Group 1: Financial Performance - In 2024, the company achieved revenue of 58.53 billion, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 2.25 billion, up 7.2% year-on-year [1] - For Q4 2024, the company reported revenue of 17.88 billion, a significant year-on-year increase of 24.3%, and a net profit attributable to shareholders of 0.94 billion, up 100.1% year-on-year [1] - The overall gross margin for 2024 was 15.7%, a decrease of 0.6 percentage points year-on-year, while Q4 gross margin improved to 16.4%, a year-on-year decrease of 0.3 percentage points [2] Group 2: Business Segments - The television segment generated revenue of 46.63 billion in 2024, reflecting a year-on-year growth of 13.0%, with the company maintaining a leading position in the market [1] - The new display business reported revenue of 6.77 billion, a year-on-year increase of 3.9%, with significant growth in overseas markets, where revenue increased by 63% year-on-year [1] Group 3: Market Position and Strategy - The company holds a market share of 29.8% in domestic sales and 26.3% in volume, leading the industry, with notable increases in Mini LED retail market share [1] - The company is expected to benefit from national subsidies and major sporting events, which will drive channel expansion and market share growth [2] Group 4: Future Outlook - The company forecasts net profit attributable to shareholders of 2.63 billion, 2.93 billion, and 3.26 billion for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 16.9%, 11.6%, and 11.1% [2] - The current stock price corresponds to a PE valuation of 11, 10, and 9 times for the years 2024, 2025, and 2026 [2]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, projecting a significant return over the next 6-12 months [7]. Core Views - The company's Q4 revenue reached 83.01 billion yuan, a year-on-year increase of 9.88%, while the net profit attributable to shareholders was 3.587 billion yuan, up 3.96% year-on-year [6][7]. - For the full year 2024, total revenue was 285.981 billion yuan, reflecting a 4.29% year-on-year growth, and the net profit attributable to shareholders was 18.741 billion yuan, an increase of 12.92% year-on-year [6][7]. - The report highlights that the revenue growth was driven by national subsidies, consolidation of CCR, and integration of the European white goods platform, despite short-term profit impacts from exchange rates and acquisition costs [6][7]. Revenue Analysis - Q4 domestic and international sales are expected to grow by 11% each year-on-year, with domestic sales benefiting from national subsidies and international sales gaining from emerging markets [6][7]. - The report anticipates that the growth rate for various product lines in Q4 will be led by whole-house water solutions, followed by air energy solutions, refrigeration, and laundry products [6][7]. - The Casarte brand is projected to see over 30% growth in Q4, indicating a significant acceleration [6][7]. Profit Analysis - The gross margin for Q4 improved to 20.3%, a year-on-year increase of 1.3 percentage points, while the net margin slightly decreased to 4.99% [6][7]. - The overall profit was impacted by factors such as the depreciation of the ruble, one-time costs related to the CCR acquisition, and expenses from the European white goods platform integration, estimated to affect profits by 400-500 million yuan [6][7]. - The report notes a substantial increase in contract liabilities, which rose by 207.82% compared to the previous quarter, indicating improved confidence among distributors [6][7]. Dividend and Buyback - The company plans to distribute a dividend of 9.65 yuan per 10 shares, totaling 8.997 billion yuan, marking a historical high with a dividend payout ratio of 48% [6][7]. - A share buyback plan was announced, with intentions to repurchase shares worth 1-2 billion yuan within 12 months, aimed at employee stock ownership [6][7]. Financial Forecast - Revenue projections for 2025-2027 are set at 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [7][9]. - The net profit attributable to shareholders is forecasted to be 21.254 billion yuan, 23.347 billion yuan, and 24.805 billion yuan for the same period, with growth rates of 13.4%, 9.8%, and 6.2% [7][9]. - The report indicates a projected PE ratio of 12.4, 11.3, and 10.6 for the years 2025, 2026, and 2027, respectively [7][9].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, projecting a favorable investment return over the next 6-12 months [7]. Core Views - The company's Q4 revenue reached 83.01 billion yuan, a year-on-year increase of 9.88%, while the net profit attributable to shareholders was 3.587 billion yuan, up 3.96% year-on-year [6][7]. - For the full year 2024, the company reported total revenue of 285.981 billion yuan, reflecting a 4.29% year-on-year growth, and a net profit of 18.741 billion yuan, which is a 12.92% increase year-on-year [6][7]. - The report highlights that the revenue growth was driven by national subsidies, consolidation of CCR, and integration of the European white goods platform, despite short-term profit impacts from exchange rates and acquisition costs [6][7]. Revenue Analysis - Q4 sales showed acceleration in both domestic and international markets, with expected year-on-year growth of 11% for both segments [6]. - The report anticipates that the company's various product lines will see different growth rates, with the whole-house water business expected to outperform others [6]. - The Casarte brand is projected to grow over 30% in Q4, indicating a significant acceleration in brand performance [6]. Profit Analysis - The gross margin for Q4 was 20.3%, an increase of 1.3 percentage points year-on-year, while the net margin was 4.99%, a slight decrease of 0.08 percentage points [6]. - The report notes that profit was impacted by currency depreciation, acquisition-related costs, and one-time expenses from the European platform integration, estimated to affect profits by 400-500 million yuan [6][7]. - The company plans to increase its dividend payout to 9.65 yuan per 10 shares, totaling 8.997 billion yuan, marking a historical high [6][7]. Financial Forecast - The revenue projections for 2025-2027 are set at 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [7]. - The net profit forecasts for the same period are 21.254 billion yuan, 23.347 billion yuan, and 24.805 billion yuan, with corresponding growth rates of 13.4%, 9.8%, and 6.2% [7]. - The report indicates a projected PE ratio of 12.4, 11.3, and 10.6 for the years 2025, 2026, and 2027, respectively [7].

Core Viewpoint - JD's performance in Q4 2024 exceeded market expectations, driven by government subsidies for electronic products, marking a significant return to double-digit revenue growth for the first time in nearly three years [1][9][14]. Group 1: Revenue Performance - JD's self-operated retail business achieved revenue of 281 billion RMB, a year-on-year increase of 14%, marking a notable recovery in growth [1][14]. - Revenue from electronic products benefited significantly from government subsidies, jumping from 2.7% to 15.8% in growth [1][15]. - Overall revenue growth for JD reached 13% year-on-year, surpassing the market's adjusted expectations of 9% to 10% [2][18]. Group 2: Profitability - JD's overall operating profit was 8.5 billion RMB, aligning with market expectations, while the Non-GAAP operating profit reached 10.5 billion RMB, exceeding the anticipated 9.3 billion RMB [2][22]. - The operating profit from JD Mall was 10 billion RMB, a 44% increase year-on-year, marking a historical first for Q4 [2][23]. - JD Logistics reported an operating profit of 1.82 billion RMB, slightly above expectations, indicating ongoing profit release [3][23]. Group 3: Cost and Expenses - JD's gross margin for the quarter was 15.3%, a year-on-year increase of approximately 1.1 percentage points, although the growth rate has slowed compared to previous quarters [5][25]. - Marketing expenses rose significantly from 13 billion RMB to 16.8 billion RMB, indicating a competitive environment where spending is necessary for growth [6][27]. - Fulfillment costs also increased by 16% year-on-year, reflecting the strong sales performance [6][28]. Group 4: Shareholder Returns - JD announced a total dividend of 1.5 billion USD and a share buyback program of 5 billion USD over the next two and a half years, representing a return rate of approximately 5.5% based on pre-market valuation [7][29]. Group 5: Future Outlook - The government has expanded subsidies to include mobile phones and wearable devices, providing JD with a competitive advantage in the upcoming quarters [9][10]. - However, the entry into new business areas such as ride-hailing and food delivery introduces uncertainty regarding future profitability and performance [10][11].