如何展望海尔智家全球发展空间？

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" [1]. Core Views - Haier Smart Home is the leading global brand in large home appliances, with a product range that includes refrigerators, washing machines, air conditioners, and water heaters. The company has established seven major appliance brands globally, including Haier, Casarte, GE Appliances, Fisher&Paykel, and AQUA. As of 2023, overseas revenue accounted for 52% of total revenue, showcasing its leadership in the international market [1]. Revenue and Profit Growth - From 2010 to 2023, the company's revenue grew at a compound annual growth rate (CAGR) of 11% to reach 261.4 billion yuan, while net profit attributable to shareholders increased at a CAGR of 17% to 16.6 billion yuan. In North America, Haier's market share in large appliances has risen to first place, with the North American appliance market retail size reaching 120.7 billion USD in 2023, growing at a CAGR of 5.4% from 2013 to 2023 [1][2]. Regional Market Insights - North America: The market is mature with steady growth. Haier's market share in major appliance categories remains strong, with expectations of revenue growth of 28% in the region by 2023 [1]. - Europe: The market is fragmented, but Haier's revenue is growing rapidly. The European appliance market retail size reached 116.2 billion USD in 2023, with a CAGR of 1.4% from 2013 to 2023. Haier's market share in Europe reached 8.9% in 2023, with significant growth potential [1]. - Australia and New Zealand: The market is competitive, with Haier's market share at 15% in 2023. Future revenue is expected to grow by 31% [1]. - Japan: The market is characterized by declining volumes but increasing prices. Haier's market share in Japan is close to 8%, with expectations of a 49% revenue increase by 2023 [1]. - Southeast Asia and South Asia: The market is in a growth phase, with Haier's market share at 8.4% in 2023. Revenue is projected to exceed 40 billion yuan, representing a 163% growth potential [1]. - Middle East and Africa, Latin America: The market is fragmented with low market share for Haier, but significant growth potential exists, with expected revenue increases of 162% and 271% respectively [1]. Financial Forecasts - The company is expected to achieve net profits of 18.9 billion yuan, 21.4 billion yuan, and 24 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting growth rates of 14%, 12.9%, and 12.3% [2]. The reasonable valuation range is estimated at 34.76 to 38.10 yuan, indicating a premium of 13% to 24% over the current stock price [1].