\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 690 Haier Smart Home Co.Ltd(600690) )
Key investment points
The company disclosed the first quarterly report of 2022:
2022q1: the income is 60.25 billion (YoY + 10% after adjustment), the parent company is 3.52 billion (YoY + 15%), and the deduction is 3.19 billion (YoY + 13%). Profit performance exceeded expectations.
China: Casati resumes high growth
Q1: smart home business in China increased by 16% year-on-year. Split:
1) Casati: Q1 + 32%, after Q4 actively adjusted some air conditioning products, 22q1 returned to high growth;
2) the share of Q1 air conditioner, refrigerator and washing machine of the company still keeps leading in the industry. In addition, clothes dryer yoy + 114%, home decoration central air yoy + 70%, and water purifier still achieves about 30% growth under the background of industry decline.
Overseas: increasing share and continuous high-end
1) Revenue: yoy + 4.2%, with reference to Whirlpool (China) Co.Ltd(600983) Q1 reaching - 8%, and the overseas share continues to be raised. Among them, the revenue of high-end brands including monogram, CAF é and GE Profile increased by more than 30%.
2) operating profit margin: increased by 0.1pct to 4.7pct. Due to freight and raw materials, the company's overseas profit margin in 21 years is high before and low after. It is expected that the dimensional profit margin in 22 years is expected to maintain an increase of 0.3-0.5pct.
Profit & cash flow
Gross profit margin: Q1 gross profit margin 28%, yoy + 0.05pct.
Efficiency improvement and fee reduction continued to be realized: Q1 sales and management expense rates were 13.9% and 3.6%, compared with + 0.4, - 0.3pct in the same period. Net operating cash flow: Q1 was 1.16 billion, a decrease of 1.7 billion over the same period, mainly due to bulk, chip and product reserves, and the decline in payment collection caused by the epidemic. The inventory of Q1 company was + 23% over the same period, which can be confirmed from the side.
Business highlights
1) life appliance business overweight: the company announced that Haier smart life appliance, a subsidiary, acquired Qingdao Tabor Siasun Robot&Automation Co.Ltd(300024) Technology Co., Ltd. with 100% of 125 million. We noticed that Haier increased its investment in Haier smart life appliances by 3.5 billion in December, and established the smart life business division as the company's first-class strategic unit. We believe that clearing the equity subordination through M & A is more conducive to the focused development of Haier's household appliances.
2) expansion of refrigerator production capacity: the company announced to invest 3.1 billion to build a 2 million refrigerator project, which is mainly used in the Chinese market. Haier's refrigerator share has been leading in China for a long time. The refrigerator sales peak brought by home appliances going to the countryside in 2008 has gradually entered the replacement period. This round of epidemic has further promoted the demand for refrigerators. This capacity increase is expected to further enhance Haier's competitiveness in China.
Investment advice
The company's logic of globalization, high-end, cost reduction and efficiency improvement continued to be fulfilled, and the company handed over beautiful answers under the pressure of the industry. It is estimated that the annual revenue of the company will be 256.7 billion, 281.0 billion and 306 billion in 22-24 years, yoy + 13%, 9% and 9%; It is estimated that the performance of 22-24 years will be 15.1 billion, 17.5 billion and 20 billion, yoy + 16%, 16% and 14%. Maintain the "buy" proposal.
Risk tips:
The price of raw materials has increased significantly again, geopolitical risks and overseas consumption have decreased significantly
