Investment Rating - The report assigns a "Buy" rating for the company for the first time [4]. Core Insights - The company experienced a revenue growth of 6.0% year-on-year in Q1 2024, reaching RMB 68.98 billion, with a gross margin of 29.0%, an increase of 0.3 percentage points year-on-year [3][4]. - Domestic sales benefited from digitalization in procurement and R&D, while overseas markets saw improvements from optimized product structures and increased capacity utilization [3]. - The company reported a net profit attributable to shareholders of RMB 4.77 billion in Q1 2024, marking a year-on-year increase of 20.2% [3][4]. - The high-end product category's share in the Chinese market is increasing, with significant revenue growth from brands like Casarte and the Three Wings Bird [3]. - The company is expanding its market share in North America and Europe despite a decline in demand in these regions, utilizing local product adaptations and a dual-brand strategy [3]. Financial Summary - The company forecasts revenue growth from RMB 261.43 billion in 2023 to RMB 324.61 billion in 2026, with a compound annual growth rate (CAGR) of 7.3% to 8.4% [5]. - The net profit is expected to grow from RMB 16.6 billion in 2023 to RMB 24.85 billion in 2026, with a CAGR of 12.8% to 15.1% [5]. - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 2.02, RMB 2.33, and RMB 2.63 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 14.4x, 12.5x, and 11.0x [4][5].
海尔智家：2024Q1内销拉动收入增长，发布员工持股计划