Haier Zhijia (600690): The company’s layout of high-end brands and overseas private brands has achieved remarkable achievements

Haier Zhijia (600690): The company’s layout of high-end brands and overseas private brands has achieved remarkable achievements

Incident Description The company achieved revenue of 989 in the first half of 2019.

8 ‰, an increase of 9 in ten years.

38%; net profit attributable to mother 51.

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


Basic income is 0.

81 yuan, an annual increase of 3.


Q2 achieved revenue of 509.

4 ‰, an increase of 8 in ten years.

66%, an increase of 6 from the previous month.

02%; net profit attributable to mother 30.

15 ppm, a six-year increase of 6.

32%, an increase of 41.


On the whole, the company’s performance increased, and the performance was in line with expectations.

Incident review product share continues to lead the industry and the company’s revenue quality is good.

According to the data of Zhongyikang, the company ‘s offline / online market share of white goods, water heaters and kitchen appliances continued to increase in the first half of the year.

Among them, refrigerators and washing machines continue to expand the advantages of industry leaders, and the offline market share is second.

1x and 2x, the online market share is 2x and 2 of the second place respectively.

1 times.

In terms of revenue quality, the company’s gross sales margin was 28 from the same period last year.

97% increased to 29.

1%; while the management fee rate increases, the rate during the period increases by 0.

61 pct, net sales margin fell slightly by 0.

13 pct.

In terms of operating turnover, the company’s inventory turnover rate increased slightly by zero.

17 pct, the working capital turnover rate increased significantly1.

56 pct, total asset turnover was flat, and fixed asset turnover fell by 0.


The company actively promotes high-end brands and overseas independent brand creation.

As a Chinese brand in the high-end market, Casa Di has developed rapidly, and its share in the ice washing market of more than 10,000 yuan in China has reached 50.

4%, an increase of 1.


In the first half of the year, the high-end products of the Haier brand increased by 49%, and the average high-end income of the ice / washing /武汉夜生活网 air / kitchen industries increased by more than 30%.

In addition, the company acquired Fisher & Paykel with the largest market share in New Zealand.

The company has formed a “Trinity” layout of R & D, manufacturing, and marketing in overseas markets, accelerating the transformation of people-in-ones into overseas landings, and continuing to promote smart home solutions in the era of the Internet of Things.

From January to June this year, the company’s overseas revenues reached 46.7 billion yuan, an increase of 24% year-on-year. The overseas revenue accounted for 47%, and its proportion of the company’s global revenue increased by 5 percentage points. The company leads the way with smart homes and provides smart solutions.

The company has built the world’s leading white goods, and the kitchen and bathroom industry 都市夜网 integrates and covers all types of complete products.

Based on the brand, R & D, smart manufacturing, channels, services and U + smart home platform, the company provides consumers with a “5 + 7 + N” smart complete solution, enabling users to freely customize the smart home whole house scenario.

In the first half of the year, the company ‘s smart home channels ‘full-network package retail prices averaged 10,271 yuan, an increase of 9%; the company ‘s smart home sales accounted for 28 of the total package sales.

29%, an increase of 2.

71, of which the sales volume of high-end smart complete sets of products increased significantly, an increase of 24% in the second quarter; the volume of smart home appliances increased by 54%, and the number of smart home users increased by 9.


The investment proposal estimates that the company’s EPS for 2019-2021 will be 1.

6\1.74\1.93, PE is 9.

75\8.92\8.04, maintain “Buy” rating.

There is a risk of growth in market demand, the slow development of smart platforms, and the escalation of Sino-US trade frictions.