HAIER SMART HOME(SH:600690) Huaan Securities·2025-03-28 02:35Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, projecting a favorable investment return over the next 6-12 months [7]. Core Views - The company's Q4 revenue reached 83.01 billion yuan, a year-on-year increase of 9.88%, while the net profit attributable to shareholders was 3.587 billion yuan, up 3.96% year-on-year [6][7]. - For the full year 2024, the company reported total revenue of 285.981 billion yuan, reflecting a 4.29% year-on-year growth, and a net profit of 18.741 billion yuan, which is a 12.92% increase year-on-year [6][7]. - The report highlights that the revenue growth was driven by national subsidies, consolidation of CCR, and integration of the European white goods platform, despite short-term profit impacts from exchange rates and acquisition costs [6][7]. Revenue Analysis - Q4 sales showed acceleration in both domestic and international markets, with expected year-on-year growth of 11% for both segments [6]. - The report anticipates that the company's various product lines will see different growth rates, with the whole-house water business expected to outperform others [6]. - The Casarte brand is projected to grow over 30% in Q4, indicating a significant acceleration in brand performance [6]. Profit Analysis - The gross margin for Q4 was 20.3%, an increase of 1.3 percentage points year-on-year, while the net margin was 4.99%, a slight decrease of 0.08 percentage points [6]. - The report notes that profit was impacted by currency depreciation, acquisition-related costs, and one-time expenses from the European platform integration, estimated to affect profits by 400-500 million yuan [6][7]. - The company plans to increase its dividend payout to 9.65 yuan per 10 shares, totaling 8.997 billion yuan, marking a historical high [6][7]. Financial Forecast - The revenue projections for 2025-2027 are set at 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [7]. - The net profit forecasts for the same period are 21.254 billion yuan, 23.347 billion yuan, and 24.805 billion yuan, with corresponding growth rates of 13.4%, 9.8%, and 6.2% [7]. - The report indicates a projected PE ratio of 12.4, 11.3, and 10.6 for the years 2025, 2026, and 2027, respectively [7].