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 ...

Event Details - The event will be held online, allowing investors to participate via the China Securities Journal's Zhongzheng Network [3] - The event is scheduled for November 28, 2024, from 15:00 to 17:00 [3] Company Participation - Haier Smart Home Co Ltd will participate in the 2024 Qingdao Regional Listed Companies Investor Online Collective Reception Day [3] - Company executives will engage in online discussions with investors [3] Topics of Discussion - Discussions will cover corporate governance, development strategies, operational status, financing plans, equity incentives, and sustainable development [3] Organizational Support - The event is jointly organized by the Qingdao Securities Regulatory Bureau and the Qingdao Listed Companies Association [3]

大家好我是上海证券报的主持人林勇我现在所在的位置呢是青岛黄岛区的海尔中央空调工厂为了让投资者更进一步的了解上市公司提升上市公司投资者关系管理水平助力构建良好的资本市场生态中正中小投资者服务中心特意精心组织策划了了解我的上市公司走进篮球系列活动那么今天我就和投资者服务中心青岛证监局青岛上市公司协会一起带着身后的媒体投资者们走进海尔之家 那么接下来我们的投资者以及我们的媒体是陆续的到达了现场欢迎欢迎来我们华尔参观戴嘉比丽总好的 今天非常的欢迎各位投资者能来到我们海尔参观那我们今天参观的是我们智慧楼宇业务板块乡下的黄岛的中央空调的互联工厂在这个参观的过程中呢我们也安排了我们的讲解员具体为我们介绍我们这个工厂的数字化的情况智能的情况希望对大家有所帮助好 谢谢大家 好 首先呢 各位嘉宾 面向我们的大屏幕 我们的参观从大厅这边开始 首先呢我们这个工厂在国际上是获得认可的在2018年的事业经济联谈中我们工厂代表海尔集团参与全球首批的灯塔工厂的评选并选中了从全球一千多家企业中脱颖而出入选了首批的灯塔工厂也是当时入选的九家企业中唯一的一家中国本土化企业 那么在2022年我们也是获得了国内首批智能制造试点示范工厂2023年是获得 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨海尔智家（600690.SH） [Table_Title] 营收规模稳健增长，盈利能力持续提升 | --- | --- | |------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024 年前三季度实现营业收入 2029.71 | | | 亿元，同比增长 15.27% ，实现归母扣非净利润 | | | 度实现营业收入 673.49 亿元，同比增长 0.47% | | | 实现归母扣非净利润 45.25 亿元，同比增长 | | | | | 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 海尔智家（600690.SH） cjzqdt11111 相关研究 [Table_Title2] 营收规模稳健增长，盈利能力持续提升公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公司披露三季报：公 ...

Investment Rating - The report maintains a "Buy" rating for the company, with adjusted EPS forecasts for 2024-2026 being 2.03, 2.31, and 2.60 CNY respectively, corresponding to dynamic PE ratios of 15.0x, 13.2x, and 11.7x as of October 29 [2][3]. Core Insights - The company has shown steady growth in overseas sales and gradual recovery in domestic sales, leveraging opportunities such as trade-in programs and its high-end brand positioning. The retail performance improved month-on-month in Q3, with significant growth in the Casarte brand [1][3]. - Cost reduction and efficiency optimization efforts have led to an increase in profitability, with a slight rise in gross margin. The company has also been advancing its digital transformation, optimizing expenses in Q3 [1][3]. - The integration of the supply chain through the acquisition of control over the logistics company, RRS, aims to enhance the company's retail competitiveness and support its transformation in both domestic and international markets [1][3]. Financial Summary - For Q3 2024, the company reported revenue of 67.349 billion CNY, a year-on-year increase of 0.47%, and a net profit attributable to shareholders of 4.734 billion CNY, up 13.15% year-on-year. The gross margin was 31.32%, reflecting a slight increase [3][4]. - Cumulative revenue for the first three quarters of 2024 reached 202.971 billion CNY, with a year-on-year growth of 2.17%. The net profit attributable to shareholders for the same period was 15.154 billion CNY, up 15.27% year-on-year [3][4]. - The company's financial projections indicate a steady increase in operating income and net profit over the next few years, with expected revenues of 274.412 billion CNY in 2024 and 295.799 billion CNY in 2026 [2][4].

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses the company "卡萨迪" (Casadi) and its integration with the home appliance industry, particularly focusing on kitchen and home products. Core Points and Arguments 1. **Product Development and Trends** - The company emphasizes the importance of integrating design and functionality in home appliances, highlighting a trend towards aesthetically pleasing and smart home products. This includes a collaboration with brands like 三亿鸟哈尔 (Sanyin Bird Haier) and 布洛尼 (Buloni) to launch a new product series that merges colors and materials across different appliances [1][2] 2. **Online Sales Strategy** - Historically, 卡萨迪 has had a strong offline presence, but there is a push to enhance online sales, which currently account for only about 10% of total sales. The company is focusing on content marketing and traffic conversion to improve its online footprint [2] 3. **User Base and Growth Strategy** - The company has a substantial existing customer base of 14 million users and aims to leverage this for sustained growth despite industry challenges. The focus remains on premium products as consumer demand for quality living increases [3] 4. **Acquisitions and Market Expansion** - The company completed the acquisition of 凯利相容智能 (Kelly Compatible Smart) in October, which is expected to enhance its market position. The revenue for 凯利 in 2022 was reported at $1.2 billion, with a profit of approximately $60 million [4][5] 5. **International Market Strategy** - The acquisition of ESA in South Africa is part of a broader strategy to penetrate the African market, where the company aims to leverage ESA's strong brand presence and market share of 55% in the local water heater segment [6][7] 6. **Impact of U.S. Policies** - The company is monitoring the impact of U.S. tariffs on its exports, particularly for washing machines, but expects minimal disruption due to local production capabilities [9] 7. **Inventory and Sales Guidance** - The company reports a significant reduction in inventory levels, with retail performance exceeding shipment levels. For the upcoming quarters, a median growth in domestic sales is anticipated, with a goal of maintaining double-digit profit growth [10][11] 8. **Digital Transformation and Efficiency** - The integration of 日顺 (Rishun) is aimed at accelerating digital transformation and improving logistics efficiency. However, challenges remain due to the need for system integration and differing operational goals post-acquisition [13][14] 9. **Global Supply Chain Optimization** - The company plans to enhance its global supply chain efficiency by integrating logistics capabilities across different regions, particularly focusing on improving operations in Europe and Southeast Asia [16][17] Other Important but Overlooked Content - The company acknowledges the need for time to see the full effects of its transformation efforts, which include a shift from B2B to B2C sales models. This transition is expected to unify product platforms and streamline inventory management [18]

Investment Rating - Strong Buy (Maintained) with a target price of 34.5 RMB, compared to the current price of 29.70 RMB [1] Core Views - Revenue for 24Q1-Q3 reached 202.97 billion RMB, up 2.2% YoY, with net profit attributable to shareholders of 15.15 billion RMB, up 15.3% YoY [1] - Domestic sales faced pressure, while overseas sales maintained growth, particularly in emerging markets like South Asia, which grew over 30% in 24Q3 [1] - Profitability improved with a net margin increase of 0.9 ppts to 7.2% in 24Q3, driven by cost competitiveness and efficiency gains [1] - The company plans to consolidate Ririshun, aiming to accelerate retail transformation and enhance operational efficiency [1] Financial Performance - 24Q3 revenue was 67.35 billion RMB, up 0.5% YoY, with net profit attributable to shareholders of 4.73 billion RMB, up 13.2% YoY [1] - Gross margin improved by 0.1 ppts to 31.3% in 24Q3, despite rising raw material costs [1] - Sales and administrative expense ratio improved by 0.7 ppts to 18.9% in 24Q3, reflecting ongoing cost optimization [1] Market and Operational Strategy - Domestic sales are expected to improve with the rollout of trade-in policies, while overseas markets will benefit from localized supply chains and digital transformation [1] - The company is leveraging its high-end brand (Casarte) and comprehensive product portfolio to drive retail growth [1] - The consolidation of Ririshun is expected to enhance the integration of home appliance and logistics systems, further boosting operational efficiency [1] Financial Forecasts - Revenue for 2024E is projected at 272.31 billion RMB, with a 4.2% YoY growth, and net profit attributable to shareholders of 19.10 billion RMB, up 15.1% YoY [2] - EPS for 2024E is forecasted at 2.04 RMB, with a P/E ratio of 15x [2] - Gross margin is expected to rise to 31.8% in 2024E, with net margin improving to 7.1% [2] Valuation and Ratios - The company's P/E ratio for 2024E is 15x, with a P/B ratio of 2.4x [2] - ROE is projected to remain stable at around 16.2% from 2024E to 2026E [2] - Debt-to-equity ratio is expected to decline from 39.2% in 2023A to 22.1% in 2026E, reflecting improved financial health [2]

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" [5]. Core Views - Revenue growth remains stable, with profits continuing to improve. For the first three quarters of 2024, the company achieved revenue of 202.97 billion, up 2.2%, and a net profit attributable to shareholders of 15.15 billion, up 15.3% [1][2]. - The domestic retail market is showing positive improvements, with expectations for the effects of the "trade-in for new" policy to become evident. The retail market for home appliances in China saw a 7.5% growth in Q3, following a decline in July [1][2]. - The company is actively seizing opportunities from the "trade-in for new" initiative, leveraging its strengths in high-end branding and multi-channel layout, which is expected to lead to strong growth in domestic sales [1][2]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 67.35 billion, a 0.5% increase year-on-year, and a net profit of 4.73 billion, up 13.2% [1]. - The gross profit margin for Q3 was 31.3%, reflecting a year-on-year increase of 0.1 percentage points, with the net profit margin reaching 7.0%, up 0.8 percentage points [2][3]. Sales and Market Strategy - Despite weak demand in the US and Europe, the company has maintained steady growth in exports, particularly in the South Asian market, which saw over 30% growth year-on-year in Q3 [2]. - The company is enhancing its logistics integration through control of the logistics service provider, which is expected to improve operational efficiency and contribute positively to revenue [3]. Profit Forecast - The profit forecast has been raised, with expected net profits for 2024-2026 projected at 19.2 billion, 21.75 billion, and 24.33 billion respectively, reflecting year-on-year growth rates of 16%, 13%, and 12% [3][4]. - The earnings per share (EPS) are projected to be 2.05, 2.32, and 2.59 yuan for the years 2024, 2025, and 2026, respectively [3][4]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 16.7 in 2023 to 14.4 in 2024, and further to 12.7 in 2025 [4]. - The return on equity (ROE) is expected to improve from 16% in 2023 to 17% in 2024, and reach 18% by 2026 [4].

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 海尔智家（600690）公司季报点评 2024 年 11 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|---------------| | 股票数据 | | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | 29.39 | | 52 周股价波动（元） | 19.86-35.37 | | 总股本 / 流通 A 股（百万股） | 9383/6255 | | 总市值 / 流通市值（百万元） | 280549/280549 | | 相关研究 | | | [Table_ReportInfo] 《内外销持续增长，全球竞争力提升》 | | | 2024.09.09 | | | 《收入稳健增长，分红持续提升》 | 2024.04.17 | 市场表现 [Table_QuoteInfo] -10.39% 2.61% 15.61% 28.61 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7] Core Views - The company reported a strong performance in its Q3 2024 results, with a revenue of 203 billion yuan, a year-on-year increase of 2.17%, and a net profit attributable to shareholders of 15.2 billion yuan, up 15.25% year-on-year [2][3] - The company plans to consolidate its logistics operations by merging with RRS Supply Chain, which is expected to enhance operational efficiency and unlock new growth potential [5][7] - The company is experiencing steady revenue growth, particularly in overseas markets, with a significant increase in market share in South Asia [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 30.85% and a net margin of 7.61%, reflecting improvements in profitability [4] - The company’s Q3 2024 single-quarter gross margin was 31.32%, and the net margin was 7.17%, indicating a continued upward trend in profitability [4] - The projected net profits for 2024, 2025, and 2026 are 19 billion yuan, 21.2 billion yuan, and 23.4 billion yuan, respectively, with corresponding growth rates of 14.57%, 11.61%, and 10.50% [7][9]