Qingdao Haier (600690)： Ice-washing faucet overlaps and stabilizes, and the high-end layout has a remarkable performance
Qingdao Haier (600690): Ice-washing faucet overlaps and stabilizes, and the high-end layout has a remarkable performance
Investment logic: The company is one of the three giants of the national white goods industry and belongs to the industry leader.With the entry of Baidian into the era of stock games, the company’s scale takes Casa Di as the starting point, which is in line with the general trend of consumption upgrades. The domestic market has achieved significant results in high-end layout. It has entered the active expansion of the international market., United States GEA, Italy Candy and other enterprises.Successfully transformed emerging home appliance companies.The company’s traditional business is stable and its future performance can be expected. Grasp the wave of consumption upgrades, and the high-end layout has achieved outstanding results.In the past ten years, the retail share of turbo compressors has increased from less than 20% to more than 50%, and the retail share of inverter air conditioners has increased from less than 10% to more than 50%. The domestic market has entered the era of consumption upgrade.After many years of cultivation, the company’s high-end brand Casa Di has entered a period of rapid growth and occupies an important position in the high-end market.According to the data of Zhongyikang, in 2018, the market share of Casa Di refrigerators above 10,000 yuan increased by 36%, increasing by 5 shares; the share of washing machines above 10,000 yuan was 76.9%, raise 8 goals.The company has obvious advantages in the high-end appliance market. The traditional 杭州桑拿 business is stable, and the ice washing and emptying industry maintains its leading position in the industry.As Haier’s start-up business, Haier’s refrigerator market share has always maintained the industry first and is clearly ahead of other brands; Haier washing machines have steadily increased their market share in recent years, and their retail sales and gross profit margin have also far exceeded other household appliance brands;Gross profit margin has been consistently ranked first among domestic mainstream brands since 2011. The market stock is hitting the ceiling, and the domestic market will break through and look forward to the international market.At present, the number of washing machines and refrigerators in urban and rural areas has reached the ceiling, and the industry has entered a zero-sum game.Haier’s internal 南京龙凤网 sales growth slowed down and actively explored the international market, reorganized, and successively acquired Japan’s Sanyo Electromechanical, New Zealand’s Fisher & Paykel, the United States GEA, and Italy’s Candy.Realize the layout and integrated operation of seven world-class brands of “Haier, Casa Di, Commander, GE Appliances in the United States, Fisher & Pay in New Zealand, JapanAQUA, and Candy in Italy” Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.32 yuan, 1.44 yuan, 1.58 yuan, the net profit attributable to the mother will remain 10 in the next three years.6% composite strength.With reference to the average expected value of comparable companies, given that the company’s high-end is progressing smoothly, the company is given a 15-fold estimate for 2019, corresponding to a target price of 19.8 yuan, the first coverage given a “buy” rating. Risk reminders: policy risk; industry risk; exchange rate change risk; raw material price or substantial fluctuation risk; demand or substantial growth.