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BOCOM International: HAIER SMARTHOME (06690.HK) 1Q26 Results Under Pressure, Expected to Improve QoQ Going Forward
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BOCOM International issued a report stating that HAIER SMARTHOME (06690.HK) faced phased pressure in 1Q26 results, with performance expected to improve QoQ in the coming quarters. In 1Q26, the companys revenue and net profit excluding non-recurring items declined 6.9% YoY and 17.2% YoY to RMB73.69 billion and RMB4.44 billion, respectively. The decline was mainly affected by relatively weak domestic demand and factors such as weather and tariffs in the N America market. However, the magnitude of decline improved QoQ and was broadly in line with the companys earlier guidance of a single-digit YoY decrease. In terms of profitability, gross margin for the period was 25.3%, down 0.1 ppts YoY. Gross margin in the China mainland market improved YoY, but was offset by tariff disruptions in overseas markets and rising bulk raw material prices. Excluding the impact from the N America market, operating profit increased by more than 10% YoY, demonstrating resilience. The broker therefore maintained its earnings forecasts for 2026 to 2028 unchanged, expecting improvement QoQ in 2Q26, and kept its TP at HKD30.1. Given the companys attractive dividend yield, it maintained a Buy rating. (ha/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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