Investment Rating - The report maintains a "Buy" rating for Haier Smart Home with a target price of Rmb 38.50, corresponding to a 16.5x PE for 2025E [5][6]. Core Insights - Haier Smart Home has shown strong sales momentum continuing into 2025, with management guiding for revenue growth in the mid to high single digits, supported by domestic subsidies and product upgrades [2]. - The company expects a continued increase in operating profit margins, with a projected decrease in SG&A expenses by 50 basis points in 2025 [2]. - Domestic sales are anticipated to grow in double digits, particularly for the Casarte brand, benefiting from higher-than-expected subsidies [2]. - The company is addressing competitive threats from Xiaomi by launching more competitive SKUs and enhancing retail efficiency while maintaining its premium strategy [4]. - Concerns regarding U.S. tariffs have led management to evaluate shifting production from China to Vietnam and Thailand, which may require additional capital expenditure [3]. Summary by Sections Financial Performance - Revenue is projected to grow from Rmb 261.428 billion in 2023 to Rmb 351.350 billion by 2028, reflecting a steady increase [8]. - EBITDA is expected to rise from Rmb 18.669 billion in 2023 to Rmb 33.968 billion by 2028, indicating improved profitability [8]. - Net profit is forecasted to increase from Rmb 16.597 billion in 2023 to Rmb 29.709 billion by 2028 [8]. Market Position - Haier Smart Home is recognized as one of the largest home appliance manufacturers globally, with a diverse product range including refrigerators, washing machines, and air conditioners [11]. - The company aims to become a leading provider of smart home solutions, leveraging its R&D capabilities and a network connecting suppliers and users [11]. Valuation Metrics - The report uses a DCF valuation method with a WACC of 11.4%, projecting a 13% CAGR in earnings from 2024 to 2026 [5]. - The current market price of Rmb 26.87 suggests a potential upside of 43.3% to the target price [10].

Investment Rating - Maintains a "Buy" rating for Haier Smart Home (600690) [5][6] Core Views - US interest rate cuts are expected to drive a recovery in the housing market, which will boost home appliance consumption Historically, during periods of declining US Treasury yields, home appliance retail sales growth has ranged between 0% and 5%, with occasional spikes above 10% due to base effects [1] - North American home appliance consumption is closely tied to the real estate cycle, with a lag of about one quarter between home sales and appliance purchases Approximately 15% and 25% of US home appliance consumption comes from new and existing homes, respectively [1] - GEA's local production capacity in North America mitigates tariff risks GEA operates 9 manufacturing plants, 2 R&D centers, 4 dispatch centers, 4 parts distribution centers, and 157 local distribution centers in the US, ensuring minimal exposure to tariff impacts [1] - The replacement of old appliances is driving premium consumption, benefiting Haier's high-end brand Casarte The average prices of air conditioners, refrigerators, and washing machines have increased by 6 5%, 9 1%, and 11 8% respectively since the launch of the replacement program [14] - Casarte's sales have surged, with refrigerators and washing machines seeing year-on-year retail sales growth of 41% and 78% respectively in November [14] Financial Forecasts - Revenue is projected to grow from CNY 270 2 billion in 2024 to CNY 304 0 billion in 2026, with annual growth rates of 3%, 6%, and 6% respectively [5] - Net profit attributable to shareholders is expected to increase from CNY 19 1 billion in 2024 to CNY 25 0 billion in 2026, with annual growth rates of 15%, 14%, and 14% respectively [5] - The PE ratio for 2024 and 2025 is estimated at 14x and 12x respectively [5] - EPS is forecasted to rise from CNY 1 77 in 2024 to CNY 2 66 in 2026 [18] Industry and Market Trends - The home appliance sector typically outperforms during the valuation rotation period from December to January [5] - Haier Smart Home's current PE-TTM valuation percentile for 2024 is 44%, lower than peers such as Midea Group (91%), Gree Electric (73%), and Hisense Home Appliances (52%), indicating potential for outperformance in the valuation rotation cycle [17] Operational Highlights - Haier's local production capacity in North America through GEA provides a competitive edge against tariff risks [1] - The replacement of old appliances is driving a shift towards higher price segments, with refrigerators priced above CNY 8,000 and washing machines above CNY 6,000 seeing increased market share [14] - The Chinese government's continued support for domestic demand, including the extension of home appliance replacement subsidies into 2025, is expected to sustain growth for premium brands like Casarte [14]

Group 1 - The article reports that Haier Smart Home has experienced a total of 4 block trades in the last 3 months, with a cumulative transaction amount of 136 million yuan [2] - On December 24, a block trade occurred for Haier Smart Home, involving a transaction volume of 200,000 shares and a transaction amount of 5.83 million yuan, with a transaction price of 29.15 yuan per share [2]

Investment Rating - The report assigns a "Buy" rating to Haier Smart Home (600690.SH/6690.HK) with a target price of 35/34 RMB/HKD [10] Core Viewpoints - The company is expected to benefit from favorable national subsidies, particularly in 2025, which will likely drive domestic appliance sales growth [10] - The company's global expansion strategy, including acquisitions and multi-brand, cross-regional operations, has positioned it as a leader in various international markets [10] - The continuation and potential expansion of appliance replacement subsidies, coupled with the company's proactive overseas market development, are expected to support steady growth in earnings [10] Summary by Section Financial Performance - **Revenue**: Expected to grow from 243,514 million RMB in 2024 to 319,982 million RMB in 2026, with a CAGR of approximately 8.4% [4] - **Operating Costs**: Projected to increase from 167,223 million RMB in 2024 to 217,078 million RMB in 2026, reflecting a CAGR of about 7.8% [4] - **Net Profit**: Anticipated to rise from 19,459 million RMB in 2024 to 25,330 million RMB in 2026, with a CAGR of 11.3% [4][11] - **EPS**: Expected to grow from 2.07 RMB in 2024 to 2.70 RMB in 2026, with a CAGR of 11.3% [11] - **P/E Ratio**: The A-share P/E ratio is forecasted to decline from 13.74 in 2024 to 10.56 in 2026, while the H-share P/E ratio is expected to decrease from 12.09 to 9.29 over the same period [11] Product Mix and Market Position - **Product Mix**: The company's product portfolio includes refrigerators (31.3%), washing machines (20.3%), and air conditioners (16.4%) [10] - **Market Share**: In 2023, the company ranked first in Asia with a 26% market share, second in the Americas with 15.8%, and first in Australia and New Zealand with 14.6% [10] - **Revenue Growth**: Overseas market revenue grew by 3.7% in 2023, with significant growth in South Asia (+9.9%), Southeast Asia (+12.4%), and Central Africa (+26.8%) [10] Policy and Market Dynamics - **Domestic Market**: The domestic appliance market has seen strong growth, with air conditioner sales increasing by 24% and 29% in October and November 2024, respectively, driven by replacement subsidies and e-commerce promotions [10] - **Policy Support**: The national government has indicated that the 2025 special long-term国债 funds will be significantly increased, potentially expanding the scope of supported products and markets [10] - **Local Initiatives**: The Hubei Provincial Department of Commerce has issued guidelines for the 2025 consumer replacement program, signaling continued policy support at the local level [10] Cash Flow and Liquidity - **Operating Cash Flow**: Expected to increase from 25,297 million RMB in 2024 to 30,396 million RMB in 2026 [13] - **Investing Cash Flow**: Projected to remain negative, with outflows decreasing from -9,574 million RMB in 2024 to -11,078 million RMB in 2026 [13] - **Financing Cash Flow**: Expected to remain negative, with outflows increasing from -9,730 million RMB in 2024 to -12,665 million RMB in 2026 [13] - **Cash Equivalents**: Forecasted to grow from 60,480 million RMB in 2024 to 73,181 million RMB in 2026 [15] Balance Sheet - **Total Assets**: Expected to increase from 270,027 million RMB in 2024 to 306,858 million RMB in 2026 [15] - **Total Liabilities**: Projected to rise from 155,492 million RMB in 2024 to 174,113 million RMB in 2026 [15] - **Shareholder Equity**: Anticipated to grow from 111,946 million RMB in 2024 to 129,202 million RMB in 2026 [15]

北京市中伦律师事务所 关于海尔智家股份有限公司 2024 年第一次临时股东大会的 法律意见书 二〇二四年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于海尔智家股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：海尔智家股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受海尔智家股份有限公司（以 下简称"公司"）的委托，指派律师现场参加公司 2024 年第一次临时股东大会 （以下简称"本次股东大会"），对本次股东大会召开的有关事宜，根据《中华人 民共 ...

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。 证券代码：600690 证券简称：海尔智家 公告编号：临 2024-046 海尔智家股份有限公司 2024 年第一次临时股东大会决议公告 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 12 月 20 日 (二)股东大会召开的地点：青岛市崂山区海尔科创生态园人单合一研究中心 B101 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 2,420 | | --- | --- | --- | | 其中：A 股股东人数 | | 2,375 | | 境内上市外资股股东人数（D 股） | | 43 | | 境外上市外资股股东人数（H 股） | | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 6,639,001,298 | | 其中：A 股股东持有股份总数 | | 4,399,093,116 | | 境内上市外资股股东持有股份总数(D ...

Key Points Industry Overview 1. **Revenue Growth**: The company expects a double-digit revenue growth trend to continue both for the current quarter and the next year. [doc id='1'] 2. **Regional Performance**: - **China**: Domestic revenue showed significant improvement in October and November, reversing the underperformance seen in Q2 and Q3. [doc id='1'] - **Qatar**: Growth in the region exceeded expectations, with a year-on-year increase of less than 2% from January to September, but a strong growth in October. [doc id='2'] - **Europe**: Revenue growth exceeded 9% from January to September. [doc id='3'] - **Emerging Markets**: Strong growth in emerging markets, with India showing over 30% growth. [doc id='3'] - **Middle East**: Growth accelerated from Q3, with a significant increase in the region's market share. [doc id='2'] 3. **Export Performance**: China's export performance has been strong, with the company maintaining a 70% market share in the US. [doc id='2'] 4. **Policy Impact**: Policies have had a significant positive impact on the company's high-end brands. [doc id='4'] 5. **Supply Chain**: The company has a robust supply chain solution, with investments in the US totaling over $2 billion. [doc id='5] Company Performance 1. **Profit Growth**: Profit increased by 15% in the first three quarters of the year, despite the challenging economic environment. [doc id='15'] 2. **Efficiency Improvements**: The company has implemented various efficiency improvements, including optimizing logistics and reducing inventory levels. [doc id='10', '11', '12'] 3. **Digital Transformation**: The company is focusing on digital transformation, including digital currency and content marketing. [doc id='14'] 4. **Competitive Position**: The company believes it has a strong competitive position in the market, with a strong product portfolio and research and development capabilities. [doc id='17', '18'] Future Outlook 1. **Policy Expectations**: The company expects policy support to continue, supporting the company's growth. [doc id='3'] 2. **Market Expansion**: The company aims to increase its market share in the Middle East and improve its operational efficiency in Europe. [doc id='5', '6'] 3. **Cost Reduction**: The company aims to further reduce costs and improve profitability. [doc id='17', '18'] 4. **Long-term Growth**: The company believes it has a strong long-term growth potential, with a focus on innovation and efficiency improvements. [doc id='17', '18']

Group 1: Financial Performance and Shareholder Returns - The company has achieved a cumulative profit of CNY 109.1 billion since its listing, with total cash dividends amounting to CNY 37.158 billion, resulting in a cash dividend ratio of 34.05% [1] - In 2023, the cash dividend accounted for 45% of the net profit attributable to the parent company [1] - The company plans to increase the cash dividend ratio from 2024 to 2026, with a minimum of 50% of the net profit allocated for cash dividends in 2025 and 2026 [1] Group 2: International Strategy and Market Expansion - The company has maintained a localization strategy since 1998, establishing a comprehensive supply chain in overseas markets [1] - Future overseas strategies include enhancing high-end brand development and focusing on market share and profitability in various regions [2] - The company aims to accelerate its presence in emerging markets, particularly in South Asia and Southeast Asia, while also expanding into the Middle East and Africa [2] Group 3: Logistics and Supply Chain Integration - The integration of the logistics business with日日顺 will enhance the company's logistics capabilities, improving efficiency and reducing costs [2] - The collaboration aims to streamline operations, ensuring a unified team and shared goals to support domestic retail transformation and overseas brand localization [2] Group 4: Product Innovation and Digital Transformation - The company is exploring AI applications in smart home appliances, focusing on user interaction and proactive service features [4] - Digital transformation initiatives include enhancing cost efficiency and improving product competitiveness through global resource collaboration [4] Group 5: Response to Market Changes and Competitor Strategies - The company is committed to continuous improvement in competitiveness through cost management, retail model innovation, and content marketing [4] - It has established a leading advantage in overseas markets through a robust global R&D system and a strong supply chain [4]

证券代码：600690 证券简称：海尔智家 公告编号：临 2024-045 海尔智家股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于本公告披露日至 2024 年 12 月 9 日（星期一）16:00 前通过公司 邮箱 finance@haier.com 进行提问，或于 2024 年 12 月 3 日（星期二）至 12 月 9 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 海尔智家股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 12 月 10 日 下午 13:00-14:00 举 行 2024 年 ...

海尔智家股份有限公司股东大会会议材料 海尔智家股份有限公司 2024 年第一次临时股东大会 会议材料 2024 年 12 月 20 日 1 / 13 海尔智家股份有限公司股东大会会议材料 海尔智家股份有限公司 2024 年第一次临时股东大会会议议程 召开时间：现场会议自 2024 年 12 月 20 日 14 点开始 召开地点：青岛市崂山区海尔路 1 号海尔科创生态园人单合一研究中心 B101 会议室 主持人：董事长 李华刚 会议议程： 一、主持人宣布大会开始，参会股东审议议案 | 序号 | 议案名称 | | --- | --- | | 1 | 海尔智家股份有限公司关于接受表决权委托暨关联交易的议案 | 二、主持人询问股东对上述表决议案有无意见，若无意见，开始投票，其 它除上述议案以外的问题可在投票后进行提问。 三、主持人宣布请股东代表、监事会代表及律师检查投票箱。 四、主持人宣布投票工作开始。 五、投票结束后，由监事会代表、股东代表、律师及工作人员到后台计票。 六、投票结果统计完成后，由监事会主席宣布现场投票结果。 七、现场会议休会，等待网络投票结果。 八、现场和网络投票结果统计后，宣布本次股东大会的合计投 ...