\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Core view
With beautiful performance and high growth, Q4 operates steadily. In 2021, the company achieved a revenue of 227.56 billion / + 8.5%, a net profit attributable to the parent company of 13.07 billion / + 47.1%, and a non net profit attributable to the parent company of 11.83 billion / + 83.2%. Among them, Q4 revenue is 57.59 billion / + 4.1%, the net profit attributable to the parent company is 3.13 billion / + 21.6%, and the non net profit attributable to the parent company is 2.78 billion / + 17.3%. Considering that the company divested the CAOS business in 2020q3, the company’s revenue increased by 15.8% in 2021 under the same caliber. The company plans to pay a cash dividend of 4.6 yuan (including tax) for every 10 shares, and the dividend payment rate is 33.1%. Q4 under the pressure of raw material cost, the company’s gross profit margin is still stable. At the same time, by optimizing management and sales expenses, the company ensures the stability of profitability and achieves beautiful and high increase in annual revenue and profit.
China’s business market share continued to increase, and the high-end brand Casati increased by 40%; Overseas enterprises are based on localized operation and global supply system, with strong growth in all regions. 1) In 2021, the company’s revenue in China reached 120.79 billion, with a year-on-year increase of 22.2%, which is mainly due to the improvement of the market share of various categories and the rapid growth of Casati. The company’s refrigerator revenue in China increased by 21.4% to 41.7 billion, and H2 increased by 14.4%; The revenue of washing machines increased by 18% to 30.7 billion, and H2 increased by 13.7%; Air conditioning revenue increased by 26.2% to 32.2 billion, and H2 increased by 20%; The income of water heater and water purifier increased by 24.3% to 12.7 billion, and H2 increased by 18.8%. The leading position of the industry has been strengthened. In 2021, there were more than 10 billion new Kaidi stores, with a year-on-year increase of more than 10.9 billion. 2) Thanks to the increase of high-end proportion and the trend of online channels and digital marketing, Haier’s overseas revenue in 2021 was 113.73 billion, a year-on-year increase of 13.0%. Among them, the North American market increased by 10.3% to 70.28 billion, the European market increased by 19.5% to 19.74 billion, the Australian and New Zealand market increased by 17.3% to 7.01 billion, the South Asian market increased by 30.5% to 7.14 billion, the Southeast Asian market increased by 15.0% to 4.74 billion, and the Japanese market decreased by 3.4% to 3.49 billion (the yen caliber increased by 6.3%).
The improvement of quality and efficiency has been continuously promoted, and the profitability toughness has been shown. Under the challenge of raw material cost, the company ensured the steady increase of profitability by optimizing product structure, increasing the proportion of high-end products, optimizing operation efficiency and cost investment. In 2021, the company’s gross profit margin increased by 1.6pct to 31.2%. In the single fourth quarter unaffected by CAOS, the company’s gross profit margin only decreased slightly by 0.03pct, highlighting the company’s strong toughness. On the cost side, excluding the influence of CAOS, the company’s sales expense rate and management expense rate in 2021 were optimized by 1.1pct and 0.5pct respectively, and Q4 was optimized by 0.3/0.2pct. China’s digital transformation and overseas operation efficiency have achieved remarkable results. The net profit margin of the company in 2021 increased by 0.4pct to 5.8% year-on-year, of which the operating profit margin in China reached 6.2% / + 0.3pct and the overseas operating profit margin reached 5.2% / + 1.2pct. In Q4, affected by the growth of financial expenses and R & D expenses, the net interest rate decreased by 0.5pct to 5.5%.
Risk warning: industry competition intensifies; The price of raw materials has risen sharply; The exchange rate fluctuated sharply.
Investment suggestion: adjust the profit forecast and maintain the “buy” rating.
Considering the rising trend of raw material prices in the near future, the profit forecast is adjusted. It is estimated that the net profit attributable to the parent company will be 15 / 173 / 20 billion yuan from 2022 to 2024 (the previous value is 154 / 181 / 19.7 billion), with a year-on-year growth rate of 15 / 15 / 15%; Diluted EPS = 1.59/1.84/2.11 yuan, corresponding PE = 15 / 13 / 11x. The company’s strategic layout of high-end, globalization and systematization has entered the harvest period, the profit has continued to improve, and the “buy” rating has been maintained.
