Hisense Home Appliances in 2021 earnings release revenue growth rate ranks first in the A-share white electric plate
On March 30, Hisense Home Appliances (000921.SZ, 00921.HK) released the 2021 annual report, revenue reached 67.6 billion yuan, a year-on-year increase of 40%, another record high.A number of securities institutions believe that the revenue growth rate of Hisense household appliances in the reporting period is the first in the A-share white electric plate, and the long-term advantage is gradually highlighted. The future space can be expected, giving A “buy” rating.It is reported that the company in the face of raw material prices and sea freight skyrocketing, core material supply shortage and other severe tests, bucking the trend, to achieve a breakthrough in scale.At the same time, the company has completed the merger and acquisition of Sandian Co., LTD., the world’s leading automotive air conditioning compressor and automotive air conditioning system first-class manufacturing supplier, accelerating the intelligent and other diversified industrial layout, entering the new energy vehicle industry, showing a strong comprehensive development strength!According to the analysis of changjiang Securities, Anxin Securities and many other institutions, hisense’s business in home appliances, refrigerators, air conditioners, washing machines and other sectors is growing rapidly, and its revenue performance is relatively beautiful.In 2021, Hisense Home Appliances achieved 40% revenue growth, ranking first in the A-share white electric sector.To be specific, 1) Ice washing business achieved revenue of 23 billion yuan, with a year-on-year growth of 23%;2) HVAC business achieved revenue of 30.4 billion yuan, up 30% year on year, among which central air conditioning continued to rank first in the domestic market, up 38% year on year, exceeding market expectations;3) The business of automobile air conditioner compressor and vehicle thermal management system, commercial cold chain, kitchen and bathroom appliances, plastic sheet metal, etc. achieved revenue of 7.4 billion yuan, and achieved initial results in diversified layout.Hisense brand commercial display cabinet product sales ranked first in the industry for four consecutive years!It’s also a highlight.In addition, thanks to the continuous promotion of the internationalization strategy, hisense Home Appliances (000921.SZ, 00921.HK) brand overseas visibility and influence has been continuously enhanced, and its overseas business has achieved substantial growth.According to the report, the main business income of hisense overseas business reached 23.2 billion yuan in 2021, up 58% year on year. Hisense refrigerator and freezer products export ranked first in the industry, and hVAC products export scale also hit a new high.”Hisense development in the major overseas” is gradually into the reality.In 2021, the company’s r&d investment increased by 55%.A series of market-leading high-end home appliances have performed well after their launch, winning a double harvest of word-of-mouth benefits. The high-end market share of household air conditioners, refrigerators, freezers and washing machines will all increase year-on-year in the next year.Company products cover “Hisense”, “Ronshen”, “KELON”, “HITACHI”, “YORK”, “Gorenje”, “ASKO”, “SANDEN” eight brands, brand line-up is rich, has a good brand reputation and market basis.With the help of the product range and product characteristics covered by different brands, it can deeply meet the needs of different users.At the same time, the company released a number of intelligent new products and scene solutions, to the full scene, all formats, all intelligent control of the blue ocean market!Securities institutions: give Hisense home appliances “buy” rating a number of securities institutions believe:Looking forward to 2022, hisense Home Appliances will accelerate the smart new life strategic layout based on the steady growth of Hisense Hitachi, profit repair of ice cleaning and home Air business, and loss recovery of Three electric Control shares. It is expected that the company’s business improvement can be expected and its profit elasticity is large. In the long run, with the orderly integration of Sanpower, the company is expected to open up new growth space.Company valuation advantage protrudes, maintains its “buy” rating.