On October 30, GeLongHui| China International Capital Corporation's research report pointed out that Haier Smart Home's 3Q24 revenue was 67.349 billion yuan, a year-on-year increase of +0.5%, with a net income attributable to the parent company of 4.734 billion yuan, a year-on-year increase of +13%, and performance in line with our expectations. Since 2Q24, domestic appliance sales have continued to weaken, with July's domestic retail sales of refrigerators and washing machines down by -12%/-7%/-14% year-on-year (AVC data). Since August, the policy of trading in old appliances for new ones has gradually been implemented in various provinces and cities in China, boosting domestic sales of large appliances. The overseas market continues to increase its market share. In 3Q24, Whirlpool and Electrolux North America saw revenue declines of -4.3%/-3.9%, while Haier GEA outperformed its competitors with stable market share growth. Emerging markets are deepening their local supply chain construction, with South Asia's revenue in 3Q24 increasing by more than +30% year-on-year. Haier continues to drive organizational changes in the European market, streamlining processes for resource coordination between headquarters, regional platforms, and various countries to further optimize cost space and achieve operational efficiency improvement. Due to the recent boost in the market sentiment from government subsidies, the target prices for A/H/D shares have been raised by 18%/12%/17% to 37.8 yuan/37.0 Hong Kong dollars/2.1 euros, maintaining an "outperforming the industry" rating.