HAIER SMART HOME(600690) 长江证券·2025-05-05 13:15Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 79.118 billion yuan in Q1 2025, representing a year-on-year growth of 10.06%. The net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year, while the net profit excluding non-recurring items was 5.364 billion yuan, reflecting a growth of 15.61% year-on-year [2][5]. Summary by Sections Revenue Growth - The company's revenue growth is driven by both domestic and overseas sales, with a 10.06% year-on-year increase in Q1 2025. Domestic market revenue grew by 7.8%, supported by investments in original technology and a strengthened product lineup. The Casarte brand saw revenue growth exceeding 20%. The overseas market revenue increased by 12.6%, with significant growth in North America and emerging markets [10]. Profitability Improvement - The gross margin improved by 0.06 percentage points year-on-year, with both domestic and overseas business margins increasing. The operating profit grew by 12.76% year-on-year due to a reduction in sales and management expense ratios, alongside a slight increase in R&D expense ratio [10]. Employee Stock Ownership Plan - The company announced an employee stock ownership plan for both A-shares and H-shares, with a total investment of 757 million yuan for A-shares and 63 million yuan for H-shares. The performance targets for the plan are set at a return on equity (ROE) exceeding 17.7% for 2025 and 2026 [10]. Financial Forecast - The company is expected to achieve net profits of 21.44 billion yuan, 24.285 billion yuan, and 26.756 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (PE) ratios are projected to be 10.96, 9.67, and 8.78 [10].