Haier Zhijia (600690): Overseas high-speed growth expands high-end advantages
Due to the drag on the air-conditioning business, the interim results were slightly lower than expected. It is expected that the growth rate of Casa Di will pick up significantly in the second half of the year, which will lead to the improvement of domestic revenue and profit growth and maintain an overweight rating.
Investment Highlights: Reduce earnings forecast, maintain target price, and maintain overweight rating.
Due to the drag on the air-conditioning business, the interim results were slightly lower than expected, and we lowered our EPS forecast for 19-21 to 1.
80 yuan (the original value is 1.
93, -6% /-7% /-7%), we expect that the growth rate of Casa Di will pick up significantly in the second half of the year, driving the improvement of domestic revenue and profit growth, maintaining a target price of 22.
84 yuan, 北京夜网 corresponding to 17 in 19 years.
7xPE, maintaining the overweight rating.
The air conditioning business dragged down the interim results slightly below expectations.
19H1 company revenue was 989.
800 million (+9.
4%), net profit attributable to mother 51.
510,000 yuan (+7.
6%), gross profit margin 29.
1pct), net interest rate 5.
19Q2 company revenue was 509.
400 million (+8.
7%), net profit attributable to mother 30.
1.5 billion (+6.
3%), gross profit margin 29.
4pct), net interest rate 5.
The domestic ice washing heat has steadily improved, and the overseas market has grown rapidly.
19H1 company air / ice / washing / heating / kitchen electric twice -6 respectively.
5% / + 9.
3% / + 22.
9% / + 5.
9% / 23.
6%, refrigerator, 无锡桑拿网 washing machine, water heater online and offline distribution +2 respectively.
3 / + 1.3pct, +0.
7 / + 2.
4 / + 1.
2pct; overseas income ten years + 24%, GEA ten years +12.
The company’s internal sales gross margin increased by +0 due to product upgrades and combined raw material dividends.
9pct, Candy may be 1.
2.5 billion, excluding the overall net profit margin of candy5.
The problem of washing machine production capacity was solved, and the price of air-conditioning had dropped. 19H2 Casa Di’s revenue growth was expected to exceed 25%.
Casa Di air-conditioning hook-up / cabinet has launched new products in the high-end volume price range of 4500-6000 / 11000-12000 yuan.
In July, Casati air conditioner / washer was over +100% / + 40% per second.
The initial channels continued to expand. The retail sales of home improvement channels in 19H1 increased by 50%, and the high-end advantage continued to expand.
During the year, the company plans to complete the national replication of the unified model of the warehouse, which is expected to further improve channel efficiency and market share.
Core risks: The domestic economy and consumption are accelerating, and the economies of North America and other overseas regions are weakening.