海尔智家：业绩表现靓丽，拟并表日日顺释放新增长潜力

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]