开源证券给予海信家电买入评级：2025H1中央空调承压，冰洗盈利能力改善

Group 1 - The core viewpoint of the report is that Haier Smart Home (000921.SZ) is given a "buy" rating by Open Source Securities due to significant revenue differentiation between domestic and international sales, with the central air conditioning business under pressure [2] - The report highlights an expected improvement in gross margin by Q2 2025, while maintaining stable period expense ratios [2] Group 2 - The report identifies risks such as intensified competition in domestic sales, risks related to raw material prices, and potential underperformance in overseas brand development [2]