海尔智家：营收同比实现增长 经营效率显著优化

Investment Rating - The investment rating for Haier Smart Home is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 135.623 billion yuan in H1 2024, representing a year-on-year growth of 3.03%. The net profit attributable to the parent company was 10.42 billion yuan, up 16.26% year-on-year, and the net profit after deducting non-recurring gains and losses was 10.161 billion yuan, an increase of 18.09% year-on-year [5][6]. - In Q2 2024, the company reported a revenue of 66.645 billion yuan, a slight increase of 0.13% year-on-year, with a net profit of 5.647 billion yuan, up 13.11% year-on-year [5][6]. - The company has shown robust revenue growth, particularly in emerging markets, with significant increases in various product categories and regions [5][6]. Summary by Sections Revenue and Profitability - In H1 2024, revenue reached 135.623 billion yuan, with a year-on-year increase of 3.03%. The net profit attributable to the parent company was 10.42 billion yuan, reflecting a 16.26% increase year-on-year. The net profit after deducting non-recurring items was 10.161 billion yuan, up 18.09% year-on-year [5][6]. - For Q2 2024, revenue was 66.645 billion yuan, with a minimal growth of 0.13% year-on-year. The net profit was 5.647 billion yuan, marking a 13.11% increase year-on-year [5][6]. Product and Market Performance - Revenue growth by product category in H1 2024 included air conditioners up 3.64%, refrigerators up 1.38%, washing machines up 4.63%, kitchen appliances up 2.14%, and water appliances up 5.81% [5][6]. - Revenue growth by region showed domestic sales increased by 2.33%, while international sales grew by 3.69%. Notably, sales in Europe and Australia increased by 9.24% and 9.34%, respectively, while South Asia and Southeast Asia saw growth rates of 9.86% and 12.37% [5][6]. Operational Efficiency - The gross margin improved by 0.17 percentage points to 30.61% in H1 2024, with various product categories showing improvements. The sales expense ratio decreased by 0.48 percentage points, attributed to digital transformation efforts [6]. - The operating profit for H1 2024 was 11.247 billion yuan, a year-on-year increase of 20.46%, with an operating profit margin of 8.29%, up 1.2 percentage points [6]. Future Outlook - The company plans to invest 2.494 billion yuan in a new air conditioning production project in Qingdao, aiming for a production capacity of 5 million units annually. This project is expected to enhance the company's global competitiveness in the air conditioning market [6][7]. - The forecast for net profit attributable to the parent company for 2024-2026 is 19.221 billion yuan, 21.512 billion yuan, and 25.653 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.6, 10.4, and 8.7 times [7].