INDUSTRIAL SECURITIES·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) [4][3]. Core Viewpoints - The company reported a revenue of 261.43 billion yuan in 2023, representing a year-on-year growth of 7.3%. The net profit attributable to shareholders was 16.60 billion yuan, up 12.8% year-on-year, with a net profit margin of 6.4% [1][2]. - The company experienced synchronized growth in both domestic and overseas markets, with significant contributions from high-end products. Domestic revenue reached 124.61 billion yuan, growing by 7.1%, while overseas revenue was 136.41 billion yuan, up 7.6% [1][2]. - The company has increased its cash dividend payout ratio to 45%, with a total cash distribution of 7.471 billion yuan planned for 2023, alongside a share buyback of 1.6 billion yuan, totaling 9.084 billion yuan, which accounts for 54.74% of net profit [3][4]. Financial Summary - 2023 Financial Metrics: - Revenue: 261.43 billion yuan - Net Profit: 16.60 billion yuan - Gross Margin: 31.5% - Return on Equity (ROE): 16.0% [2][5] - 2024-2026 Earnings Forecast: - Projected EPS for 2024, 2025, and 2026 are 1.99 yuan, 2.24 yuan, and 2.53 yuan respectively, with corresponding dynamic PE ratios of 12.0x, 10.6x, and 9.4x [3][2]. - Key Financial Ratios: - Gross Margin is expected to improve slightly to 31.6% in 2024 and 31.8% in 2026 - Net Profit Margin is projected to increase to 6.6% in 2024 and 7.2% in 2026 [2][5].