HAIER SMART HOME(600690)2024-10-31 11:09Investment Rating - The report indicates a positive investment rating for Haier Smart Home, highlighting its strong market position and growth potential in both domestic and international markets [3][21][35] Core Viewpoints - Haier Smart Home has demonstrated resilience in a challenging domestic market, with revenue and net profit growth of 2.2% and 15.3% respectively in the first three quarters of the year [3][4] - The company has established itself as a leader in the domestic appliance sector, particularly in the refrigerator and washing machine categories, with market shares of 47.0% and 50.8% respectively [7][8] - The high-end appliance market is a significant growth area, with Haier's premium brand Casarte leading in market share for high-priced products [33][35] Summary by Sections Financial Performance - Haier Smart Home reported a revenue of approximately 67.35 billion yuan for the current reporting period, a slight increase of 0.47% compared to the previous year [4] - The net profit attributable to shareholders was approximately 4.73 billion yuan, reflecting a growth of 13.15% [4] - The earnings per share increased to 0.51 yuan, up 13.33% from the previous year [4] Market Position - Haier Smart Home is recognized as a top player in the domestic appliance market, ranking first among its peers, including Midea and Gree [5][7] - The company has a diversified product structure, with significant contributions from refrigerators, washing machines, and air conditioning units [5][7] International Expansion - Since 2016, Haier has been the global leader in large home appliance sales, with overseas revenue reaching 135.7 billion yuan in 2023 [21][22] - The company has successfully implemented an internationalization strategy through acquisitions, enhancing its market presence in developed regions [24][25] High-End Market Strategy - The domestic market for refrigerators and washing machines has reached high ownership rates, creating a substantial replacement demand [33] - Haier's high-end brand Casarte has captured significant market shares in premium segments, indicating a successful strategy in the high-end appliance market [35]