Haier Zhijia (600690): Rapid growth in overseas revenue and multi-brand development

Haier Zhijia (600690): Rapid growth in overseas revenue and multi-brand development

Investment Highlights Performance Summary: The company released its semi-annual report for 2019, reporting together, achieving operating income of 989.

8% ten percent, an annual increase of 9.

4%; net profit attributable to mother 51.

50,000 yuan, an increase of 7 in ten years.

6%; net profit after deduction is 470,000 yuan, an annual increase of 5.


Q2 achieved 509 operating income in a single quarter.

400 million, an increase of 10 in ten years.

9%; net profit attributable to mother is 30.

2 ‰, an increase of 4 in ten years.

7%; net profit after deduction is 28.

20,000 yuan, an annual increase of 3.


The products have been comprehensively upgraded and the revenue has grown steadily.

According to Zhongyikang data, the company’s refrigerators and washing machines continue to expand its advantages, and its offline market share is second.

1, 2 times.

In total, the company’s refrigerators, washing machines, air conditioners and kitchen appliances achieved revenues of 284.

700 million, 202.

900 million, 179.

500 billion and 139.

400 million, with annual changes of 9.

3%, 22.

9%, -6.

6% and 23.


Affected by the low-price promotions of other brands in the same industry, the income from air conditioning business decreased.

Overseas growth was dazzling, and synergies continued to develop.

Reporting information, the company’s domestic sales realized revenue 521.

9 trillion, a year-on-year decrease of 1%; export sales achieved 463.

10,000 yuan, an increase of 23 in ten years.


Among them, under the environment of the US appliance market segment, GEA’s revenue increased by 12 in the first half of the year.

6%; revenue in the European market reached 7.2 billion (including confectionery), followed by a growth of 244%.

The company adheres to the multi-brand development strategy, and the synergy of management and technology continues to exert its strength.

Multi-brand operations have been in-depth coverage, and high-end shares have continued to expand.

The Casati brand has maintained rapid growth and its high-end market share has continued to expand.

In the report year, the revenue increased by more than 15%, and the market share of refrigerators and washing machines above 10,000 yuan reached 39.

6%, 78.8%, an increase of 3.

6pp and 4.

9pp; at 1.

The market share of household air conditioners above 50,000 yuan has reached 36.

5%, an increase of 7.


At the same time, the commander-in-chief brand strengthened the image of young people’s smart lives, with online channels increasing by 37%, significantly increasing brand awareness.

Focus on smart home solutions to build a “eco-cloud” for smart homes.

By creating a “5 + 7 + N” smart home solution, the company integrates the advantages of parallel industries and actively promotes the deployment of a smart home network.

Report information, smart home sales accounted for 28%.

3%, an increase of 2.


Among them, the sales volume of high-end smart complete sets of products has increased significantly, with a quarter-on-quarter increase of 24%; the Internet of 四川耍耍网 things ecological income19.

400 million, a 53% increase in ten years.

Earnings forecasts and investment advice.

We slightly adjusted the company’s EPS for 2019-2021 to 1.

29 yuan, 1.

41 yuan, 1.

54 yuan, maintain “Buy” rating.

Risk Warning: The price of raw materials may fluctuate greatly, and the risk of exchange rate fluctuations.