HAIER SMART HOME(SH:600690) Guotai Junan Securities·2025-03-20 09:03Investment Rating - The report maintains an "Accumulate" rating for Haier Smart Home (600690) with a target price of 36.54 CNY, unchanged from the previous rating [1][10]. Core Insights - The company held its 2025 Ecosystem Conference, unveiling new AI products and sharing both domestic and international sales targets. Continuous product innovation is leading the white goods industry, while stable operations in overseas markets are providing long-term growth opportunities [2][9]. Summary by Sections Investment Recommendations - The report maintains earnings forecasts for 2024-2026 with EPS predictions of 2.03, 2.28, and 2.51 CNY, representing year-on-year growth of 15%, 12%, and 10% respectively [10]. Domestic Market Strategy - Product Innovation: The company encourages user participation in co-creation, leveraging AI technology for innovation. Examples include the Haier Mairang refrigerator and Leader lazy washing machine, which effectively capture consumer pain points and achieve good sales performance [11][12]. - AI Vision Products: The introduction of the AI Eye series aims to enhance home appliances with human-like intelligence, improving user experience and increasing dependency on the product ecosystem. The proportion of complete users reached 57% in 2024, with potential for further growth [17][12]. Channel Expansion - The company plans to expand its channel presence in China, with high-end brands like Fisher&Paykel and Casarte targeting 100 core cities and adding 440 new offline stores. The main brand Haier aims to open 1,000 AI experience stores and conduct 10,000 replacement activities [18][19]. International Market Development - Haier has established a comprehensive global layout with 35 industrial parks and 163 manufacturing centers, connecting 250,000 global expert resources. In India, the company has built local production capacity of over 7 million units and established 26,000 offline stores, positioning itself to capture significant market potential [20][23].