Haier Smart Home (HKG:6690) saw its stock price plummet by 6.37% during intraday trading, despite reporting a 13% increase in net profit for 2024. The sharp decline suggests that investors were underwhelmed by the company's financial results and its newly announced share repurchase plan.
According to the company's filing with the Shanghai bourse, Haier Smart Home posted a net profit attributable to shareholders of 18.7 billion yuan for 2024, up from 16.6 billion yuan in the previous year. Earnings per share rose to 2.02 yuan from 1.78 yuan. The home appliances giant also reported a 4.3% year-over-year increase in revenue, reaching 286.0 billion yuan. Additionally, the company declared a 2024 dividend of 0.965 yuan per share.
Despite the positive financial results, investors seemed to focus on the company's share repurchase plan, which may have fallen short of expectations. Haier Smart Home announced its intention to repurchase between 25 million and 50 million A shares, with an estimated repurchase amount ranging from 1 billion to 2 billion yuan. The market's negative reaction suggests that shareholders might have been hoping for a more substantial buyback program to boost investor confidence and support the stock price.
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