\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Event: the company released the first quarterly report of 2022. The company’s single quarter operating revenue in 2022q1 was 60.251 billion yuan, a year-on-year increase of 10.0%; The net profit attributable to the parent company was 3.52 billion yuan, a year-on-year increase of 15.1%. The non net profit deducted was RMB 3.191 billion, a year-on-year increase of + 13.03%.
Revenue grew steadily and Casati performed well. Under the background of repeated outbreaks in China and weak overseas demand, the company still achieved double-digit growth on the revenue side (year-on-year + 10.0%). In terms of sub regions, 1) China: in 22q1, the income of smart family and other businesses in China increased by 16.0% over the same period, of which the income of Casati brand increased by 32.3%. By category, 22q1 company still takes the lead in Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales of ice washing products, about 40%; The category of kitchen appliances maintained rapid growth, of which the income of Casati kitchen appliances increased by 70.3% at the same time, and the share of the company’s online and offline sales of kitchen wires was 4.5% / 7.3% respectively. In terms of channels, the company actively laid out the contact points of large household channels, built 120 new stores in No. 001 store of sanyiniao, and grasped the development trend of complete sets of household appliances consumption and household appliances integration. 2) Overseas: the company’s overseas business revenue increased by 4.2% year-on-year. In the U.S. market, the revenue growth of the company’s high terminal brand Monogram / caf é / geprofile exceeded 30%; In terms of the European market, GfK data showed that as of February 22, the company was the company with the fastest growth in sales volume and sales volume in the local market.
The profitability is stable, and the logic of improving efficiency and reducing fees continues to be realized. Gross profit margin: with the increase of upstream costs and the tight challenge of logistics and shipping, the gross profit margin of 22q1 company still increased by 0.05pct to 28.5% year-on-year. We believe that the reason for the increase is mainly due to the stability of high-end brands – continuous optimization of the cost side and better hedging cost pressure. Expense rate: it is stable as a whole, in which the sales rate is reduced by 0.4pct to 13.9% and the management rate is reduced by 0.3pct to 3.6%, and the logic of improving efficiency and reducing fees continues to be realized. Net interest rate: Overall, the company’s net interest rate increased by 0.27pct to 5.92% year-on-year and about 0.44pct month on month.
The performance target of equity incentive is cagr15%, demonstrating the company’s long-term business confidence. Issued 22 year A-share stock option incentive plan and 22 year A-share & H-share core employee stock ownership plan. 1) A-share stock option incentive plan: 105 million stock options (accounting for 1.1% of the total share capital) are to be granted to business executives, core technicians and other backbone, with an exercise price of 23.86 yuan / share and a performance evaluation period of 202225 years. 2) A-share & H-share core employee stock ownership plan: the participants of A-share and H-share plans are directors (except independent directors), supervisors and senior executives, and core technical (business) personnel of the company and its subsidiaries. A total of 2250 to 2250 employees will be assessed in 20222022. The performance objectives of the above incentive plans are that the net profit attributable to the parent company during the assessment period will increase by no less than 15% compared with the level in 2021 (compound annual growth rate), demonstrating the company’s long-term business confidence
Profit forecast and investment suggestions. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 15.32 billion yuan, 17.7 billion yuan and 20.4 billion yuan respectively, with a year-on-year growth rate of 17.3%, 15.5% and 15.2%. The company is a global leader in household appliances, and the superposition of high-end brands at sea opens up growth space and maintains the “buy” rating.
Risk tips: the price of raw materials fluctuates, the consumption recovery is less than expected, and the brand goes to sea less than expected
