\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Q1 performance exceeded expectations, the trend of high-end global net interest rate continued, and the "buy" rating was maintained
Q1 company's revenue was 60.25 billion yuan (+ 10.0%), the net profit attributable to the parent company was 3.52 billion yuan (+ 15.1%), and the non net profit deducted was 3.19 billion yuan (+ 13.0%). Q1 performance exceeded expectations, and the logic of net interest rate improvement continued to be fulfilled. Maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 15.38/177.0/19.93 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 15.1/13.1/11.6 times, maintaining the "buy" rating.
Casati continued to lead the high-end market, and the operating profit margin in overseas markets increased steadily
(1) Q1 China's smart home and other business income was + 16.0% year-on-year, and the ice washing and heating category Wuxi Online Offline Communication Information Technology Co.Ltd(300959) ranked first in China, with the refrigerator business ranking first in the offline and online market by 3.4 and 2.3, leading the second place with obvious advantages. The offline and online shares of air conditioning business are 19.6% and 13.7% respectively, and there is still much room for improvement. In addition, dishwasher / dryer revenue + 56% / + 114%, and the growth of new categories accelerated. The high-end brand Casati has developed rapidly with the help of the three winged bird scene. The brand revenue of Q1 Casati has increased by + 32.3% year-on-year, continuing the trend of high growth. The market shares of refrigerators above 1W / washing machines above 1W / air conditioners above 1.5W have reached 37.9% / 72.5% / 27% respectively, with obvious leading advantages. Scene brand three winged bird accelerated its landing, with Q1 retail sales of + 108% year-on-year, 120 new stores, and app / voice monthly activities of + 118% / + 134% respectively. (2) In 2022q1, the overseas business revenue increased by 4.2% year-on-year, and the operating profit margin was + 0.1pct. It continued to upgrade the main product structure and give full play to the advantages of the global collaborative system. The share of core household appliances of Companies in the U.S. market performed well. The revenue of high-end brands, including monogram, CAF é and geprofile, increased by more than 30%, and the introduction of embedded column refrigerator, wave wheel washing machine and other high-end products continued to lead.
High end and digital changes drive the increase of net interest rate, and a new round of equity incentive helps the company's long-term development
The gross profit margin of 2022q1 is 28.5% (+ 0.05pcts), mainly due to the collaborative contribution of high-end products, lean manufacturing and global supply chain. In 2022q1, the sales / management / R & D / financial expense ratio was - 0.4 / - 0.3 / + 0.3 / - 0.1pct respectively year-on-year, and the digital transformation continued to drive efficiency improvement and cost reduction. Under the comprehensive influence, the net interest rate in 2021 will be 5.8% (+ 0.3pct), and the logic of net interest rate improvement will continue to be realized. The company implements the 2022 A-share, H-share core employee stock ownership plan and A-share stock option incentive plan to deeply bind the core employees with the interests of the company, which is conducive to the long-term and steady development of the company. The assessment requirement is that the annual return to parent net profit of the company from 2022 to 2025 has a compound growth rate of ≥ 15% compared with 2021.
Risk warning: the risk of industry competition is increasing; The price of raw materials continues to rise; The high-end expansion was less than expected.
