Xin Lang Cai Jing·2026-01-01 02:29Core Viewpoint - Haier Smart Home has received multiple industry recognitions at the National After-Sales Service Conference, affirming its service capabilities and standardization through a digital platform that extends its offline service system online and overseas [1][2] Group 1: Service System and Operational Performance - The digitalization of the service system has been recognized by the industry, enhancing user engagement and service response efficiency, which supports channel operation quality and brand reputation [2] - In Q3 2025, the company achieved revenue of 77.56 billion yuan, a year-on-year increase of 9.51%, maintaining a growth rate of 10.2% from H1 2025 [2] - Domestic business revenue in Q3 2025 grew by 10.8%, with air conditioning revenue increasing by over 30% [2] - Market share for Haier's air conditioners, refrigerators, and washing machines increased by 3.7, -0.3, and 2.8 percentage points year-on-year, respectively [2] - The strong performance in air conditioning is attributed to high temperatures in northern China and the company's traditional market advantages, alongside operational model reforms and digital marketing efforts [2] Group 2: Profitability and Financial Performance - In Q3 2025, the net profit attributable to shareholders was 5.34 billion yuan, a year-on-year increase of 12.7% [3] - The improvement in product structure and operational efficiency in Europe positively impacted profitability [3] - The expense ratios for sales, management, R&D, and financial costs were stable, with slight year-on-year changes [3] - The gross margin for Q3 2025 was 27.9%, up by 0.1 percentage points, driven by product upgrades and supply chain optimization [3] - Operating cash flow for Q3 2025 was 6.352 billion yuan, a year-on-year increase of 0.295 billion yuan, representing 1.2 times the net profit attributable to shareholders [3] Group 3: Future Outlook and Investment Recommendations - Future growth momentum is expected to extend, with potential benefits from a recovery in the U.S. market due to anticipated interest rate cuts [3] - The company is projected to achieve double-digit profit growth in 2026, with high profitability quality supporting shareholder returns [3] - The EPS forecasts for 2025, 2026, and 2027 have been slightly adjusted to 2.29, 2.52, and 2.78 yuan, respectively, with corresponding PE ratios of 11.6, 10.5, and 9.5 times [4] - A target price of 33.8 yuan has been set, corresponding to a 13.4 times PE for 2026, maintaining a "strong buy" rating [4]