Zhi Tong Cai Jing·2026-03-30 09:21Core Viewpoint - The report from Jiangyin International indicates that Haier Smart Home (06690) is expected to underperform in 2025, with revenue and net profit attributable to shareholders projected to increase by 5.7% and 4.4%, reaching RMB 302.33 billion and RMB 19.55 billion respectively [1] Group 1 - The fourth quarter performance of the previous year was impacted by high base effects and industry competition, resulting in a year-on-year decline in revenue and net profit attributable to shareholders of 6.7% and 39.2%, which fell short of both the bank's and market expectations [1] - Management guidance indicates that revenue and profit are expected to achieve mid-single-digit growth in 2026, with profit growth anticipated to outpace revenue growth [1] - The target price for Haier Smart Home has been revised down to HKD 30.1, while maintaining a "Buy" rating [1] Group 2 - Based on the company's guidance and 2025 performance, revenue forecasts for 2026 to 2027 have been reduced by 2% to 4%, and net profit attributable to shareholders forecasts have been cut by 10% to 11% for the same period [1]