<Results first take> Haier Smart Home 1Q22 results slightly above market expectations, GP margin remains stable
- Haier reported 1Q22 revenue of RMB60,250mn, increased by 10% y-o-y
- 1Q22 GP margin scored 28.5%, up by 0.05ppts y-o-y, and operating profit saw 16.6% y-o-y growth
- Net profit increased by 15.1% to RMB3,517mn, the net profit margin increased by 0.2ppts from the 1Q21 to 5.8%
What’s New
- Haier Smart Home reported 1Q22 revenue of RMB60,250mn, increased by 10% y-o-y. Domestic market and overseas markets saw 16.0% and 4.2% y-o-y revenue increases.
- High-end brand, Casarte, saw 32.3% y-o-y growth in 1Q22, with y-o-y 70.3% and 96.7% revenue increases in kitchen appliance and dishwasher
- The Company strengthened its investment in the dryer business, with the new product series driving 114% y-o-y growth in dryer revenue.
- 1Q22 GP margin scored 28.5%, up by 0.05ppts y-o-y, and saw expense ratio y-o-y changes by -0.4/-0.3/+0.3/-0.1ppts in selling and distribution costs/admin expenses/R&D expenses/finance costs, respectively
- Operating profit scored around 16.6% y-o-y increase to RMB3,711m, with operating profit margin of 6.2% (1Q21: 5.8%)
- Net profit increased by 15.1% to RMB3,517mn, the net profit margin increased by 0.2ppts from the 1Q21 to 5.8%
- We currently have a BUY rating with TP at RMB32.98 and HK$39.58.
- More to follow after the company’s result briefing to be held at 5pm today.