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]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price based on the last closing price of 30.53 [1][10]. Core Insights - Haier Smart Home's Q3 2024 performance continues to show double-digit growth, with a revenue of 673.49 billion yuan, reflecting a 0.47% increase year-on-year. The net profit for Q3 2024 reached 47.34 billion yuan, up 13.11% [2][3]. - The company plans to consolidate with RRS Logistics, enhancing supply chain capabilities and operational efficiency both domestically and internationally [4][6]. - The report forecasts continued revenue and profit growth, with projected net profits of 190.88 billion yuan, 215.64 billion yuan, and 238.90 billion yuan for 2024, 2025, and 2026 respectively [4][6]. Financial Performance Summary - For the first three quarters of 2024, Haier Smart Home achieved a total revenue of 2029.71 billion yuan (+2.17%) and a net profit of 151.54 billion yuan (+15.25%) [2][3]. - The gross margin for Q3 2024 was 31.32%, a slight increase of 0.07 percentage points, while the net margin improved to 7.17%, up 0.87 percentage points [3][4]. - The report provides detailed financial projections, including revenue growth rates of 3.60%, 6.83%, and 6.50% for 2024, 2025, and 2026 respectively [6][8]. Strategic Initiatives - The consolidation with RRS Logistics is expected to deepen the synergy between business and logistics systems, enhancing operational efficiency across the supply chain [4][6]. - The company is focusing on transforming its retail model and enhancing digital logistics capabilities, which are anticipated to support growth in both domestic and emerging markets [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [3][5] - The target price is raised to 36.54 CNY, up from the previous 33.25 CNY [5][14] Core Views - The company's Q3 2024 performance met expectations, with a significant improvement in revenue anticipated for Q4 [2][17] - The integration of the logistics company,日日顺, is expected to enhance operational efficiency and profitability [3][21][24] Summary by Sections 1. Investment Recommendations - The report maintains earnings forecasts for 2024-2026, with expected EPS of 2.03, 2.28, and 2.51 CNY respectively, reflecting year-on-year growth of 15%, 12%, and 10% [3][14] - The company is positioned as a leader in the home appliance industry, justifying a 18X PE for 2024 [3][14] 2. Performance Overview - For the first three quarters of 2024, the company achieved revenue of 202.97 billion CNY, a year-on-year increase of 2.17%, and a net profit of 15.15 billion CNY, up 15.25% [17] - Q3 2024 revenue was 67.35 billion CNY, with a slight year-on-year increase of 0.47% and a net profit of 4.73 billion CNY, up 13.15% [17] 3. Revenue Insights - Domestic sales experienced a slight decline, while overseas demand remained stable, with expectations for Q4 to show improvement [18][20] - The company anticipates a boost in domestic sales due to government incentives for replacing old appliances [18][20] 4. Profitability Analysis - Digital transformation initiatives have led to improved efficiency and cost control, with Q3 2024 gross margin at 31.32% and net margin at 7.17% [20] - The sales expense ratio decreased by 0.5 percentage points year-on-year, reflecting enhanced operational efficiency [20][21] 5. Cash Flow Performance - The company reported a total cash and cash equivalents of 48.18 billion CNY, with a net cash decrease compared to the previous half [22] - Operating cash flow for the first nine months of 2024 was 13.88 billion CNY, a 5.1% increase year-on-year [22] 6. Strategic Developments - The merger with日日顺 is aimed at strengthening the company's logistics capabilities and enhancing customer service [24]

公司报告 | 季报点评 Q3 国内经营逐月改善，盈利提升持续兑现 事件：24Q1-Q3 公司实现营业收入 2029.7 亿元，同比+2.17%；归母净利润 151.5 亿元，同比+15.27%；扣非归母净利润 146.9 亿元，同比+15.44%。24Q3 公司实现营业收入 673.5 亿元，同比+0.47%；归母净利润 47.3 亿元，同比 +13.15%；扣非归母净利润 45.2 亿元，同比+9.91%。 点评： Q3 核心品牌增长逐月提速，新兴市场延续高增。24Q3 公司营收 673 亿元， 同比+0.5%，收入表现稳健。Q3 公司抓住以旧换新机会驱动国内零售增长， 实现终端零售逐月改善，其中卡萨帝品牌 Q3 持续领跑高端市场，单 9 月 零售同比增幅达 19.1%，Leader 品牌 Q3 零售同比+22%，单 9 月零售增长 31%；海外市场实现发达国家行业领跑，新兴市场高速增长，同时公司深 化本土化供应链建设，Q3 埃及生态园二期、泰国春武里空调工业园完成奠 基，后续有望加速当地市场发展并辐射周边市场。 数字化变革成效凸显，费用率持续优化。公司 24Q3 毛利率同比+0.1pcts 至 31.3% ...