Core Viewpoint - Haier Smart Home (600690)(06690) reported third-quarter results that met expectations, with revenue increasing by 10% year-on-year to RMB 77.56 billion and net profit rising by 13% to RMB 5.34 billion [1] Revenue Performance - Domestic revenue grew by 11% year-on-year, with the air conditioning segment performing particularly well, showing over 30% growth, driven by product innovation and direct sales transformation [1] - Overseas revenue increased by 8%, with a slight improvement in operating profit margin [1] Future Outlook - For the fourth quarter of 2025, despite facing challenges from high base effects, management expects revenue to maintain mid-single-digit growth, with net profit growth anticipated to exceed revenue growth [1] - The target price has been raised from HKD 39.1 to HKD 39.4, maintaining a "Buy" rating [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company reported a net profit increase of 15% year-over-year for Q3 2025, with domestic business growth performing well despite industry challenges [5][8]. - The company's revenue for Q3 2025 reached RMB 775.6 billion, reflecting a 9.5% year-over-year growth, while the net profit for the same period was RMB 53.4 billion, up 12.7% year-over-year [8]. - The report highlights the company's strong performance in the domestic market, with a 10.8% increase in revenue compared to the industry average decline of 3.2% [8]. Financial Performance Summary - The company achieved a total revenue of RMB 2,340.5 billion for the first three quarters of 2025, with a year-over-year growth of 10% [8]. - The projected net profits for 2025, 2026, and 2027 are RMB 21.66 billion, RMB 23.72 billion, and RMB 26.29 billion, respectively, with year-over-year growth rates of 15.56%, 9.54%, and 10.81% [7][8]. - Earnings per share (EPS) are expected to be RMB 2.31, RMB 2.53, and RMB 2.80 for the years 2025, 2026, and 2027, respectively [7][8]. Market Position and Strategy - The company is actively expanding its overseas business, with a year-over-year revenue growth of 8.3% in Q3 2025, despite a challenging environment in North America [8]. - The report notes that the company's high-end brand, Casarte, saw an 18% revenue increase, while its budget-friendly brand, Leader, experienced a 25% revenue growth [8]. - The company is focusing on digital transformation and cost optimization, leading to a slight decrease in management and research expenses [8].

转自：智通财经 此次荣获ESG"致远奖"，主要得益于海尔智家在绿色发展方面的持续探索。依托6-Green战略，海尔智 家构建起产品全生命周期绿色管理体系。以海尔莱西再循环互联工厂为例，依托行业首个"回收-拆解- 再生-再利用"全链路闭环体系，其废旧家电的精细化拆解比行业增值30%，产出的循环新材料纯度高达 99.9%，目前该工厂已获得绿色工厂认证。10月初，海尔再循环德国K展全球首发家电循环闭环体系， 率先实现了从家电到汽车再到家居、日化等领域的高质循环应用，为全球家电行业树立了可借鉴的实践 样板。 事实上，不止是绿色发展领域，目前海尔智家已将ESG理念全面融入全球全产业链布局。其在环境、社 会及治理三大维度的综合表现已达到全球同行业领先水平，并持续获得国内外资本市场对其长期投资价 值的广泛认可。在社会价值方面，海尔连续9年入选福布斯全球最佳雇主。在公司治理方面，海尔智家 构建起员工与用户价值共享的生态网络。2024年，海尔智家实现100%的工会覆盖率和集体合同签订 率。 除了此次入选"致远奖"外，海尔智家的ESG实践已获得华证指数、中诚信等海内外机构的认可。在国际 ESG评级中，海尔智家在MSCI、路孚特的 ...

Core Insights - The 80th anniversary celebration of Candy, a brand under Haier Smart Home, took place in Milan, highlighting the brand's commitment to "heritage and innovation" and showcasing its upcoming products, particularly the global launch of the three-tub washing machine [1] Group 1: Brand and Product Innovation - The anniversary event featured an art exhibition that combined art and technology, showcasing ten original works by Italian artist Mattia Balsamini alongside iconic Candy products, creating a dialogue between art, design, and industrial memory [2] - A dedicated immersive experience space was created to visually demonstrate the new three-tub washing machine, utilizing LED dynamic visuals and sound to illustrate the innovative concept of simultaneous operation for different types of laundry [3] - The three-tub washing machine features a unique design with a 10kg large tub and two 1kg small tubs, along with three independent water systems, addressing the need for precise laundry separation in the European market [3] Group 2: Market Position and Strategy - The 80th anniversary event is part of Candy's strategy to deepen its local presence in Europe, which includes various promotional activities to strengthen emotional connections with consumers and enhance brand influence [4] - Since joining Haier in 2019, Candy has leveraged global R&D resources and supply chain advantages to introduce differentiated innovative products, such as the Pro Wash 700 washing machine, which meets the A-40% energy efficiency standard and significantly reduces energy and water consumption [4] - Candy holds the top market share in Italy for its brand and tumble dryer sales, and it is recognized as the leading brand in connected appliances in Europe, indicating strong market acceptance and recognition [4]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a revenue of 77.56 billion RMB in Q3 2025, representing a year-on-year increase of 9.5%, and a net profit of 5.34 billion RMB, up 12.7% year-on-year. The first three quarters of 2025 saw a total revenue of 234.05 billion RMB, a 10.0% increase year-on-year, with net profit reaching 17.37 billion RMB, up 14.7% year-on-year [1][2]. - The company has demonstrated resilience in domestic sales, achieving a 10.8% year-on-year growth in Q3 2025, despite a general decline in the home appliance market [2]. - The overseas revenue grew by 8.25% year-on-year in Q3 2025, with significant contributions from North America and emerging markets [3]. - The company’s gross margin for the first three quarters of 2025 was 27.2%, reflecting a slight increase due to cost control measures and a focus on high-end branding in overseas markets [4]. - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 21.58 billion RMB, 23.81 billion RMB, and 26.22 billion RMB respectively [5]. Summary by Sections Domestic Performance - The company achieved a 10.8% year-on-year revenue growth in Q3 2025, driven by strong performance in home air conditioning, which saw over 30% growth [2]. - The overall home appliance market in China faced a 3.2% decline in retail sales, highlighting the company's ability to outperform the market [2]. Overseas Performance - The company’s overseas revenue increased by 8.25% year-on-year in Q3 2025, with North America showing stable growth despite a cautious consumer environment [3]. - In Europe, the HVAC business saw over 30% revenue growth, and the company gained market share in key countries [3]. - Emerging markets, including South Asia and the Middle East, experienced significant growth, with revenue increases of over 25% and 60% respectively [3]. Profitability and Cost Management - The company’s gross margin improved to 27.2% in the first three quarters of 2025, attributed to effective cost management and a focus on high-end products [4]. - The report noted a decrease in sales expense ratio to 10.6%, indicating improved operational efficiency [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted upwards, with net profits expected to reach 21.58 billion RMB in 2025, reflecting a 15.16% growth [5]. - The target price for A-shares is set at 35.56 RMB, based on a 14x PE ratio for 2026, while the target price for H-shares is 33.09 HKD [5].

Investment Rating - The report maintains an "Outperform" rating for Haier Smart Home with a target price of RMB 36.16, based on a current price of RMB 26.81 [2][15]. Core Insights - Haier Smart Home has demonstrated outstanding performance with a revenue of RMB 234.05 billion for Q3 2025, reflecting a year-on-year growth of 9.98%, and a net profit of RMB 17.37 billion, up 14.68% year-on-year [4][10]. - The company's gross profit margin reached 27.2%, a slight increase of 0.1 percentage points year-on-year, indicating improved profitability driven by a high-end brand strategy [11]. - Domestic revenue growth for the first three quarters of 2025 was 9.5%, with Q3 showing a growth rate of 10.8%. The air conditioning segment saw revenue growth exceeding 30% in Q3 [12][13]. - Internationally, Haier's overseas revenue grew by 10.5% in the first three quarters, with a quarterly growth of 8.3% in Q3, supported by a localized operation strategy [13][14]. Financial Performance Summary - Revenue projections for Haier Smart Home are as follows: RMB 303.47 billion for 2025, RMB 314.74 billion for 2026, and RMB 331.79 billion for 2027, with respective growth rates of 6%, 4%, and 5% [3][9]. - Net profit estimates are RMB 21.18 billion for 2025, RMB 23.81 billion for 2026, and RMB 26.71 billion for 2027, maintaining a growth rate of approximately 12% annually [3][9]. - The diluted EPS is projected to be RMB 2.26 for 2025, RMB 2.54 for 2026, and RMB 2.85 for 2027, with a P/E ratio decreasing from 15 in 2025 to 10 in 2027 [3][9].

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy-A" with a 6-month target price of 31.81 CNY [4]. Core Views - Haier Smart Home reported a revenue of 234.05 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 10.0%. The net profit attributable to shareholders was 17.37 billion CNY, up 14.7% year-on-year. In Q3 alone, the company achieved a revenue of 77.56 billion CNY, a 9.5% increase year-on-year, and a net profit of 5.34 billion CNY, up 12.7% year-on-year [1][2][3]. Summary by Sections Revenue Growth - Q3 domestic revenue growth accelerated to 10.8% year-on-year, while overseas revenue grew by 8.3%. The domestic market saw significant contributions from popular products, particularly in the home air conditioning sector, which experienced over 30% revenue growth in Q3. The overseas market maintained rapid growth in emerging markets such as South Asia and Southeast Asia, while developed markets like North America and Europe showed stable operations [2][3]. Profitability Improvement - The gross margin for Q3 was 27.9%, reflecting a year-on-year increase of 0.1 percentage points. This improvement was driven by digital transformation in procurement, R&D, and manufacturing in the domestic market, alongside a high-end brand strategy and global supply chain collaboration in overseas markets [2][3]. Expense Management - The operating expense ratio in Q3 improved by 0.1 percentage points, with reductions in both sales and management expense ratios. This was attributed to enhanced operational efficiency from digital transformation and retail innovations in the overseas market [3]. Cash Flow and Financial Health - The net cash flow from operating activities in Q3 was 6.35 billion CNY, an increase of 2.9 billion CNY year-on-year, primarily due to expanded revenue scale. The company's contract liabilities at the end of the period were 4.15 billion CNY, up 17.9% year-on-year, indicating strong demand from distributors [3]. Future Outlook - The company is expected to continue benefiting from its global layout and digital transformation, leveraging its multi-brand and cross-product strategies to drive revenue and profitability growth. EPS estimates for 2025 to 2027 are projected at 2.27 CNY, 2.53 CNY, and 2.79 CNY respectively, with a PE valuation of 14x for 2025 [3][4].

Core Insights - Haier Smart Home (600690) reported a revenue of 234.05 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 10.0%, and a net profit attributable to shareholders of 17.37 billion yuan, up 14.7% YoY [1][2] - In Q3 alone, the company achieved a revenue of 77.56 billion yuan, a YoY increase of 9.5%, with a net profit of 5.34 billion yuan, reflecting a 12.7% YoY growth [1][2] Revenue Growth - Q3 domestic revenue grew by 10.8% YoY, while overseas revenue increased by 8.3%, compared to H1 growth rates of 8.8% and 11.7% respectively [2] - The domestic market saw a significant boost from popular products and expanded channel touchpoints, with the home air conditioning sector experiencing over 30% revenue growth in Q3 [2] - In overseas markets, rapid growth was maintained in emerging regions such as South Asia, Southeast Asia, and the Middle East, while developed markets like North America and Europe showed stable operations [2] Profitability and Cost Management - Q3 gross margin improved to 27.9%, up 0.1 percentage points YoY, driven by digital transformation in procurement, R&D, and manufacturing in the domestic market, alongside a high-end brand strategy in overseas markets [3] - The company optimized its expense ratio in Q3, with a decrease of 0.1 percentage points in both sales and management expense ratios, leading to a net profit margin of 6.9%, up 0.2 percentage points YoY [3] - Operating cash flow for Q3 was 6.35 billion yuan, an increase of 290 million yuan YoY, attributed to expanded revenue scale and a significant increase in cash received from sales [3] Strategic Outlook - The company is enhancing its incentive mechanisms, which is expected to boost management and employee motivation [3] - Continued focus on global expansion and digital transformation is anticipated to leverage the advantages of a multi-brand, cross-product, and cross-regional balanced layout, driving revenue and profitability growth [3]

Core Insights - Haier Smart Home (06690) reported a revenue of 234.05 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.0%, and a net profit attributable to shareholders of 17.37 billion yuan, up 14.7% YoY [1][2] - In Q3 alone, the company achieved a revenue of 77.56 billion yuan, with a YoY growth of 9.5%, and a net profit of 5.34 billion yuan, reflecting a 12.7% increase YoY [1][2] Revenue Growth - Q3 domestic revenue grew by 10.8% YoY, while overseas revenue increased by 8.3% YoY, compared to H1 growth rates of 8.8% and 11.7% respectively [2] - The domestic market saw a significant boost from popular products and competitive product lines, with the home air conditioning sector experiencing over 30% revenue growth in Q3 [2] - In overseas markets, rapid growth was maintained in emerging regions such as South Asia, Southeast Asia, and the Middle East, while developed markets like North America and Europe showed stable operations [2] Profitability and Cost Management - Q3 gross margin improved to 27.9%, up 0.1 percentage points YoY, driven by digital transformation in procurement, R&D, and manufacturing in the domestic market, alongside a high-end brand strategy in overseas markets [3] - The operating expense ratio decreased by 0.1 percentage points YoY, with sales and management expense ratios also down by 0.1 percentage points each, reflecting enhanced operational efficiency [3] - The net profit margin for Q3 was 6.9%, an increase of 0.2 percentage points YoY, indicating improved profitability [3] Cash Flow and Financial Health - Q3 operating cash flow net amount was 6.35 billion yuan, an increase of 290 million yuan YoY, primarily due to expanded revenue scale [3] - Cash received from sales of goods and services increased by 7.62 billion yuan YoY, indicating strong demand from distributors, as evidenced by a 17.9% YoY rise in contract liabilities to 4.15 billion yuan [3] Strategic Outlook - The company is enhancing its incentive mechanisms, which is expected to boost management and employee motivation [3] - Continued focus on global expansion and digital transformation is anticipated to leverage the advantages of a multi-brand, cross-product, and cross-regional strategy, driving revenue and profitability growth [3]

Core Viewpoint - Pacific released a report on November 1, giving Haier Smart Home (600690.SH, latest price: 26.81 CNY) a "Buy" rating based on its strong financial performance and growth prospects in emerging markets and AI-driven operational improvements [1] Financial Performance - For the first three quarters of 2025, Haier Smart Home reported revenue of 234.05 billion CNY, an increase of 15.31% year-on-year, and a net profit attributable to shareholders of 17.37 billion CNY, up 14.64% [1] - In Q3 2025, the company achieved revenue of 77.56 billion CNY, reflecting a growth of 15.16%, with a net profit of 5.34 billion CNY, which is a 12.79% increase [1] - The adjusted net profit for Q3 2025 was 5.19 billion CNY, marking a 14.70% rise [1] Market and Operational Insights - The company is experiencing high growth in emerging markets, particularly in its air conditioning business [1] - AI and digital transformation initiatives are leading to operational efficiency and cost optimization [1]