\u3000\u30 China Baoan Group Co.Ltd(000009) 21 Hisense Home Appliances Group Co.Ltd(000921) )
Event: in 2021, the company achieved an operating revenue of 67.563 billion yuan, a year-on-year increase of + 39.61%, and a net profit attributable to the parent company of 973 million yuan, a year-on-year increase of - 38.4%; Among them, 2021q4 achieved an operating revenue of 17.495 billion yuan, a year-on-year increase of + 29.34%, and a net profit attributable to the parent company of 46 million yuan, a year-on-year increase of - 92%. If excluding the influence of three electricity consolidation, the company realized an operating revenue of 62.449 billion yuan in 2021, a year-on-year increase of 29.05%, and a net profit attributable to the parent company of 1.128 billion yuan, a year-on-year increase of - 28.58%, of which Q4 realized a net profit attributable to the parent company of about 66 million yuan, a year-on-year increase of - 88.6%.
The company announced the shareholder return plan for the next three years (20222024). It is expected that the annual cash dividend distribution in the next three years will not be less than 10% of the distributable profits of that year, and the cumulative distribution in the three years will not be less than 30% of the average distributable profits of the three years.
Hisense Hitachi's growth is bright, and the proportion of export sales continues to increase
In terms of business, in 2021, the company's HVAC / ice washing / other businesses achieved revenue of 30.403/23.18/7.342 billion yuan respectively, with a year-on-year increase of 30% / 23.03% / 319.67% respectively. In the air conditioning business, Hisense Hitachi central air conditioning achieved annual revenue of 18.412 billion yuan, with a year-on-year increase of + 38.1%; 21 in the second half of the year, the revenue of HVAC / ice washing / other businesses was 14.273/11.89/5.557 billion yuan respectively, with a year-on-year increase of 17.2% / 3.91% / 429.3% respectively, of which Hisense Hitachi achieved a revenue of 9.624 billion yuan, with a year-on-year increase of + 24.3%. The large year-on-year growth of other businesses is mainly due to the consolidation of three power statements. If the company's other businesses have a 21-year income of 2.229 billion yuan according to comparable standards, a year-on-year increase of + 27.39%.
In terms of regions, the company's domestic / overseas business revenue in 2021 was 37.602/23.16 billion yuan respectively, with a year-on-year increase of 28.75% / 58.21% respectively; Among them, H2 domestic / overseas revenue reached 19.201/12.518 billion yuan respectively, with a year-on-year increase of 14.88% / 57.33% respectively. According to our calculation, after excluding the impact of three electricity and meter consolidation, the proportion of export sales in 2021 will reach about 34.18%, with a year-on-year increase of + 3.93pct. The company's internationalization strategy will advance smoothly, the growth rate of export sales is bright, and the proportion will further increase.
The rising cost affects the profitability, and the consolidated statement of three power companies brings about an increase in management and R & D expenses
In 2021, the company's gross profit margin was 19.7%, with a year-on-year increase of -4.34pct; The gross profit margin of 2021q4 was 15.47%, with a year-on-year increase of -9.56pct. In 2021, the net interest rate attributable to the parent company was 1.44%, with a year-on-year rate of -1.82pct, and in 2021q4, the net interest rate attributable to the parent company was 0.26%, with a year-on-year rate of -4pct. If three films are excluded, the net interest rate attributable to the parent company for the whole year was 1.81%, with a year-on-year rate of -1.45pct. Hisense Hitachi's net interest rate in the 21st year was 13.1%, year-on-year -2.9pct, and the net interest rate in the second half of the year was 12.3%, year-on-year -5.6pct. The decline of the company's profitability is mainly affected by the operating losses of household air conditioners caused by the rise of bulk raw materials and other factors. The company's sales, management, R & D and financial expense rates in 2021 were 11.36%, 1.96%, 2.94% and 0.08% respectively, with a year-on-year increase of -2.89, + 0.68, + 0.29 and + 0.31pct; In the quarter of 21q4, the rates of sales, management, R & D and financial expenses were 7.64%, 2.6%, 3.53% and 0.6% respectively, with a year-on-year rate of -6.93, + 1.62, + 0.65 and + 0.76pct. The ratio of R & D expenses and administrative expenses increased due to the influence of films in consolidated Table 3.
Sandian: revenue growth and loss reduction
Since June of the 21st year, the company has consolidated the statement of Sandian. After calculation, Sandian has realized a revenue of 5.114 billion yuan and a net profit of - 155 million yuan from June to December. According to the disclosure of Sandian, Sandian has realized a revenue of 4.93 billion yuan and a recurring profit of - 830 million yuan from April to December of the 20th year. After the acquisition of Sandian, the company's operation has improved significantly and the loss has narrowed.
Investment suggestion: the internationalization strategy of the company is advancing smoothly, and the new growth curve is clear. The main household appliance industry has accelerated its global layout, with a year-on-year increase in export sales, which is expected to grow further in the future; In terms of central air conditioning, according to the industry online data, Hisense Hitachi accounted for 12.5% of the domestic market in the whole year, with a year-on-year + 0.43pct. The leading position of the company is stable. If the real estate improves and stimulates demand in the future, it is expected to take the lead in benefiting; In terms of thermal management, the reform effect of the company's acquisition of Sandian is prominent, and the loss is greatly reduced. In the future, it is expected to contribute to the income by virtue of the strong product power of Sandian superimposing Hisense's cost and manufacturing advantages. In terms of profit, if the subsequent cost pressure is reduced, the profitability is expected to recover. Based on the pressure on the cost side, we lowered the company's gross profit margin. It is estimated that the net profit of the company on 22 / 23 / 24 will be 1.43/16/1.69 billion yuan respectively (the value before 22 / 23 was 1.56/1.74 billion yuan), corresponding to pe1.0 billion yuan 9x / 9.7x/9.2x, maintaining the overweight rating.
Risk warning: macroeconomic fluctuation risk, especially in the real estate market; Market competition risk; Risk of sharp fluctuations in raw material prices; Overseas business and exchange rate change risk; Risk of loss of human resources.
