Lyon: Maintain Haier Smarthome (06690) "outperform the market" rating, target price raised to HK$32.

Lyon releases research report, maintaining a "outperform market" rating for Haier Smarthome (06690), considering strong support from overseas demand recovery. The A-share target price of HAIER SMARTHOME (600690.SH) has been raised from 32 yuan to 34 yuan, and the Hong Kong stock target price has been raised from 30 Hong Kong dollars to 32 Hong Kong dollars. With the continued decline in the impact of the policy of replacing old appliances with new ones, it is expected that HAIER SMARTHOME's revenue growth in China will slow to low single digits by 2026. However, the bank remains confident in Haier's domestic market gross margin expansion as the company continues to streamline product models and improve channel efficiency. Lyon points out that there is a major variable in the US market, and if new policy changes successfully stimulate housing supply, revenue growth could accelerate significantly. It is expected that Haier's US market revenue growth will accelerate from low single digits in 2025 to mid-single digits in 2026.