\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Events
On March 8, 2022, Haier Smart Home Co.Ltd(600690) issued the announcement of increasing shareholding. Haichuangzhi (the actual controller of Haier group acting in concert) increased its holdings of 6.4 million shares of the company through the secondary market, with an average increase price of 22.64 yuan / share and an increase amount of 145 million yuan, accounting for 0.07% of the total share capital. Haichuangzhi also released the follow-up shareholding increase plan, which plans to continue to increase its shareholding in the next six months after March 8, with a cumulative amount of no less than 200 million yuan and no more than 350 million yuan (including 145 million yuan of shares increased this time).
Brief comment
Export sales remained stable and domestic sales improved in quality. ① In terms of export, the recovery of the epidemic in the Asia Pacific region, the real estate cycle in Europe and the United States and home inertia will still provide demand support for the overseas home appliance market. Relying on the new product launch and share rise faster than its peers, Haier is expected to maintain a steady growth faster than the industry; ② In terms of domestic sales, Casati brand has successfully run through and continued to expand its competitive advantage in the high-end market. According to the data of ovicloud, Haier’s online share of ice washing increased by 1.2/3.5pct and offline share increased by 1.5/1.6pct respectively from January to February. On the other hand, the weak categories and regional weaknesses will also provide continuous help for the company’s performance growth.
Structural improvement superimposed digital fee control, and profit improvement continued to be realized. ① In terms of products, Casati, a domestic high-end brand, continued to sell in large quantities, and the proportion of overseas high-end brand series increased, driving the company’s profits to catch up with the top echelon. ② In terms of cost, the company is promoting the popularization of terminal digital tools, improving the input-output ratio of stores and reducing the cost of redundant advertising booths in the past; The digital construction of inventory and channels will also help improve the efficiency of the supply chain and reduce costs. The operating profit margin of 21q1-3 company increased by 0.92pct, of which overseas increased by 1.7pct.
Investment suggestion: the company’s overseas independent brand construction has entered the harvest period, the domestic high-end and intelligent layout is leading, the alpha attribute has been recognized by the market, the actual controllers act in concert, and the increased holdings of people demonstrate firm confidence in development. It is estimated that the company will realize operating revenue of 235.5 billion yuan, 260.5 billion yuan and 290.4 billion yuan respectively from 2021 to 23, with a year-on-year increase of 12.3%, 10.6% and 11.5%; The net profit attributable to the parent company was 13.02 billion yuan, 15.14 billion yuan and 17.83 billion yuan, with a year-on-year increase of 46.7%, 16.3% and 17.7%, corresponding to PE of 16.2x, 14.0x and 11.9x respectively, maintaining the “buy” rating.
Risk tips: intensifying industry competition, slowing macroeconomic growth, rising prices of bulk raw materials, etc.
