HAIER SMART HOME(600690) 新浪财经·2025-04-03 00:28Core Insights - Haier Smart Home reported its 2024 annual results with revenue of 286 billion yuan, net profit attributable to shareholders of 18.7 billion yuan, and net profit excluding non-recurring items of 17.8 billion yuan, reflecting year-on-year growth of 4%, 13%, and 13% respectively [1] - The company plans to distribute a cash dividend of 9.65 yuan per share, totaling 9 billion yuan, with a dividend payout ratio of 48%, and intends to repurchase shares worth 1 to 2 billion yuan at a price not exceeding 40 yuan per share [1] Revenue Growth - Both domestic and international sales grew, with significant increases in the Middle East, Africa, South Asia, and Southeast Asia [2] - Revenue from various segments for 2024 included: refrigeration 83.6 billion yuan (+2%), kitchen appliances 41.2 billion yuan (-1%), washing machines 63.3 billion yuan (+3%), air conditioning 49.6 billion yuan (+8%), water appliances 16.2 billion yuan (+5%), and other businesses 118.2 billion yuan (+7%) [2] - Domestic revenue was 142.2 billion yuan (+3%) and overseas revenue was 143.8 billion yuan (+5%) [2] Brand Performance - The retail revenue of the Casarte brand increased by 12%, with Q4 revenue growth exceeding 30% [3] - The Leader brand saw a 26% increase in retail revenue, driven by product innovation and marketing upgrades [3] Profitability Improvement - The overall gross margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with improvements in both domestic and overseas gross margins [4] - Profit margins for various segments included: air conditioning 23.9%, refrigeration 30.8%, kitchen appliances 29.3%, water appliances 41.6%, washing machines 31.4%, and equipment and channel services 8.6%, all showing year-on-year increases [4][5] - The net profit margin for 2024 was 6.6%, up 0.5 percentage points year-on-year, with all segments showing improved profit margins [5] Future Outlook - The company is positioned as a leader in the white goods industry, with advantages in high-end, global layout, and localized operations [5] - The integration of logistics capabilities through the merger with Rishun is expected to enhance domestic and international operations [5] - Revenue projections for 2025 and 2026 are 21.4 billion yuan and 23.9 billion yuan respectively, with corresponding EPS of 2.29 yuan and 2.54 yuan, indicating a PE ratio of 12.0 and 10.8 times [5]