<Results first take> Haier Smart Home (6690.HK/600690.CH) FY21 results in line, GP margin remains stable
- Haier reported 2021 revenue of RMB227,556m, increased by 8.5% y-o-y
- 2021 gross profit showed a 14.2% increase to RMB71,073m, with a GP margin of 31.2%, 1.5ppts higher than 2020’s 29.7%
- Attributable profit increased by 47.2% to RMB13,067m, the net profit margin increased by 1.5ppts from the previous year to 5.7%
What’s New
- Haier Smart Home reported 2021 revenue of RMB227,556m, increased by 8.5% y-o-y.
- Refrigerator, air-conditioner, washing machine, and kitchen appliance segments saw 16.3%/25.1%/26.5%/12.4% increases to RMB71,570m/RMB37,531m/RMB54,759m/RMB35,244m respectively, representing 31.5%/24.1%/16.5%/15.5% of total revenue.
- Domestic market and overseas markets saw 4.3% and 13.2% y-o-y revenue increases to RMB111,851m and RMB114,725m, respectively, accounting for around 49% and 51% of total revenue.
- 2021 gross profit showed 14.2% increase to RMB71,073m, with a GP margin of 31.2%, 1.5ppts higher than 2020’s 29.7%. In terms of segmental performance: GP margin of refrigerator, air-conditioner, washing machine, and kitchen appliance segments, scored 31.8% (2020: 32.5%), 27.4% (2020: 27.9%), 33.1% (2020: 33.6%), 31.7% (2020: 32.7%), respectively. The GP margin of domestic market and overseas market were 33.95% (2020: 30.84%) and 28.21% (2020: 28.01%) respectively,
- Operating profit scored around 39.1% increase to RMB13,492m, with an operating margin of 5.9% (2020: 4.6%).
- Attributable profit increased by 47.2% to RMB13,067m, the net profit margin increased by 1.5ppts from the previous year to 5.7%
- The Board proposes the payment of a final dividend of RMB0.46 per share (2020: RMB0.36), at 33.1% payout.
- We currently have a BUY rating with TP at RMB35.75 and HK$42.9.
- More to follow after the company’s result briefing to be held at 4pm today.