Haier Zhijia (600690) Semi-annual Report Review: Market Share Steadily Improves High Growth of Overseas Business
Event: The company achieved operating income of 989 in 2019H1.
80 ppm, an increase of 9 in ten years.
38%, net profit attributable to mother 51.
51 ppm, a ten-year increase of 7.
58%; of which, Q2 earned 509.
37 ppm, a ten-year increase of 8.
66%, net profit attributable to mother 30.
15 ppm, a six-year increase of 6.
The overall market share has increased and overseas business has grown rapidly. The company’s product market share has further increased: according to data from Zhongyikang, in the first half of 2019, the company’s offline retail shares of refrigerators, washing machines, home air conditioners, water heaters and kitchen appliances in the Chinese market wereImprove by 1.
2 and 1.
In the first half of 2019, the company’s overseas revenue reached 46.7 billion US dollars, an increase of 24% year-on-year (a year-on-year increase of 13% after excluding Candy). The company’s overseas revenue accounted for 47%, and its share of the company’s global revenue increased by 5 percentage points.
The gross profit margin remained stable, and the expense ratio was well controlled. The company’s gross profit margin was 19H1, and the net profit margin was 29.
29%, +0 each year.
The gross profit margin of domestic appliance business increased by 0.
Nine units, the company ‘s overseas revenue increased rapidly in the first half of the year, the gross profit margin of overseas operations fell, the domestic gross profit margin, and structurally affected the overall gross profit margin performance.
In terms of expense ratio, the company’s sales, management, R & D, and financial expense ratios in 19H1 were 14 respectively.
77% and 0.
51% each year -0.
11 points, +0.
28 points, -0.
02pct, the company’s expense ratio remained stable in the first half of the year.
Cash assets in hand were sufficient, and the turnover rate improved significantly. From the balance sheet, cash at the end of 19H1 + other current assets 409.
09 billion, -2 chain.
27%, inventory is 238.
6.8 billion, an increase of 9 from the previous month.
61 trillion, bills receivable and accounts totaled 289.
4.1 billion, +10.35%.
Judging 四川耍耍网 from the turnover situation, at the end of the 19H1 period, the receivables and payables turnover days were 59.
59 and 74.
85 days, at least -3.
23 and -2.
In 18 days, the company’s turnover efficiency improved, and the company’s operating efficiency improved significantly.
From the cash flow statement, the net cash flow from operating activities in 19H1 was 36.
34 trillion, -35 a year.
09%, of which 962 was cash inflows from sales of goods and services.
68 megabytes, the annual growth rate is slightly lower than the revenue growth rate.
The core employee shareholding plan will fully mobilize employees’ enthusiasm. By July 16, 2019, the company’s employee shareholding plan has gradually purchased 16.66 million shares of the company’s stock through a secondary market purchase method, with 北京桑拿洗浴保健 an average transaction price of RMB16.
23 yuan / share, the shareholding plan will further stimulate the enthusiasm of employees and help the company’s performance growth.
Investment suggestion: The growth rate of the company’s profit side is slightly lower than the income side. We slightly adjust the company’s profit forecast. We will increase the company’s net profit growth rate from 10 to 19 years.
61% and 9.
18% is adjusted to 9.
71% and 10.
42%, corresponding to a dynamic assessment of 12.
2 and 10.
Doubled, the company formed global brand operations, accelerated internationalization of R & D and manufacturing, and domestic high-end brands in the competitive landscape have taken the lead, maintaining a “buy” investment rating.
Risk Warning: Downturn in Real Estate Drives Downturn in Home Appliances Business, Raw Material Costs Exceed Expectation