海尔智家：盈利能力持续提升，拟新建空调产能

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [3] Core Views - Haier Smart Home's revenue for H1 2024 reached 135.62 billion yuan, a year-on-year increase of 3.03%, with a net profit attributable to shareholders of 10.42 billion yuan, up 16.26% year-on-year [1] - The company plans to establish new air conditioning production capacity with an investment of 2.494 billion yuan, aiming for production to start in 2026 [2] - The company is expected to achieve net profits of 19.13 billion, 21.89 billion, and 24.78 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.2%, 14.5%, and 13.2% [2] Financial Performance - In Q2 2024, the company reported a revenue of 66.65 billion yuan, a slight increase of 0.13% year-on-year, and a net profit of 5.65 billion yuan, up 13.15% year-on-year [1] - The gross margin for Q2 2024 improved by 0.18 percentage points to 32.33%, with a net profit margin of 8.63%, an increase of 1.1 percentage points year-on-year [1] - The company’s operating cash flow for Q2 2024 was 6.09 billion yuan, a year-on-year increase of 12.1% [1] Business Segments - Revenue growth by business segment for H1 2024 included refrigeration at 1.8%, kitchen appliances at 0.3%, laundry at 5.0%, and air energy at 3.8% [1] - The Leader brand saw a retail revenue increase of 31% [1] - International sales showed strong growth, with revenue increases of 9.2% in Europe, 9.9% in South Asia, 12.4% in Southeast Asia, and 26.8% in the Middle East and Africa [1] Future Outlook - The company is positioned as a leader in the white goods industry, with stable operational performance and a focus on enhancing supply chain efficiency [2] - The projected revenue for 2024-2026 is expected to grow steadily, reflecting the company's robust market position and operational strategies [2]