Financials Haier Smart Home Co., Ltd.

Equities

600690

CNE000000CG9

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
28.35 ^CNY	-0.28%		-1.36%	+35.00%

03/04	Tranche Update on Haier Smart Home Co., Ltd.'s Equity Buyback Plan announced on April 27, 2023.	CI
29/03	Haier Smart Home's Attributable Net Profit Rises 13% in 2023	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	2,46,940	-	-
Enterprise Value (EV) ¹	1,17,822	2,33,261	2,43,370	1,95,965	1,65,337	2,11,994	1,99,849	1,88,164
P/E ratio	16.1 x	22.4 x	21.4 x	15.6 x	11.8 x	14.2 x	12.7 x	11.5 x
Yield	1.92%	1.25%	1.54%	2.31%	3.83%	3.48%	3.89%	4.52%
Capitalization / Revenue	0.62 x	1.17 x	1.16 x	0.91 x	0.72 x	0.88 x	0.82 x	0.76 x
EV / Revenue	0.59 x	1.11 x	1.07 x	0.8 x	0.63 x	0.75 x	0.66 x	0.58 x
EV / EBITDA	6.2 x	12.5 x	11.6 x	8.43 x	6.45 x	7.57 x	6.48 x	5.67 x
EV / FCF	12.9 x	23.3 x	15.2 x	16.1 x	10.7 x	10.5 x	9.35 x	8.21 x
FCF Yield	7.77%	4.29%	6.59%	6.21%	9.39%	9.52%	10.7%	12.2%
Price to Book	-	4.09 x	3.52 x	2.47 x	1.91 x	2.32 x	2.09 x	1.89 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	28.35	28.35	28.35
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	2,80,973	3,02,693	3,22,958
EBITDA ¹	19,003	18,687	20,938	23,249	25,616	27,994	30,852	33,207
EBIT ¹	14,449	13,598	15,876	17,203	19,880	21,643	24,319	27,087
Operating Margin	7.2%	6.48%	6.98%	7.07%	7.6%	7.7%	8.03%	8.39%
Earnings before Tax (EBT) ¹	14,631	13,554	15,916	17,790	19,712	22,470	25,314	27,949
Net income ¹	8,206	8,877	13,067	14,711	16,597	18,778	21,138	23,509
Net margin	4.09%	4.23%	5.74%	6.04%	6.35%	6.68%	6.98%	7.28%
EPS ²	1.212	1.306	1.400	1.570	1.780	1.995	2.236	2.473
Free Cash Flow ¹	9,150	10,007	16,047	12,178	15,524	20,176	21,371	22,908
FCF margin	4.56%	4.77%	7.05%	5%	5.94%	7.18%	7.06%	7.09%
FCF Conversion (EBITDA)	48.15%	53.55%	76.64%	52.38%	60.6%	72.07%	69.27%	68.98%
FCF Conversion (Net income)	111.5%	112.73%	122.81%	82.78%	93.53%	107.45%	101.1%	97.44%
Dividend per Share ²	0.3750	0.3660	0.4600	0.5660	0.8040	0.9859	1.102	1.281
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 Q3	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
Net sales ¹	95,728	1,13,975	58,345	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	69,022	72,127	1,40,792	72,473	67,879	1,40,372	75,845
EBITDA ¹	-	-	4,696	3,192	-	5,047	5,008	-	6,073	4,930	-	-	-	-	-	-	-	6,444	6,880	-	6,880	6,444	-	-
EBIT ¹	-	9,338	3,864	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	5,020	5,748	10,631	5,257	4,600	8,811	-
Operating Margin	-	8.19%	6.62%	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%	7.27%	7.97%	7.55%	7.25%	6.78%	6.28%	-
Earnings before Tax (EBT) ¹	-	9,281	3,878	3,577	-	4,317	5,681	-	4,502	3,290	7,792	4,843	6,271	11,114	5,120	3,478	8,598	5,559	6,022	-	6,022	5,559	-	-
Net income ¹	-	6,096	3,082	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	4,499	4,874	-	4,874	4,499	-	-
Net margin	-	5.35%	5.28%	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%	6.52%	6.76%	-	6.73%	6.63%	-	-
EPS ²	-	-	0.3310	0.3400	-	0.3800	0.4700	-	0.3900	0.3300	-	0.4200	0.5400	0.9600	0.4500	0.3700	0.8200	0.4756	0.5521	-	0.5088	0.4389	-	-
Dividend per Share ²	-	-	-	0.4600	-	-	-	-	-	0.5660	-	-	-	-	-	0.8040	-	-	-	-	-	0.9534	-	-
Announcement Date	28/08/20	30/03/21	29/10/21	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	-	-	-	-	-	-	-

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	34,946	46,113	57,777
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,150	10,007	16,047	12,178	15,524	20,177	21,371	22,908
ROE (net income / shareholders' equity)	19.1%	15.5%	17.8%	17%	16.9%	16.8%	16.9%	17.1%
ROA (Net income/ Total Assets)	4.62%	4.54%	6.21%	6.49%	6.78%	7.05%	7.42%	7.72%
Assets ¹	1,77,778	1,95,446	2,10,480	2,26,791	2,44,698	2,66,335	2,85,071	3,04,377
Book Value Per Share ²	-	7.140	8.490	9.890	11.00	12.20	13.60	15.00
Cash Flow per Share ²	2.290	1.950	2.480	2.130	2.680	2.620	2.760	2.920
Capex ¹	5,933	7,592	7,083	7,976	9,739	6,848	6,902	6,435
Capex / Sales	2.96%	3.62%	3.11%	3.28%	3.73%	2.44%	2.28%	1.99%
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

28.35 CNY

Average target price

31.26 CNY

Spread / Average Target

+10.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Appliances, Tools & Housewares

	1st Jan change	Capi.
HAIER SMART HOME CO., LTD.	+35.00%	34.08B
MIDEA GROUP CO., LTD.	+25.15%	64.64B
SHARKNINJA, INC.	+24.76%	8.88B
SEB S.A.	+1.06%	6.71B
ZHEJIANG SUPOR CO., LTD.	+9.90%	6.41B
DE'LONGHI S.P.A.	+2.95%	5.05B
NEWELL BRANDS INC.	-10.25%	3.23B
SPECTRUM BRANDS HOLDINGS, INC.	+3.51%	2.5B
BREVILLE GROUP LIMITED	-6.61%	2.38B
CELLO WORLD LIMITED	+18.25%	2.37B

Other Appliances, Tools & Housewares