\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Event: in 2021, the company achieved revenue of 227556 billion yuan, a year-on-year increase of 8.5%, and net profit attributable to parent company of 13.067 billion yuan, a year-on-year increase of 47.1%. Among them, Q4 achieved a revenue of 57.593 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to the parent company of 3.132 billion yuan, a year-on-year increase of 21.3%. Compared with the same caliber, the company’s cumulative revenue and net profit attributable to the parent company in 2021 increased by 15.8% and 47.2% year-on-year respectively.
High end led growth, and the share at home and abroad continued to increase. In 2021, China’s market realized a revenue of 120.79 billion yuan, a year-on-year increase of + 22.2%, and Casati’s revenue increased by more than 40% year-on-year. In terms of various categories, year-on-year refrigerator + 21%, kitchen electricity + 26%, washing machine + 18%, air conditioner + 26%, water heater and water purifier + 24%, and the Chinese share of all categories has increased. Overseas, in 2021, the company achieved a revenue of 113.73 billion yuan, a year-on-year increase of + 13.0%, and the operating profit margin was + 1.2pct to 5.2% year-on-year. The improvement of overseas profits was mainly due to the company’s accelerated high-end brand creation overseas, and the proportion of high-end brands continued to increase; Adhere to the construction of localized operation and improve the layout of supply chain; Reduce the impact of bulk and freight on costs through joint negotiation. Driven by the transformation of high-end brands, China’s overall market share increased by 2.3pct to 25%. Relying on online channel transformation and digital marketing, the overseas market share continued to increase.
Optimize the product structure, improve the operation efficiency of the supply chain, and continuously improve the gross profit margin. In 2021, the gross profit margin was 31.2%, year-on-year + 1.6pct, Q4 gross profit margin was 34.26%, year-on-year -0.04pct, month on month + 3.76pct. The increase of gross profit margin was mainly due to the optimization of product structure, the increase of high-end proportion and the improvement of supply chain operation efficiency. At the same time, the cost side efficiency has also been optimized. Under the year-on-year basis, the sales / management expense rate in 2021 is – 1.1 / – 0.5pct year-on-year, and the sales / management expense rate in Q4 is – 0.4 / – 0.4pct year-on-year. In 2021, the net interest rate was 5.81%, year-on-year + 0.41pct, Q4 net interest rate was 5.36%, year-on-year -0.5pct, month on month + 0.11pct, which effectively hedged the cost side pressure with strategies such as high-end transformation and supply chain optimization.
Investment suggestion: the brand high-end strategy effectively hedges the cost side pressure, the scene supporting services are expected to improve the sales competitiveness, and the global layout continues to promote the coordinated development at home and abroad. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 154.70/177.45/19.611 billion yuan, maintaining the buy rating.
Risk tip: the epidemic repeatedly affects cross-border transportation, the price of raw materials fluctuates, and the industry competition intensifies.
