Financials Haier Smart Home Co., Ltd.

Equities

600690

CNE000000CG9

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 13/09/2024			5-day change	1st Jan Change
25.28 ^CNY	+1.53%		+0.92%	+20.38%

11/09	Haier Smart Home Co., Ltd. commences an Equity Buyback Plan for 312,956,223 shares, representing 3.37% of its issued share capital, under the authorization approved on June 20, 2024.	CI
29/08	Jefferies Adjusts Haier Smart Home's Price Target to HK$25 From HK$40, Keeps at Hold	MT

Projected Income Statement: Haier Smart Home Co., Ltd.

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	2,61,422	2,74,595	2,92,248	3,10,312
Change	-	4.46%	8.5%	7%	7.37%	5.04%	6.43%	6.18%
EBITDA ¹	19,003	18,687	20,938	23,249	26,835	28,648	31,060	33,742
Change	-	-1.66%	12.04%	11.04%	15.42%	6.76%	8.42%	8.63%
EBIT ¹	14,449	13,598	15,876	17,203	20,036	21,887	24,625	27,433
Change	-	-5.89%	16.76%	8.36%	16.47%	9.24%	12.51%	11.41%
Interest Paid ¹	-893	-1,321	-686.4	-984.1	-2,111	-604	-537.2	-584.6
Earnings before Tax (EBT) ¹	14,631	13,554	15,916	17,790	19,712	22,853	25,369	28,250
Change	-	-7.36%	17.42%	11.77%	10.8%	15.93%	11.01%	11.36%
Net income ¹	8,206	8,877	13,067	14,711	16,597	19,035	21,196	23,556
Change	-	8.17%	47.21%	12.58%	12.82%	14.69%	11.35%	11.14%
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	49,916	51,866	43,141	52,587	58,684	55,314	54,774	56,845	58,345	57,593	60,251	61,595	62,891	58,736	65,066	66,560	67,031	62,770	68,978	66,643	70,114	66,149	75,260	76,984	77,530	72,603
Change	-	3.91%	-16.82%	21.89%	11.59%	-5.74%	-0.98%	3.78%	2.64%	-1.29%	4.62%	2.23%	2.1%	-6.61%	10.78%	2.3%	0.71%	-6.36%	9.89%	-3.38%	5.21%	-5.66%	13.77%	2.29%	0.71%	-6.35%
EBITDA ¹	2,583	-	-	-	-	-	4,453	4,449	4,696	3,192	5,047	5,008	6,073	4,930	-	-	-	-	-	-	7,219	6,775	-	-	-	-
Change	-	-100%	-	-	-	-	-	-0.08%	5.55%	-32.03%	58.13%	-0.78%	21.28%	-18.82%	-100%	-	-	-	-	-	-	-6.15%	-100%	-	-	-
EBIT ¹	5,816	-	-	2,726	-	3,843	3,648	4,232	3,864	3,580	4,300	4,076	4,520	2,115	4,831	6,257	5,122	3,670	5,786	7,148	5,477	4,797	-	-	-	-
Change	-	-100%	-	-	-100%	-	-5.07%	16.03%	-8.7%	-7.35%	20.13%	-5.23%	10.9%	-53.2%	128.41%	29.51%	-18.13%	-28.35%	57.64%	23.55%	-23.38%	-12.43%	-100%	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-263	-375.4	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,956	-	-	2,706	-	3,814	3,662	4,799	3,878	3,577	4,317	5,681	4,502	3,290	4,843	6,271	5,120	3,478	5,752	6,987	6,129	5,657	-	-	-	-
Change	-	-100%	-	-	-100%	-	-4%	31.06%	-19.19%	-7.77%	20.69%	31.6%	-20.76%	-26.91%	47.19%	29.48%	-18.35%	-32.07%	65.39%	21.47%	-12.28%	-7.69%	-100%	-	-	-
Net income ¹	2,622	-	-	1,710	-	2,576	3,054	3,798	3,082	3,132	3,517	4,432	3,717	3,045	3,971	4,993	4,185	3,447	4,773	5,647	4,960	4,579	-	-	-	-
Change	-	-100%	-	-	-100%	-	18.55%	24.38%	-18.85%	1.62%	12.28%	26.01%	-16.14%	-18.06%	30.4%	25.73%	-16.17%	-17.63%	38.45%	18.31%	-12.16%	-7.69%	-100%	-	-	-
Announcement Date	30/10/19	29/04/20	30/04/20	28/08/20	29/10/20	30/03/21	29/04/21	30/08/21	29/10/21	30/03/22	28/04/22	29/08/22	30/10/22	30/03/23	27/04/23	30/08/23	30/10/23	27/03/24	29/04/24	27/08/24	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	95,728	1,13,975	1,15,937	1,21,858	1,21,639	1,31,614	1,29,808	1,35,621	1,36,297
Change	-	19.06%	1.72%	5.11%	-0.18%	8.2%	-1.37%	4.48%	0.5%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT ¹	-	9,338	-	8,376	6,635	9,577	9,117	12,934	9,445
Change	-	-	-100%	-	-20.79%	44.34%	-4.8%	41.87%	-26.97%
Charge d'intérêts ¹	-	-	-	-	-638.3	-	-	-	-420
Earnings before Tax (EBT) ¹	-	9,281	-	-	7,792	11,114	8,598	-	9,838
Change	-	-	-100%	-	-	42.63%	-22.64%	-100%	-
Net income ¹	-	6,096	-	7,949	6,762	8,964	7,633	10,420	8,472
Change	-	-	-100%	-	-14.93%	32.57%	-14.85%	36.52%	-18.7%
Announcement Date	28/08/20	30/03/21	30/03/22	29/08/22	30/03/23	30/08/23	27/03/24	27/08/24	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Haier Smart Home Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-7,313	-12,404	-21,635	-24,610	-23,738	-34,886	-45,310	-56,334
Change	-	-269.62%	-274.42%	-213.75%	-196.46%	-246.96%	-229.88%	-224.33%
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Haier Smart Home Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	5,933	7,592	7,083	7,976	9,907	8,894	6,936	6,614
Change	-	27.96%	-6.71%	12.61%	24.22%	-10.23%	-22.01%	-4.65%
Free Cash Flow (FCF) ¹	9,150	10,007	16,047	12,178	15,355	20,431	21,049	23,271
Change	-	9.37%	60.36%	-24.11%	26.09%	33.06%	3.02%	10.56%
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Haier Smart Home Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	9.47%	8.91%	9.2%	9.55%	10.27%	10.43%	10.63%	10.87%
EBIT Margin (%)	7.2%	6.48%	6.98%	7.07%	7.66%	7.97%	8.43%	8.84%
EBT Margin (%)	7.29%	6.46%	6.99%	7.31%	7.54%	8.32%	8.68%	9.1%
Net margin (%)	4.09%	4.23%	5.74%	6.04%	6.35%	6.93%	7.25%	7.59%
FCF margin (%)	4.56%	4.77%	7.05%	5%	5.87%	7.44%	7.2%	7.5%
FCF / Net Income (%)	111.5%	112.73%	122.81%	82.78%	92.52%	107.34%	99.3%	98.79%
Profitability
ROA	4.62%	4.54%	6.21%	6.49%	6.78%	7.18%	7.58%	7.9%
ROE	19.12%	15.48%	17.82%	16.97%	16.85%	16.99%	17.1%	17.19%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.96%	3.62%	3.11%	3.28%	3.79%	3.21%	2.36%	2.13%
CAPEX / EBITDA (%)	31.22%	40.63%	33.83%	34.31%	36.92%	31.05%	22.33%	19.6%
CAPEX / FCF (%)	64.84%	75.87%	44.14%	65.49%	64.52%	43.53%	32.95%	28.42%
Items per share
Cash flow per share ¹	2.292	1.949	2.478	2.133	2.677	2.632	2.923	3.082
Change	-	-14.96%	27.12%	-13.91%	25.46%	-1.67%	11.06%	5.43%
Dividend per Share ¹	0.375	0.366	0.46	0.566	0.804	0.9737	1.121	1.26
Change	-	-2.4%	25.68%	23.04%	42.05%	21.1%	15.18%	12.32%
Book Value Per Share ¹	-	7.139	8.492	9.89	10.97	12.2	13.6	15.13
Change	-	-	18.94%	16.46%	10.9%	11.24%	11.5%	11.22%
EPS ¹	1.212	1.306	1.4	1.57	1.78	2.025	2.252	2.504
Change	-	7.76%	7.2%	12.14%	13.38%	13.77%	11.23%	11.16%
Nbr of stocks (in thousands)	65,79,567	90,27,846	93,19,212	93,08,051	92,36,587	92,47,121	92,47,121	92,47,121
Announcement Date	29/04/20	30/03/21	30/03/22	30/03/23	27/03/24	-	-	-