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]

证券研究报告 非金融公司|公司点评|海尔智家（600690） 2024 年中报点评： 收入平稳，业绩表现优异 glzqdatemark1 证券研究报告 |报告要点 海尔智家发布 2024 中报：2024Q2 实现营收 666.45 亿元，同比+0.13%，实现归属净利润 56.47 亿元，同比+13.15%，实现扣非净利润 55.21 亿元，同比+12.57%；2024H1 实现营收 1356.23 亿元，同比+3.03%，实现归属净利润 104.20 亿元，同比+16.26%，实现扣非净利润 101.61 亿 元，同比+18.09%。二季度内销有所承压，海外稳健增长；毛利费用均有改善，经营改善势能 强劲。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，品牌出海断档领先。 |分析师及联系人 管泉森 孙珊 贺本东 蔡奕娴 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110005 海尔智家(600690) 2024 年中报点评： 收入平稳，业绩表现优异 | --- | --- | |----------- ...

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home (600690) [5][6]. Core Views - The Q2 performance of the company met expectations, with H1 2024 revenue reaching 135.623 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to shareholders of 10.420 billion yuan, up 16.3% year-on-year [5]. - The company has a solid domestic market share and impressive growth in overseas markets, with H1 2024 overseas revenue increasing by 3.7% [5][6]. - The company's net profit margin continues to improve, with a sales net profit margin of 7.82% in H1 2024, up 0.95 percentage points year-on-year [6]. Summary by Sections Market Data - Closing price: 24.08 yuan - One-year high/low: 33.00/19.86 yuan - Market capitalization of circulating A shares: 151,910 million yuan [2]. Basic Data - Net asset per share: 11.20 yuan - Asset-liability ratio: 58.60% - Total shares/circulating A shares: 9,438 million/6,309 million [3]. Financial Data and Profit Forecast - Total revenue (million yuan) for 2024E is projected at 284,371, with a year-on-year growth rate of 8.8% [7]. - Net profit (million yuan) for 2024E is projected at 19,107, with a year-on-year growth rate of 15.1% [7]. - Earnings per share (yuan/share) for 2024E is projected at 2.02 [7]. - The company expects to achieve net profits of 191 billion, 219 billion, and 252 billion yuan for 2024, 2025, and 2026 respectively, with a consistent growth rate of 15% [5][6].

| --- | --- | --- | --- | --- | |-------------------------------------|---------------|----------------------|--------------------------------------------------------------------|--------------------------| | | | | | | | 2024 年 08 月 28 日 王睿哲 | | | 海尔智家(600690.SH/6690.HK) Buy | 买进 | | C0062@capital.com.tw目标价(元/港币) | | 31/28 | 24H1 净利 YOY+16%,符合预期 | | | 公司基本资讯 | | | 结论及建议： | | | 产业别 A 股价(2024/8/27) | | 家用电器24.08 | ◼ 公司业绩：公司24H1实现营收1356.2亿元，YOY+3.0% | ，录得归母净利润 | | 上证指数(2024/8/27) | | 2848.73 | 104.2亿元,YOY+16.3 ...

股票研究 /[Table_Date] 2024.08.28 ——海尔智家 2024H1 中报业绩点评 | --- | --- | --- | --- | |----------|----------------------------|----------------------|--------------------| | | 蔡雯娟(分析师) | 谢丛睿(分析师) | 樊夏俐(分析师) | | | 021-38031654 | 021-38038437 | 021-38676666 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | S0880523090006 | | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Tabl ...

2024 年 08 月 28 日 海尔智家(600690.SH) 费用率持续优化，Q2 盈利能力提升 事件：海尔智家发布 2024 年中报，公司 2024 年上半年实现收 入 1356.2 亿元，YoY+3.0%，实现归母净利润 104.2 亿元， YoY+16.3%；经折算，公司 2024Q2 实现收入 666.5 亿元，YoY+0.1%， 实现归母净利润 56.5 亿元，YoY+13.2%。Q2 公司数字化变革的效 果持续体现，盈利能力持续上行。 2024Q2 收入增速环比 Q1 放缓：海尔 2024Q2 收入同比基本持平。 分国内国外来看，我们测算与 Q1 相比，海尔国内业务有所降速， 海外业务增速稳定。展望后续，我们认为公司国内收入在以旧换 新刺激下增速有望提升，海外收入有望在降息周期提速。 2024Q2 海尔毛利率同比提升：2024Q2 公司毛利率为 32.3%，同 比+0.2pct。公司上半年国内海外业务毛利率均有提升。国内业务 毛利率提升得益于采购、研发及制造端的数字化变革；海外业务 毛利率提升得益于采购数字化平台的搭建以及全球供应链协同带 来的产能利用率提升。 公司费用率持续优化，2024Q2 ...

Financial Performance - Haier Smart Home reported a revenue of CNY 100 billion for the first half of 2024, representing a year-on-year increase of 15%[11]. - The company achieved a net profit of CNY 8 billion, up 20% compared to the same period last year[11]. - The company's operating revenue for the first half of 2024 reached ¥135.62 billion, representing a 3.03% increase compared to the same period last year[17]. - Net profit attributable to shareholders was ¥10.42 billion, marking a 16.26% increase year-over-year[17]. - The net cash flow from operating activities was ¥7.82 billion, up 15.14% from the previous year[17]. - Basic earnings per share increased to ¥1.13, reflecting a 17.71% growth compared to the same period last year[18]. - The gross margin for the first half of 2024 was 30.6%, an increase of 0.2 percentage points compared to the same period in 2023[41]. - The company's total profit for the first half of 2024 was CNY 12.74 billion, compared to CNY 11.11 billion in the same period of 2023, reflecting a growth of 14.6%[195]. - The total comprehensive income for the first half of 2024 was CNY 10.27 billion, an increase of 11.9% from CNY 9.18 billion in the same period of 2023[196]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[11]. - Haier Smart Home is exploring potential acquisitions in the European market to enhance its product portfolio[11]. - The company aims for a revenue growth target of 12% for the full year 2024, with a focus on digital transformation[11]. - The company has successfully replicated its sales and marketing strategies from China to markets in India, Pakistan, and Thailand, enhancing brand competitiveness[35]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[199]. Product Development and Innovation - New product launches include a smart refrigerator line that integrates AI technology, expected to boost sales by 10% in the next quarter[11]. - Research and development investment increased by 18%, focusing on energy-efficient appliances and smart home solutions[11]. - The company has developed smart home solutions across various categories, including food preservation, laundry care, air, and water solutions[25]. - The company has filed over 109,000 patent applications globally, with more than 70,000 being invention patents, leading the industry in patent quality and quantity[37]. - The company has successfully integrated acquisitions, including the purchase of GE Appliances in 2016 and Candy in 2019, enhancing its operational capabilities and market presence[33]. Sustainability and ESG Commitment - Future outlook includes a commitment to sustainability, with plans to reduce carbon emissions by 30% by 2030[11]. - The company has implemented a "6 Green" strategy for lifecycle management, focusing on green design, manufacturing, and marketing, promoting sustainable development[38]. - The company has established a global ESG governance structure, demonstrating its commitment to environmental, social, and governance responsibilities[38]. - The company has been rated as a leader in ESG by major institutions, reflecting its strong performance in environmental and social governance[38]. - The company is committed to sustainable development and has established a green recycling system to promote resource reuse[149]. Operational Efficiency - The company reported a 5% increase in gross margin, attributed to improved supply chain efficiency[11]. - The company improved order fulfillment efficiency, optimizing the order-to-delivery cycle by 12% in the domestic market[81]. - The company has established over 100 cost accounting models, enhancing the generalization rate of components by 13% and optimizing supply chain costs by 0.3%[80]. - The company reported an 8% increase in production efficiency through intelligent scheduling of manufacturing elements[80]. - The company has implemented strategies such as price negotiations and hedging to mitigate risks associated with raw material price volatility[118]. Challenges and Risks - The company faces risks from macroeconomic slowdown affecting consumer purchasing power, particularly in the white goods sector[118]. - Increased competition in the white goods industry may lead to price wars due to product homogeneity and rising inventory levels in certain sub-industries[118]. - Fluctuations in raw material prices, particularly for metals and plastics, pose a risk to the company's production operations[118]. - The company reported a significant impact from exchange rate fluctuations on its financial status, particularly due to its global operations involving currencies such as USD, EUR, and JPY[119]. Corporate Governance and Shareholder Engagement - The company held its annual shareholder meeting on June 20, 2024, with 602 attendees representing 69.16% of total voting shares[122]. - The company’s board of directors has undergone changes, with Liu Yongfei elected as a new supervisor following the retirement of Ma Yingjie[123]. - The company has initiated a new employee stock ownership plan for 2024, aimed at enhancing corporate governance and shareholder value[125]. - The company has committed to ensuring fair pricing and compliance in related party transactions, adhering to legal and regulatory requirements[155]. - There are no significant lawsuits or arbitration matters reported during the reporting period[160].