招银国际：维持海尔智家“买入”评级 第三季业绩胜预期

Core Viewpoint - 招银国际 maintains a cautious outlook on Haier Smart Home (600690)(06690) despite the company's robust guidance for fiscal year 2026, reiterating confidence in the guidance for fiscal year 2025 [1] Group 1: Financial Performance - Haier Smart Home's revenue for Q3 of fiscal year 2025 increased by 10% year-on-year to 77.6 billion RMB, exceeding both the bank's and market expectations by 5% and 4% respectively [1] - The net profit for the same period rose by 13% year-on-year to 5.34 billion RMB, surpassing the bank's and market expectations by 6% and 2% respectively [1] Group 2: Future Guidance - The management reiterated a high single-digit sales growth and over 10% net profit growth for the second half of fiscal year 2025 and for the entire fiscal year 2025 [1] - For fiscal year 2026, the bank projects a conservative 5% sales growth and 9% net profit growth due to macroeconomic uncertainties [1] Group 3: Rating and Target Price - 招银国际 maintains a "Buy" rating on Haier Smart Home, but has lowered the target price from 31.57 HKD to 29.05 HKD [1]