\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Q4 performance exceeded expectations, the logic of high-end global net interest rate improvement continued to be fulfilled, and the "buy" rating was maintained
In 2021, the company's revenue was 227.56 billion yuan (+ 8.5%), and the net profit attributable to the parent company was 13.07 billion yuan (+ 47.1%). Among them, Q4 revenue was 57.59 billion yuan (+ 4.1%), and the net profit attributable to the parent company was 3.132 billion yuan (+ 21.3%). The company's performance exceeded expectations mainly due to its adherence to high-end brand creation, global resource coordination and digital transformation empowerment. Under the rising pressure of raw materials and shipping, the improvement of net interest rate continued to be realized. The three winged bird model is progressing smoothly and the growth space is expected to be opened. We raised the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 15.38/17.0/19.93 billion yuan (the original value in 20222023 will be 14.79/16.88 billion yuan), the corresponding EPS will be 1.63/1.87/2.11 yuan respectively, and the corresponding PE of the current stock price will be 14.2/12.3/10.9 times, maintaining the "buy" rating.
Casadi continues to lead the high-end market in China, and the global synergy helps the operation of overseas markets continue to improve
(1) in 2021, the business income of China's smart family was 120.79 billion (+ 22.2%), the operating profit was 7.456 billion (+ 27.5%), and the operating profit margin was 6.2% (+ 0.26pct). Casati's revenue is 12.9 billion yuan (+ 48.3%), the market share of Casati's washing machine and refrigerator in China's 1W + offline market is 73.9% and 36.2%, and the market share of Casati's air conditioner in China's 1.5W offline market is 30.3%, which continues to lead the high-end market. Scene brand three winged bird has built 1317 scene stores, and the sales of high-end complete sets account for 37% (+ 10.6pcts). (2) In 2021, the overseas revenue was 113.73 billion (+ 13.0%), the operating profit was 5.93 billion (+ 48.1%), and the operating profit margin was 5.2% (+ 1.2pcts), which was mainly due to the positive effects brought by the increase in the proportion of overseas high-end products, online channels and the integration of global supply chain resources.
The increase of gross profit margin is superimposed with the improvement of digital fee control and efficiency, driving the continuous realization of the logic of improving net profit margin
In 2021, the gross profit margin was 31.2% (+ 1.6pcts), mainly due to the increase in the proportion of high-end products and the improvement of operation efficiency under the digitization of supply chain. Excluding the influence of CAOS business, the sales / management expense ratio in 2021 is - 1.1 / - 0.5pct respectively, which is mainly driven by the digital transformation. The logic of net interest rate improvement continues to be realized, and the net interest rate in 2021 is 5.8% (+ 0.4pct). In addition, the company plans to buy back the company's A-share shares with its own funds of no more than 3 billion yuan and no less than 1.5 billion yuan for equity incentive / employee stock ownership plan, fully demonstrating the company's confidence in future business development.
Risk warning: cost reduction and efficiency improvement fail to meet expectations; The demand of high-end market does not meet expectations; Overseas coordination did not meet expectations.
