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>2Q23 was roughly inline (robust air-con performance offsetting the weak fridge, washing machine and Casarte, strong domestic GP margin offsetting the overseas’).</li><li>FY23E guidance was maintained as the outlook for both China and overseas remained positive (partly industry and party company driven).</li><li>With undemanding valuation of 12x FY23E P/E, we still maintain BUY.</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.

2Q23 was roughly inline (robust air-con performance offsetting the weak fridge, washing machine and Casarte, strong domestic GP margin offsetting the overseas’).FY23E guidance was maintained as the outlook for both China and overseas remained positive (partly industry and party company driven).With undemanding valuation of 12x FY23E P/E, we still maintain BUY.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) – 2Q23 Was Inline and FY23E Guidance Stayed

<ul><li>It was quite a miss for Haier in 4Q22, but we think that was partly one-off.</li><li>On one hand, the domestics business shall gradually bottom out.</li><li>But on the other hand, the overseas business is still facing certain 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.

It was quite a miss for Haier in 4Q22, but we think that was partly one-off.On one hand, the domestics business shall gradually bottom out.But on the other hand, the overseas business is still facing certain 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) – A 4Q22 miss and a prudent FY23E guidance

<div><ul><li>3Q22 results roughly inline. Sales/ net profit grew by 9%/ 34% YoY to RMB 62.9bn/ 3.7bn, inline with BBG est.</li><li>Relatively soft for Casarte in 3Q22, but long-term growth is still intact.</li><li>Remain cautious about the industry, but much better for Haier on 4Q22E and FY23E outlook.</li></ul></div>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.

3Q22 results roughly inline. Sales/ net profit grew by 9%/ 34% YoY to RMB 62.9bn/ 3.7bn, inline with BBG est.Relatively soft for Casarte in 3Q22, but long-term growth is still intact.Remain cautious about the industry, but much better for Haier on 4Q22E and FY23E outlook.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) – Resilient growth and margins amid headwinds

<ul><li>We maintain BUY and raised TP to HK$ 34.74. Despite various macro headwinds (pandemic, inflation, geo-political issues, etc.), Haier’s in-line growth with guidance was really impressive which clearly demonstrated its world-class strategy and execution. </li><li>We do expect these continue to play out in 2H22E with chances of better macro (e.g. more favorable raw material costs). </li><li>Our new TP of HK$ 34.74 is based on 14x FY23E P/E (rolled over from 16x FY22E P/E). Its current valuation is attractive at 10x FY23E P/E, vs Haier-A’s 14x, Midea’s 10x and China peers average of 11x, given 15% NP CAGR in FY21-24E.</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.

We maintain BUY and raised TP to HK$ 34.74. Despite various macro headwinds (pandemic, inflation, geo-political issues, etc.), Haier’s in-line growth with guidance was really impressive which clearly demonstrated its world-class strategy and execution. We do expect these continue to play out in 2H22E with chances of better macro (e.g. more favorable raw material costs). Our new TP of HK$ 34.74 is based on 14x FY23E P/E (rolled over from 16x FY22E P/E). Its current valuation is attractive at 10x FY23E P/E, vs Haier-A’s 14x, Midea’s 10x and China peers average of 11x, given 15% NP CAGR in FY21-24E.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) – Solid guidance and edges despite headwinds

China

Haier Smart Home Co. Ltd. manufactures and distributes appliances. The Company produces air conditioners, refrigerators, freezers, small household electrical appliances, and other related products. Haier Smart Home markets its products domestically and internationally.

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Haier Smart Home (6690 HK)