[ 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]

公 司 研 究 海尔智家（600690.SH） 2024 年 08 月 29 日 2024Q2 提效降费成果显著，盈利持续保持提升 ——公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 23.86 | | 一年最高最低 ( 元 ) | 33.00/19.86 | | 总市值 ( 亿元 ) | 2,251.93 | | 流通市值 ( 亿元 ) | 1,505.22 | | 总股本 ( 亿股 ) | 94.38 | | 流通股本 ( 亿股 ) | 63.09 | | 近 3 个月换手率 (%) | 33.46 | 股价走势图 海尔智家 沪深300 -32% -16% 0% 16% 32% 48% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2024Q1 业绩超预期，数字化变革带 动盈利提升—公司信息更新报告》 -2024.5.4 《家电家居的整家之路（ ...

新兴市场表现靓丽。 盈利能力稳中有升 2024 年中报业绩点评 核心观点 ● 事件:公司发布 2024年半年度报告,2024上半年实现营业收入 1356.23 亿 元,同比增长 3.04%,归母净利润 104.20亿元,同比增长 16.25%,扣非净利 润 101.61亿元,同比增长18.09%。其中 2024Q2 实现营业收入 666.45亿元, 同比增长 0.13%,环比 2024Q1下降 3.38%,归母净利润 56.47 亿元,同比增 长 13.11%,环比增长 18.32%,扣非净利润 55.21 亿元,同比增长 12.57%, 环比增长 18.98%。 ● | --- | |---------------------------------------------------------------------| | 营收稳步增长，海外新兴市场表现靓丽:根据奥维云网数据,2024 年上半 | | 年,国内白电与厨卫产品市场零售额和零售量分别为 2905 亿元和 11393 万 | | 台,同比分别下滑 6.2%和 2.4%,其中空调/冰箱/洗护/油烟机/燃气灶/水家电 | | 行业零售额同比分别变 ...

证 券 研 究 报 告 海尔智家（600690）2024 年中报点评 强推（维持） 盈利能力持续改善，经营有望平稳向好 目标价：31 元 当前价：23.86 元 事项： ❖ 公司发布 2024 年中报，24H1 实现收入 1356.2 亿元，同比+3.0%，归母净利润 104.2 亿元，同比+16.3%，扣非归母净利润 101.6 亿元，同比+18.1%。其中 24Q2 收入 666.5 亿元，同比+0.1%，归母净利润 56.5 亿元，同比+13.2%，扣非归母 净利润 55.21 亿元，同比+12.6%。 评论： ❖ 需求偏弱+竞争加剧，营收表现平稳。24H1 公司实现营收 1356.2 亿元，同比 +3.0%，其中单 Q2 收入 666.5 亿元，同比+0.1%，整体收入表现相对平淡。分 地区看，24H1 国内市场收入同比+2.3%，相较 Q1 表现有所回落（24Q1+8.1%）， 我们判断主要系外部需求疲软以及行业竞争加剧，致使公司空调、冰箱等品类 表现有所承压，同时在消费分化趋势下卡萨帝销售亦有压力，但上半年或仍然 维持中个位数增长。24H1 海外市场收入同比+3.7%，增速环比基本持平 （24Q1 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price not specified [3]. Core Views - The company achieved a revenue of 135.62 billion yuan in H1 2024, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 10.42 billion yuan, up 16.3% year-on-year [1]. - The growth is driven by emerging markets, with significant retail sales growth from the Leader brand, which saw a 31% year-on-year increase in H1 [1]. - The company is focusing on digital transformation and operational efficiency, leading to a continuous improvement in gross margin, which reached 32.3% in Q2 2024, up 0.2 percentage points year-on-year [1]. Financial Performance Summary - H1 2024 revenue breakdown: Air energy solutions (29.2 billion yuan, +4%), refrigerators and freezers (41.1 billion yuan, +2%), kitchen appliances (20.3 billion yuan, +0%), laundry solutions (29.7 billion yuan, +5%), and whole-house water solutions (8.1 billion yuan, +7%) [1]. - Q2 2024 financial metrics: Revenue of 66.65 billion yuan (+0.1% YoY), net profit of 5.65 billion yuan (+13.2% YoY), and a net profit margin of 8.5%, up 1.0 percentage points year-on-year [1]. - Forecast for net profit attributable to shareholders for 2024-2026 is 18.8 billion, 21.7 billion, and 24.9 billion yuan respectively, with corresponding P/E ratios of 12.1x, 10.5x, and 9.1x [1][2]. Market Position and Strategy - Haier is positioned as a leading global home appliance brand, focusing on digital transformation and diversified brand strategies domestically while enhancing organizational efficiency and supply chain optimization overseas [1]. - The company is expected to continue improving its core manufacturing capabilities and increase the proportion of self-sourced components, alongside overseas acquisitions and capacity expansion to enhance global competitiveness [1].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company achieved stable revenue growth and continuous profit optimization, with H1 2024 revenue of 135.62 billion (+3.0%) and net profit of 10.42 billion (+16.3%) [3] - Despite facing pressure from domestic and international demand, the company managed to maintain steady revenue growth, driven by digital transformation and operational efficiency improvements [3] - The company expects a recovery in both domestic and overseas demand in the second half of the year, supported by government policies and potential interest rate cuts abroad [3] Financial Forecasts and Key Indicators - Revenue projections for 2024-2026 are 278.69 billion, 296.41 billion, and 314.63 billion respectively, with year-on-year growth rates of 6.6%, 6.4%, and 6.1% [3] - Net profit forecasts for the same period are 19.10 billion, 21.54 billion, and 24.18 billion, reflecting year-on-year growth rates of 15%, 13%, and 12% [3] - The company’s earnings per share (EPS) are projected to be 2.02, 2.28, and 2.56 yuan for 2024, 2025, and 2026 respectively [3] - The price-to-earnings (P/E) ratios are expected to be 12, 11, and 9 for the same years [3] Revenue and Profitability - The company reported a Q2 gross margin of 32.3%, an increase of 0.2 percentage points year-on-year, with improvements expected in both domestic and international gross margins [3] - The operating profit margins for various product categories showed positive growth, with refrigerators at 8.6%, kitchen appliances at 8.9%, air conditioners at 5.8%, washing machines at 10.4%, and water appliances at 14.7% [3] - The net profit margin for Q2 reached 8.5%, an increase of 1.0 percentage points year-on-year, indicating accelerated profit growth [3]