Bank of America Securities has issued a research report maintaining a "Buy" rating on Haier Smart Home (06690), citing its dominant position in the washing machine and refrigerator markets, growing market share in air conditioners, and potential for further margin expansion through product mix optimization and efficiency improvements. The bank set a target price of HK$32.7 for the company. Last year, Haier Smart Home's revenue and post-tax net profit increased by 5.7% and 4.4% year-on-year, respectively. However, in the fourth quarter alone, they declined by 6.7% and 39.2%. Both revenue and profit margins fell short of expectations. On a positive note, the dividend payout ratio has been raised from 48% for 2024 to 55% for 2025, with plans to enhance shareholder returns through increased dividends and share repurchases.