（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 ...

abc 2025 年 03 月 28 日 Global Research 快评 4Q24经营利润增长稳定，但盈利受财务费用拖 累 问：公司业绩和预期相比表现如何？ A: 业绩不及预期。海尔智家发布2024年业绩：收入/净利润为2,859亿 元/187亿元（同比+9%/+13%）。根据我们测算，可比口径下，公司24 年Q4收入/经营利润同比增长11%/13%，但净利润同比下滑。4Q24收入符 合 预 期 ， 但 盈 利 大 幅 低 于 市 场 / 我 们 预 期 （ 瑞 银 证 券 预 测 ： 同 比+8%/+12%），主要受海外财务成本增加所拖累。但公司48%的派息率 是亮点。 问：公司业绩中哪些地方最值得注意？ 我们与管理层进行了简短交流。要点：（1）4Q24盈利不及预期，主要由于 （a）海外财务成本增加（约2.5亿元），系因美国高利率和俄罗斯的汇兑损 失，因卢布大幅贬值。（b）收购开利商用制冷业务的重组成本。（c）精简 欧洲业务的成本。上述因素在4Q24产生了合计约4.6亿元的非经营性成本。 （2）4Q24毛利率收窄（同比下滑13.7个百分点至20.3%）主要由于收购业 务的影响，包括物流业务、开利商用制 ...

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy" [4] Core Views - The company achieved a revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.9% [15][17] - The dividend payout ratio increased to 48.01%, with a cash dividend amounting to 8.997 billion yuan [15] - The company is focusing on high-end product strategies and expanding its market share both domestically and internationally, with significant growth in emerging markets [34][40] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 285.98 billion yuan and a net profit of 18.74 billion yuan, with a quarterly revenue of 83.01 billion yuan in Q4, reflecting a 9.9% year-on-year increase [15][19] - The gross profit margin for 2024 was 27.8%, while the net profit margin was 6.8% [55][57] Domestic Market - Domestic revenue reached 141.68 billion yuan in 2024, growing by 13.7% and accounting for 49.8% of total revenue [22][28] - The company continues to enhance its market share in various product categories, with significant growth in high-end brands [27][29] International Market - The overseas revenue for 2024 was 142.9 billion yuan, marking a 5.3% increase and representing 50.2% of total revenue [34][35] - The company is expanding its presence in emerging markets, with notable growth in South Asia and the Middle East [40][41] Product Segmentation - Revenue from air conditioning, refrigeration, and water appliances showed positive growth, with air conditioning revenue increasing by 7.4% [52][57] - The company is focusing on high-end product offerings and has seen a rise in market share across various segments [41][50] Strategic Initiatives - The company is implementing digital transformation and cost-reduction strategies to enhance operational efficiency [55] - Ongoing mergers and acquisitions are aimed at strengthening the company's position in the HVAC industry and expanding its product portfolio [15][34]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 27.16 CNY [1]. Core Views - The company has shown steady revenue growth throughout the year, driven by ongoing digital transformation efforts that enhance efficiency [1]. - The company is expected to achieve a revenue of 285.98 billion CNY in 2024, with a year-on-year growth rate of 4.3% [7]. - The net profit attributable to the parent company is projected to be 18.74 billion CNY in 2024, reflecting a year-on-year increase of 12.9% [7]. - The company is focusing on domestic demand through initiatives like the "old-for-new" appliance exchange program, which has positively impacted revenue growth [7]. - The global strategy continues to deepen, with significant growth in emerging markets, particularly in Southeast Asia and South Asia [7]. - Digital transformation is driving cost optimization and improving profitability, with a gross margin of 27.8% in 2024, up 0.3 percentage points year-on-year [7]. Financial Summary - Revenue projections for 2024-2027 are as follows: - 2024: 285.98 billion CNY - 2025: 302.73 billion CNY - 2026: 320.57 billion CNY - 2027: 339.56 billion CNY - The net profit attributable to the parent company is expected to grow from 18.74 billion CNY in 2024 to 28.01 billion CNY in 2027 [2][8]. - Earnings per share (EPS) are projected to increase from 2.00 CNY in 2024 to 2.99 CNY in 2027 [2][8]. - The company maintains a return on equity (ROE) of approximately 16% over the forecast period [2][8]. Business Performance - Domestic revenue reached 1416.8 billion CNY in 2024, a 13.7% increase year-on-year, driven by the "old-for-new" program [7]. - Overseas revenue was 142.9 billion CNY, marking a 5.3% increase, with notable performance in emerging markets [7]. - The company has implemented a share buyback plan and increased its dividend payout ratio to 48.01% of the net profit for 2024 [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 27.16 CNY [1]. Core Insights - The company has shown steady revenue growth throughout the year, driven by digital transformation initiatives that enhance efficiency [1]. - The company achieved a revenue of 285.98 billion CNY in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to the parent company of 18.74 billion CNY, up 12.9% year-on-year [7]. - The domestic revenue reached 141.68 billion CNY, growing by 13.7% year-on-year, benefiting from the implementation of a home appliance replacement program [7]. - The global strategy continues to deepen, with overseas revenue of 142.9 billion CNY, a 5.3% increase, particularly strong performance in emerging markets [7]. - The company is focusing on digital transformation to optimize costs and improve profitability, with a gross margin of 27.8% in 2024, up 0.3 percentage points year-on-year [7]. Financial Summary - Revenue projections for 2024 to 2027 are as follows: - 2024: 285.98 billion CNY - 2025: 302.73 billion CNY (growth rate: 5.86%) - 2026: 320.57 billion CNY (growth rate: 5.89%) - 2027: 339.56 billion CNY (growth rate: 5.93%) [2]. - Net profit attributable to the parent company is projected to grow from 18.74 billion CNY in 2024 to 28.01 billion CNY in 2027, with corresponding growth rates of 12.92%, 14.08%, 14.81%, and 14.13% [2]. - Earnings per share (EPS) are expected to increase from 2.00 CNY in 2024 to 2.99 CNY in 2027 [2]. - The company maintains a price-to-earnings (PE) ratio that decreases from 14 in 2024 to 9 in 2027, indicating improving valuation [2]. Business Performance - The company has successfully implemented a brand matrix strategy, with the Casarte brand experiencing over 30% growth in Q4, and the Leader brand achieving a 26% increase in retail sales [7]. - The digital transformation has led to a reduction in sales expense ratio to 11.7% and management expense ratio to 4.2% [7]. - The company plans to return 48.01% of its net profit to shareholders through dividends and share buybacks, with a cash dividend of 8.997 billion CNY planned [7].

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [6] Core Views - The report indicates that Haier Smart Home's revenue for Q4 2024 reached 83.01 billion yuan, a year-on-year increase of 9.88%, with a net profit attributable to shareholders of 3.59 billion yuan, up 3.96% year-on-year. For the full year 2024, the company achieved revenue of 285.98 billion yuan, a 4.29% increase year-on-year, and a net profit of 18.74 billion yuan, up 12.92% year-on-year. The domestic sales have shown a turning point due to policy stimulation and proactive adjustments in the Chinese market, while overseas performance remains stable. The company is expected to see accelerated revenue growth in 2025 as structural improvements and one-time impacts gradually dissipate [3][12][15]. Summary by Sections Financial Performance - In Q4 2024, Haier's revenue increased by 10% year-on-year, with significant growth in domestic sales driven by government policies and improved product structure. The company reported a notable increase in the shipment of refrigerators, washing machines, and air conditioners, with year-on-year growth of 10%, 8%, and 29% respectively. The premium brand Casarte saw a 30% increase in revenue in Q4 [13]. - For the full year 2024, Haier's overseas revenue grew by 5%, with the second half showing a 7% increase compared to the first half. The integration of Carrier Refrigeration positively impacted the results [13]. Profitability and Costs - The report highlights an improvement in real profitability, although there were one-time factors that affected results. In Q4 2024, the net profit margin decreased by 0.2 percentage points year-on-year, while the gross margin increased by 1.3 percentage points. The increase in expense ratios was attributed to accounting adjustments and the integration of new entities [14]. - The company plans to distribute a cash dividend of 9.65 yuan per 10 shares, totaling 8.997 billion yuan, with a dividend payout ratio of 48% [12]. Future Outlook - The report anticipates strong domestic sales and structural improvements for Haier in 2025, projecting net profits of 21.19 billion yuan and 23.96 billion yuan for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 12.0x and 10.6x. The dividend yield is expected to be around 4% [15].

上 市 公 司 家用电器 2025 年 03 月 31 日 海尔智家 (600690) ——2024 年报点评：全球化大视野稳健经营，管理层创 新营销带来新生机 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： | 2025 年 03 月 28 日 | | --- | --- | | 收盘价（元） | 27.16 | | 一年内最高/最低（元） | 35.37/23.10 | | 市净率 | 2.3 | | 股息率%（分红/股价） | 2.95 | | 流通 A 股市值（百万元） | 169,872 | | 上证指数/深证成指 | 3,351.31/10,607.33 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 11.87 | | 资产负债率% | 59.19 | | 总股本/流通 A 股（百万） | 9,383/6,255 | | 流通 B 股/H 股（百万） | -/2,857 | 一年内股价与大盘对比走势： 03-28 04-28 05-28 06 ...

Investment Rating - The investment rating for Haier Smart Home (600690.SH) is "Outperform the Market" [6] Core Views - The report highlights accelerated revenue growth in both domestic and international markets in the second half of the year, with Q4 showing a revenue increase of 9.9% year-on-year [1] - The company reported a total revenue of 285.98 billion with a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 18.74 billion, reflecting a 12.9% increase [1][5] - The report notes that the company's profitability was slightly affected by foreign exchange losses, acquisition costs, and increased interest expenses [1] Revenue Breakdown - Domestic revenue reached 142.2 billion, growing by 3.2%, while overseas revenue increased by 5.4% to 143.8 billion [2] - Emerging markets showed strong performance, with South Asia revenue growing by 21.1% and Middle East and Africa revenue increasing by 38.2% [2] - The company’s air conditioning segment performed well, with revenue of 49.1 billion, up 7.4%, while kitchen appliances saw a decline of 1.2% [2] Profitability and Cost Management - The gross margin improved by 0.3 percentage points to 27.8%, driven by digital transformation and product upgrades domestically, and a high-end strategy overseas [3] - Operating profit for the year was 20.23 billion, a 15.8% increase year-on-year, with a net profit margin of 6.6% [3] - The report indicates a significant increase in contract liabilities, suggesting effective results from the trade-in policy [3] Financial Forecasts - The profit forecasts for 2025-2027 have been adjusted to 21.2 billion, 23.4 billion, and 25.7 billion respectively, with expected growth rates of 13%, 10%, and 10% [4] - The earnings per share (EPS) are projected to be 2.26, 2.49, and 2.74 yuan for the years 2025, 2026, and 2027 respectively [4][5] - The report maintains a price-to-earnings (PE) ratio forecast of 12, 11, and 10 for the same years [4]

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [5] Core Views - The company reported a revenue of 285.98 billion RMB for 2024, representing a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 18.74 billion RMB, up 12.92% year-on-year [1] - The dividend payout ratio has increased to 48%, with a total dividend distribution of approximately 9 billion RMB, reflecting confidence in the company's operational capabilities [3] - The company is expected to benefit from a potential easing of interest expenses due to anticipated interest rate cuts by the Federal Reserve, alongside ongoing digital transformation efforts that are enhancing operational efficiency [3] Financial Summary - Revenue and profit forecasts for 2025 to 2027 are as follows: - Revenue: 304.32 billion RMB (2025), 322.91 billion RMB (2026), 342.38 billion RMB (2027) with growth rates of 6.41%, 6.11%, and 6.03% respectively - Net profit: 20.98 billion RMB (2025), 23.22 billion RMB (2026), 25.62 billion RMB (2027) with growth rates of 11.94%, 10.67%, and 10.37% respectively [4][10] - The company achieved a gross margin of 27.80% in 2024, with a net profit margin of 6.55% [9] Regional Performance - Domestic revenue reached 141.68 billion RMB, a year-on-year increase of 3.12%, while overseas revenue was 142.90 billion RMB, up 5.32% year-on-year, indicating resilience in operations despite a slowdown in demand in some markets [9]