\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Core view
The resilience of revenue growth is prominent, and the improvement of quality and efficiency continues to boost profits. The company released its first quarterly report. In 2022q1, it achieved a revenue of 60.25 billion / + 10.0%, a net profit attributable to the parent of 3.52 billion / + 15.1%, and a net profit not attributable to the parent of 3.19 billion / + 13.0%. Under the background that the industry is disturbed by the epidemic, the company has continued to expand its advantages in China Casati, dig deep into the space of weak areas, adhere to the high-end brand strategy overseas, expand the advantages of core household appliances, layout new businesses, and achieve steady growth in revenue; The profit side achieved continuous improvement in profitability through the improvement of operational efficiency, global supply chain coordination and high-end proportion.
The market share of various categories in China has increased again, and the income has increased beautifully. According to the data of ovicloud, due to the repeated impact of the epidemic, the retail sales of household appliances in China in Q1 decreased by 10.3% year-on-year. Haier’s revenue bucked the trend by increasing the market share of various categories. The company’s Q1 revenue in China increased by 16%, of which Casati’s revenue increased by 32.3%, continuing the strong growth trend. By category, the market share of the company’s main categories has increased: the company’s Q1 refrigerator Wuxi Online Offline Communication Information Technology Co.Ltd(300959) market share has increased by 0.1/2.0pct to 38.6% / 42.8% respectively; Washing machine Wuxi Online Offline Communication Information Technology Co.Ltd(300959) market share was – 2.6 / + 3.7pct to 40.3% / 45.4% respectively, and clothes dryer Wuxi Online Offline Communication Information Technology Co.Ltd(300959) market share was + 2.5 / + 2.3pct to 27.6% / 35.3% respectively, with revenue growth of 114%; The share of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) city of air conditioner is – 1.4 / + 2.3pct to 13.7% / 19.6% respectively, and the high-end market share of household air conditioner reaches 24.3% / + 4.8pct; Water heater Wuxi Online Offline Communication Information Technology Co.Ltd(300959) increased by + 2.8 / + 2.4pct to 32.7% / 29.3% respectively, while water purifier revenue increased by nearly 30% against the trend against the background of 20% decline in the industry, and dishwasher revenue increased by 57%.
Overseas revenue grew steadily and high-end brands performed well. The company’s Q1 overseas revenue increased by 4.2%, of which the growth rate of American high terminal brand Monogram / caf é / GE Profile exceeded 30%. In the European market, according to GfK data, the company became the fastest growing company in local sales and sales from January to February. Although facing the pressure of raw material cost and logistics, the company increased Q1 overseas operating profit margin by 0.1pct to 4.7% through high-end, systematic and global collaborative procurement.
The gross profit margin increased, the cost efficiency increased and the profit improved. The company’s Q1 gross profit margin increased slightly by 0.05pct to 28.54% year-on-year, mainly due to the increase in the proportion of high-end brands, the construction of global R & D supply system and the improvement of production efficiency driven by lean manufacturing. On the expense side, the company’s management / sales / Finance / R & D expense ratio is – 0.25 / – 0.36 / – 0.08 / + 0.34pct to 3.63% / 13.93% / 0.23% / 4.12% respectively. The expense efficiency continues to improve under the digital transformation. Q1 company’s net profit margin increased by 0.27pct to 5.92%.
Risk warning: industry competition intensifies; The price of raw materials has risen sharply; The exchange rate fluctuated sharply.
Investment advice: maintain the profit forecast and maintain the “buy” rating.
Maintain the profit forecast. It is estimated that the net profit attributable to the parent company will be 15 / 173 / 20 billion from 2022 to 2024, with a year-on-year growth rate of 15.0% / 15.4% / 15.2%; 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 revenue has increased against the trend, the profit has continued to improve, and the “buy” rating has been maintained.
