Haier Smart Home Co.Ltd(600690) (600690)
Event: Chongqing Xinri rishun home appliance sales Co., Ltd., a wholly-owned subsidiary of the company, plans to increase the capital of its wholly-owned subsidiary Qingdao Haier smart life appliance Co., Ltd. by 3.5 billion yuan in cash, and the added value of registered capital is 3.7 billion yuan. At the same time, the company established the smart household appliances division as the company's first-class strategic unit, with Xie Juzhi, vice chairman of the company, as the person in charge.
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Comply with the new trend of the development of household appliances and establish a first-class strategic unit. Under the general trend of rapidly increasing the penetration rate of personal care appliances such as cleaning and massage, the company actively layout its products and successively launched two new types of floor washing machines in May and October. In November, the sales volume of floor washing machines on Haier Amoy platform reached 6878, ranking No. 10 on Amoy platform. At present, Haier's household appliances business includes cleaning appliances, new kitchen appliances, smart furniture products and other emerging appliances. It has established a first-class strategic unit of the smart household appliances business department, which is in the charge of the vice chairman, reflecting the company's attention to the household appliances business. In the future, the company will also use its overall resources to provide the household appliances company with general technology R & D, marketing network Comprehensive support for digital operation.
From household appliances to small household appliances, we will work together to build a smart life. In addition to launching more new products, the company can further combine life electrical products with the original large household appliance scenes, supplement the smart balcony, living room, kitchen, bathroom and other scenes under the three winged bird scene brand, and provide consumers with more comprehensive and detailed solutions for house cleaning, healthy cooking, comfortable environment and smart care, Strengthen the strategic capability of the company's Internet of things; At the same time, while providing consumers with intelligent life, the addition of more subdivided SKUs will help to improve the revenue of complete customer orders and promote the revenue growth of the company.
With both internal and external training and all-round development, Haier maintains a leading position in the industry. Under the influence of multiple adverse factors such as repeated epidemic, raw material prices and terminal demand, Haier's former 3Q eliminated +9.2/+14.6% and Haier's net profit respectively compared to the previous year. Under the "rendanheyi" mode, the company's scene brand three winged bird continued to land. As of December 2021, 1073 stores had been opened across the country to provide a platform for consumers to experience the Internet Smart Life of multiple brands and categories of Haier. We believe that the increasingly perfect smart home appliance industry platform will provide sustainable driving force for the company's business growth.
Profit forecast and investment rating: we expect the company's revenue in the 21st-23rd year to be 2337.72/2559.61/280.619 billion yuan, a year-on-year increase of + 11.5 / + 9.5 / + 9.6%; The net profit attributable to the parent company was RMB 13.563/16.676/18.699 billion, a year-on-year increase of + 52.8 / + 18.5 / + 16.3%, corresponding to PE of 20.37/17.19/14.78 times, maintaining the "buy" rating.
Risk factors: the market demand of household appliances is lower than expected, the cost of raw materials rises sharply, the development of overseas markets is lower than expected, the demand of high-end markets is lower than expected, the education and promotion of packaged / scenario products is lower than expected, the exchange rate fluctuates greatly, and the overseas epidemic situation leads to insufficient export demand.
