海尔智家（600690.SS）：2026年三季度业绩初览——业绩符合预期，受关税退还与费用纪律贡献，维持买入

Haier Smart Home reported largely in-line 3Q26 results post market close of Oct 29. Total revenue/net profit in 3Q26 was Rmb69.7bn/Rmb4.7bn, changing by -10%/-12% yoy, which was -3%/-2% vs. GSe. Revenue was slightly below our expectations due to weak demand in both China and US market, while ex-US overseas market contributed positive growth led by emerging markets, followed by Europe. Despite the net profit decline, Haier's operating profits stayed largely flattish vs. 3Q25, reflecting disciplined expense investment despite GPM pressure. We estimate MSD% revenue yoy decline in the US and a c.20% yoy decline in domestic revenue, with AC the primary drag among white goods categories. GPM declined by 81bps yoy in 3Q26: domestic GPM fell on cost inflation, pricing competition and product mix deterioration, while overseas GPM increased on US tariff refunds. The company disclosed Rmb1.5bn non-recurring gain from law and regulation changes, mostly tariff refunds in our estimate;