Gelonghui, March 29 | Zhongtai Securities Research Report pointed out that in 2023, Haier Smart Home (600690.SH) had revenue of 261.4 billion yuan (+7.3%), with a return of 16.6 billion yuan (+12.8%). Revenue and profit slightly exceeded expectations. The gross margin led to an increase in net interest rate, and the governance improvement & structural upgrade logic continued to be implemented. Furthermore, the dividend rate was raised from 36% to 45% in '23, and the dividend ratio continued to be raised to ≥ 50% in 25-26. Against the backdrop of an upward air conditioning base and rising prices for raw materials and shipping, I believe it is necessary to cherish Haier, which has a continuous improvement in business quality. The company still has many profit improvement points in 24 years, including ① a high increase in domestic sales of air conditioning and kitchen appliances, ② restoration after Casadi removed inventory, ③ profit growth after the launch of European Newcandy, and ④ rate optimization dividends brought about by digital reforms to reduce costs and increase efficiency. Furthermore, the increase in real estate demand after the US entered the interest rate cut cycle in the second half of '24 has an opportunity to drive Haier to continue to exceed expectations. In summary, it is believed that the company's slope is rising, and repurchases+dividends have significantly increased the investment value. It is estimated that the return in 24/25/26 will be $187, 211, and 23.8 billion yuan (the previous value in 24/25 was $193, 21.7 billion), corresponding to PE of 12, 11, and 9 times, maintaining a “buy” rating.