CITIC Securities International maintains a "buy" rating on HAIER SMARTHOME (06690) with third quarter performance exceeding expectations.

China Merger International released a research report stating that although HAIER SMARTHOME (06690) has provided a very stable guidance for the 2026 fiscal year, the bank's view remains cautious. It reiterated the guidance for the 2025 fiscal year and remains confident in the fourth quarter of the 2025 fiscal year. Management reiterated the high single-digit sales growth and net profit growth of over 10% for the second half of the 2025 fiscal year and the 2025 fiscal year. Due to the strong performance in the third quarter of the 2025 fiscal year, the bank still has confidence in the sales and net profit growth in the fourth quarter of the 2025 fiscal year. The rating is "buy", with the target price reduced from HK$31.57 to HK$29.05. Furthermore, China Merger International acknowledges the company's growth prospects, but for caution, considering the macroeconomic risks beyond expectations, it currently only expects 5% sales growth and 9% net profit growth for the 2026 fiscal year. The bank mentioned that HAIER SMARTHOME's performance in the third quarter of the 2025 fiscal year exceeded expectations. Revenue increased by 10% year-on-year to 77.6 billion yuan, beating the bank's and market's expectations by 5% and 4% respectively. Net profit increased by 13% year-on-year to 5.34 billion yuan, outperforming the bank's and market's expectations by 6% and 2% respectively.