HAIER SMART HOME(SH:600690)2024-08-28 07:12Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home (600690) [5][6]. Core Views - The Q2 performance of the company met expectations, with H1 2024 revenue reaching 135.623 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to shareholders of 10.420 billion yuan, up 16.3% year-on-year [5]. - The company has a solid domestic market share and impressive growth in overseas markets, with H1 2024 overseas revenue increasing by 3.7% [5][6]. - The company's net profit margin continues to improve, with a sales net profit margin of 7.82% in H1 2024, up 0.95 percentage points year-on-year [6]. Summary by Sections Market Data - Closing price: 24.08 yuan - One-year high/low: 33.00/19.86 yuan - Market capitalization of circulating A shares: 151,910 million yuan [2]. Basic Data - Net asset per share: 11.20 yuan - Asset-liability ratio: 58.60% - Total shares/circulating A shares: 9,438 million/6,309 million [3]. Financial Data and Profit Forecast - Total revenue (million yuan) for 2024E is projected at 284,371, with a year-on-year growth rate of 8.8% [7]. - Net profit (million yuan) for 2024E is projected at 19,107, with a year-on-year growth rate of 15.1% [7]. - Earnings per share (yuan/share) for 2024E is projected at 2.02 [7]. - The company expects to achieve net profits of 191 billion, 219 billion, and 252 billion yuan for 2024, 2025, and 2026 respectively, with a consistent growth rate of 15% [5][6].