Guosheng Securities: Haier Smart Home issues first mid-term dividend, company remains stable overall, maintains "buy" rating.

Guosheng Securities research report pointed out that Haier Smart Home achieved a net profit attributable to shareholders of 12.033 billion yuan in the first half of 2025, a year-on-year increase of 15.59%. Among them, the net profit attributable to shareholders in the second quarter of 2025 was 6.546 billion yuan, a year-on-year increase of 16.02%. The company implemented mid-term dividends for the first time, with a dividend amount exceeding 2.5 billion yuan, accounting for 20.83% of the net profit attributable to shareholders in the first half of 2025. Both domestic and foreign markets are stable overall, with faster growth in emerging markets. Domestically, Casarte's revenue increased by over 20%; leader's revenue increased by over 15%. Overseas, revenue increased by 11.7%. Among them, South Asia grew by 32.47%, Southeast Asia by 18.29%, and the Middle East and Africa by 65.42%. Considering the company's performance in the first half of 2025 and the overall industry environment, it is expected that the company will achieve a net profit attributable to shareholders of 21.087/23.723/26.446 billion yuan in 2025-2027, with a year-on-year growth rate of 12.5%/12.5%/11.5%. The "buy" investment rating is maintained.