Hisense Home Appliances (000921): Hitachi Assets High-Quality Estimated Repairable

Hisense Home Appliances (000921): Hitachi Assets High-Quality Estimated Repairable

Investment thinking: high-quality assets Hisense Hitachi + estimated repair trend.

Hisense Hitachi Duoline has successfully surpassed Daikin in China and will drive the performance trend of Hisense appliances in the future.

Only 15xPE prudent forecast (Japan Daikin Dynamic PE 20x +), Hisense’s target market value of central air-conditioning business in 2020 can withstand 16 billion +, set the white electricity business reference Changhong Meiling to give 3 billion market value, the total target market value is 19 billion +.

The current A and H shares have a value bottom line (to 13.

(The current market capitalization of A / H shares is calculated to be 17.2 billion / 11 billion with 600 million shares).

The completion logic of the real estate is still fermenting, and multiple online connections will benefit; after the double 11 double 12 promotion, the most anxious time point for the air conditioner price war has passed, and it is estimated that repair can be expected.

Hisense Hitachi: The king of multiple connections, high-quality assets.

It is said that Industry Online, the first 11 months of 2019, Hitachi multi-line domestic market share of 18.

8%, Daikin’s market share is 18.

4%, while Hitachi / Daikin’s market share was 18 in the same period last year.

3% / 19.

5%.

Hitachi has already surpassed Daikin, 天津夜网 ranking first in most online markets.

In 2019H1, Hisense ‘s contribution accounted for more than half of Hisense ‘s home appliances. Considering Hitachi ‘s industry structure and multi-line growth, Hitachi ‘s central air-conditioning is expected to continue to increase in the company ‘s overall performance.

Since March, the company has received 0 from Hisense Hitachi.

After a 2% stake, the stake in Hisense Hitachi rose to 49.

2%, Hitachi’s balance sheet has been incorporated into the third quarterly report of listed companies, and the income statement and cash flow statement will be incorporated from October; after the consolidation, Hisense Appliances has a net cash of 8.5 billion and a prominent cash value.

Estimated repair: Real estate completion is expected to benefit + split air conditioner price war has passed 成都桑拿网 the anxious time.

Land completion continues in 2019.

The warming trend from June, Q2 / Q3 / M10 to November completion growth rate were -15.

0% / + 2.

3% / + 8.

7%.

Hisense Hitachi maintains a good relationship with domestic real estate developers. The recovery of real estate completion is expected to contribute to Hitachi’s multi-line product sales and drive revenue recovery.

The Air Force split air conditioner price war is fierce, and the pressure of second-tier brands has been overcome. After the double 11 and double 12 promotion procedures are over, the state of anxiety has been calmed down, and the company ‘s estimated suppression is expected to improve.

Initial camera selection between A / H shares: H shares estimated length, A shares are more liquid.

A / H shares have the same shares and the same rights, the current estimated length of H shares; A-share volume measure (A share capital of 900 million, H share capital of 4.

600 million), better liquidity.

Recently, the shareholding of Lugutong in Hisense Home Appliances has increased rapidly (Luotongtong’s holdings increased by 0 in the last week of 2019.

44% to 4.

9%), the top and growth of Hitachi central air-conditioning is the focus of attention to the capital of the north, and the long-term perspective of split air-conditioning price war is not the core factor leading the company’s fundamentals.

Risk warning: The original main business fluctuated more than expected, and the growth of central air conditioning exceeded expectations