Investment Rating - The report initiates coverage with a "Buy" rating for Haier Smart Home [3][4]. Core Views - Haier Smart Home is positioned as a leading home appliance brand, focusing on high-end brand development and extensive overseas expansion, which is expected to drive steady growth in market share and continuous profit optimization [3][11]. - The company forecasts revenue growth of 8% in 2023, 7% in 2024, and 7% in 2025, with net profit expected to reach 165 billion, 182 billion, and 203 billion RMB respectively during the same period [3][9]. Summary by Sections 1. Profit Forecast - Revenue is projected to be 261.9 billion, 280.8 billion, and 299.6 billion RMB for 2023, 2024, and 2025, respectively, with a year-on-year growth of 8%, 7%, and 7% [9][10]. - The net profit is expected to grow to 165 billion, 182 billion, and 203 billion RMB, with EPS of 1.75, 1.93, and 2.15 RMB, reflecting year-on-year growth of 12%, 10%, and 11% [9][10]. 2. Global Operations and Growth Potential - Haier has successfully integrated several international brands such as GEA, Fisher & Paykel, Aqua, and Candy, enhancing its product line and global market influence [3][29]. - The company is accelerating its overseas production, research, and sales integration, replicating successful domestic strategies in international markets [3][34]. 3. High-End Strategy and Profit Optimization - The introduction of the high-end brand Casarte has significantly improved the company's revenue structure, with Casarte achieving retail sales of 29.2 billion RMB in 2023 [3][37]. - The company plans to further enhance its high-end lifestyle offerings by establishing nearly 300 shopping malls and launching the latest "Zhi Jing" series in 2024 [3][41]. 4. Business Structure and Market Position - Haier's business structure includes a diversified product range with over half of its revenue coming from overseas markets, particularly in air conditioning and refrigeration [3][16]. - The company has maintained a leading position in the global home appliance market, with significant market shares in Asia and the Americas, while still having room for growth in Europe [3][30].
首次覆盖：家电龙头，进阶高端、海外扬帆