Financials Haier Smart Home Co., Ltd. Börse Stuttgart

Equities

690D

CNE1000031C1

Appliances, Tools & Housewares

Market Closed - Börse Stuttgart Other stock markets 09:22:33 17/05/2024 pm IST			5-day change	1st Jan Change
1.626 ^EUR	-1.44%		-5.48%	+45.90%

02/05	Haier Smart Home Boosts Local Manufacturing and Expands Global Presence with New Ecological Park in Egypt	CI
01/05	Haier Smart Home's Q1 Profit Jumps 20%, Revenue Up 6%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,25,134	2,45,665	2,65,005	2,20,575	1,87,836	2,78,300	-	-
Enterprise Value (EV) ¹	1,17,822	2,33,261	2,43,370	1,95,965	1,65,337	2,43,151	2,31,655	2,19,776
P/E ratio	16.1 x	22.4 x	21.4 x	15.6 x	11.8 x	15.6 x	13.9 x	12.4 x
Yield	1.92%	1.25%	1.54%	2.31%	3.83%	3.11%	3.58%	4.26%
Capitalization / Revenue	0.62 x	1.17 x	1.16 x	0.91 x	0.72 x	0.99 x	0.92 x	0.86 x
EV / Revenue	0.59 x	1.11 x	1.07 x	0.8 x	0.63 x	0.87 x	0.77 x	0.68 x
EV / EBITDA	6.2 x	12.5 x	11.6 x	8.43 x	6.45 x	8.67 x	7.47 x	6.48 x
EV / FCF	12.9 x	23.3 x	15.2 x	16.1 x	10.7 x	11.3 x	10.7 x	9.13 x
FCF Yield	7.77%	4.29%	6.59%	6.21%	9.39%	8.89%	9.33%	10.9%
Price to Book	-	4.09 x	3.52 x	2.47 x	1.91 x	2.59 x	2.32 x	2.09 x
Nbr of stocks (in thousands)	65,79,567	90,27,846	93,19,212	93,08,051	92,36,587	92,16,604	-	-
Reference price ²	19.50	29.21	29.89	24.46	21.00	31.58	31.58	31.58
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,00,762	2,09,726	2,27,556	2,43,485	2,61,428	2,81,081	3,01,646	3,21,996
EBITDA ¹	19,003	18,687	20,938	23,249	25,616	28,031	31,021	33,920
EBIT ¹	14,449	13,598	15,876	17,203	19,880	21,975	24,769	27,904
Operating Margin	7.2%	6.48%	6.98%	7.07%	7.6%	7.82%	8.21%	8.67%
Earnings before Tax (EBT) ¹	14,631	13,554	15,916	17,790	19,712	22,978	25,755	28,759
Net income ¹	8,206	8,877	13,067	14,711	16,597	19,188	21,565	24,222
Net margin	4.09%	4.23%	5.74%	6.04%	6.35%	6.83%	7.15%	7.52%
EPS ²	1.212	1.306	1.400	1.570	1.780	2.026	2.280	2.543
Free Cash Flow ¹	9,150	10,007	16,047	12,178	15,524	21,609	21,606	24,062
FCF margin	4.56%	4.77%	7.05%	5%	5.94%	7.69%	7.16%	7.47%
FCF Conversion (EBITDA)	48.15%	53.55%	76.64%	52.38%	60.6%	77.09%	69.65%	70.94%
FCF Conversion (Net income)	111.5%	112.73%	122.81%	82.78%	93.53%	112.62%	100.19%	99.34%
Dividend per Share ²	0.3750	0.3660	0.4600	0.5660	0.8040	0.9814	1.131	1.344
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	95,728	1,13,975	57,593	1,15,937	60,251	61,595	1,21,858	62,891	58,736	1,21,639	65,066	66,560	1,31,614	67,031	62,770	1,29,801	68,978	72,369	1,40,461	72,649	67,896	1,39,645	75,845	77,586
EBITDA ¹	-	-	3,192	-	5,047	5,008	-	6,073	4,930	-	-	-	-	-	-	-	-	7,407	-	7,407	6,948	-	-	-
EBIT ¹	-	9,338	3,580	-	4,300	4,076	8,376	4,520	2,115	6,635	4,831	6,257	9,577	5,122	3,670	8,792	5,786	6,108	11,573	5,395	4,708	8,742	-	-
Operating Margin	-	8.19%	6.22%	-	7.14%	6.62%	6.87%	7.19%	3.6%	5.45%	7.42%	9.4%	7.28%	7.64%	5.85%	6.77%	8.39%	8.44%	8.24%	7.43%	6.93%	6.26%	-	-
Earnings before Tax (EBT) ¹	-	9,281	3,577	-	4,317	5,681	-	4,502	3,290	7,792	4,843	6,271	11,114	5,120	3,478	8,598	5,752	6,319	-	6,319	5,832	-	-	-
Net income ¹	-	6,096	3,132	-	3,517	4,432	7,949	3,717	3,045	6,762	3,971	4,993	8,964	4,185	3,447	7,633	4,773	5,114	-	5,114	4,720	-	-	-
Net margin	-	5.35%	5.44%	-	5.84%	7.2%	6.52%	5.91%	5.18%	5.56%	6.1%	7.5%	6.81%	6.24%	5.49%	5.88%	6.92%	7.07%	-	7.04%	6.95%	-	-	-
EPS ²	-	-	0.3400	-	0.3800	0.4700	-	0.3900	0.3300	-	0.4200	0.5400	0.9600	0.4500	0.3700	0.8200	0.5100	0.5706	-	0.5173	0.4400	-	-	-
Dividend per Share ²	-	-	0.4600	-	-	-	-	-	0.5660	-	-	-	-	-	0.8040	-	-	-	-	-	1.000	-	-	-
Announcement Date	28/08/20	30/03/21	30/03/22	30/03/22	28/04/22	29/08/22	29/08/22	30/10/22	30/03/23	30/03/23	27/04/23	30/08/23	30/08/23	30/10/23	27/03/24	27/03/24	29/04/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,313	12,404	21,635	24,610	22,499	35,149	46,646	58,524
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,150	10,007	16,047	12,178	15,524	21,609	21,607	24,062
ROE (net income / shareholders' equity)	19.1%	15.5%	17.8%	17%	16.9%	17.1%	17.2%	17.4%
ROA (Net income/ Total Assets)	4.62%	4.54%	6.21%	6.49%	6.78%	7.39%	7.53%	7.87%
Assets ¹	1,77,778	1,95,446	2,10,480	2,26,791	2,44,698	2,59,696	2,86,304	3,07,628
Book Value Per Share ²	-	7.140	8.490	9.890	11.00	12.20	13.60	15.10
Cash Flow per Share ²	2.290	1.950	2.480	2.130	2.680	2.620	2.830	2.950
Capex ¹	5,933	7,592	7,083	7,976	9,739	6,672	6,480	6,146
Capex / Sales	2.96%	3.62%	3.11%	3.28%	3.73%	2.37%	2.15%	1.91%
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Haier Smart Home Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

31.58 CNY

Average target price

33.51 CNY

Spread / Average Target

+6.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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