公司报告 | 公司点评 海尔智家（600690） 证券研究报告 AI 科技加码，全球布局深化 事件：3 月 19 日，海尔智家在上海世博中心举行以"AI 生活，智慧万家"为 主题的生态大会，展示智慧家庭 10 年布局的最新成果并介绍未来公司全球创 新发展路径。 点评： 各区域领跑行业，积极推进变革提效。2024 年，海尔智家凭借科技与平台创 新，在各区域市场持续增长并跑赢行业，在全球七个市场位居首位，中国市场 份额达 28%，美国、澳洲、日（冰洗）地区位列行业第一，欧洲、东南亚、非 洲地区达成行业 2-3 倍的增长，连续 16 年位居全球大型家电品牌零售量首位 （欧睿国际口径）。面对复杂的外部环境，公司积极通过变革带动用户体验与 效率提升：模式创新方面，从 To B 向 To C 转型，营销节点从线下搬到线上带 动销售费用率下降；数字化变革方面，通过 AI 集成研发、全链路智能化、供 需智能匹配等举措，分别实现研发周期下降20%、生产效率提升30%、订单响 应周期提高 13%；同时推进机制升级，通过不同维度实现增值分享。 中国区坚持高端创牌，AI 科技赋能产品迭代。2024 年中国区依靠品牌体验与 数字化变革 ...

AI 赋能多品牌共建，海外提供持续增长空间 海尔智家(600690) ——海尔 2025 生态大会发布点评 | | ——海尔 | 2025 | 生态大会发布点评 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | --- | --- | | [table_Authors] 蔡雯娟(分析师) | | 谢丛睿(分析师) | 李汉颖(分析师) | [Table_Target] | 上次评级: | 增持 | | 021-38031654 | | 021-38038437 | 010-83939833 | 目标价格： | | 36.54 | | caiwenjuan024354@gtjas.com xiecongrui@gtjas.com | | | lihanying026725@gtjas.com | | 上次预测: | 36.54 | | 登记编号 S0880521050002 | | S0880523090004 | S0880524110001 | Table_CurPrice] [当前价格： | | 28.14 | 本报告导读： 公司举 ...

企查查股权穿透显示，该公司由海尔集团电子商务有限公司、海尔智家旗下重庆海尔家电销售有限公司 共同持股。 人民财讯3月19日电，企查查APP显示，近日，武汉星睿创客传媒有限公司成立，法定代表人为张悦 鹏，注册资本为1000万元，经营范围包含：广告发布；家用电器销售；家用电器零配件销售；日用家电 零售；家用电器安装服务；电子产品销售；通信设备销售等。 ...

资料来源: FactSet Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 20.0 23.5 27.0 30.5 34.0 海尔智家-A 上证指数 2025 年 3 月 12 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 海尔智家-A (600690 CH, 买入, 目标价: RMB34.50) | 目标价: RMB34.50 | 当前股价: RMB27.15 | | --- | --- | | 股价上行/下行空间 | +27% | | 52 周最高/最低价 (RMB) | 35.37/23.10 | | 市值 (US$mn) | 66,866 | | 当前发行数量(百万股) | 9,383 | | 三个月平均日交易額 | 162 | | (US$mn) | | | 流通盘占比 (%) | 100 | | 主要股东 (%) | | | 香港中央结算有限公司 | 25 | | 海尔卡奥斯 | 13 | | 海尔集团 | 11 | | 按 2025 年 3 月 11 日收市数据 | | | 资料来源: FactSet | | 主要调整 | | 现值 | 原值 | 变动 | ...

证券代码：600690 证券简称：海尔智家 编号：临 2025-003 海尔智家股份有限公司 关于 2025 年度第一期绿色两新中期票据发行结果的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海尔智家股份有限公司（以下称"公司"）2023 年年度股东大会审议通过 了《海尔智家股份有限公司关于提请股东大会给予董事会一般性授权以决定发 行境内外债务融资工具的议案》，同意公司注册发行不超过人民币 100 亿元或等 值外币的债务融资工具及上述发行方案，并一般及无条件地授权董事会并由董 事会或由董事会转授权董事长及其授权人士根据公司不时的需要以及市场条件 全权决定及办理境内外融资工具发行的全部事宜，以及由董事会进一步授权董 事长及其授权人士根据公司需要以及其它市场条件等具体执行债务融资工具发 行事宜。2024 年 10 月 25 日，公司收到中国银行间市场交易商协会的《接受注 册通知书》（中市协注[2024]MTN1019 号）。 | | 中国工商银行股份有限公司、中国建设银行股份有限公司、上海浦东 | | --- | --- ...

证券代码：600690 证券简称：海尔智家 编号：临 2025-002 海尔智家股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 海尔智家股份有限公司（简称"公司"）于 2024 年 3 月 27 日召开了第十一届董 事会第九次会议、于 2024 年 6 月 20 日召开了 2023 年年度股东大会，均审议通过了 《海尔智家股份有限公司关于 2024 年度公司及子公司预计担保额的议案》，即公司 可以在子公司向金融机构申请综合授信等事项时对其提供担保，且董事会授权总裁办 公会等决定公司前述每一笔担保的具体事宜，并根据公司实际经营需要，具体调整公 司对各级子公司及子公司之间的担保额度以及代表董事会签署有关法律文件（以下简 称"2024 年度担保授权"）。独立董事对 2024 年度担保授权事项发表了独立意见。 详见公司于 2024 年 3 月 27 日在上海证券交易所网站披露的《海尔智家股份有限公司 - 1 - - 2 - 币种：人民币 序 号 公司名 称 ...

企查查股权穿透显示，该公司由海尔智家间接全资持股。 人民财讯3月3日电，企查查APP显示，近日，青岛乐创无界智能科技有限公司成立，法定代表人为管江 勇，注册资本5亿元，经营范围包括工业互联网数据服务、智能车载设备制造、智能机器人销售等。 ...

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: White Goods and Home Appliances Key Points and Arguments Market Impact and Performance - The 2024 national subsidy policy significantly boosted the market, with the overall retail sales in the second quarter reaching approximately 240 billion yuan, a year-on-year decline of 9%. However, the third quarter showed improvement, and the company achieved double-digit revenue growth in the fourth quarter, driven by government subsidies and proactive transformation measures [3][4][12]. - The Casarte brand experienced a remarkable shipment growth of over 30% in the fourth quarter of 2024, indicating an improvement in market structure and increased demand for high-end brands [4][12]. Sales Growth and Future Projections - In January 2025, domestic shipments approached double-digit growth, with the Casarte brand growing approximately 20%. The overseas business also showed median growth in the fourth quarter of 2024, with expectations of maintaining double-digit growth in the first quarter of 2025 [4][5]. - The company aims for overall revenue growth to remain above the median and profits to maintain double-digit growth in 2025, with contributions from CCR and other companies expected to add 6 to 7 billion yuan in revenue [4][12]. Strategic Adjustments - Since the third quarter of 2024, the company has adjusted its operational model, optimizing digital inventory, content marketing, and cost management to enhance user conversion efficiency and optimize dealer structure [6][12]. - Haier's operations in the U.S. leverage the GE Appliances (GEA) system, providing a competitive advantage. The focus for 2025 is to strengthen product leadership to achieve local development goals [9][12]. Overseas Market Performance - The company performed well in the U.S. and European markets in 2024, with significant growth in emerging markets such as Southeast Asia, the Middle East, and India, achieving growth rates of 16-21%, 40%, and over 30%, respectively [7][12]. - The Mexican production capacity accounts for 20-30%, allowing the company to effectively address tariff issues through localization [13][12]. Industry Outlook - The white goods industry has stable long-term demand, with essential products like refrigerators, washing machines, and air conditioners remaining necessary. Despite not being a hot topic currently, the demand side is very stable [8][12]. - The company plans to continue its transformation to enhance competitiveness and achieve steady, high-quality growth [8][12]. Brand Development and Consumer Engagement - The Casarte brand aims to maintain a growth target of 10-15% in 2025, focusing on online channel investments to cater to younger consumers and enhance conversion rates through offline experience stores [15][16]. - The company recognizes the importance of KOLs and social media in influencing young consumers' purchasing decisions and plans to enhance its marketing strategies accordingly [26][12]. Supply Chain and Efficiency Improvements - Haier has implemented strategies to optimize supply chain and logistics, reducing costs and improving efficiency through cloud storage systems and data-driven services [22][12]. - The company has also focused on enhancing local production capabilities to better respond to tariff fluctuations and market changes [14][12]. Investment Opportunities - Current stock price adjustments present a good opportunity for investors, as Haier's brand and product strength in the domestic and international markets position it favorably in the white goods sector [33][12]. Additional Important Insights - The integration of AI technology is expected to enhance operational efficiency and product quality, with a target net profit margin increase from 6.4% to at least 8% [20][12]. - The company has made significant improvements in its air conditioning business, focusing on cost reduction and quality stability through unified platforms and rapid product iterations [29][12]. This summary encapsulates the key insights from the Haier Smart Home conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances, specifically focusing on air conditioning and washing machines Key Points and Arguments Industry Growth Projections - Haier Smart Home anticipates a small single-digit growth in the Chinese air conditioning industry by 2025, slightly outperforming the washing machine sector, which is expected to experience negative growth [2][3] - The overall demand for air conditioning is expected to improve starting February, following a weak January due to strong December sales [3] Performance and Strategy - The premium brand Casarte achieved a 30% growth in Q4 2024 and a 22% growth in January 2025, with an expected annual growth rate of 10%-15% [4] - Marketing strategies will focus on expanding the high-end user base, launching luxury products priced at 100,000 RMB, and increasing online sales channels to 15%-20% [4][6] - Haier Smart Home plans to enhance its presence in Southeast Asia, aiming to grow the market size from 6 billion RMB to 40 billion RMB or more [4][12] Operational Efficiency - The company is implementing digital inventory management to improve operational efficiency, reduce logistics costs, and enhance product flow speed [9][12] - Measures to boost profitability include optimizing logistics costs, controlling technical costs, and improving production efficiency [12] Market Performance - In 2024, Haier Smart Home increased its market share in the U.S. by over 1 percentage point despite an overall industry decline, with expectations for a slightly better industry situation in 2025 [10] - The European market saw organizational transformation and supply chain adjustments, with expectations for improved performance in 2025 [11] Challenges and Responses - The U.S. tariffs on steel and aluminum have a minimal impact on Haier Smart Home's operations, as the company primarily sources from stable suppliers [14] - The company is strategically adjusting its global supply chain to enhance competitiveness and resilience against market challenges [6] Future Outlook - The company aims for mid-to-high-speed revenue growth while maintaining steady double-digit profit growth despite potential challenges from tariffs and increased R&D investments [12] Additional Important Insights - The focus on digital marketing and content creation on platforms like Douyin and Xiaohongshu is part of a broader strategy to enhance brand visibility and consumer engagement [4][8] - The integration of various brands under Haier's umbrella aims to optimize user acquisition and operational efficiency through a collaborative approach [7][12]

Investment Rating - The investment rating for Haier Smart Home is "Buy" [26] Core Views - The company is benefiting from domestic sales recovery driven by national subsidies, with a significant improvement in high-end brand demand, particularly for the Casarte brand. The global brand business shows resilience, and the company is expected to continue optimizing efficiency and profitability [3][26]. Summary by Sections Domestic Sales - In the short term, the company is benefiting from national subsidies, leading to a recovery in domestic sales, particularly in the refrigerator and washing machine categories. Online and offline sales for refrigerators are expected to grow significantly, with online sales increasing by 10% and offline sales by 66% in Q4 2024. The Casarte brand is seeing a notable recovery, with online sales for refrigerators increasing by 59% and washing machines by 42% [10][11]. - In the long term, the air conditioning business is expected to grow, supported by digital transformation initiatives and the integration of logistics services through the acquisition of a supply chain service provider. A new air conditioning production project is being established to enhance production capacity [12]. International Sales - In the short term, the company maintains a leading position in major markets due to its global layout and localized supply chain advantages. The North American market is expected to see improved demand due to anticipated interest rate cuts and real estate recovery. The company is also expanding its presence in emerging markets [23]. - In the long term, the company is diversifying its product offerings through acquisitions, such as the purchase of Electrolux's South African water heater business, which is expected to broaden growth opportunities [23]. Earnings Forecast and Rating - The earnings per share (EPS) for 2024-2026 are adjusted to 2.03, 2.32, and 2.61 yuan, respectively. The corresponding dynamic price-to-earnings ratios are 13.5x, 11.9x, and 10.5x. The company is positioned as a leader in the home appliance export market, with domestic sales growth driven by national policies and a resilient international brand business [26].