Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 35.79, indicating a potential upside of 22.4% from the current price of HKD 29.25 [1][5]. Core Insights - Haier Smart Home's Q1 2024 profit growth exceeded expectations, with a year-on-year increase of 20.2% in net profit, reaching RMB 4.77 billion, driven by product mix upgrades and cost control measures [1]. - The company's revenue for Q1 2024 grew by 6.0% year-on-year to RMB 69 billion, with a gross margin improvement of 0.3 percentage points to 29.0% [1]. - Both domestic and overseas business profitability improved, with domestic revenue increasing by 8%, particularly in air conditioning and kitchen appliances, which saw double-digit growth [1]. - The high-end brand Casarte achieved a 14% revenue growth in Q1, aligning with the company's targets, and is expected to continue benefiting from new product launches and enhanced brand management [1]. Financial Overview - Revenue projections for Haier Smart Home are as follows: RMB 283.26 billion in 2024E, RMB 306.54 billion in 2025E, and RMB 331.05 billion in 2026E, reflecting a compound annual growth rate (CAGR) of approximately 8.0% [2]. - Net profit is expected to reach RMB 19.31 billion in 2024E, RMB 21.56 billion in 2025E, and RMB 23.84 billion in 2026E, with corresponding year-on-year growth rates of 16.4%, 11.7%, and 10.6% respectively [2]. - The report highlights a projected earnings per share (EPS) of RMB 2.08 for 2024E, increasing to RMB 2.57 by 2026E [2]. Market Performance - The stock has shown a year-to-date increase of 32.65% as of the report date, with a 52-week high of HKD 29.25 and a low of HKD 20.55 [4][3]. - The market capitalization of Haier Smart Home is approximately HKD 289.79 billion [4].
受益于产品结构升级和费用管控，1季度利润率提升速度超预期