Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.05 CNY [2]. Core Insights - The company achieved revenue growth against the trend, with a historical high net profit margin in Q2 [2][7]. - For H1 2024, Haier reported operating revenue of 135.623 billion CNY, a year-on-year increase of 3%, and a net profit attributable to shareholders of 10.42 billion CNY, up 16.3% year-on-year [6][7]. - The company’s gross profit margin improved to 30.6% in H1 2024, with a net profit margin of 7.68%, marking a year-on-year increase of 0.9 percentage points [7][8]. Revenue Performance - Domestic and overseas businesses both experienced growth. Domestic revenue for H1 2024 was 64.8 billion CNY, up 2% year-on-year, while overseas revenue reached 70.8 billion CNY, up 4% year-on-year [7]. - The revenue breakdown by product for H1 2024 shows refrigerators, washing machines, air conditioners, kitchen appliances, and water appliances contributing 30%, 22%, 21%, 15%, and 6% respectively, with year-on-year growth rates of 1%, 5%, 4%, 2%, and 6% [7]. Profitability and Efficiency - The company’s digital transformation efforts have led to cost reductions and efficiency improvements, with a decrease in sales, management, and R&D expense ratios [7][8]. - The net cash flow from operating activities for H1 2024 was 7.8 billion CNY, a 15% increase year-on-year, primarily due to increased operating profit and improved operational efficiency [7]. Forecast and Valuation - The report projects net profits for 2024, 2025, and 2026 to be 19.1 billion CNY, 21.5 billion CNY, and 24.1 billion CNY respectively, with corresponding price-to-earnings ratios of 12, 11, and 10 [8].

海尔智家（600690）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------|---------|---------|--------------------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 24.73 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 243,514 | 261,428 | 272,438 | 289,440 | 307,505 | | | 增长率 yoy% | ...

证券研究报告：家用电器 | 公司点评报告 2024 年 9 月 2 日 股票投资评级 增持|维持 个股表现 海尔智家 家用电器 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | --- | |---------------------------|---------------|----------------| | | | | | 最新收盘价（元） | 24.73 | | | 总股本 / 流通股本（亿股） | 94.38 / 63.09 | | | 总市值 / 流通市值（亿元） | 2,334 / 1,560 | | | 52 周内最高 / 最低价 | 32.90 / 20.10 | | | 资产负债率 (%) | 58.2% | | | 市盈率 | 13.82 | | | | | HKSCC NOMINEES | | 第一大股东 | LIMITED | | 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 海尔智家(6 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 135.623 billion yuan in H1 2024, representing a year-on-year growth of 3.03%. The net profit attributable to the parent company was 10.42 billion yuan, up 16.26% year-on-year, and the net profit after deducting non-recurring gains and losses was 10.161 billion yuan, an increase of 18.09% year-on-year [5][6]. - In Q2 2024, the company reported a revenue of 66.645 billion yuan, a slight increase of 0.13% year-on-year, with a net profit of 5.647 billion yuan, up 13.11% year-on-year [5][6]. - The company has shown robust revenue growth, particularly in emerging markets, with significant increases in various product categories and regions [5][6]. Summary by Sections Revenue and Profitability - In H1 2024, revenue reached 135.623 billion yuan, with a year-on-year increase of 3.03%. The net profit attributable to the parent company was 10.42 billion yuan, reflecting a 16.26% increase year-on-year. The net profit after deducting non-recurring items was 10.161 billion yuan, up 18.09% year-on-year [5][6]. - For Q2 2024, revenue was 66.645 billion yuan, with a minimal growth of 0.13% year-on-year. The net profit was 5.647 billion yuan, marking a 13.11% increase year-on-year [5][6]. Product and Market Performance - Revenue growth by product category in H1 2024 included air conditioners up 3.64%, refrigerators up 1.38%, washing machines up 4.63%, kitchen appliances up 2.14%, and water appliances up 5.81% [5][6]. - Revenue growth by region showed domestic sales increased by 2.33%, while international sales grew by 3.69%. Notably, sales in Europe and Australia increased by 9.24% and 9.34%, respectively, while South Asia and Southeast Asia saw growth rates of 9.86% and 12.37% [5][6]. Operational Efficiency - The gross margin improved by 0.17 percentage points to 30.61% in H1 2024, with various product categories showing improvements. The sales expense ratio decreased by 0.48 percentage points, attributed to digital transformation efforts [6]. - The operating profit for H1 2024 was 11.247 billion yuan, a year-on-year increase of 20.46%, with an operating profit margin of 8.29%, up 1.2 percentage points [6]. Future Outlook - The company plans to invest 2.494 billion yuan in a new air conditioning production project in Qingdao, aiming for a production capacity of 5 million units annually. This project is expected to enhance the company's global competitiveness in the air conditioning market [6][7]. - The forecast for net profit attributable to the parent company for 2024-2026 is 19.221 billion yuan, 21.512 billion yuan, and 25.653 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.6, 10.4, and 8.7 times [7].

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：24.08 元 海尔智家（600690）家用电器 目标价：——元（6 个月） 收入稳健增长，盈利能力逆势提升 [Table_Summary 事件：公司发布] 2024年半年报，2024年上半年公司实现营收 1356.2亿元，同 比增长 3%；实现归母净利润 104.2亿元，同比增长 16.3%；实现扣非后归母净 利润 101.6亿元，同比增长 18.1%。单季度来看，Q2公司实现营收 666.5亿元， 同比增长 0.1％；实现归母净利润 56.5 亿元，同比增长 13.2%；实现扣非后归 母净利润 55.2 亿，同比增长 12.6%。 各产业各区域实现稳健增长。分产业看，公司制冷产业加速海外市场高端品牌 转型，提升市场份额，实现营收 411.3亿元，同比增长 1.8%；厨电产业丰富套 系产品阵容、拓展前置渠道广度和深度，实现营收 202.8亿元，同比增长 0.3%； 衣服洗护方案实现营收 297.4亿元，同比增长 5%；空气能源解决方案实现营收 292.4 亿元，同比增长 3 ...

Investment Rating - The report assigns a "Buy" rating for the company [1][9]. Core Views - The company has shown steady revenue growth with a 3.0% year-on-year increase in revenue for the first half of 2024, reaching 135.62 billion yuan, and a 16.3% increase in net profit attributable to shareholders, totaling 10.42 billion yuan [5]. - The company is focusing on enhancing operational efficiency and cost control, leading to continuous improvement in profitability [4][6]. - The company is expanding its presence in overseas markets, with a 3.7% increase in overseas revenue, while emerging markets are showing faster growth compared to Europe and the Americas [6][7]. Financial Performance - The company’s revenue for 2022 was 243.514 billion yuan, with projections of 261.428 billion yuan for 2023 and 272.421 billion yuan for 2024, indicating a steady growth trajectory [8]. - The net profit attributable to shareholders is expected to grow from 16.597 billion yuan in 2023 to 18.272 billion yuan in 2024, with corresponding EPS increasing from 1.76 yuan to 1.94 yuan [8]. - The gross margin for Q2 2024 improved by 0.2 percentage points to 32.3%, while the net margin increased by 1.0 percentage point to 8.5% [7]. Market Position - The company has maintained a strong market position, ranking second in retail volume in the Americas with a market share of 15.8%, and leading in Australia and New Zealand with a market share of 14.6% [6]. - The high-end brand, Casarte, has seen significant growth, with a 145% increase in sales revenue in the first half of 2024 [7]. Future Outlook - The company is projected to achieve revenues of 272.421 billion yuan in 2024, 287.120 billion yuan in 2025, and 304.203 billion yuan in 2026, with net profits expected to reach 18.272 billion yuan, 20.236 billion yuan, and 22.291 billion yuan respectively [8]. - The current stock price corresponds to a PE ratio of 12.20 for 2024, suggesting a valuation range of 25.22 to 29.10 yuan based on a target PE of 13-15 times [7].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) [4][8] Core Views - The company reported a revenue of 135.623 billion yuan for H1 2024, representing a year-on-year increase of 3.03%. The net profit attributable to shareholders was 10.42 billion yuan, up 16.26% year-on-year [1] - The company experienced steady growth in overseas sales, with revenue from international markets reaching 70.8 billion yuan, a year-on-year increase of 3.7%. Domestic sales faced short-term pressure due to the consumption environment [2] - The gross profit margin improved slightly to 30.61% in H1 2024, with a net profit margin of 7.68%, reflecting ongoing efficiency improvements and cost control measures [2][5] Summary by Sections Financial Performance - H1 2024 revenue: 135.623 billion yuan (+3.03% YoY) - H1 2024 net profit: 10.42 billion yuan (+16.26% YoY) - H1 2024 gross margin: 30.61% (+0.17 percentage points YoY) - H1 2024 net profit margin: 7.68% (+0.87 percentage points YoY) [1] Revenue Breakdown - Domestic revenue: 64.8 billion yuan (+2.3% YoY) - Overseas revenue: 70.8 billion yuan (+3.7% YoY) - Notable growth in regions: Southeast Asia (+26.8% YoY), Middle East (+12.4% YoY) [2] Cost and Efficiency - Cost reduction and efficiency improvements led to a decrease in sales, management, and R&D expense ratios in Q2 2024 [2] - Q2 2024 gross margin: 32.33% (+0.18 percentage points YoY) [2] Earnings Forecast - Adjusted EPS for 2024-2026: 2.02 yuan, 2.28 yuan, 2.57 yuan respectively - Corresponding dynamic PE ratios: 11.9x, 10.5x, 9.4x [4][5]

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [3] Core Views - Haier Smart Home's revenue for H1 2024 reached 135.62 billion yuan, a year-on-year increase of 3.03%, with a net profit attributable to shareholders of 10.42 billion yuan, up 16.26% year-on-year [1] - The company plans to establish new air conditioning production capacity with an investment of 2.494 billion yuan, aiming for production to start in 2026 [2] - The company is expected to achieve net profits of 19.13 billion, 21.89 billion, and 24.78 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.2%, 14.5%, and 13.2% [2] Financial Performance - In Q2 2024, the company reported a revenue of 66.65 billion yuan, a slight increase of 0.13% year-on-year, and a net profit of 5.65 billion yuan, up 13.15% year-on-year [1] - The gross margin for Q2 2024 improved by 0.18 percentage points to 32.33%, with a net profit margin of 8.63%, an increase of 1.1 percentage points year-on-year [1] - The company’s operating cash flow for Q2 2024 was 6.09 billion yuan, a year-on-year increase of 12.1% [1] Business Segments - Revenue growth by business segment for H1 2024 included refrigeration at 1.8%, kitchen appliances at 0.3%, laundry at 5.0%, and air energy at 3.8% [1] - The Leader brand saw a retail revenue increase of 31% [1] - International sales showed strong growth, with revenue increases of 9.2% in Europe, 9.9% in South Asia, 12.4% in Southeast Asia, and 26.8% in the Middle East and Africa [1] Future Outlook - The company is positioned as a leader in the white goods industry, with stable operational performance and a focus on enhancing supply chain efficiency [2] - The projected revenue for 2024-2026 is expected to grow steadily, reflecting the company's robust market position and operational strategies [2]

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [1] Core Views - The report highlights that Haier's Q2 performance shows profit improvement despite flat revenue, with a focus on external sales growth in emerging markets and potential recovery in domestic sales due to "trade-in" policies [7][8] Revenue Analysis - Q2 revenue reached 66.645 billion yuan (+0.13%), with net profit attributable to shareholders at 5.647 billion yuan (+13.15%) and non-recurring net profit at 5.521 billion yuan (+12.57%) [4] - For H1, total revenue was 135.623 billion yuan (+3.03%), with net profit attributable to shareholders at 10.420 billion yuan (+16.26%) [4] - Domestic sales showed a decline of 5% year-on-year in Q2, while external sales grew by 3%, with significant growth expected in North America, Europe, and Southeast Asia [4][5] Profit Analysis - Operating profit margins for both domestic and external sales improved, with Q2 gross margin at 32.3%, up 0.2% year-on-year [5] - Q2 net profit margin was 8.47%, reflecting a year-on-year increase of 1.0% [5] Cash Flow and Contract Liabilities - Q2 operating cash flow increased by 12.09% year-on-year, amounting to 6.093 billion yuan [6] - As of the end of H1, contract liabilities were 3.256 billion yuan, showing a slight decrease [6] New Capacity Investment - The company plans to invest 2.494 billion yuan in a new air conditioning production project in Qingdao, expected to start in September 2024 and complete in phases by December 2027 [7] Profit Forecast - Revenue projections for 2024-2026 are adjusted to 278.55 billion yuan, 293.81 billion yuan, and 309.17 billion yuan, respectively, with net profit attributable to shareholders forecasted at 19.123 billion yuan, 21.853 billion yuan, and 24.440 billion yuan [8]