600690:SSEHaier Smart Home Co., Ltd. Class A Analysis

Haier Smart Home trades at CNY 25.08, comfortably above its 20‑day SMA (25.44) but below the 50‑day (25.77) and 200‑day (25.89) averages, signaling a short‑term bearish bias. The RSI sits at 45, the MACD histogram is slightly negative, and volume is rising, suggesting downward pressure toward the near‑term support at CNY 24.15. Technical indicators therefore point to a potential pull‑back in the coming weeks.
Fundamentally, the company delivers solid earnings (PE ≈ 11) and a high dividend yield of 4.9% with a modest payout ratio of 43%, backed by strong cash balances (CNY 55.2 bn) and manageable debt (debt‑to‑equity ≈ 36%). However, the DCF‑derived fair value of CNY 4.74 is far below the market price, implying the stock is significantly overvalued. Recent material disclosures – dividend finalisation, progress on a share‑repurchase program, and updates on the core employee stock ownership plan – reinforce the dividend sustainability but do not offset the valuation gap.