GOLDEN SUN SECURITIES·2024-10-30 00:43Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [3][5]. Core Views - Haier Smart Home's total revenue for Q1-Q3 2024 reached 202.97 billion yuan, a year-on-year increase of 2.17%, with a net profit attributable to shareholders of 15.15 billion yuan, up 15.27% year-on-year [1]. - The company has shown steady improvement in domestic sales and steady growth in exports, particularly in the South Asian market, which grew over 30% in Q3 [1]. - The gross profit margin for Q1-Q3 2024 increased by 0.13 percentage points to 30.85%, with a net profit margin of 7.61%, reflecting strong profitability [2]. - The company is expected to achieve net profits of 19.11 billion, 21.86 billion, and 24.79 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.1%, 14.4%, and 13.4% [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 67.35 billion yuan, a year-on-year increase of 0.47%, and a net profit of 4.73 billion yuan, up 13.15% year-on-year [1]. - The gross profit margin for Q3 2024 was 31.32%, an increase of 0.07 percentage points year-on-year [2]. - The operating cash flow for Q3 2024 was 6.06 billion yuan, a decrease of 5.54% year-on-year [2]. Sales and Market Position - Domestic sales showed month-on-month improvement, with the retail growth of the Casarte brand exceeding the overall market [1]. - The company has been increasing its market share in Europe and the US, while optimizing product structures in emerging markets [1]. Future Outlook - The report projects steady revenue growth, with total revenue expected to reach 270.84 billion yuan in 2024, reflecting a growth rate of 3.6% [4]. - The company is expected to maintain strong profitability with a projected net profit margin of 7.17% for Q3 2024 [2].