HAIER SMART HOME(600690) 光大证券·2025-04-03 08:14Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 27.02 CNY and a target price of 35.54 CNY [1] Core Views - Haier Smart Home achieved a revenue of 286 billion CNY in 2024, representing a year-on-year growth of 4.3%. The net profit attributable to shareholders was 18.7 billion CNY, up 12.9% year-on-year [5][6] - The company continues its high cash dividend policy, proposing a cash dividend of 9.65 CNY per 10 shares, resulting in a cash dividend ratio of 48.0% for 2024, with expectations to exceed 50% in 2025-2026 [5][6] Revenue Performance - The company reported a revenue breakdown by product for 2024: air conditioners (49.1 billion CNY, +7%), refrigerators (83.2 billion CNY, +2%), kitchen appliances (41.1 billion CNY, -1%), water appliances (15.8 billion CNY, +5%), washing machines (63.0 billion CNY, +3%), and equipment parts and channel services (32.4 billion CNY, +16%) [6] - Domestic revenue reached 141.7 billion CNY in 2024, growing 3.1% year-on-year, benefiting from national subsidies [6] - Overseas revenue was 142.9 billion CNY, with notable growth in South Asia (+21%) and Southeast Asia (+15%) [6] Profitability and Cost Management - The gross margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with domestic and international gross margins at 29.8% and 25.4%, respectively [7] - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios at 11.7%, 4.2%, 3.8%, and 0.2%, respectively [7] Financial Forecast and Valuation - The report forecasts a net profit of 21.5 billion CNY for 2025 and 24.3 billion CNY for 2026, with a new estimate of 27.3 billion CNY for 2027 [8] - The current price corresponds to a price-to-earnings (P/E) ratio of 12, 10, and 9 for 2025, 2026, and 2027, respectively [8]