KAIYUAN SECURITIES·2025-05-03 06:23Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [1][4] Core Views - The company reported a revenue of 79.12 billion RMB in Q1 2025, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 5.49 billion RMB, up 15.1% year-on-year [4] - The company has launched a share repurchase plan worth 1-2 billion RMB to reward shareholders. The performance remains stable, and profit forecasts for 2025-2027 are maintained at 21.09 billion, 23.68 billion, and 25.95 billion RMB respectively, with corresponding EPS of 2.25, 2.52, and 2.77 RMB [4] - The overseas revenue grew by 12.6% year-on-year in Q1 2025, with significant growth in North America and emerging markets [4] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 25.4%, and the net profit margin was 7.1%, reflecting a slight improvement [4] - The company’s operating cash flow for Q1 2025 was 22.28 billion RMB, an increase of 32.5% year-on-year [4] Revenue Breakdown - Domestic revenue increased by 7.8% year-on-year, with the Casarte brand seeing over 20% growth. The home air conditioning sector's retail sales grew over 100% [4] - In North America, high-end brand revenue saw double-digit growth, while HVAC business revenue increased by triple digits. In Europe, market share for refrigerators and washing machines improved in Italy, France, the UK, and Spain [4] Future Projections - Revenue projections for 2025-2027 are set at 306.43 billion, 325.02 billion, and 342.12 billion RMB, with expected growth rates of 7.2%, 6.1%, and 5.3% respectively [6] - The company anticipates a steady increase in net profit margins, with projections of 7.2%, 7.6%, and 7.9% for the years 2025 to 2027 [6]