Gelonghui, September 10 | Everbright Securities Research Report indicates that Haier Smart Home (600690.SH) revenue has bucked the trend, and the Q2 net interest rate to mother was a record high. Both domestic and overseas businesses have bucked the trend. By product, refrigerators/washing machines/air conditioners/kitchenware/water appliances accounted for 30%/22%/21%/15%/6% in the first half of '24, and the year-on-year revenue growth rate was 1%/5%/4%/2%/6%. In emerging markets such as South Asia, Southeast Asia, and the Middle East Africa, the company deepened its supply chain and network layout, and increased the price index by strengthening its high-end lineup to achieve rapid growth. Revenue from South Asia, Southeast Asia, and Middle East Africa increased by 10%, 12%, and 27% respectively in the first half of the year. Haier is positioned as a leading global consumer electronics brand. Digital transformation reduces costs and increases efficiency, and operating efficiency continues to improve. It is expected that the domestic and foreign market share of the company's products will increase steadily, digital transformation will continue to reduce costs and increase efficiency, and maintain the company's net profit from 2024-2026 to 19.1, 21.5, and 24.1 billion yuan. The current price corresponds to PE at 12, 11, and 10 times, maintaining a “buy” rating.