Financials Haier Smart Home Co., Ltd.

Equities

600690

CNE000000CG9

Appliances, Tools & Housewares

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
28.8 ^CNY	+1.59%		+1.09%	+37.14%

Apr. 29	Haier Smart Home Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Tranche Update on Haier Smart Home Co., Ltd.'s Equity Buyback Plan announced on April 27, 2023.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,134	245,665	265,005	220,575	187,836	250,137	-	-
Enterprise Value (EV) ¹	117,822	233,261	243,370	195,965	165,337	215,191	203,046	191,361
P/E ratio	16.1 x	22.4 x	21.4 x	15.6 x	11.8 x	14.4 x	12.9 x	11.6 x
Yield	1.92%	1.25%	1.54%	2.31%	3.83%	3.42%	3.83%	4.45%
Capitalization / Revenue	0.62 x	1.17 x	1.16 x	0.91 x	0.72 x	0.89 x	0.83 x	0.77 x
EV / Revenue	0.59 x	1.11 x	1.07 x	0.8 x	0.63 x	0.76 x	0.67 x	0.59 x
EV / EBITDA	6.2 x	12.5 x	11.6 x	8.43 x	6.45 x	7.69 x	6.75 x	5.94 x
EV / FCF	12.9 x	23.3 x	15.2 x	16.1 x	10.7 x	11.5 x	10.2 x	8.67 x
FCF Yield	7.77%	4.29%	6.59%	6.21%	9.39%	8.73%	9.78%	11.5%
Price to Book	-	4.09 x	3.52 x	2.47 x	1.91 x	2.36 x	2.13 x	1.92 x
Nbr of stocks (in thousands)	6,579,567	9,027,846	9,319,212	9,308,051	9,236,587	9,216,604	-	-
Reference price ²	19.50	29.21	29.89	24.46	21.00	28.80	28.80	28.80
Announcement Date	4/29/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	200,762	209,726	227,556	243,485	261,428	282,319	302,693	322,958
EBITDA ¹	19,003	18,687	20,938	23,249	25,616	27,994	30,077	32,198
EBIT ¹	14,449	13,598	15,876	17,203	19,880	21,111	23,535	25,487
Operating Margin	7.2%	6.48%	6.98%	7.07%	7.6%	7.48%	7.78%	7.89%
Earnings before Tax (EBT) ¹	14,631	13,554	15,916	17,790	19,712	23,527	25,866	28,325
Net income ¹	8,206	8,877	13,067	14,711	16,597	19,381	21,425	23,647
Net margin	4.09%	4.23%	5.74%	6.04%	6.35%	6.86%	7.08%	7.32%
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	18,792	19,867	22,078
FCF margin	4.56%	4.77%	7.05%	5%	5.94%	6.66%	6.56%	6.84%
FCF Conversion (EBITDA)	48.15%	53.55%	76.64%	52.38%	60.6%	67.13%	66.06%	68.57%
FCF Conversion (Net income)	111.5%	112.73%	122.81%	82.78%	93.53%	96.96%	92.73%	93.36%
Dividend per Share ²	0.3750	0.3660	0.4600	0.5660	0.8040	0.9859	1.102	1.281
Announcement Date	4/29/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-	-

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	113,975	57,593	115,937	60,251	61,595	121,858	62,891	58,736	121,639	65,066	66,560	131,614	67,031	62,770	129,801	68,978	72,127	140,792	72,473	67,879	140,372	75,845	77,586
EBITDA ¹	-	-	3,192	-	5,047	5,008	-	6,073	4,930	-	-	-	-	-	-	-	-	6,880	-	6,880	6,444	-	-	-
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	5,748	10,631	5,257	4,600	8,811	-	-
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%	7.97%	7.55%	7.25%	6.78%	6.28%	-	-
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	6,022	-	6,022	5,559	-	-	-
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	4,874	-	4,874	4,499	-	-	-
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%	6.76%	-	6.73%	6.63%	-	-	-
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	0.5521	-	0.5088	0.4389	-	-	-
Dividend per Share ²	-	-	0.4600	-	-	-	-	-	0.5660	-	-	-	-	-	0.8040	-	-	-	-	-	0.9534	-	-	-
Announcement Date	8/28/20	3/30/21	3/30/22	3/30/22	4/28/22	8/29/22	8/29/22	10/30/22	3/30/23	3/30/23	4/27/23	8/30/23	8/30/23	10/30/23	3/27/24	3/27/24	4/29/24	-	-	-	-	-	-	-

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	58,776
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,150	10,007	16,047	12,178	15,524	18,792	19,867	22,078
ROE (net income / shareholders' equity)	19.1%	15.5%	17.8%	17%	16.9%	17.7%	17.3%	17.5%
ROA (Net income/ Total Assets)	4.62%	4.54%	6.21%	6.49%	6.78%	7.14%	7.39%	7.6%
Assets ¹	177,778	195,446	210,480	226,791	244,698	271,430	289,778	311,179
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	8,786	8,494	8,749
Capex / Sales	2.96%	3.62%	3.11%	3.28%	3.73%	3.11%	2.81%	2.71%
Announcement Date	4/29/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-	-

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

28.8 CNY

Average target price

31.26 CNY

Spread / Average Target

+8.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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