External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>3Q25 results were a beat, thanks to robust air-conditioner and leader brand’s business.</li><li>Management has kept their FY25E guidance unchanged and unveiled a similar FY26E guidance.</li><li>While we highly appreciate Haier’s level of execution and its growth drivers (air-con, Casarte, overseas, efficiency gains through digitalization, etc..), we would still be careful about any macro risks. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 results were a beat, thanks to robust air-conditioner and leader brand’s business.Management has kept their FY25E guidance unchanged and unveiled a similar FY26E guidance.While we highly appreciate Haier’s level of execution and its growth drivers (air-con, Casarte, overseas, efficiency gains through digitalization, etc..), we would still be careful about any macro risks. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Haier Smart Home (6690 HK) - FY26E Guidance Is Solid but We Are Cautious

Thematic (Sector/Industry)

<ul><li>Upgrade our rating to OUTPERFORM on the consumer discretionary sector.</li><li>The foot traffic of the 2024 10-1 National Day holidays was strong (recovery rate has improved vs Mid-autumn and Dragon Boat Festival) but the spending power remained fairly week.</li><li>Even though the retail sales growth was still under pressure, a sequential improvement was observed compared with Sep 2024, and this should be able to support the further re-rating of the sector valuation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Upgrade our rating to OUTPERFORM on the consumer discretionary sector.The foot traffic of the 2024 10-1 National Day holidays was strong (recovery rate has improved vs Mid-autumn and Dragon Boat Festival) but the spending power remained fairly week.Even though the retail sales growth was still under pressure, a sequential improvement was observed compared with Sep 2024, and this should be able to support the further re-rating of the sector valuation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary - Sequential Improvement May Support Re-Rating

<ul><li>The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.</li><li>Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.</li><li>However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary - Cautiously Optimistic After a Mixed Golden Week

<ul><li>Haier’s 1Q25 results were a slight beat, thanks to strong growth from Casarte, air-con and overseas.</li><li>Management has reiterated its FY25E guidance afterwards, together with the undemanding valuation, we maintain BUY.</li><li>However, even though many sales growth and margin drivers are still valid, we do want to be more conservative about the potential slowdown in China and margin erosion in the US, and hence cutting our TP to HK$ 28.45 with a 12x FY25E P/E (cut from 14x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Haier’s 1Q25 results were a slight beat, thanks to strong growth from Casarte, air-con and overseas.Management has reiterated its FY25E guidance afterwards, together with the undemanding valuation, we maintain BUY.However, even though many sales growth and margin drivers are still valid, we do want to be more conservative about the potential slowdown in China and margin erosion in the US, and hence cutting our TP to HK$ 28.45 with a 12x FY25E P/E (cut from 14x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Haier Smart Home (6690 HK) - Robust Growth Momentum but We Are Prudent

<ul><li>Haier’s 3Q24 results were roughly inline, but we do have high hope of a decent pick up in 4Q24E, thanks to favorable “old for new” trade in subsidies in China and interest rate cut in the US.</li><li>But more importantly, we are once again, impressed by Haier’s ability to gain efficiency and save costs in both short and long run.</li><li>We are confident on its 15% net profit growth target per annum, and hence maintain BUY and raise TP to HK$ 36.41, based on 14x FY25E P/E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Haier’s 3Q24 results were roughly inline, but we do have high hope of a decent pick up in 4Q24E, thanks to favorable “old for new” trade in subsidies in China and interest rate cut in the US.But more importantly, we are once again, impressed by Haier’s ability to gain efficiency and save costs in both short and long run.We are confident on its 15% net profit growth target per annum, and hence maintain BUY and raise TP to HK$ 36.41, based on 14x FY25E P/E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Haier Smart Home (6690 HK) - A Rosy 4Q24E with Mid-Term Reform Announced

China

Haier Smart Home is a global leader in the research, development, manufacturing, and sales of smart home appliances, including refrigerators, washing machines, air conditioners, and kitchen appliances. The company also provides smart home scene solutions and related services. It was founded in 1984 and is headquartered in Qingdao, China.

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Haier Smart Home (6690 HK)