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% ...

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy - A" with a 12-month target price of 36.96 CNY, compared to the current stock price of 30.53 CNY [4][7]. Core Insights - Haier Smart Home reported a revenue of 202.97 billion CNY for the first nine months of 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 15.15 billion CNY, up 15.3% year-on-year [1][2]. - The company's Q3 2024 revenue was 67.35 billion CNY, reflecting a slight year-on-year growth of 0.5%, while the net profit for the same period was 4.73 billion CNY, up 13.2% year-on-year [1][2]. - The digital transformation efforts are showing positive results, contributing to an upward trend in profitability despite challenges in domestic consumption [1][3]. Financial Performance Summary - Q3 2024 gross margin was 31.3%, an increase of 0.1 percentage points year-on-year, driven by digital transformation in procurement, R&D, and manufacturing [2]. - The net profit margin for Q3 2024 was 7.0%, up 0.8 percentage points year-on-year, with a notable reduction in sales and management expense ratios [3]. - The company expects domestic business to benefit from the old-for-new appliance subsidy policy and anticipates improved overseas performance due to potential demand growth from U.S. interest rate cuts [1][2]. Future Earnings Projections - EPS estimates for Haier Smart Home are projected at 2.06 CNY, 2.31 CNY, and 2.51 CNY for 2024, 2025, and 2026 respectively [7]. - The company is expected to see revenue growth from 269.57 billion CNY in 2024 to 300.65 billion CNY in 2026, with net profit increasing from 16.60 billion CNY to 23.57 billion CNY over the same period [8][12].

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [3][5]. Core Views - Haier Smart Home's total revenue for Q1-Q3 2024 reached 202.97 billion yuan, a year-on-year increase of 2.17%, with a net profit attributable to shareholders of 15.15 billion yuan, up 15.27% year-on-year [1]. - The company has shown steady improvement in domestic sales and steady growth in exports, particularly in the South Asian market, which grew over 30% in Q3 [1]. - The gross profit margin for Q1-Q3 2024 increased by 0.13 percentage points to 30.85%, with a net profit margin of 7.61%, reflecting strong profitability [2]. - The company is expected to achieve net profits of 19.11 billion, 21.86 billion, and 24.79 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.1%, 14.4%, and 13.4% [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported total 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 [1]. - The gross profit margin for Q3 2024 was 31.32%, an increase of 0.07 percentage points year-on-year [2]. - The operating cash flow for Q3 2024 was 6.06 billion yuan, a decrease of 5.54% year-on-year [2]. Sales and Market Position - Domestic sales showed month-on-month improvement, with the retail growth of the Casarte brand exceeding the overall market [1]. - The company has been increasing its market share in Europe and the US, while optimizing product structures in emerging markets [1]. Future Outlook - The report projects steady revenue growth, with total revenue expected to reach 270.84 billion yuan in 2024, reflecting a growth rate of 3.6% [4]. - The company is expected to maintain strong profitability with a projected net profit margin of 7.17% for Q3 2024 [2].

第十一届监事会第十二次会议决议公告 本公司监事会及全体监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(以下简称"公司")第十一届监事会第十二次会议于 2024 年 10 月 29 日上午在海尔科创生态园生态品牌中心中 118 会议室召开，会 议应到监事 3 人，实到监事 3 人，占公司监事总数的 100%，符合《公司章程》 规定的法定人数，公司高级管理人员列席了会议。会议通知于 2024 年 10 月 11 日以邮件形式发出，本次会议的通知和召开符合《公司法》与《公司章程》的规 定。会议由监事会主席刘大林先生主持。经与会监事审议，通过了以下议案： 一、审议通过《对<海尔智家股份有限公司 2024 年第三季度报告>审核意见 的报告》（表决结果：同意 3 票、反对 0 票、弃权 0 票） 股票代码：600690 股票简称：海尔智家 公告编号：临2024-039 海尔智家股份有限公司 根据《中华人民共和国证券法》的规定和《上市公司信息披露管理办法》以 及中国香港、德国等地的有关要求，我们作为公司的监事，在全面了解和审核公 司 2 ...

证券代码：600690 证券简称：海尔智家 公告编号：临 2024-041 海尔智家股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 股东大会召开日期：2024年12月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 拟出席本次临时股东大会的D股、H股股东参会事项，参见本公司于公 司境外信息披露平台（德国信息披露平台https://www.dgap.de/、香港联 交所网站https://www.hkexnews.hk）、德国联邦公报以及公司网站 http://smart-home.haier.com/en/ggyxw/，向D股股东、H股股东另行发出 的2024年第一次临时股东大会的通函等文件 (四)现场会议召开的日期、时间和地点 召 ...

Financial Performance - Revenue for the first three quarters of 2024 reached RMB 202.97 billion, a year-on-year increase of 2.2%[6] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 15.15 billion, up 15.3% year-on-year[6] - Gross profit margin for the first three quarters of 2024 was 30.8%, a slight increase of 0.1 percentage points compared to the same period in 2023[12] - Total operating revenue for the first three quarters of 2024 reached 202.97 billion yuan, an increase from 198.66 billion yuan in the same period of 2023[36] - Net profit for the first three quarters of 2024 was 15.44 billion yuan, up from 13.26 billion yuan in the same period of 2023[36] - Operating profit for the first three quarters of 2024 was 18.41 billion yuan, up from 16.21 billion yuan in the same period of 2023[36] - Haier Smart Home's net profit attributable to parent company shareholders reached RMB 15.15 billion, a year-on-year increase of 15.3%[37] - Haier Smart Home's revenue from sales of goods and services reached RMB 209.48 billion, a 3.1% increase year-on-year[38] - Haier Smart Home's basic earnings per share rose to RMB 1.64, a 16.3% increase from the previous year[37] - Haier Smart Home's comprehensive income attributable to parent company shareholders reached RMB 13.70 billion, a 4.5% year-on-year growth[37] - Revenue for the first three quarters of 2024 was 352.73 million yuan, a decrease from 546.67 million yuan in the same period of 2023[43] - Net profit for the period reached 559,808,949.88 RMB, a substantial increase from 22,002,127.19 RMB in the previous period[44] - Total comprehensive income for the period was 600,692,558.54 RMB, up from 44,338,167.18 RMB in the previous period[44] Expense Ratios and Efficiency - Sales expenses ratio for the first three quarters of 2024 was 14.2%, optimized by 0.5 percentage points year-on-year[13] - Management expenses ratio for the first three quarters of 2024 was 3.8%, optimized by 0.3 percentage points year-on-year[13] - Financial expenses ratio for the first three quarters of 2024 was 0.1%, up 0.1 percentage points year-on-year due to increased interest expenses overseas[13] - R&D expenses for the first three quarters of 2024 amounted to 8.13 billion yuan, slightly higher than 8.05 billion yuan in the same period of 2023[36] - Financial expenses showed a significant improvement, with a negative expense of 283.99 million yuan in the first three quarters of 2024, compared to a negative expense of 131.32 million yuan in the same period of 2023[43] Market and Business Expansion - South Asian market grew by over 30% in Q3 2024[10] - The company completed the acquisition of Carrier's commercial refrigeration business on October 1, 2024, aiming to expand B2B customized products and services[11] - The company launched the industry's first smart home appliance integration solution in July 2024, enhancing user experience in space utilization, aesthetics, and smart connectivity[7] Cash Flow and Financial Activities - Net cash flow from operating activities in the first three quarters of 2024 was RMB 13.876 billion, an increase of RMB 673 million compared to the same period in 2023, driven by higher operating profits and improved operational efficiency[16] - Net cash outflow from investing activities in the first three quarters of 2024 was RMB 12.060 billion, an increase of RMB 3.240 billion compared to the same period in 2023, mainly due to increased purchases of long-term fixed deposits and construction of fixed assets[16] - Net cash outflow from financing activities in the first three quarters of 2024 was RMB 8.776 billion, an increase of RMB 1.998 billion compared to the same period in 2023, primarily due to increased dividend payouts and higher interest expenses overseas[16] - The company's operating cash flow for the first three quarters of 2024 was RMB 13.88 billion, up 5.1% compared to the same period last year[38] - The company's investment cash outflow increased significantly to RMB 26.29 billion, up 54.8% compared to the same period last year[38] - Haier Smart Home's cash and cash equivalents decreased by RMB 7.32 billion, ending the quarter at RMB 46.66 billion[39] - The company's financing cash outflow was RMB 16.51 billion, a 25.1% decrease compared to the same period last year[39] - Haier Smart Home's foreign exchange loss on cash and cash equivalents was RMB 360.33 million, compared to a gain of RMB 586.95 million in the same period last year[39] - The company's investment cash inflow increased by 74.3% year-on-year to RMB 14.23 billion[38] - Cash received from sales of goods and services was 543,255,059.97 RMB, compared to 70,907,378.37 RMB in the previous period[45] - Net cash flow from operating activities was 424,811,292.67 RMB, up from 70,858,288.97 RMB in the previous period[45] - Net cash flow from investing activities was -10,216,384,728.25 RMB, compared to -2,888,357,365.30 RMB in the previous period[45] - Net cash flow from financing activities was 5,333,714,837.88 RMB, down from 7,643,999,125.52 RMB in the previous period[45] - The ending balance of cash and cash equivalents was 3,143,605,422.18 RMB, compared to 10,580,713,772.20 RMB in the previous period[45] Asset and Liability Management - The company's total assets as of the end of Q3 2024 were RMB 256.13 billion, a 1.09% increase compared to the end of the previous year[4] - Accounts receivable and notes turnover days increased to 41.5 days in the first three quarters of 2024, up by 3.5 days compared to the end of 2023, mainly due to an increase in received notes[14] - Inventory turnover days improved to 78.3 days in the first three quarters of 2024, down by 3.6 days compared to the end of 2023, driven by effective inventory control and optimization[14] - Accounts payable and notes turnover days decreased to 136.8 days in the first three quarters of 2024, down by 0.8 days compared to the end of 2023, due to optimized payment policies[15] - Capital expenditures in the first three quarters of 2024 amounted to RMB 6.237 billion, with RMB 3.470 billion spent domestically and RMB 2.767 billion spent overseas, mainly on factory and equipment construction, property leasing, and IT infrastructure[17] - The asset-liability ratio at the end of Q3 2024 was 56.2%, a decrease of 2 percentage points compared to the end of 2023, driven by increased net profit and higher net assets[18] - The company's foreign exchange derivative transactions balance at the end of the reporting period was approximately USD 1.15 billion[26] - The company's entrusted wealth management balance at the end of the reporting period was 24.56 billion yuan, including 24.38 billion yuan from subsidiaries' idle funds and 0.18 billion yuan from employee stock ownership plan funds[27] - As of September 30, 2024, the company's monetary funds stood at 47,081,269,568.37 yuan, a decrease from 54,486,452,841.14 yuan at the end of 2023[33] - The company's trade receivables increased to 21,278,009,921.47 yuan as of September 30, 2024, compared to 20,268,099,436.43 yuan at the end of 2023[33] - Inventory decreased to 38,453,100,259.83 yuan as of September 30, 2024, from 39,524,006,616.33 yuan at the end of 2023[33] - The company's total current assets as of September 30, 2024, were 128,135,267,811.22 yuan, down from 132,620,484,091.53 yuan at the end of 2023[33] - Long-term equity investments increased to 26.43 billion yuan in Q3 2024, up from 25.55 billion yuan in the previous period[34] - Fixed assets stood at 29.76 billion yuan in Q3 2024, compared to 29.60 billion yuan in the previous period[34] - Total liabilities decreased to 143.97 billion yuan in Q3 2024 from 147.47 billion yuan in the previous period[35] - Owner's equity increased to 112.16 billion yuan in Q3 2024, up from 105.91 billion yuan in the previous period[35] - Contract liabilities decreased to 3.53 billion yuan in Q3 2024 from 7.73 billion yuan in the previous period[34] - Total assets increased to 256.13 billion yuan in Q3 2024 from 253.38 billion yuan in the previous period[34] - Total assets increased to 102.88 billion yuan as of September 30, 2024, compared to 96.43 billion yuan at the end of 2023[41] - Total liabilities rose to 64.08 billion yuan as of September 30, 2024, from 50.55 billion yuan at the end of 2023[42] - Owner's equity decreased to 38.80 billion yuan as of September 30, 2024, from 45.88 billion yuan at the end of 2023[42] - Long-term equity investments increased to 61.20 billion yuan as of September 30, 2024, from 55.83 billion yuan at the end of 2023[41] - Current liabilities increased to 60.40 billion yuan as of September 30, 2024, from 46.34 billion yuan at the end of 2023[41] - Non-current liabilities decreased to 3.67 billion yuan as of September 30, 2024, from 4.21 billion yuan at the end of 2023[42] - Monetary funds decreased to 3.14 billion yuan as of September 30, 2024, from 7.58 billion yuan at the end of 2023[40] Employee Stock Ownership and Share Repurchase - The 2024 A-share and H-share employee stock ownership plans were completed, with 1,926 A-share holders receiving 11,195,104 shares and 30 H-share holders receiving 1,200,887 shares[28][29] - The 2023 A-share and H-share employee stock ownership plans saw 2,138 A-share holders receiving 7,927,583 shares and 30 H-share holders receiving 890,393 shares[30] - The company completed the cancellation of 54,051,559 repurchased A-shares, reducing the total share capital from 9,438,114,893 shares to 9,384,063,334 shares[31][32] Government Subsidies and Other Income - Government subsidies recognized in the current period amounted to RMB 213.42 million, with a cumulative amount of RMB 587.22 million from the beginning of the year to the end of the reporting period[20] - Interest income increased to 340,147,109.64 RMB, up from 201,787,158.84 RMB in the previous period[44] - Investment income rose significantly to 601,130,398.38 RMB, compared to 204,416,213.65 RMB in the previous period[44] Accounting and Reporting - The company did not apply new accounting standards or interpretations for the first time in 2024[47]

华泰联合证券有限责任公司 关于 海尔智家股份有限公司签署表决权委托协 议暨关联交易之独立财务顾问报告 独立财务顾问 签署日期：二〇二四年十月 释义 2、本财务顾问报告是在假设本次交易各方当事人均全面和及时履行本次交 易相关协议和声明或承诺的基础上出具； 3、本财务顾问报告不构成对上市公司的任何投资建议或意见，对投资者根 据本财务顾问报告作出的任何投资决策可能产生的风险，本独立财务顾问不承担 任何责任； 4、本独立财务顾问未委托或授权其他任何机构和个人提供未在本财务顾问 报告中列载的信息和对本财务顾问报告做任何解释或说明； 5、本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的相 关公告，查阅有关文件。 2 在本报告中，除非文中另有所指，下列简称具有如下特定含义： | | 一般名词 | | | --- | --- | --- | | 公司、上市公司、海尔智家 | 指 | 海尔智家股份有限公司 | | 海尔集团 | 指 | 海尔集团公司，海尔智家实际控制人 | | 贯美公司 | 指 | 贯美（上海）企业管理有限公司，海尔智家控制的企 | | 业 | | | | 冰戟公司 | 指 | 冰戟（上海）企业管理 ...