Haier Zhijia (600690) 2019 Interim Review: Steady growth in performance and excellent performance in overseas business

Haier Zhijia (600690) 2019 Interim Review: Steady growth in performance and excellent performance in overseas business

The report’s reading company disclosed the 2019 Interim Report: the first half of the year achieved revenue of 989.

80 ppm, an increase of 9 in ten years.

4%, net profit attributable to mother 51.

51 ppm, a ten-year increase of 7.

6%; of which Q2 revenue is 509.

37 ppm, a ten-year increase of 8.

7%, net profit attributable to mother 30.

15 ppm, a six-year increase of 6.

3%.

  The main points of investment were steady growth. Overseas business performed well in the first half of the year. The company’s main business grew by 9%, of which overseas growth was 24%, excluding the consolidation impact of Candy, which increased by 13%, and the core North American GEA business grew by 12.

6%, other regions also achieved comprehensive growth, business synergy effect continued to exceed expectations; domestic sales, domestic sales revenue in the first half fell slightly by 1%, mainly due to the expansion of the company’s air-conditioning business exceeded expectations, industry online statistics 2019H1 company air-conditioning domestic salesSubsidies are reduced by 14% (the industry is flat). However, in addition to air conditioning, the company’s leading advantages in ice washing and water heaters have continued to solidify, and kitchen appliances have also grown. Zhongyikang’s online and offline retail sales have increased significantly.

  The increase in exports affects the gross profit margin, and the profitability is slightly reduced. Against the background of the decline in raw material costs, the company’s gross profit margin continued to decrease slightly in the first half of the year.

One point is mainly due to the increase in the proportion of export revenue, and the gross profit margin of overseas businesses alone has decreased by +0.

7pct, the average domestic gross profit margin dropped by more than 0.

25pct is mainly due to the breakdown of the main home appliance industry, and the increase in the proportion of non-home appliance businesses such as channels. The gross profit margin of the home appliance business only increased by +0.

9pct; Expense budget, under the background of a slight decline in internal sales revenue, sales expenses in the first half of the year continued to increase by 8%, mainly due to increased competition pressure and increasing promotional efforts; under the combined effect, the company’s net profit attributable to its mother in the first half of the year.

2%, a slight decrease of 0 a year.

1pct.

  High-end leadership, global layout, leading advantages continue to strengthen the domestic 都市体验网 market, the company’s brand high-end progress has made significant progress, suite product advantages have expanded, high-end market share has continued to increase, in the first half of the year, Casarti’s revenue increased by 15%, and still maintained higher growth; overseasIn the market, the company rebuilt Haier, GE, Candy, FP, AQUA and other diversified brand matrices to achieve continuous growth through synergy; based on long-term consumption upgrade trends and global business synergy, the company’s performance is expected to continue to grow steadily.

  We are optimistic about the company’s long-term performance. The overweight rating benefits from the cost reduction dividend and the good performance of overseas business. The company’s short-term performance is expected to maintain continuous growth; in the long run,厦门夜网 the concentration of the ice washing industry still has room for improvement. Based on the brand, product, and channelObvious advantages, the company’s market share is expected to continue to increase and promote further growth in performance; it is expected that the performance of 2019-2021 will increase by 10%, 12%, 12%, corresponding to PE12, 11, 10 times, giving an overweight rating.

  Risk reminder: industry competition intensifies beyond expectations, raw material cost growth exceeds expectations