BOCOM International: HAIER SMARTHOME 1Q26 Results Under Pressure, Expected to Improve QoQ Going Forward
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BOCOM International reported that HAIER SMARTHOMEfaced pressure in its 1Q26 results, with revenue and net profit declining 6.9% and 17.2% YoY, respectively. The decline was attributed to weak domestic demand and external factors. However, the decline improved QoQ and was in line with earlier guidance. Gross margin was 25.3%, slightly down YoY, but operating profit increased over 10% YoY excluding North America. The broker maintained its earnings forecasts and Buy rating, expecting QoQ improvement in 2Q26 with a target price of HKD30.1.
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