Southwest Securities·2024-05-06 01:33Investment Rating - The investment rating for Haier Smart Home (600690) is "Buy" (maintained) [1] Core Views - The company reported a revenue of 68.98 billion yuan in Q1 2024, representing a year-on-year growth of 6%. The net profit attributable to shareholders was 4.77 billion yuan, up 20.2% year-on-year, while the net profit after deducting non-recurring items was 4.64 billion yuan, increasing by 25.4% year-on-year [2] - Domestic revenue grew by 8.1%, with significant contributions from the refrigeration and laundry sectors, as well as double-digit growth in the water industry. The air conditioning, kitchen appliances, and smart building sectors also saw revenue growth exceeding 10%. The Casarte brand experienced a revenue increase of 14% [2] - Despite a decline in overseas demand, the company's overseas revenue grew by 4% in Q1 2024, with operating profit increasing by double digits [2] - The company's net profit margin improved to 6.9%, an increase of 0.82 percentage points, driven by a gross margin of 29%, which rose by 0.3 percentage points year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were optimized by 0.5, 0.3, and 0.1 percentage points, respectively [2] - The company is positioned as a leader in large appliances and smart home solutions, with a multi-brand and multi-product strategy to capture growth opportunities in the high-end appliance market. The EPS forecasts for 2024-2026 have been slightly adjusted to 2.05 yuan, 2.37 yuan, and 2.61 yuan, respectively [2][3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved a revenue of 68.98 billion yuan, with a year-on-year growth of 6%. The net profit attributable to shareholders was 4.77 billion yuan, reflecting a 20.2% increase year-on-year. The net profit after deducting non-recurring items was 4.64 billion yuan, up 25.4% year-on-year [2] - The company's net profit margin improved to 6.9%, an increase of 0.82 percentage points, with a gross margin of 29% [2] Revenue Growth - Domestic revenue increased by 8.1%, with notable growth in refrigeration, laundry, and water industries, as well as double-digit growth in air conditioning, kitchen appliances, and smart buildings. The Casarte brand saw a revenue increase of 14% [2] - Overseas revenue grew by 4% despite a decline in overall overseas demand [2] Profitability Metrics - The company's EPS forecasts for 2024-2026 are adjusted to 2.05 yuan, 2.37 yuan, and 2.61 yuan, respectively, indicating a positive outlook for profitability [2][3]