HAIER SMART HOME(SH:600690) KAIYUAN SECURITIES·2025-04-01 02:29Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy" [4] Core Views - The company achieved a revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.9% [15][17] - The dividend payout ratio increased to 48.01%, with a cash dividend amounting to 8.997 billion yuan [15] - The company is focusing on high-end product strategies and expanding its market share both domestically and internationally, with significant growth in emerging markets [34][40] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 285.98 billion yuan and a net profit of 18.74 billion yuan, with a quarterly revenue of 83.01 billion yuan in Q4, reflecting a 9.9% year-on-year increase [15][19] - The gross profit margin for 2024 was 27.8%, while the net profit margin was 6.8% [55][57] Domestic Market - Domestic revenue reached 141.68 billion yuan in 2024, growing by 13.7% and accounting for 49.8% of total revenue [22][28] - The company continues to enhance its market share in various product categories, with significant growth in high-end brands [27][29] International Market - The overseas revenue for 2024 was 142.9 billion yuan, marking a 5.3% increase and representing 50.2% of total revenue [34][35] - The company is expanding its presence in emerging markets, with notable growth in South Asia and the Middle East [40][41] Product Segmentation - Revenue from air conditioning, refrigeration, and water appliances showed positive growth, with air conditioning revenue increasing by 7.4% [52][57] - The company is focusing on high-end product offerings and has seen a rise in market share across various segments [41][50] Strategic Initiatives - The company is implementing digital transformation and cost-reduction strategies to enhance operational efficiency [55] - Ongoing mergers and acquisitions are aimed at strengthening the company's position in the HVAC industry and expanding its product portfolio [15][34]