海尔智家：新兴市场高增，提效持续兑现

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price not specified [3]. Core Views - The company achieved a revenue of 135.62 billion yuan in H1 2024, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 10.42 billion yuan, up 16.3% year-on-year [1]. - The growth is driven by emerging markets, with significant retail sales growth from the Leader brand, which saw a 31% year-on-year increase in H1 [1]. - The company is focusing on digital transformation and operational efficiency, leading to a continuous improvement in gross margin, which reached 32.3% in Q2 2024, up 0.2 percentage points year-on-year [1]. Financial Performance Summary - H1 2024 revenue breakdown: Air energy solutions (29.2 billion yuan, +4%), refrigerators and freezers (41.1 billion yuan, +2%), kitchen appliances (20.3 billion yuan, +0%), laundry solutions (29.7 billion yuan, +5%), and whole-house water solutions (8.1 billion yuan, +7%) [1]. - Q2 2024 financial metrics: Revenue of 66.65 billion yuan (+0.1% YoY), net profit of 5.65 billion yuan (+13.2% YoY), and a net profit margin of 8.5%, up 1.0 percentage points year-on-year [1]. - Forecast for net profit attributable to shareholders for 2024-2026 is 18.8 billion, 21.7 billion, and 24.9 billion yuan respectively, with corresponding P/E ratios of 12.1x, 10.5x, and 9.1x [1][2]. Market Position and Strategy - Haier is positioned as a leading global home appliance brand, focusing on digital transformation and diversified brand strategies domestically while enhancing organizational efficiency and supply chain optimization overseas [1]. - The company is expected to continue improving its core manufacturing capabilities and increase the proportion of self-sourced components, alongside overseas acquisitions and capacity expansion to enhance global competitiveness [1].