海尔智家：Q3经营稳健，静待政策催化

Investment Rating - The report maintains a "Buy" rating for the company, with adjusted EPS forecasts for 2024-2026 being 2.03, 2.31, and 2.60 CNY respectively, corresponding to dynamic PE ratios of 15.0x, 13.2x, and 11.7x as of October 29 [2][3]. Core Insights - The company has shown steady growth in overseas sales and gradual recovery in domestic sales, leveraging opportunities such as trade-in programs and its high-end brand positioning. The retail performance improved month-on-month in Q3, with significant growth in the Casarte brand [1][3]. - Cost reduction and efficiency optimization efforts have led to an increase in profitability, with a slight rise in gross margin. The company has also been advancing its digital transformation, optimizing expenses in Q3 [1][3]. - The integration of the supply chain through the acquisition of control over the logistics company, RRS, aims to enhance the company's retail competitiveness and support its transformation in both domestic and international markets [1][3]. Financial Summary - For Q3 2024, the company reported revenue of 67.349 billion CNY, a year-on-year increase of 0.47%, and a net profit attributable to shareholders of 4.734 billion CNY, up 13.15% year-on-year. The gross margin was 31.32%, reflecting a slight increase [3][4]. - Cumulative revenue for the first three quarters of 2024 reached 202.971 billion CNY, with a year-on-year growth of 2.17%. The net profit attributable to shareholders for the same period was 15.154 billion CNY, up 15.27% year-on-year [3][4]. - The company's financial projections indicate a steady increase in operating income and net profit over the next few years, with expected revenues of 274.412 billion CNY in 2024 and 295.799 billion CNY in 2026 [2][4].