智通财经网·2026-02-20 07:47Core Viewpoint - Credit Lyonnais maintains a "Outperform" rating for Haier Smart Home (06690), raising the A-share target price from 32 RMB to 34 RMB and the Hong Kong stock target price from 30 HKD to 32 HKD, supported by strong recovery in overseas demand [1] Group 1: Domestic Market Outlook - The impact of the appliance replacement policy is expected to diminish, leading to a slowdown in Haier's revenue growth in China to low single digits by 2026 [1] - Confidence remains high regarding the expansion of Haier's domestic market gross margin, as the company continues to streamline product models and enhance channel efficiency [1] Group 2: International Market Outlook - The U.S. market presents significant uncertainties; however, if new policy changes successfully stimulate housing supply, revenue growth could accelerate significantly [1] - Haier's revenue growth in the U.S. market is projected to increase from low single digits in 2025 to mid single digits in 2026 [1]