海尔智家（600690）：经营稳健，发布A股回购计划

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [5] Core Views - Haier Smart Home reported a total revenue of 285.98 billion yuan for 2024, representing a year-on-year growth of 4.29%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.92% year-on-year [1] - The company has announced a share repurchase plan, intending to buy back shares worth 1 to 2 billion yuan at a price not exceeding 40 yuan per share, reflecting confidence in its future development [2] - The dividend payout ratio is set to increase from 45% in 2024 to 48% in 2025, indicating a commitment to returning value to shareholders [2] Financial Performance - In Q4 2024, the company achieved a revenue of 83.01 billion yuan, a year-on-year increase of 9.88%, with a net profit of 3.59 billion yuan, up 3.96% year-on-year [1] - The revenue growth rates for key product categories in 2024 were as follows: air conditioners +7.44%, refrigerators +1.96%, kitchen appliances -1.15%, water appliances +4.93%, and washing machines +2.87% [1] - The gross margin for 2024 was 27.80%, with a net margin of 6.85% [1] Cash Flow and Balance Sheet - The operating cash flow for Q4 2024 was 12.67 billion yuan, reflecting a year-on-year increase of 5.04%, with cash received from sales amounting to 97.32 billion yuan, up 34.67% [2] - As of Q4 2024, contract liabilities increased by 40.35% year-on-year and 207.82% quarter-on-quarter, while inventory rose by 8.91% year-on-year and 11.94% quarter-on-quarter [2] Earnings Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 21.08 billion yuan, 23.72 billion yuan, and 26.36 billion yuan respectively, with year-on-year growth rates of 12.5%, 12.5%, and 11.1% [2]