GF SECURITIES·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Haier Smart Home, with a target price of 29.72 CNY per share and 28.80 HKD per share respectively [5]. Core Views - Haier Smart Home reported a revenue of 261.43 billion CNY in 2023, representing a year-on-year increase of 7.4%. The net profit attributable to shareholders was 16.60 billion CNY, up 12.8% year-on-year, with a gross margin of 31.5% [3][4]. - The company’s various business segments outperformed the industry, with air conditioning revenue growing by 14.0% to 45.66 billion CNY, refrigerators by 5.2% to 81.64 billion CNY, and kitchen appliances by 7.4% to 41.59 billion CNY [3]. - Domestic revenue reached 124.61 billion CNY, a 7.1% increase, while overseas revenue was 135.68 billion CNY, up 7.6%, with notable growth in North America and Europe [3]. - The company announced a profit distribution plan, proposing a cash dividend of 8.04 CNY per 10 shares, totaling 7.47 billion CNY, which corresponds to a dividend payout ratio of 45% [3]. - Earnings forecasts suggest net profits of 18.70 billion CNY and 21.06 billion CNY for 2024 and 2025 respectively, with a projected PE ratio of 15x for 2024 [3]. Financial Summary - Revenue for 2023 was 261,428 million CNY, with a growth rate of 7.3% [4]. - The net profit attributable to shareholders for 2023 was 16,597 million CNY, reflecting a growth rate of 12.8% [4]. - The company’s gross margin for 2023 was 31.5%, with a net profit margin of 6.4% [4]. - The forecast for 2024 indicates a revenue of 281,235 million CNY, with a growth rate of 7.6% [4].