Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home (formerly Qingdao Haier) - **Industry**: Home Appliances - **Market Position**: One of the largest home appliance manufacturers globally, with a focus on smart home solutions and a diverse brand portfolio including Haier, Casarte, Leader, GEA, Candy, Fisher & Paykel, and AQUA [11][22]. Key Financial Highlights - **1H25 Performance**: - Revenue: 156 billion RMB, up 10% YoY - Net Profit: 12 billion RMB, up 16% YoY - 2Q25 Revenue and Net Profit growth: 10% and 16% YoY, respectively, with profits exceeding expectations due to better overseas operating margins [1][2]. - **Domestic and International Growth**: - Domestic revenue growth driven by high-end brand Casarte (over 20% YoY) and budget brand Leader (over 15% YoY) due to demand stability from trade-in subsidies and retail reforms initiated since 3Q24. - Internationally, GEA's revenue grew 2% YoY, outperforming the industry, with other markets achieving double-digit growth [2]. - **Operational Efficiency**: - Gross margin improved by 0.1 percentage points, and SG&A expenses decreased by 0.1 percentage points, attributed to digitalization and retail transformation efforts. - Operating profit margins improved across all regions, particularly in Europe (from losses to near breakeven) and the U.S. (despite tariff pressures) [2]. - **Dividend Announcement**: - The company declared its first-ever interim dividend of 2.5 billion RMB, equating to 0.269 RMB per share, which is part of a commitment to distribute at least 50% of annual profits as dividends [2]. Future Outlook - **Guidance**: The company previously guided for revenue growth in the low to high single digits. A detailed financial report will be presented in a conference call scheduled for August 29 [3]. Valuation and Investment Rating - **Target Price**: Maintained at 30.00 RMB, with a buy rating based on a DCF valuation implying a 13x PE for 2026E and a projected CAGR of 5% for EPS from 2025 to 2027, alongside a dividend yield of 5% [4][10]. Market Data - **Current Stock Price**: 25.78 RMB as of August 27, 2025 - **Market Capitalization**: 242 billion RMB (approximately 33.8 billion USD) - **52-week Price Range**: 33.12 - 23.58 RMB [5]. Important Metrics - **Projected Earnings**: - 2025E EPS: 2.21 RMB - 2026E EPS: 2.34 RMB - 2027E EPS: 2.45 RMB [7]. Risks and Challenges - Potential risks include weakening demand for refrigerators, slow adoption of smart appliances, and sustained high raw material costs [12]. Analyst Insights - The company received a score of 3 for industry structure outlook, indicating stability, and a score of 4 for regulatory environment improvement, suggesting favorable conditions ahead [14]. This summary encapsulates the key points from the conference call, highlighting Haier Smart Home's financial performance, operational strategies, future outlook, and market positioning.

abc 2025 年 03 月 28 日 Global Research 快评 4Q24经营利润增长稳定，但盈利受财务费用拖 累 问：公司业绩和预期相比表现如何？ A: 业绩不及预期。海尔智家发布2024年业绩：收入/净利润为2,859亿 元/187亿元（同比+9%/+13%）。根据我们测算，可比口径下，公司24 年Q4收入/经营利润同比增长11%/13%，但净利润同比下滑。4Q24收入符 合 预 期 ， 但 盈 利 大 幅 低 于 市 场 / 我 们 预 期 （ 瑞 银 证 券 预 测 ： 同 比+8%/+12%），主要受海外财务成本增加所拖累。但公司48%的派息率 是亮点。 问：公司业绩中哪些地方最值得注意？ 我们与管理层进行了简短交流。要点：（1）4Q24盈利不及预期，主要由于 （a）海外财务成本增加（约2.5亿元），系因美国高利率和俄罗斯的汇兑损 失，因卢布大幅贬值。（b）收购开利商用制冷业务的重组成本。（c）精简 欧洲业务的成本。上述因素在4Q24产生了合计约4.6亿元的非经营性成本。 （2）4Q24毛利率收窄（同比下滑13.7个百分点至20.3%）主要由于收购业 务的影响，包括物流业务、开利商用制 ...