\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Performance review
On April 28, Haier Smart Home Co.Ltd(600690) released the first quarter report of 22 years. In 22q1, it realized a revenue of 60.251 billion yuan, a year-on-year increase of + 10.0%, a net profit attributable to the parent company of 3.517 billion yuan, a year-on-year increase of + 15.2%, and a deduction of non net profit of 3.191 billion yuan, a year-on-year increase of + 13.0%. Revenue growth compounded expectations, and the performance achieved higher than expected growth.
Business analysis
22q1 revenue side: 1) domestic sales: China smart family business revenue + 16.0%, Casati revenue + 32.3% year-on-year, and the performance continues to shine. Continuous digital transformation; Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration of stores and optimization of resource input-output performance; Start the comprehensive layout of large household channel contacts, and build 120 stores in No. 001 store of sanyiniao. 2) Export: overseas home appliances and smart home business revenue + 4.2%, steady growth, operating profit margin + 0.1pct, and cost side continued to be optimized. The share of core household appliances in the US market performed well, with high-end brands including monogram, CAF é and geprofile increasing by more than 30%, and the European market also performed well. Profit side: the raw material pressure was handled calmly, and the gross profit margin was + 0.05pct year-on-year; The cost control and efficiency improvement continued, and the sales / management / R & D / financial expense rates were -0.36, -0.25, + 0.34 and -0.08pct respectively year-on-year.
Equity incentives remain high requirements. Release the 22 year a + H share stock option incentive plan and a share stock option incentive plan. The assessment objective is based on the net profit attributable to the parent company of 13.067 billion yuan in 2021, and the CAGR of the net profit attributable to the parent company in 22-25 years is more than 15%. On the basis of high performance in 2021, in the face of 22 years of weak consumption environment and volatile international situation, we still maintain high long-term objectives, further bind the core leadership, management team and the company’s operation, and fully and continuously mobilize the enthusiasm of employees.
Invest in a new project with an annual output of 2 million refrigerators to expand production capacity and meet market demand. The first phase is expected to be put into operation in 2023, with a total investment of RMB 3.02 billion.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 15.1 billion yuan, 17.56 billion yuan and 20.17 billion yuan respectively, with a year-on-year increase of 15.6%, 16.3% and 14.9% respectively. The corresponding EPS will be 1.60 yuan, 1.86 yuan and 2.14 yuan respectively. The current share price will be 15.35x, 13.20x and 11.49x respectively from 2022 to 2024, maintaining the “buy” rating.
Risk tips
The risk of overseas epidemic prevention and control falling short of expectations, the risk of exchange rate fluctuations, the risk of rising raw materials and the risk of terminal demand falling short of expectations.
