海尔智家：营收规模稳健增长，盈利能力持续提升

Investment Rating - The investment rating for Haier Smart Home is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 2029.71 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 2.17%. The net profit attributable to shareholders reached 151.54 billion CNY, up 15.27% year-on-year, and the net profit excluding non-recurring items was 146.85 billion CNY, an increase of 15.44% year-on-year [4][8]. - In the third quarter alone, the company achieved a revenue of 673.49 billion CNY, with a year-on-year growth of 0.47%. The net profit attributable to shareholders was 47.34 billion CNY, reflecting a 13.15% increase year-on-year, while the net profit excluding non-recurring items was 45.25 billion CNY, up 9.91% year-on-year [4][8]. Summary by Sections Revenue and Profitability - The company has shown steady revenue growth, with a 15.27% increase in net profit attributable to shareholders for the first three quarters of 2024. The gross margin improved to 30.8%, a 0.1 percentage point increase year-on-year, driven by digital transformation in procurement, research, and manufacturing [8][9]. - The sales expense ratio improved by 0.5 percentage points year-on-year, and the management expense ratio decreased by 0.3 percentage points, indicating enhanced operational efficiency [8][9]. Digital Transformation and Operational Efficiency - The company is advancing its digital transformation, which has led to improved gross margins and optimized expenses. The digital initiatives include building a digital supply chain and enhancing cost competitiveness through a digital procurement platform [8][9]. - The company reported a net cash flow from operating activities of 138.76 billion CNY for the first three quarters, an increase of 6.73 billion CNY compared to the same period in 2023, reflecting better inventory management and operational efficiency [9]. Future Outlook - The company is expected to achieve net profits of 191.14 billion CNY, 215.76 billion CNY, and 246.10 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 14.3, 12.7, and 11.1 [7].