20231101-招银国际-海尔智家-06690.HK-Confident_on_FY24E_due_to_internal_drivers_8页_1mb

报告摘要

The report analyzes Haier Smart Home (6690 HK) and maintains a BUY recommendation based on strong internal growth drivers for FY24E.
3Q23 results were inline with Bloomberg estimations: sales increased 7% YoY to RMB 67bn, net profit rose 13% to RMB 4.2bn, though net profit missed CMBI's estimate slightly due to a higher tax rate.
Growth in 3Q23 slowed from 8% in 1H23, but it is attributed to internal improvements amid a challenging industry environment in China and the US.
Confident on FY24E growth driven by internal factors, such as Casarte's recovery, "Three wings bird" expansion, and air-con business reforms, which also aim for efficiency improvements and margin expansion.
Valuation is supported at 11x FY23E P/E, with a revised target price of HK$26.34 (down 17.6% from previous price), reflecting downward earnings revisions due to lower other income and taxes.
FY23E/24E/25E net profit estimates are revised lower by 2/4/3% respectively, while gross and net profit margins show slight declines.
Compared to peer valuation metrics, the stock trades below its five-year P/E average, suggesting potential upside despite a tougher industry outlook.
Key recommendations include maintaining BUY and focusing on overseas market opportunities for FY24E, with risks noted from higher taxes and potential industry sluggishness.

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