HUAXI Securities·2025-04-30 07:41Investment Rating - The investment rating for Haier Smart Home (600690) is "Accumulate" [1] Core Views - The company reported a revenue of 285.98 billion RMB in 2024, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 18.74 billion RMB, up 12.92% year-on-year [2] - In Q1 2025, the company achieved a revenue of 79.12 billion RMB, representing a year-on-year growth of 10.06%, and a net profit of 5.49 billion RMB, up 15.09% year-on-year [2] - The domestic market is benefiting from digital transformation, while overseas markets continue to show strong growth [3][4] Summary by Sections Revenue and Profit Growth - In 2024, the revenue breakdown by product shows air conditioning revenue at 49.06 billion RMB (+7.44%), refrigerator revenue at 83.24 billion RMB (+1.96%), kitchen appliances at 41.11 billion RMB (-1.15%), water appliances at 15.75 billion RMB (+4.93%), and washing machines at 63.03 billion RMB (+2.87%) [3] - Domestic revenue was 141.68 billion RMB (+3.12%), while overseas revenue reached 142.90 billion RMB (+5.32%) [3] Q1 2025 Performance - In Q1 2025, the company’s revenue in the Chinese market grew by 7.8%, with the Casarte brand growing over 20% [4] - Overseas revenue increased by 12.6%, with significant growth in North America and emerging markets [4] Profitability and Cost Management - The gross margin for 2024 was 27.8%, with domestic gross margin at 29.79% and overseas at 25.40% [5] - The net profit margin for Q1 2025 was 7.13%, reflecting improvements in cost management and operational efficiency [5] Financial Forecast - The company’s revenue is projected to reach 303.75 billion RMB in 2025, 321.84 billion RMB in 2026, and 340.16 billion RMB in 2027 [6] - The net profit forecast for 2025 is 21.57 billion RMB, with EPS expected to be 2.30 RMB [7]