On the evening of March 30, Haier Smart Home Co.Ltd(600690) disclosed in the 2021 annual report that the company achieved a revenue of 227.56 billion yuan, which restored the impact of CAOS business, with a year-on-year increase of 15.8%, sustained double-digit high growth and good growth of endogenous business; The net profit attributable to the parent company was 13.07 billion yuan, with a year-on-year increase of 47.1%. The profit growth exceeded the revenue growth, and the profitability continued to improve; The net cash flow from operating activities was 23.13 billion yuan, a year-on-year increase of 31.4%, and the cash content of net profit was 175.5% Among them, overseas and high-end performance was eye-catching, overseas operating profit increased by 48.1%, and the growth of operating profit was much greater than that of revenue; Casati’s revenue reached 12.9 billion yuan, a year-on-year increase of more than 40%, with double-digit growth for five consecutive years.
In the past 2021, under the influence of many factors such as rising raw material prices, repeated epidemics and rising shipping costs, Haier Smart Home Co.Ltd(600690) achieved effective response through forward-looking strategic layout and handed over a brilliant achievement of double high growth of revenue and profit.
digital enabling cost reduction and efficiency improvement rate re optimization 1.6pct
In 2021, the industry is generally facing the challenge of rising raw material prices Sinolink Securities Co.Ltd(600109) in the industry research report, it is pointed out that the current round of raw material rise began in Q3 in 2020, and the peak of price growth occurred in Q2 and Q3 in 2021. The prices of copper, aluminum and steel increased by more than 40%, and that of plastics increased by about 20%.
In such an environment, Haier Smart Home Co.Ltd(600690) continues to promote digital transformation and optimize organizational operation efficiency and cost investment efficiency. During the reporting period, Haier Smart Home Co.Ltd(600690) sales expense rate and management expense rate, excluding the influence of CAOS business, were further optimized by 1.6pct in the same caliber, and the gross profit margin increased by 1.6 percentage points to 31.2%. Among them, the digitalization of employees improves the efficiency by 8%, and the digitalization of customers improves the per capita customer acquisition efficiency by 38%.
Casati’s revenue reached 12.9 billion, and air conditioning and kitchen electricity continued to increase
China Thailand International Industry Research Report shows that the growth space of China’s home appliance industry mainly comes from the demand for home appliance replacement and upgrading. In addition, the enterprise model has been adjusted to the refined model of “pushing up and selling fine”, and high-end has become a definite trend in the household appliance industry.
Casati, which was laid out more than Haier Smart Home Co.Ltd(600690) years ago, transformed the scene to fully land the three winged bird on the basis of high-end first, and used the scene to drive hardware sales. At the same time, high-tech hardware helped the rapid landing of the scene scheme, so it also brought better performance. According to the annual report, Casati’s revenue reached 12.9 billion yuan in 2021, a year-on-year increase of more than 40%. According to zhongyikang data, Casati accounts for more than 40% of the 1W + high-end market share, and the average unit price is 2.4 times that of the industry. In the past five years, Casati’s compound growth rate has reached 36%, realizing high growth and high share under high value.
Meanwhile, Haier Smart Home Co.Ltd(600690) household air conditioning business continued to be the first in high-end growth. According to the financial report, in 2021, Haier China’s air conditioning revenue grew by 26.2%, and Casati’s high-end household air conditioning revenue grew by 56.7%. Up to now, the market share of Haier Smart Home Co.Ltd(600690) air conditioner has increased continuously for five years.
Haier Smart Home Co.Ltd(600690) kitchen electricity business has achieved sustained growth by focusing on smart kitchen scenarios. According to the annual report, Haier’s kitchen electricity business revenue increased by 26.1% year-on-year in 2021. Among them, Casati’s revenue of high-end kitchen appliances increased by 95.1% year-on-year, releasing new incremental space, which is also the 7-year 7-year rise in Haier’s retail sales of kitchen appliances.
In addition, Haier Smart Home Co.Ltd(600690) expand new categories such as clothes dryers and dishwashers and open new channels for growth. Among them, the income of clothes dryer increased by 203% year-on-year, realizing a three digit growth; Casati dishwasher also achieved a three digit growth, with a year-on-year increase of 137.9%. Meanwhile, the smart home appliances industry platform set up in December 2021 has also made good progress. Under the platform empowerment, the tiktok channel of the washing machine achieves double TOP1 explosion.
overseas operating profit increased by 48.1%, and the operating profit margin increased to 5.2%, exceeding OEM
Since the outbreak of the epidemic, shipping costs have been raised repeatedly. According to the data of the Ministry of transport, the average value of CCFI (China export container freight index) in 2021 was 2616 points, with a year-on-year increase of 165.7%. In contrast, the low value of CCFI in May 2020 was 834.24 points, and 334424 points had passed by December 31, 2021, with a range increase of up to three times.
Facing the challenges of high transportation costs and the continuous rise of raw material prices, Haier Smart Home Co.Ltd(600690) relying on the localization layout advantages of “R & D, manufacturing and marketing”, on the one hand, it can minimize the pressure caused by the rise of sea freight costs, and on the other hand, it can alleviate the pressure of various parties according to the global supply chain layout. The financial report shows that in 2021, the company’s overseas business realized a revenue of 113.73 billion yuan, a year-on-year increase of 13%, and the operating profit was 5.93 billion yuan, a year-on-year increase of 48.1%; The operating profit margin reached 5.2%, with a year-on-year increase of 1.2 percentage points, surpassing the average level of 3% – 5% of OEM in the industry.
At the same time, the revenue of Haier Smart Home Co.Ltd(600690) in all regions of the world has maintained rapid growth. Among them, the US dollar revenue in North America increased by 18%, that in Europe by 19.5%, that in South Asia by 30.5%, that in Southeast Asia by 15%, that in Australia and New Zealand by 17.3%, and that in the Middle East and Africa by 22.7%.
It is noteworthy that in 2021, Haier Smart Home Co.Ltd(600690) overseas localization construction investment continued to increase, and five factories such as ice cold, dishwasher, clothes dryer and washing machine were put into operation and laid the foundation in Europe and India. After the gradual release of the production capacity of these factories, it will further meet the local market demand and promote the rapid growth of Haier Smart Home Co.Ltd(600690) overseas performance.
three winged bird with high unit price and high efficiency, hand over a new report card
According to the report released by CIC Industry Research Institute, the scale of China’s smart home market increased from 260.85 billion yuan to 514.47 billion yuan from 2016 to 2020, with an average annual compound growth rate of 18.51%. In 2022, the scale of China’s smart home market could reach 651.56 billion yuan. The broad market space has not only attracted the home appliance industry, but also attracted Internet enterprises to join the bureau one after another. In this regard, Haier Smart Home Co.Ltd(600690) began to lay out the smart family as early as 15 years ago, and created the scene brand three winged bird in 2020. Based on these forward-looking strategic layout, Haier Smart Home Co.Ltd(600690) can quickly respond to the diversified needs of users in the era of Internet of things and seize the opportunity.
By the end of 2021, the monthly active users of the three winged bird platform had reached 6.75 million. At the same time, the three winged bird has built 1317 scene stores, covering more than 1100 building materials markets across the country, and quickly layout the front-end user entrance. Three winged birds reach users with scenes and effectively drive the sales of complete sets of products. In 2021, the sales volume of high-end complete sets in Haier Smart Home Co.Ltd(600690) Chinese market increased by 62% year-on-year, and the proportion increased by 10.6 percentage points to 37%; The sales volume of smart complete sets increased by 15% year-on-year, and the proportion increased by 2 percentage points to 17%. Today, the average customer unit price of three winged bird has reached 220000 yuan, and the store efficiency is five times that of traditional stores, realizing high unit price and high efficiency.
The construction of scene brand is also inseparable from the continuous investment of Haier Smart Home Co.Ltd(600690) in scientific and technological research and development. The annual report shows that in 2021 Haier Smart Home Co.Ltd(600690) R & D expenses increased by 22.0% year-on-year, and continued to increase R & D investment in smart scene solutions, artificial intelligence, Internet of things, cloud computing and industry-leading technologies, realizing the leadership from product technology to scene technology.
