Core Viewpoint - The leading home appliance companies in China, including Midea Group, Haier Smart Home, and Gree Electric Appliances, are initiating share buybacks to boost investor confidence amid market fluctuations and external pressures such as tariffs from the U.S. [2][3] Group 1: Midea Group - Midea Group announced a share buyback plan to spend between 1.5 billion to 3 billion yuan over the next year, aiming to repurchase 15 million to 30 million shares, which represents approximately 0.2% to 0.39% of its total share capital [2] - The company reported a revenue of 409.1 billion yuan and a net profit of 38.5 billion yuan last year, with a low revenue contribution from the U.S. market [2] - Midea has established 22 R&D centers and 23 major manufacturing bases across various regions, including North America, South America, Asia-Pacific, Europe, and the Middle East [2] Group 2: Haier Smart Home - Haier Smart Home executed its first share buyback by repurchasing 610,000 shares at prices between 23.6 yuan and 23.95 yuan, totaling approximately 14.48 million yuan [3] - The company plans to spend between 1 billion to 2 billion yuan on share buybacks over the next year [3] - A shareholding increase plan was announced, with executives intending to invest between 20.85 million to 41.7 million yuan in the company's A-shares or H-shares [3] Group 3: Gree Electric Appliances - Gree Electric Appliances stated that its products serve over 190 countries, with stable growth in markets such as the Middle East, Europe, and Southeast Asia, while the U.S. market contributes a low revenue share [3] - The stock prices of Midea Group, Haier Smart Home, and Gree Electric Appliances experienced significant declines before the buyback announcements, followed by recoveries on April 8 [3]

Core Viewpoint - Haier Smart Home's management plans to increase their shareholding in the company, reflecting confidence in its future development and long-term investment value [1]. Group 1: Shareholding Increase Plan - The board and senior management of Haier Smart Home intend to voluntarily increase their shareholding using personal funds, with a total planned investment between 20.85 million and 41.7 million yuan [1]. - The increase will be executed through the Shanghai Stock Exchange and Hong Kong Stock Exchange, with no specific price range set for the purchases [1]. - The implementation period for this shareholding increase is six months from the announcement date [1]. Group 2: Management Involved - The individuals involved in the shareholding increase include Chairman and President Li Huagang, Vice Presidents Gong Wei, Huang Xiaowu, Zhao Nafu, Wu Yong, Guan Jiangyong, Song Yujun, and Li Yang, as well as Board Secretary Liu Xiaomei [2][3]. Group 3: Market Context and Financial Performance - On April 7, Haier Smart Home's A and H shares experienced significant declines, with A shares hitting a 10% limit down and H shares dropping by 13.45% [4]. - Year-to-date, Haier Smart Home's A shares have decreased by 17.18%, while H shares have fallen by 27.93% [4]. - For the fiscal year 2024, Haier Smart Home reported a revenue of 285.981 billion yuan, a year-on-year increase of 4.29%, and a net profit of 18.74 billion yuan, up 12.92%, both reaching historical highs [4].

海尔智家股份有限公司 关于首次实施以集中竞价交易方式回购A股股份的公 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： 2025 年 4 月 7 日，海尔智家股份有限公司（以下简称"公司"）通过上海证 券交易所交易系统以集中竞价交易方式首次回购 A 股股份 610,000 股，占公司总 股本的比例为 0.007%，回购成交最高价为 23.95 元/股，最低价为 23.60 元/股， 已支付的资金总额为 14,479,454.00 元（不含交易费用）。 一、 回购方案的基本情况 股票简称：海尔智家 股票代码：600690 编号：临 2025-022 二、 首次实施回购股份的具体情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等法律 法规、规范性文件的有关规定，公司应当在首次回购股份事实发生的次日予以公 告。现将公司首次回购股份情况公告如下： 特此公告。 海尔智家股份有限公司董事会 2025 年 4 月 7 日 海尔智家股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-023 公司于近日收到董事、高级管理人员分别出具的《关于增持海尔智家股份 有限公司股份计划的通知函》，增持主体计划自愿以自有资金以集合竞价的方式 通过上海证券交易所交易系统（含港股通）、香港联合交易所有限公司交易系统 允许的方式增持公司股份（包括A股及/或H股）。现将有关情况公告如下： | 序号 | 增持主体 | 职务 | | --- | --- | --- | | 1 | 李华刚 | 董事长、总裁 | | 2 | 宫伟 | 董事、副总裁、财务总监 | | 3 | 黄晓武 | 副总裁 | | 4 | 赵弇锋 | 副总裁 | | 5 | 吴勇 | 副总裁 | | 6 | 管江勇 | 副总裁 | | 7 | 宋玉军 | 副总裁 | | 8 | 李洋 | 副总裁 | 一、增持主体的基本情况 海尔智家股份有限公司（以下简称"公司"）董事、高级管理人员（以下 简称"增持主体"）计划自愿以自有资金以集合竞价的方式通过上海证券 交易所交易系统（含港股通）、香港联合交易所有限公司交易系统允许 的方式增持公司股份（包括 A 股及/或 H 股），预计累计增持金额不低 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The report emphasizes that Haier Smart Home is leveraging AI technology to enhance its strategic, product, and ecological frameworks, leading the industry towards a smart home future [2][3][10]. Strategic Aspects - AI is aiding the company in deepening digital transformation and improving operational efficiency, with a shift to online marketing, AI-driven service matching, and smart logistics reducing costs [11][13]. - The company has upgraded its R&D, manufacturing, and order systems using AI, resulting in a 20% reduction in R&D cycles, a 30% increase in production efficiency, and a 13% improvement in order response times [11][15][16]. Product Development - Haier is transitioning from "assisting with chores" to a vision of "unmanned chores," introducing the "AI Eye" series of appliances that autonomously manage cooking and laundry tasks [17][20]. - The "AI Eye" technology enables appliances to recognize and respond to user needs, enhancing user experience and operational efficiency [20][21]. Ecological Development - The "Smart Home Brain" has been upgraded to incorporate AI perception, voice, and visual capabilities, aiming to create a more intuitive home environment [36][38]. - The company is expanding its smart home solutions through its "Three Wings Bird" brand, which covers smart appliances, customized home solutions, and comprehensive home control [31][35]. Investment Recommendations - The report suggests that Haier Smart Home is well-positioned to capitalize on AI-driven opportunities, with projected net profits of 21.44 billion, 24.29 billion, and 26.76 billion yuan for 2025-2027, corresponding to P/E ratios of 11.5, 10.1, and 9.2 times [43].

Market Overview - The Shanghai Composite Index fell by 0.24% on April 3, with 14 industries experiencing gains, led by Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.81%) and Utilities (up 1.41%) [1] - The sectors with the largest declines were Household Appliances (down 2.65%) and Electronics (down 2.48%), with Household Appliances being the worst performer of the day [1] Capital Flow - The net outflow of capital from the two markets was 31.848 billion yuan, with 11 industries seeing net inflows [1] - The Retail Trade sector had the highest net inflow of capital, totaling 1.232 billion yuan, while the Agriculture, Forestry, Animal Husbandry, and Fishery sector saw a net inflow of 706 million yuan [1] - The Electronics sector experienced the largest net outflow, totaling 10.925 billion yuan, followed by the Power Equipment sector with an outflow of 4.813 billion yuan [1] Household Appliances Sector - The Household Appliances sector saw a decline of 2.65%, with a net outflow of 1.291 billion yuan [2] - Out of 95 stocks in this sector, 10 stocks rose, including one that hit the daily limit, while 83 stocks fell, with one hitting the lower limit [2] - The top three stocks with the highest net outflow were Haier Smart Home (2.749 billion yuan), Midea Group (2.084 billion yuan), and Sanhua Intelligent Controls (2.084 billion yuan) [2] Notable Stocks in Household Appliances - The stock with the highest net inflow was Stone Technology, with 58.7316 million yuan, followed by Samsung New Materials (36.6522 million yuan) and Hisense Home Appliances (34.4755 million yuan) [5] - The stocks with significant net outflows included Haier Smart Home (-27.4498 million yuan), Midea Group (-20.78458 million yuan), and Sanhua Intelligent Controls (-20.77902 million yuan) [2][5]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 27.02 CNY and a target price of 35.54 CNY [1] Core Views - Haier Smart Home achieved a revenue of 286 billion CNY in 2024, representing a year-on-year growth of 4.3%. The net profit attributable to shareholders was 18.7 billion CNY, up 12.9% year-on-year [5][6] - The company continues its high cash dividend policy, proposing a cash dividend of 9.65 CNY per 10 shares, resulting in a cash dividend ratio of 48.0% for 2024, with expectations to exceed 50% in 2025-2026 [5][6] Revenue Performance - The company reported a revenue breakdown by product for 2024: air conditioners (49.1 billion CNY, +7%), refrigerators (83.2 billion CNY, +2%), kitchen appliances (41.1 billion CNY, -1%), water appliances (15.8 billion CNY, +5%), washing machines (63.0 billion CNY, +3%), and equipment parts and channel services (32.4 billion CNY, +16%) [6] - Domestic revenue reached 141.7 billion CNY in 2024, growing 3.1% year-on-year, benefiting from national subsidies [6] - Overseas revenue was 142.9 billion CNY, with notable growth in South Asia (+21%) and Southeast Asia (+15%) [6] Profitability and Cost Management - The gross margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with domestic and international gross margins at 29.8% and 25.4%, respectively [7] - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios at 11.7%, 4.2%, 3.8%, and 0.2%, respectively [7] Financial Forecast and Valuation - The report forecasts a net profit of 21.5 billion CNY for 2025 and 24.3 billion CNY for 2026, with a new estimate of 27.3 billion CNY for 2027 [8] - The current price corresponds to a price-to-earnings (P/E) ratio of 12, 10, and 9 for 2025, 2026, and 2027, respectively [8]

Summary of Haier Smart Home (A/H) Conference Call Company Overview - **Company**: Haier Smart Home Co Ltd - **Ticker**: 6690 HK (H-shares), 600690 CH (A-shares) - **Market Cap**: Approximately $29.996 billion (H-shares) and $35.328 billion (A-shares) [4][23] Key Financial Highlights - **2024 Performance**: - Organic sales growth of 3.5% and earnings growth of 15.1% year-over-year (YoY) [2][21] - Reported sales and earnings grew by 4.3% and 12.9% YoY, respectively [2][21] - Domestic sales increased by 3% YoY, rebounding from a decline in earlier quarters [22] - Overseas sales achieved 4% organic growth, with emerging markets contributing significantly [22] - **2025 Guidance**: - Sales growth expected in the mid-high single digits (M/HSD) and earnings growth in the double digits (DD) [2][21] - Anticipated 7% sales growth in China, driven by premium brand Casarte [22] - Overseas sales forecasted to grow by 5% YoY with stable operating profit margins [22] Strategic Initiatives - **Digitalization and Efficiency**: - Deployment of AI to enhance sales management and supply chain efficiency, targeting a reduction in SG&A ratio by 40-50 basis points in 2025 [2][21] - **Tariff Mitigation Strategies**: - Plans to upgrade product mix, pass some tariff costs to suppliers, and improve production efficiency in the US [2][21] - Establishing a backup supply chain in Southeast Asia to mitigate tariff impacts [2][21] Market Position and Valuation - **Valuation Metrics**: - Haier-H trades at 10x 2025 P/E with a 4.9% dividend yield, more attractive compared to Haier-A's 12x/4.1% and Midea-A's 13.6x/4.5% [2][21] - **Price Target**: - New price target for Haier-H raised to HK$33 (from HK$31) and for Haier-A to Rmb31 (from Rmb30) [2][21][14] Earnings Estimates - **Adjusted EPS Estimates**: - FY25E adjusted EPS for Haier-H increased from Rmb2.14 to Rmb2.23, and for Haier-A from Rmb2.14 to Rmb2.23 [7][18] - **Long-term Growth Projections**: - Forecasted sales and earnings growth of 6% and 11.9% YoY in 2025, with CAGRs of 3.7% and 8.7% over 2025-2027 [25][31] Risks and Considerations - **Market Concerns**: - Haier has been perceived as disproportionately discounted due to fears surrounding US tariff hikes [24][30] - **Operational Challenges**: - Potential impacts from restructuring costs in Europe and fluctuating consumer sentiment in the US and EU markets [22][24] Conclusion - **Investment Thesis**: - Haier's balanced product portfolio and geographical diversification are seen as strengths. The company is expected to improve its operating margins and close the gap with competitors like Midea and Gree [24][30]

Core Insights - Haier Smart Home reported its 2024 annual results with revenue of 286 billion yuan, net profit attributable to shareholders of 18.7 billion yuan, and net profit excluding non-recurring items of 17.8 billion yuan, reflecting year-on-year growth of 4%, 13%, and 13% respectively [1] - The company plans to distribute a cash dividend of 9.65 yuan per share, totaling 9 billion yuan, with a dividend payout ratio of 48%, and intends to repurchase shares worth 1 to 2 billion yuan at a price not exceeding 40 yuan per share [1] Revenue Growth - Both domestic and international sales grew, with significant increases in the Middle East, Africa, South Asia, and Southeast Asia [2] - Revenue from various segments for 2024 included: refrigeration 83.6 billion yuan (+2%), kitchen appliances 41.2 billion yuan (-1%), washing machines 63.3 billion yuan (+3%), air conditioning 49.6 billion yuan (+8%), water appliances 16.2 billion yuan (+5%), and other businesses 118.2 billion yuan (+7%) [2] - Domestic revenue was 142.2 billion yuan (+3%) and overseas revenue was 143.8 billion yuan (+5%) [2] Brand Performance - The retail revenue of the Casarte brand increased by 12%, with Q4 revenue growth exceeding 30% [3] - The Leader brand saw a 26% increase in retail revenue, driven by product innovation and marketing upgrades [3] Profitability Improvement - The overall gross margin for 2024 was 27.8%, an increase of 0.3 percentage points year-on-year, with improvements in both domestic and overseas gross margins [4] - Profit margins for various segments included: air conditioning 23.9%, refrigeration 30.8%, kitchen appliances 29.3%, water appliances 41.6%, washing machines 31.4%, and equipment and channel services 8.6%, all showing year-on-year increases [4][5] - The net profit margin for 2024 was 6.6%, up 0.5 percentage points year-on-year, with all segments showing improved profit margins [5] Future Outlook - The company is positioned as a leader in the white goods industry, with advantages in high-end, global layout, and localized operations [5] - The integration of logistics capabilities through the merger with Rishun is expected to enhance domestic and international operations [5] - Revenue projections for 2025 and 2026 are 21.4 billion yuan and 23.9 billion yuan respectively, with corresponding EPS of 2.29 yuan and 2.54 yuan, indicating a PE ratio of 12.0 and 10.8 times [5]

Core Viewpoint - Haier Smart Home Co., Ltd. has announced a share repurchase plan for part of its A-shares, with a total repurchase amount not exceeding RMB 2 billion and not less than RMB 1 billion, aimed at implementing an employee stock ownership plan [2][3][4] Summary by Sections 1. Repurchase Plan Approval and Implementation - The board of directors approved the share repurchase plan on March 27, 2025, and the announcement was disclosed on March 28, 2025 [2][3] - The repurchase will be conducted within a 12-month period from the board's approval date [4][5] 2. Main Content of the Repurchase Plan - The repurchase amount is set between RMB 1 billion and RMB 2 billion, with a maximum repurchase price of RMB 40 per share [2][3] - The estimated number of shares to be repurchased is up to 50 million shares, based on the maximum repurchase amount and price [3][4] - The repurchased shares will be used for the employee stock ownership plan, and any unused shares after 36 months will be canceled [4][9] 3. Funding Sources - The funding for the repurchase will come from the company's own funds and/or self-raised funds, including special loans for stock repurchase [3][5] 4. Impact on Share Structure - The repurchase is expected to reduce the proportion of circulating shares, with the maximum repurchase potentially affecting the total share capital by approximately 0.53% [6][7] - The repurchase will not change the company's control and will maintain its listing status [7][9] 5. Risk Factors - The plan may face risks such as the stock price exceeding the repurchase price limit, which could hinder or partially implement the repurchase [10][11] - The company will adjust the repurchase terms according to regulatory changes during the implementation period [11] 6. Disclosure and Compliance - The company will fulfill its information disclosure obligations regarding the progress of the repurchase in accordance with relevant laws and regulations [12]