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]

海尔智家 20250328 摘要 Q&A 海尔智家 2024 年在国内消费偏谨慎和海外需求疲软的双重挑战下，仍然能够 保持不错的收入和利润表现，请问具体有哪些因素推动了这一增长？ 2024 年海尔智家实现收入同比增长 4%，归母净利润同比增长 13%。在波动的市 场环境下，公司营业收入同比增长 14.3%，经营利润达到 202 亿元，同比增长 15.8%。这一成绩主要受益于数字化变革举措的沉淀效应。尽管存在税务影响、 海外利率高企、汇兑损失以及一次性成本等因素，总体上公司通过提升毛利率 0.3 个百分点，优化销售管理费用率 0.3 个百分点，实现了经营质量的稳步提 • 海尔智家 2024 年营收同比增长 14.3%，经营利润增长 15.8%至 202 亿元， 得益于数字化变革的持续推进，毛利率和销售管理费用率均有优化，现金 流充裕，经营活动现金流量达净利润的 1.4 倍。 • 公司积极进行数字化转型，通过 AI 技术赋能产品研发，如"懒人洗衣机" 等用户共创产品，并推出 AI 系列产品，提升用户体验和物流服务竞争力， 重塑研发思路，关注用户使用场景。 • 海尔智家美国市场虽保持盈利，但增长未达整体水平。未来将 ...

公司事件 海尔智家发布2024 年报：2024Q4 实现营收830.10 亿元，同比+9.88%，实现归属净利润35.87 亿元，同 比+3.96%，扣非净利润31.20 亿元，同比+0.52%；2024A 实现营收2859.81 亿元，同比+4.29%，归属净 利润187.41 亿元，同比+12.92%，扣非净利润178.05 亿元，同比+12.52%；拟每10 股派现9.65 元（含 税），总额89.97亿元（含税），分红率48%。公司拟于自3 月27 日起12 个月内以10-20 亿元回购股份， 价格不超40 元/股，对应当前股价约0.4-0.7 亿股，占总股本0.4%-0.8%。 国内表现强劲，海外稳健增长 2024Q4 海尔收入同比+10%，2024Q2/Q3 分别同比+0.1%/+0.5%，受益国内以旧换新政策及开利制冷并 表，公司Q4 主营提速明显。内销方面，据产业在线，海尔Q4 冰箱/洗衣机/空调出货量分别同比 +10%/+8%/+29%，政策拉动出货，产品结构好转，卡萨帝Q4 收入同比+30%，表现抢眼，全年零售 +12%。2024A 海尔海外收入同比+5%，其中H1/H2 分别同比+4%/ ...

事件：公司发布 2024 年年报。公司 2024 年实现收入 2859.8 亿 元，YoY+4.3%，实现归母净利润 187.4 亿元，YoY+12.9%；经折算， 公司 2024Q4 单季度实现收入 732.4 亿元（因口径调整，同比增长 数据暂无法计算），实现归母净利润 35.9 亿元，YoY+4.0%。公司 持续推进内生增长与外延并购，收入、利润再创历史新高，对股 东的回馈力度持续加大。在风险机遇并存的市场环境下，公司积 极应对关税风险，加速面向未来的 AI 领域布局，我们看好海尔智 家在全球家电市场实现穿越周期的增长。 Q4 国内高端业务在国补刺激下实现高速增长：在内生增长与外 延并购共同驱动下，公司收入再创新高。2024 年海尔智家国内收 入 YoY+3.2%（家电主业收入 YoY+4.9%），海外收入 YoY+5.4%。我 们估算公司 Q4 国内家电主业收入 YoY+10%+，海外业务收入 YoY+10%+（CCR 及 Kwikot Q4 贡献海外收入约 21 亿元人民币，贡 献 Q4 海外收入增速约 6pct）。国内高端业务在国补刺激下明显提 速，卡萨帝 Q4 收入增速超过 30%。分地区来看， ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price based on the last closing price of 27.16 [1][7]. Core Views - The report highlights a steady performance in Q4 2024, with a focus on the potential of AI and emerging market opportunities [1][7]. - The company achieved total revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.29%, and a net profit of 18.74 billion yuan, up 12.92% [4][9]. - The report anticipates continued growth in revenue and net profit for the years 2025 to 2027, with projected net profits of 21.04 billion yuan, 23.50 billion yuan, and 26.02 billion yuan respectively [9][12]. Financial Performance - In Q4 2024, the company reported total revenue of 83.01 billion yuan, a 9.88% increase year-on-year, and a net profit of 3.59 billion yuan, up 3.96% [4][5]. - The gross margin for 2024 was 27.8%, reflecting a 0.3 percentage point increase, while the net margin for Q4 was 4.99%, down 0.53 percentage points [6][12]. - 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 48.01% [4][7]. Market and Product Insights - The report indicates that the domestic market is benefiting from a trade-in policy, which is expected to boost short-term demand, while emerging markets present structural opportunities [7][9]. - The revenue growth for major product categories in 2024 was as follows: refrigerators +1.96%, washing machines +2.87%, air conditioners +7.44%, kitchen appliances -1.15%, and water appliances +4.93% [5][6]. - The company’s domestic revenue reached 141.68 billion yuan, growing 3.12% year-on-year, while overseas revenue was 142.90 billion yuan, up 5.32% [5][6]. Future Projections - The report projects revenue growth rates of 7.20%, 5.60%, and 5.20% for the years 2025, 2026, and 2027 respectively [9][12]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.24 yuan, 2.50 yuan, and 2.77 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12.11, 10.84, and 9.79 [9][12].

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price reflecting a potential return of over 20% within six months [6][17]. Core Views - The company achieved a revenue of 285.98 billion yuan in 2024, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.9% year-on-year [1]. - The company is focusing on digital transformation and optimizing costs, which has led to a gross margin improvement of 0.3 percentage points to 27.8% in 2024 [3]. - Cash flow remains strong, with net cash flow from operating activities reaching 26.5 billion yuan in 2024, indicating robust cash generation capabilities [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 73.24 billion yuan, with a net profit of 3.59 billion yuan, reflecting a 4.0% year-on-year increase [1]. - The company plans to distribute a dividend of 9.65 yuan per 10 shares, totaling 9 billion yuan, with a dividend payout ratio of 48% [1]. Revenue Growth - The company experienced a revenue growth of 4% year-on-year, with specific product categories showing varied performance: air conditioning (+7%), refrigeration (+2%), washing machines (+3%), and kitchen appliances (-1%) [2]. - Domestic retail growth was driven by trade-in programs, with significant growth in the high-end brand Casarte, which saw over 30% growth [2]. Cost Optimization - The company has successfully reduced its sales, management, and R&D expense ratios, contributing to overall efficiency improvements [3]. - The financial expense ratio increased slightly due to rising interest expenses from overseas rate hikes [3]. Cash Flow and Balance Sheet - The company reported a net cash flow from operating activities of 26.5 billion yuan for the year, maintaining a high level of cash flow generation [4]. - Contract liabilities increased by 40% year-on-year, indicating a growing revenue and performance reservoir [4]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 21.44 billion yuan, 24.11 billion yuan, and 26.64 billion yuan for 2025, 2026, and 2027, respectively [5]. - The company is enhancing its global competitiveness through core module manufacturing capabilities and overseas acquisitions [4].

3月底，海尔智家（600690）与美的集团（000333）相继披露2024年财报。美的集团营收突破4000亿 元，B端业务营收首破1000亿元，不过机器人业务营收出现下滑。海尔智家空调业务营收增长最快。 美的集团与海尔智家净利润增速均高于营收增速，加码回馈股东。美的集团计划现金分红267亿元，较 上年度份额金额高出近30%。海尔智家分配现金红利89.97亿元，占归母净利润比例近半。 2010年美的首次突破1000亿元，跻身"千亿元俱乐部"。2017年超过2000亿元，用时7年。2021年超过 3000亿元，用时4年。2024年超过4000亿元，用时3年。 包括暖通空调和消费电器等智能家居仍是美的集团主要营收来源，2024年美的集团智能家居营收 2695.32亿元，同比增加9.41%。美的"COLMO+东芝"双高端战略，零售额同比增长超45%。 2024年，美的借助已建立规模快速增长的商业及工业解决方案业务，B端业务2024年收入达到1045亿 元，首次突破千亿大关，收入占总营收的比重从2020年的18.5%提升至25.5%。 不过，包括库卡机器人在内的机器人与自动化业务营收仍存在压力，美的集团机器人与自动化业 ...