Tai Ping Yang Zheng Quan·2025-08-29 14:44Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price based on the last closing price of 26.00 [1][10] Core Views - Haier Smart Home's Q2 2025 performance exceeded expectations, with the company announcing its first interim dividend, enhancing investor confidence [1][10] - The company reported a revenue of 156.49 billion yuan for H1 2025, representing a year-on-year growth of 10.22%, and a net profit of 12.03 billion yuan, up 15.59% [4][5] - The report highlights strong growth in both domestic and international markets, driven by high-end brands like Casarte and Leader [5][6] Financial Performance Summary - H1 2025 revenue breakdown: Refrigerators 42.52 billion yuan (+4.06%), Air Conditioners 32.77 billion yuan (+12.97%), Washing Machines 31.65 billion yuan (+7.54%), Kitchen Appliances 20.51 billion yuan (+1.92%), and Equipment & Services 18.73 billion yuan (+148.65%) [5] - H1 2025 revenue from international markets was 79.08 billion yuan (+11.7%), while domestic revenue was 77.41 billion yuan (+8.8%) [5] - Q2 2025 gross margin was 28.39%, a slight decrease of 3.94 percentage points, while net margin improved to 8.85% (+0.22 percentage points) [6] Earnings Forecast and Financial Indicators - Projected revenues for 2025-2027 are 309.15 billion yuan, 328.62 billion yuan, and 347.03 billion yuan, with corresponding net profits of 21.44 billion yuan, 23.83 billion yuan, and 26.41 billion yuan [9][12] - Expected EPS for 2025-2027 are 2.28 yuan, 2.54 yuan, and 2.81 yuan, with PE ratios of 11.38, 10.24, and 9.24 respectively [9][12]