海尔智家：2024年中报点评：强化经营质量，盈利持续改善

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company achieved stable revenue growth and continuous profit optimization, with H1 2024 revenue of 135.62 billion (+3.0%) and net profit of 10.42 billion (+16.3%) [3] - Despite facing pressure from domestic and international demand, the company managed to maintain steady revenue growth, driven by digital transformation and operational efficiency improvements [3] - The company expects a recovery in both domestic and overseas demand in the second half of the year, supported by government policies and potential interest rate cuts abroad [3] Financial Forecasts and Key Indicators - Revenue projections for 2024-2026 are 278.69 billion, 296.41 billion, and 314.63 billion respectively, with year-on-year growth rates of 6.6%, 6.4%, and 6.1% [3] - Net profit forecasts for the same period are 19.10 billion, 21.54 billion, and 24.18 billion, reflecting year-on-year growth rates of 15%, 13%, and 12% [3] - The company’s earnings per share (EPS) are projected to be 2.02, 2.28, and 2.56 yuan for 2024, 2025, and 2026 respectively [3] - The price-to-earnings (P/E) ratios are expected to be 12, 11, and 9 for the same years [3] Revenue and Profitability - The company reported a Q2 gross margin of 32.3%, an increase of 0.2 percentage points year-on-year, with improvements expected in both domestic and international gross margins [3] - The operating profit margins for various product categories showed positive growth, with refrigerators at 8.6%, kitchen appliances at 8.9%, air conditioners at 5.8%, washing machines at 10.4%, and water appliances at 14.7% [3] - The net profit margin for Q2 reached 8.5%, an increase of 1.0 percentage points year-on-year, indicating accelerated profit growth [3]