海尔智家：志存高远，乘风破浪

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690 SH) [3] Core Views - Haier Smart Home is a global leader in the major home appliance industry with a strong brand and extensive global market presence [2] - The company has a significant advantage in the high-end market and is well-positioned to capitalize on structural quality upgrades [2] - Haier Smart Home's global expansion and efficiency improvements are expected to drive further growth and profitability [2] - The company's revenue in 2023 reached 2614 28 billion yuan, a year-on-year increase of 7 33%, with net profit attributable to shareholders of 165 97 billion yuan, up 12 81% year-on-year [4] Global Expansion - Haier Smart Home has been expanding globally since the late 1990s, focusing on brand-building rather than OEM exports [5] - The company has made strategic acquisitions, including Sanyo's white goods business, GE Appliances, and Fisher & Paykel, to strengthen its global presence [5] - In 2023, Haier Smart Home ranked first globally in market share for washing machines, refrigerators, and large kitchen appliances [5] High-End Market Strategy - Haier Smart Home launched its high-end brand Casarte in 2007, which has become a leader in the high-end appliance market in China [6] - Casarte holds a 50% market share in refrigerators priced above 15,000 yuan and an 84% market share in washing machines priced above 10,000 yuan [6] - The company leverages high-end media and celebrity endorsements to enhance brand recognition and consumer perception [6] Air Conditioning Business - Haier Smart Home is optimizing its air conditioning product strategy, focusing on market share growth and profitability improvement [7] - The company is expanding its presence in lower-tier markets while leveraging the Casarte brand for higher-end products [7] - Haier is also extending its supply chain to improve self-sufficiency in key components, which is expected to enhance profitability [7] Financial Projections - The report forecasts Haier Smart Home's net profit attributable to shareholders to reach 191 47 billion yuan in 2024, 220 46 billion yuan in 2025, and 250 06 billion yuan in 2026 [8] - The corresponding PE ratios are projected to be 15 95x, 13 85x, and 12 21x for 2024-2026, respectively [8] Historical Performance - From 1991 to 2023, Haier Smart Home achieved a compound annual growth rate (CAGR) of 20 97% in revenue [4] - The company's net profit margin attributable to shareholders improved to 6 40% in 2023 [4] Product and Regional Revenue Breakdown - In 2023, Haier Smart Home's revenue was primarily driven by refrigerators (31 23%), washing machines (23 44%), air conditioners (17 47%), and kitchen appliances (15 91%) [17] - The company's revenue from overseas markets accounted for 52 13% of total revenue, up from 47 87% in domestic markets [17]