Investment Rating - Strong Buy (Maintained) with a target price of 34.5 RMB, compared to the current price of 29.70 RMB [1] Core Views - Revenue for 24Q1-Q3 reached 202.97 billion RMB, up 2.2% YoY, with net profit attributable to shareholders of 15.15 billion RMB, up 15.3% YoY [1] - Domestic sales faced pressure, while overseas sales maintained growth, particularly in emerging markets like South Asia, which grew over 30% in 24Q3 [1] - Profitability improved with a net margin increase of 0.9 ppts to 7.2% in 24Q3, driven by cost competitiveness and efficiency gains [1] - The company plans to consolidate Ririshun, aiming to accelerate retail transformation and enhance operational efficiency [1] Financial Performance - 24Q3 revenue was 67.35 billion RMB, up 0.5% YoY, with net profit attributable to shareholders of 4.73 billion RMB, up 13.2% YoY [1] - Gross margin improved by 0.1 ppts to 31.3% in 24Q3, despite rising raw material costs [1] - Sales and administrative expense ratio improved by 0.7 ppts to 18.9% in 24Q3, reflecting ongoing cost optimization [1] Market and Operational Strategy - Domestic sales are expected to improve with the rollout of trade-in policies, while overseas markets will benefit from localized supply chains and digital transformation [1] - The company is leveraging its high-end brand (Casarte) and comprehensive product portfolio to drive retail growth [1] - The consolidation of Ririshun is expected to enhance the integration of home appliance and logistics systems, further boosting operational efficiency [1] Financial Forecasts - Revenue for 2024E is projected at 272.31 billion RMB, with a 4.2% YoY growth, and net profit attributable to shareholders of 19.10 billion RMB, up 15.1% YoY [2] - EPS for 2024E is forecasted at 2.04 RMB, with a P/E ratio of 15x [2] - Gross margin is expected to rise to 31.8% in 2024E, with net margin improving to 7.1% [2] Valuation and Ratios - The company's P/E ratio for 2024E is 15x, with a P/B ratio of 2.4x [2] - ROE is projected to remain stable at around 16.2% from 2024E to 2026E [2] - Debt-to-equity ratio is expected to decline from 39.2% in 2023A to 22.1% in 2026E, reflecting improved financial health [2]

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" [5]. Core Views - Revenue growth remains stable, with profits continuing to improve. For the first three quarters of 2024, the company achieved revenue of 202.97 billion, up 2.2%, and a net profit attributable to shareholders of 15.15 billion, up 15.3% [1][2]. - The domestic retail market is showing positive improvements, with expectations for the effects of the "trade-in for new" policy to become evident. The retail market for home appliances in China saw a 7.5% growth in Q3, following a decline in July [1][2]. - The company is actively seizing opportunities from the "trade-in for new" initiative, leveraging its strengths in high-end branding and multi-channel layout, which is expected to lead to strong growth in domestic sales [1][2]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 67.35 billion, a 0.5% increase year-on-year, and a net profit of 4.73 billion, up 13.2% [1]. - The gross profit margin for Q3 was 31.3%, reflecting a year-on-year increase of 0.1 percentage points, with the net profit margin reaching 7.0%, up 0.8 percentage points [2][3]. Sales and Market Strategy - Despite weak demand in the US and Europe, the company has maintained steady growth in exports, particularly in the South Asian market, which saw over 30% growth year-on-year in Q3 [2]. - The company is enhancing its logistics integration through control of the logistics service provider, which is expected to improve operational efficiency and contribute positively to revenue [3]. Profit Forecast - The profit forecast has been raised, with expected net profits for 2024-2026 projected at 19.2 billion, 21.75 billion, and 24.33 billion respectively, reflecting year-on-year growth rates of 16%, 13%, and 12% [3][4]. - The earnings per share (EPS) are projected to be 2.05, 2.32, and 2.59 yuan for the years 2024, 2025, and 2026, respectively [3][4]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 16.7 in 2023 to 14.4 in 2024, and further to 12.7 in 2025 [4]. - The return on equity (ROE) is expected to improve from 16% in 2023 to 17% in 2024, and reach 18% by 2026 [4].

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" and is maintained [2] Core Views - Haier Smart Home reported a revenue growth of 2% year-on-year and a net profit growth of 15% for the first three quarters of 2024, achieving a revenue of 202.97 billion yuan and a net profit of 15.15 billion yuan [6] - The company is expected to benefit from domestic demand driven by government subsidies in Q4 2024, while also expanding its market share in Europe and the US [7] - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 2.03 yuan, 2.31 yuan, and 2.60 yuan respectively, with expected growth rates of 15.0%, 13.6%, and 12.7% [7][10] Summary by Sections Financial Performance - For Q3 2024, Haier Smart Home achieved a revenue of 67.35 billion yuan, a year-on-year increase of 0.47%, and a net profit of 4.73 billion yuan, up 13.15% year-on-year [6] - The gross margin for the first three quarters of 2024 reached 30.8%, an increase of 0.1 percentage points year-on-year [6] Market Position - In Q3 2024, Haier held a market share of 44.2% in refrigerators, 47.2% in washing machines, and over 20% in the offline air conditioning market, solidifying its position as a leading brand [7] - The "Three Wings Bird" channel achieved retail sales of 8.6 billion yuan in the first three quarters of 2024, a growth of 10% year-on-year [7] Valuation and Forecast - The estimated revenue for 2024 is 275.67 billion yuan, with a projected net profit of 19.09 billion yuan [10] - The price-to-earnings (P/E) ratio for 2024 is estimated to be between 15-18 times, corresponding to a reasonable value range of 30.45 to 36.54 yuan per share [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7] Core Views - The company reported a strong performance in its Q3 2024 results, with a revenue of 203 billion yuan, a year-on-year increase of 2.17%, and a net profit attributable to shareholders of 15.2 billion yuan, up 15.25% year-on-year [2][3] - The company plans to consolidate its logistics operations by merging with RRS Supply Chain, which is expected to enhance operational efficiency and unlock new growth potential [5][7] - The company is experiencing steady revenue growth, particularly in overseas markets, with a significant increase in market share in South Asia [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 30.85% and a net margin of 7.61%, reflecting improvements in profitability [4] - The company’s Q3 2024 single-quarter gross margin was 31.32%, and the net margin was 7.17%, indicating a continued upward trend in profitability [4] - The projected net profits for 2024, 2025, and 2026 are 19 billion yuan, 21.2 billion yuan, and 23.4 billion yuan, respectively, with corresponding growth rates of 14.57%, 11.61%, and 10.50% [7][9]

公司将根据资金需求及市场利率波动情况，在注册有效期内择机发行中期票据，并根 关于债务融资工具获中国银行间市场交易商协会核准注 册的公告 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（以下称"公司"） 2023 年年度股东大会审议通过了《海尔智 家股份有限公司关于提请股东大会给予董事会一般性授权以决定发行境内外债务融资工具 的议案》，同意公司注册发行不超过人民币100 亿元或等值外币的债务融资工具及上述发 行方案，并一般及无条件地授权董事会并由董事会或由董事会转授权董事长及其授权人士 根据公司不时的需要以及市场条件全权决定及办理境内外融资工具发行的全部事宜，以及 由董事会进一步授权董事长及其授权人士根据公司需要以及其它市场条件等具体执行债务 融资工具发行事宜，详见公司在2024年6月21日于上海证券交易所网站（www.sse.com.cn） 等披露的《海尔智家股份有限公司2023年年度股东大会、2024年第一次A股类别股东大会、 2024年第一次D股类别股东大会、2024年第一次H股类别股东大会决议公告》 ...

股票简称：海尔智家 股票代码：600690 编号：临 2024-042 海尔智家股份有限公司 关于境外上市外资股（H股）股份变动情况的公告 一、 回购 H 股股份的进展情况 2024 年 6 月 20 日，公司 2023 年年度股东大会、2024 年第一次 A 股类别股 东大会、2024 年第一次 D 股类别股东大会、2024 年第一次 H 股类别股东大会 审议通过了《海尔智家股份有限公司关于提请股东大会给予董事会一般授权以 决定回购不超过公司已发行 H 股股份总数 10%股份的议案》。 本次回购实施起始日至 2024 年 10 月 31 日，公司已累计回购股份 1,150,000 股，占公司总股本的比例为 0.012%，购买的最高价为 23.80 港元/股、最低价为 23.20 港元/股，支付的金额（含手续费）为 27,067,029.65 港元，该等回购股份 已全部注销。 二、 股份变动情况 截至 2024 年 10 月 31 日，公司的股份变动情况如下： 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 ...

Investment Rating - The investment rating for Haier Smart Home (600690.SH) is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 202.97 billion yuan in Q1-Q3 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 15.15 billion yuan, up 15.3% year-on-year. In Q3 2024 alone, the operating revenue was 67.35 billion yuan, a 0.5% increase, with a net profit of 4.73 billion yuan, up 13.2% year-on-year. The company has made significant progress in efficiency improvement and cost reduction, leading to sustained profit growth. The profit forecast for 2024-2026 has been raised, with expected net profits of 19.3 billion, 21.62 billion, and 24.19 billion yuan respectively, corresponding to EPS of 2.04, 2.29, and 2.56 yuan, with current stock prices reflecting P/E ratios of 11.7, 10.4, and 9.3 times [1][5][6]. Summary by Sections Revenue and Profitability - For Q1-Q3 2024, the company reported operating revenue of 202.97 billion yuan, a 2.2% increase year-on-year, and a net profit of 15.15 billion yuan, up 15.3% year-on-year. In Q3 2024, the operating revenue was 67.35 billion yuan, a 0.5% increase, with a net profit of 4.73 billion yuan, up 13.2% year-on-year [1][5]. Market Performance - The company is expected to see steady growth in exports, with emerging markets growing faster than developed markets. For instance, the South Asian market is projected to grow over 30%. The company is well-positioned globally, anticipating that the current interest rate reduction cycle will enhance external demand and drive overseas revenue growth [1]. Digital Transformation and Cost Efficiency - The gross margin for Q3 2024 was 31.3%, a 0.1 percentage point increase, primarily due to domestic digital transformation and global supply chain collaboration. The expense ratio for Q3 2024 was 23.5%, a decrease of 0.4 percentage points. The net profit margin for Q3 2024 was 7.2%, an increase of 0.9 percentage points, driven by improved operational efficiency and reduced asset impairment losses [1][6].

证券研究报告 非金融公司|公司点评|海尔智家（600690） 2024 三季报点评： 营收表现稳健，业绩延续双位数增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 海尔智家 2024Q3 实现营业收入 673.49 亿元，同比增长 0.47%，归母净利润 47.34 亿元，同比 增长 13.15%，扣非净利润 45.25 亿元，同比增长 9.91%。Q3 公司内销收入略改善，但政策刺 激下零售拐点或已显现，弹性突出；海外稳健，盈利向好。展望后续，内销在政策和厂商主动 调整下大概率逐季改善，海外成熟市场进入降息周期，收入盈利展望都偏积极，新兴市场延续 较好增长，品牌出海大幅领先。 |分析师及联系人 管泉森 孙珊 贺本东 蔡奕娴 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110005 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年10月31日 海尔智家(600690) 2024 三季报点评： 营收表现稳健，业绩延续双位数增长 | --- ...

[ T able_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：30.53 元 海尔智家（600690）家用电器 目标价：——元（6 个月） 控费提效成果显著，以旧换新有望改善收入 [Table_Summary 事件：公司发布三季报， ] 2024 年前三季度公司实现营收 2029.7 亿元，同比增 加 2.2%；归母净利润 151.5亿元，同比增加 15.3%；扣非净利润 146.9亿元， 同比增加 15.4%。单季度来看，Q3公司实现营收 673.5亿元，同比增加 0.5％； 归母净利润 47.3 亿元，同比增加 13.2%；扣非后归母净利润 45.2 亿，同比增 加 9.9%。 以旧换新驱动内需，海外新兴市场表现优秀。根据奥维云网数据，7，8月家电 行业整体承压，随着以旧换新政策全国推广，白电受益明显。公司积极抓住以 旧换新机会、充分发挥在高端品牌、全品类阵容、多渠道布局等方面优势，驱 动零售增长：三季度终端零售逐月改善，其中卡萨帝零售增幅高于整体水平。 报告期内，欧美发达国家行业需求疲软、新兴市场国家需求保持良好增长。公 司在欧美 ...

Investment Rating - The report indicates a positive investment rating for Haier Smart Home, highlighting its strong market position and growth potential in both domestic and international markets [3][21][35] Core Viewpoints - Haier Smart Home has demonstrated resilience in a challenging domestic market, with revenue and net profit growth of 2.2% and 15.3% respectively in the first three quarters of the year [3][4] - The company has established itself as a leader in the domestic appliance sector, particularly in the refrigerator and washing machine categories, with market shares of 47.0% and 50.8% respectively [7][8] - The high-end appliance market is a significant growth area, with Haier's premium brand Casarte leading in market share for high-priced products [33][35] Summary by Sections Financial Performance - Haier Smart Home reported a revenue of approximately 67.35 billion yuan for the current reporting period, a slight increase of 0.47% compared to the previous year [4] - The net profit attributable to shareholders was approximately 4.73 billion yuan, reflecting a growth of 13.15% [4] - The earnings per share increased to 0.51 yuan, up 13.33% from the previous year [4] Market Position - Haier Smart Home is recognized as a top player in the domestic appliance market, ranking first among its peers, including Midea and Gree [5][7] - The company has a diversified product structure, with significant contributions from refrigerators, washing machines, and air conditioning units [5][7] International Expansion - Since 2016, Haier has been the global leader in large home appliance sales, with overseas revenue reaching 135.7 billion yuan in 2023 [21][22] - The company has successfully implemented an internationalization strategy through acquisitions, enhancing its market presence in developed regions [24][25] High-End Market Strategy - The domestic market for refrigerators and washing machines has reached high ownership rates, creating a substantial replacement demand [33] - Haier's high-end brand Casarte has captured significant market shares in premium segments, indicating a successful strategy in the high-end appliance market [35]