海尔智家（600690）：营收规模稳健增长，Q4归母净利润有所扰动

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved an operating revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.29%. The net profit attributable to shareholders was 18.74 billion yuan, a year-on-year increase of 12.92%. The net profit excluding non-recurring items was 17.81 billion yuan, up 12.52% year-on-year. In Q4 2024, the company reported an operating revenue of 83.01 billion yuan, a growth of 9.88% year-on-year, with a net profit of 3.59 billion yuan, increasing by 3.96% year-on-year [5][12][18] Summary by Relevant Sections Revenue Growth - The company experienced steady revenue growth, with the air conditioning business growing by 7.44%, refrigerators by 1.96%, and water appliances by 4.93%. The kitchen appliances segment saw a decline of 1.15%, while washing machines grew by 2.87%. The equipment and channel services business grew by 16.13%. Domestic revenue increased by 3.12%, with the Casarte brand growing by 12% and Leader by 26%. Overseas revenue grew by 5.32%, with emerging markets in South Asia, Southeast Asia, and the Middle East showing significant growth of 21.05%, 14.75%, and 38.25% respectively [5][12][18] Profitability - The company's gross margin improved by 0.31 percentage points to 27.80% in 2024. The gross margin for air conditioning increased by 0.27 percentage points, refrigerators by 0.48 percentage points, and water appliances by 1.07 percentage points. The operating profit for 2024 was 20.23 billion yuan, a year-on-year increase of 15.83%, with an operating profit margin of 7.07%, up 0.70 percentage points [5][12][18] Investment Outlook - The company is positioned as a global leader in large home appliances, leveraging its full-category operational advantages and smart home solutions to meet diverse consumer needs. The company is expected to achieve net profits of 21.44 billion yuan, 24.29 billion yuan, and 26.76 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.9, 10.5, and 9.5 times [5][12][18]