HAIER SMART HOME(SH:600690) Guotou Securities·2025-03-30 07:04Investment Rating - The investment rating for Haier Smart Home is "Buy-A" with a 6-month target price of 34.05 CNY, maintaining the rating [4][7]. Core Insights - Haier Smart Home reported a revenue of 285.98 billion CNY for 2024, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 18.74 billion CNY, up 12.9% year-on-year [1]. - The company continues to pursue both organic growth and external acquisitions, achieving record highs in revenue and profit while increasing shareholder returns [1]. - The domestic high-end business experienced rapid growth due to government subsidies, with the Casarte brand seeing revenue growth exceeding 30% in Q4 [2]. - The company faced some profit pressure in Q4 due to currency fluctuations and acquisition-related factors, with a net profit of 3.59 billion CNY, a 4.0% increase year-on-year [3]. - Haier's cash flow remains strong, with a net cash flow from operating activities of 26.54 billion CNY, 1.4 times the net profit attributable to shareholders [3]. Financial Performance Summary - In 2024, Haier's domestic revenue grew by 3.2%, while overseas revenue increased by 5.4%. The company estimates Q4 domestic appliance revenue growth at over 10% and overseas revenue growth at approximately 10% [2]. - The company’s gross profit margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with a net profit margin of 6.6%, up 0.5 percentage points [3][8]. - The forecast for 2025-2027 indicates continued growth in revenue and net profit, with expected earnings per share (EPS) of 2.27 CNY in 2025, 2.49 CNY in 2026, and 2.69 CNY in 2027 [8][13].