交银国际：降海尔智家目标价至30.1港元 评级为“买入”

Core Viewpoint - Haier Smart Home (06690) is expected to underperform in 2025, with revenue and net profit attributable to shareholders increasing by 5.7% and 4.4% year-on-year, reaching RMB 302.33 billion and RMB 19.55 billion respectively [1][5] Financial Performance - For the fourth quarter of the previous year, the company's performance was impacted by a high base 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][5] - The management guidance indicates that revenue and profit are expected to achieve mid-single-digit growth in 2026, with profit growth outpacing revenue growth [1][5] Target Price and Forecast Adjustments - The bank has lowered its target price for Haier Smart Home to HKD 30.1 while maintaining a "Buy" rating [1][5] - 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 forecasts for the same period have been cut by 10% to 11% [1][5]