\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Event: in 2021, the company achieved an operating revenue of 227556 billion yuan, a year-on-year increase of + 8.5%, and a net profit attributable to the parent company of 13.067 billion yuan, a year-on-year increase of + 47.10%; In 2021q4, the operating revenue was 57.593 billion yuan, a year-on-year increase of + 4.12%, and the net profit attributable to the parent company was 3.132 billion yuan, a year-on-year increase of + 21.6%. The company plans to distribute a cash dividend of RMB 4.60 (including tax) to all shareholders for every 10 shares. At the same time, the company plans to repurchase 1.5-3 billion yuan of A-share shares at no more than 35 yuan / share. The Casati brand continued to grow rapidly, and the growth of emerging categories accelerated. In terms of overall revenue, the company achieved a revenue of 227556 billion yuan in 2021, a year-on-year increase of + 8.5%; An increase of 13.3% over 19 years. Excluding the influence of CAOS's statement in 20 years and the daily sequential statement in 19 years, the company's revenue in 2021 is expected to increase by 15.8% / 23.4% respectively compared with that in 20 / 19 years. From 2019 to 2021, the endogenous compound annual growth rate of the company's business was 11%, and the operation was stable. From the perspective of income splitting in 21 years: 1) China smart home business (excluding inter segment offset): refrigerator / freezer revenue in 21 years was 41.743 billion yuan, a year-on-year increase of + 21.4%; Washing machine revenue was 30.658 billion yuan, a year-on-year increase of + 18.0%; Air conditioning revenue was 32.193 billion yuan, a year-on-year increase of + 26.2%; Kitchen electricity revenue was 3.496 billion yuan, a year-on-year increase of + 26.1%, and dishwasher revenue was + 90% (including Casati kitchen electricity revenue + 95.1%, dishwasher revenue + 137.9%); The business income of water and household appliances was 12.701 billion yuan, a year-on-year increase of 24.3%. The income of gas water heater is + 51%. Among them, Casati's sales revenue in the 21st year is expected to reach 12.9 billion yuan, more than 40% year-on-year. 2) Overseas home appliances and smart home business (excluding inter segment offset): the overseas revenue in 21 years was 113725 billion yuan, a year-on-year increase of + 13%, compared with Whirlpool (China) Co.Ltd(600983) revenue of major overseas competitors in the same period of + 13% and Electrolux + 8%. Haier's overseas growth rate took the lead among independent brands.
Structural improvement + efficiency optimization digested the macro negative impact, and the performance maintained rapid growth. In 2021, the company realized a net profit attributable to the parent company of 13.067 billion yuan, a year-on-year increase of 47.1%, and a credit impairment loss of 520 million yuan, a year-on-year increase of 350 million yuan. If this factor is excluded, the net profit attributable to the parent company of the company exceeds 13.3 billion yuan. We expect that the new credit impairment loss is mainly caused by the business related to engineering channels, and the provision is relatively sufficient. Affected by this, the net profit of 21q4 is - 4.6% higher than that of the same period. If the additional credit impairment loss of 350 million is added back at the tax rate of 15%, the net profit of 21q4 is + 4.5% year-on-year.
Benefiting from the digital transformation, business efficiency continues to improve. In 21 years, the gross profit margin of the company was 31.23%, year-on-year + 1.55pct, and the net profit margin was 5.81%, year-on-year + 0.41pct; The gross profit margin of 21q4 was 34.26%, year-on-year -0.03pct, and the net profit margin was 5.47%, year-on-year -0.5pct. The rates of sales, management, R & D and financial expenses of the company in 21 years were 16.06%, 4.59%, 3.67% and 0.3% respectively, with a year-on-year increase of + 0.02, - 0.2, + 0.4 and - 0.27pct; In the quarter of 21q4, the rates of sales, management, R & D and financial expenses were 18.15%, 5.01%, 3.74% and 0.67% respectively, with a year-on-year increase of -0.43, -0.36, + 0.39 and + 0.58pct. Excluding the contribution of CAOS business to the 20-year revenue, the sales and management expense rates under the same caliber are optimized by 1.1 and 0.5pct respectively compared with the 20-year revenue (excluding the contribution of CAOS business to the company's 20-year revenue, the 20-year sales expense rate is 16.0% and the management expense rate is 4.8%). Cost efficiency optimization is mainly due to the continuous promotion of digital transformation in the Chinese market and the optimization of organizational operation efficiency and cost investment efficiency; The scale of overseas market has increased rapidly and the operation efficiency has been improved.
Investment suggestion: as a global leading brand of household appliances, Haier has gradually released the benefits of China's digital transformation and high-end brand layout under the background of pressure on the cost side and repeated overseas epidemics, and realized the optimization of overseas product structure + supply chain + production efficiency, effectively driving the improvement of operation efficiency and profitability. At the same time, the strategic transformation of the company's Internet of things smart family has accelerated, the brand high-end + scenario + production construction has gradually entered the harvest period, and the overall development logic is clear. According to the annual report of 21 years, we estimate that the net profit of the company in 22-24 years is 15.054173.34/198.55 (the value was 14.657/16.804 billion years ago). The current stock price corresponds to 14.06x/12.21x/10.66xpe in 22-24 years, maintaining the "buy" investment rating.
Risk warning: the price of raw materials rises; The expansion of overseas brands and categories is blocked; The epidemic situation is repeated, affecting sales, and the completion progress of placement is less than expected.
