海尔智家（600690.SH）：2026年三季度净利符合预期，四季度待验证

Haier Smart Home's 3Q26 revenue fell 10.1% yoy to Rmb69.7bn, below our -8% estimate, while net profit came in at Rmb4.68bn, down 12.3% yoy and in line with our forecast. GPM declined 0.8ppt to 27.1% on commodity cost pressure amid intense domestic competition, partly offset by a one-off tax refund benefit overseas; a 1.4ppt drop in the selling expense ratio lifted OPM 0.8ppt to 8.5%. Domestically, sales fell double digits, with AC the largest drag (down over 20% on weak demand and a high base), refrigerators down ~teens and washing machines down ~single digit;