CICC: Maintains "Buy" rating on HAIER SMARTHOME (06690) with target price raised to HK$31.58.
CMB International has slightly adjusted the net profit forecast for Haier Smart Home (06690) for the years 2024 to 2026 by +1%/-1%/-1%.
Bank of China International released a research report stating that it maintains a "buy" rating for HAIER SMARTHOME(06690), with a slight adjustment of +1%/-1%/-1% to the net profit forecast for the fiscal years 2024 to 2026, reflecting slower than expected sales growth in China and the European Union regions. However, operational leverage and efficiency improvements exceeded expectations, with the target price raised from 31.24 Hong Kong dollars to 31.58 Hong Kong dollars.
The report notes that the company's second-quarter sales growth slowdown was somewhat surprising, but the improved profit margin was impressive. The bank expressed confidence in the company due to factors such as government subsidies, potential interest rate cuts, new product launches, and improved profit margins in the EU business, supporting a positive outlook for the second half of the year in both the Chinese and overseas markets.
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