HAIER SMART HOME(SH:600690) Tai Ping Yang·2024-10-31 10:31Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price based on the last closing price of 30.53 [1][10]. Core Insights - Haier Smart Home's Q3 2024 performance continues to show double-digit growth, with a revenue of 673.49 billion yuan, reflecting a 0.47% increase year-on-year. The net profit for Q3 2024 reached 47.34 billion yuan, up 13.11% [2][3]. - The company plans to consolidate with RRS Logistics, enhancing supply chain capabilities and operational efficiency both domestically and internationally [4][6]. - The report forecasts continued revenue and profit growth, with projected net profits of 190.88 billion yuan, 215.64 billion yuan, and 238.90 billion yuan for 2024, 2025, and 2026 respectively [4][6]. Financial Performance Summary - For the first three quarters of 2024, Haier Smart Home achieved a total revenue of 2029.71 billion yuan (+2.17%) and a net profit of 151.54 billion yuan (+15.25%) [2][3]. - The gross margin for Q3 2024 was 31.32%, a slight increase of 0.07 percentage points, while the net margin improved to 7.17%, up 0.87 percentage points [3][4]. - The report provides detailed financial projections, including revenue growth rates of 3.60%, 6.83%, and 6.50% for 2024, 2025, and 2026 respectively [6][8]. Strategic Initiatives - The consolidation with RRS Logistics is expected to deepen the synergy between business and logistics systems, enhancing operational efficiency across the supply chain [4][6]. - The company is focusing on transforming its retail model and enhancing digital logistics capabilities, which are anticipated to support growth in both domestic and emerging markets [4][6].