪录。2025一季度，海尔智家的营收、归母净利润分别为 791.2亿元、54.9亿元，分别同比增长了10%、15%。 这份财报备受瞩目的不仅仅是数字本身，还有海尔智家用"三位一体本土化+AI技术升维"的组合拳，在白 电红海中冲出一条新航路。 存量博弈与结构化机会 当前，全球家电行业正面临结构性分化：发达国家市场陷入存量博弈，新兴市场则迎来消费扩容期。 欧美市场方面，受到高房贷利率、经济疲软等因素的影响，家电市场需求有所走弱，但支付能力依旧"扛 打"；东南亚等新兴市场虽然体量规模有限，但由于渗透率不高，仍具有较大的增长潜力。 行业变局下，海尔智家一季度海外市场依旧保持了增长定力，海外收入增长了13%，增速较2024年同期增 加了超8个百分点。 强势增长的背后，是海尔智家持续多年的创牌布局——全球研发、全球供应链、全球营销的三位一体本 土化体系。 总结一句话：研发、供应链、营销都不局限于单一市场内部，而是 ...

Group 1 - Haier Smart Home (600690.SH) reported its Q1 2025 results, with 358 institutional investors disclosing holdings of A-shares, totaling 3.953 billion shares, which represents 42.13% of the total share capital [1] - The top ten institutional investors include Haier Kaos Co., Ltd., Haier Group, and others, holding a combined 38.52% of shares, with a decrease of 1.09 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 123 funds increased their holdings, with a holding increase ratio of 0.43%, including funds like E Fund Consumer Industry Stock and E Fund SSE 50 Enhanced A [2] - Conversely, 82 funds reduced their holdings, with a decrease ratio of 0.36%, including funds like Xingquan Helun Mixed A and Huatai-PB SSE 300 ETF [2] - A total of 73 new public funds were disclosed this period, while 887 funds were not disclosed compared to the previous quarter [2]

公司报告 | 季报点评 海尔智家（600690） 证券研究报告 Q1 业绩超预期，盈利能力持续提升 事件：25Q1 公司实现营业收入 791.2 亿元，同比+10.1%；归母净利润 54.9 亿元，同比+15.1%；扣非归母净利润 53.6 亿元，同比+15.6%。同时发布 25 年度核心员工持股计划（草案），A 股参与对象公司董事、高级管理人员、 公司及子公司核心技术（业务）人员共计不超过 2570 人，资金额度为 7.57 亿元；H 股参与对象公司董事及高级管理人员、公司及子公司核心技术（业 务）人员共计不超过 27 人，资金额度为 6300 万元。董事、总裁及公司平 台人员 25-26 年度业绩考核指标为 1）ROE≥17.7%，则将其名下本计划标 的股票权益的 40%归属于持有人；2）16.8%≤ROE＜17.7%，则由管委会决 定归属的比例并报薪酬与考核委员会同意后进行归属；3）ROE＜16.8%， 则其名下本计划标的股票权益的 40%不归属。其他持有人考核指标为管委 会根据业绩表现考核，在 25、26 年度考核结果达标后分别归属 40%、60%。 点评： Q1 营收表现亮眼，新兴市场延续高增。25 ...