\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
The company disclosed the annual report of 2021:
For the whole year of 2021, the income, return to parent and deduction of non-profit points were 227.6 billion, 13.1 billion and 11.8 billion, with a year-on-year increase of + 8.5%, 47.1% and 83.2%; The growth rate of the company’s endogenous revenue (excluding the impact of disposal business) was 15.8%. 2021q4: revenue, return to parent and deduction of non-profit points were 57.6 billion, 3.1 billion and 2.8 billion, with a year-on-year increase of + 4%, + 21% and + 17%.
China
The smart home business in China achieved a revenue of 120.8 billion, a year-on-year increase of 22%, and an operating profit of 7.5 billion, a year-on-year increase of 27.5%.
Among them, the high-end and series sales continued to shine: the high-end brand Casati maintained a bright growth, realizing a sales revenue of 12.9 billion, with a growth rate of more than 40%. The scene brand three winged bird also performed well. It has built 1317 scene stores and covered more than 1100 building materials markets across the country, effectively driving the set sales. The company’s high-end complete set sales 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 2pct.
By category, the refrigerator and washing machine businesses with comparative advantages increased by 21.4% and 18%, and continued to perform steadily; Kitchen electricity and air conditioning businesses have achieved 26% growth, and it is expected that set sales and high terminal brands will play a positive role. 17%。
Overseas
The annual overseas revenue was 113.7 billion yuan, a year-on-year increase of 13%, and the operating profit was 5.9 billion yuan, a year-on-year increase of 48% In terms of subregions, the market growth rates of North America / Europe / ANZ / South Asia / Southeast Asia / Japan are 10% / 20% / 17% / 31% / 15% / – 3% respectively. Among them, only the Japanese market declined, which is expected to be affected by the weakness of the local market and the exchange rate.
Profit
The annual gross profit margin was 31%, an increase of 1.6pct compared with the same period in 20 years, and the gross profit margin of Q4 was 34%, which was basically the same as that in the same period.
The rates of sales, management and R & D expenses are divided into 16.1, 4.6 and 3.7%, which are + 0, – 0.20 and + 0.4pct compared with the same period in 2020. Excluding CAOS, the rates of sales and management expenses under the same caliber are – 1.1 and – 0.5pct compared with the same period in 20 years. The optimization of cost efficiency 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 is growing rapidly and the operation efficiency is improved
Buy back
The company announced that it plans to repurchase A-Shares of the company at a price of no less than 1.5 billion and no more than 3 billion yuan, and the repurchase price shall not exceed 35 yuan / share. Since 2022, following the management’s participation in the placement of H shares and the issuance of the shareholding increase plan by the actual controller, the company has issued a repurchase plan at this time to fully demonstrate its business confidence.
Investment advice
The logic of globalization, high-end and long internal efficiency improvement of the company remains unchanged. At the same time, considering the fluctuation of raw material prices since the beginning of 2022, geopolitical tension also has a certain impact on overseas sales. We slightly lowered the company’s profit forecast for 2022 and 2023, and introduced the forecast for 2024 at the same time. It is estimated that the company’s revenue in 22-24 years will be 256.7 billion, 281.0 billion and 306 billion (formerly 259.3 billion and 284 billion in 22-23 years), yoy + 13%, 9% and 9%; It is estimated that the performance of 22-24 years will be 15.4 billion, 17.7 billion and 20.1 billion (formerly 15.9 billion and 18.1 billion in 22-23 years), yoy + 18%, 15% and 13%. Maintain the “buy” proposal.
Risk tips:
The price of raw materials has increased significantly again, geopolitical risks and overseas consumption have decreased significantly
