Reporter | Niu Qichang
Edit |
1
Affected by multiple factors such as repeated epidemics and rising raw material prices, the performance of the home appliance industry has been under pressure in the past year. However, following the completion of the integration of Haier Electric at the end of 2020, the leading home appliance Haier Zhijia (600690. SH) bucked the trend, with sales revenue and net profit reaching new highs.
For the performance growth in 2021, Haier Zhijia boils down to three points: the rapid growth of high-end brands, the improvement of overseas market share, the ability to acquire customers at terminals and the improvement of transaction conversion efficiency.
"Casarte" revenue exceeds 10 billion
On March 31, 2022, Haier Zhijia disclosed that in 2021, the company's revenue was 227.556 billion yuan, an increase of 15.8% year-on-year (excluding the impact of disposal business), and the net profit attributable to the mother was 13.067 billion yuan, an increase of 47.1% year-on-year.
At the same time, the company announced the 2021 annual dividend plan, distributing a cash dividend of 4.60 yuan per 10 shares and distributing a cash dividend of 4.320 billion yuan, accounting for 33.1% of the company's net profit attributable to the mother in 2021.
Liang Haishan, chairman of Haier Zhijia Co., Ltd., said that in the context of consumption has not yet fully recovered, the global supply chain is facing chip shortages and logistics capacity shortages, in 2021, Haier Zhijia delivered more than 110 million consumer home appliances, the best performance in history.
Gross profit margin increased across the board.
In terms of products, in addition to the equipment part with the lowest gross profit margin, the revenue of air conditioners, refrigerators, kitchen appliances, water appliances, and washing machine products increased across the board, with an increase of between 10% and 30%.
Among them, the gross profit margin of water appliances was the highest, reaching 45.79%, while the revenue increased the most year-on-year, reaching 26.52%. It is reported that in 2021, the company will achieve a market share of more than 40% of electric water heaters, and the revenue of gas water heaters will increase by 51% over the same period last year, achieving the first domestic market share of water heaters.
It is worth noting that as a representative of the high-end home appliance market, the net income of the Casarte brand under Haier Zhijia exceeded 10 billion yuan in the past year, reaching 12.9 billion yuan, an increase of more than 40% year-on-year.
According to Zhongyikang data, in 2021, the Casarte brand will occupy an absolute leading position in China's high-end major appliance market, ranking first in the retail sales share of refrigerators, washing machines, air conditioners and other categories in the high-end market.
Among them, in terms of offline retail sales, the share of Casarte brand washing machines and refrigerators in China's market of more than 10,000 yuan reached 73.9% and 36.2%, and the share of air conditioners in China's market of more than 15,000 yuan reached 30.3%. The average market price of Casarte refrigerators, air conditioners, washing machines and other products is about 2-3 times the average price of the industry.
Haier Zhijia said that during the reporting period, the company gave full play to the advantages of Casarte's high-end brand to continue to enlarge the value of single users, achieved rapid revenue growth and continuous improvement of market share, and the overall share of the company's home appliance business in the Chinese market reached 25.1%, an increase of 2.3 percentage points.
For the first time, the revenue of foreign regions exceeded that of domestic regions. Overseas revenue exceeded that of China for the first time
Affected by the epidemic, the cost of shipping has remained high in the past year.
However, thanks to the localization layout, Haier Zhijia's operating income in foreign regions exceeded 114.725 billion yuan, an increase of 13.20% year-on-year, surpassing the domestic region for the first time. Overseas markets achieved operating profit of 5.926 billion yuan, an increase of 48.1% over 2020, and has become the most important source of profit growth for the company.
Haier Zhijia said that the company insists on relying on its own brand to go overseas and merge brands to explore overseas markets, and this business strategy has helped the company establish a multi-brand, cross-product, cross-regional research and development, manufacturing, marketing trinity and self-built, interconnected and collaborative operation mode.
Haier Zhijia has been deploying overseas for many years and has more than 20 years of overseas operation experience, and has further expanded its overseas layout with the help of acquiring overseas brands. According to the data, the company acquired haier group companies' overseas white goods business in 2015 (including the japanese and Southeast Asian white goods businesses of Japan's Sanyo Electric Corporation), acquired the home appliance business of General Electric Corporation in the United States in 2016, acquired Fisher & Paykel in 2018, and acquired Candy in 2019.
As of 2021, Haier Zhijia operates 10 R&D centers, 122 manufacturing centers, 108 marketing centers around the world, and covers nearly 130,000 sales outlets in the global market.
Euromonitor statistics show that in 2021, the company ranked first in the Asian market with a market share of 20.4%; ranked second in the Americas with a market share of 15.1%; ranked second in Australia and New Zealand with a market share of 11.6%; ranked third in the Middle East and Africa with a market share of 7.4%; and ranked fourth in Europe with a market share of 8.1%.
In Haier Zhijia's view, thanks to the localization business team and flexible and autonomous management mechanism established in overseas regional markets, the company can achieve rapid insight and response to local consumer demand. At the same time, the company also actively integrates into the local market and culture, and establishes a corporate image recognized by the local society in the overseas areas where the company operates.
It is worth mentioning that 2021 is the first fully operated financial year after Haier Zhijia integrates Haier Electrical Appliances.
Haier Zhijia said that the synergy effect after the integration is gradually reflected, the company's operational efficiency has been optimized, and the company's sales expense ratio in 2021 is 16.1% and the management expense ratio is 4.6%, which is 1.1 percentage points and 0.5 percentage points lower than that of 2020 under the year-on-year caliber.