业绩增势亮眼，数字化成效凸显

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price not specified [4]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 68.98 billion yuan, a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.77 billion yuan, up 20.16% year-on-year [1][2]. - The digital transformation efforts have led to improved cost efficiency and profitability, with a gross margin increase of 0.3 percentage points to 29.0% [2]. - The company is focusing on enhancing its core manufacturing capabilities and expanding overseas business, which is expected to strengthen its global competitiveness [2]. Summary by Sections Financial Performance - In Q1 2024, Haier achieved a revenue of 68.98 billion yuan, with domestic revenue growing by 8.1% and overseas revenue by 4% [1][2]. - The gross margin improved to 29.0%, reflecting a continuous upward trend for five consecutive quarters [2]. - The net profit margin reached 6.9%, an increase of 0.8 percentage points year-on-year [2]. Digital Transformation - The company has implemented digital changes in procurement and R&D, leading to better resource allocation and operational efficiency [2]. - The digital transformation has positively impacted the cost structure, with sales, management, R&D, and financial expense ratios showing improvements [2]. Future Outlook - The company expects to achieve net profits of 19.2 billion yuan, 22.2 billion yuan, and 25.6 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting an upward revision due to improved expense ratios [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.8x, 12.8x, and 11.2x respectively, indicating a favorable valuation outlook [2].