大华继显：升海尔智家目标价至39.4港元 维持“买入”评级

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]