业绩快报 | 物流出表增厚利润，海尔电器净利同比大增 91.2%

3 月 26 日港股盘后，海尔电器（HK:01169）发布截至 2019 年 12 月 31 日的年度业绩公告。

业绩公告显示，2019 年海尔电器录得收入 758.8 亿元（人民币，下同），同比下降 0.6%；公司股东应占年内溢利为 73.51 亿元，同比大幅增长 91.2%，这其中包含了处置物流业务的收益。

物流出表的一次性收入，增厚了海尔电器的年内收益。扣除处置物流业务产生的非现金收益人民币 31.6 亿元，股东应占净利润增长约 9%。

此外，海尔电器来自持续经营业务的年内溢利包含了自 2019 年 7 月 26 日以来按照持股比例应占的冰戟集团溢利。

海尔电器称，2019 年 7 月 26 日，海尔电器与海尔电器国际股份有限公司完成资产置换交易，冰戟集团自此成为海尔电器的联营公司。冰戟集团为一家投资控股公司，其非全资附属公司日日顺物流主要从事提供物流服务。

数据来源：海尔电器财报；制图：36 氪

数据来源：海尔电器财报；制图：36 氪

海尔电器的收入主要来源于洗衣机业务、热水器及净水业务，以及渠道服务。在洗衣机业务上，海尔电器 2019 年录得收入 234.0 亿元，同比增长 8.9%。同时，海尔洗衣机在市场占有率上上升 0.1 百分点至 14.9%，位列全球第一。

2019 年海尔电器分类收入及业绩构成比例（图片来源：海尔电器财报）

具体到中国国内市场，中怡康数据显示，该集团的洗衣机业务在线下渠道的市场占有率达 36.3%，同比增长 2.77 个百分点；线上渠道市场占有率同样为 36.3%，同比增长 1.95 个百分点。其中，高端品牌卡萨帝全年增速将近 15%，在整体洗衣机业务中的销售份额进一步提升至 10% 以上。而主打性价比的统帅品牌全年增速达 30% 以上，销售份额为 8% 以上。

而在洗衣机海外出口方面，海尔电器的收入同比增长超 30%，出口业务占洗衣机整体销售额的比例约为 12%。目前，海尔电器洗衣机的出口市场包括美洲、欧洲、南亚等。

通过热水器及净水机业务，海尔电器录得收入 87.5 亿元，同比增长 8.8%。分开来看，热水器业务收入的同比增速为 8%，净水业务收入则同比增长 13.8%。海尔电器的热水器目前涵盖电热、燃热、空气能热泵等品类，其整体销售额在行业中的份额为 20.5%，销量在行业中占据 21.4% 的份额，分别提升了 2.39、2.15 个百分点。

目前，海尔电器的净水业务主要包括提供家用末端净水、家用全屋净水和商用净水的解决方案。中怡康数据显示，海尔净水业务 2019 年的线上市场份额为 13%，线下市场份额为 7%。

不过，海尔电器在渠道服务业务上的销售收入较上年同期有所下降，为 664.7 亿元，降幅为 2.3%。

2019 年，在物流板块的战略投资方面，海尔集团旗下日日顺为天猫平台提供大件家电仓储、运送、装配、最后一公里及逆向一体化服务，线上家电业务的同比增速为 8%。在线下家电物流方面，海尔电器通过日日顺物流网络，替代了原来分散的仓库和配送体系。除此之外，日日顺物流进一步拓展社会化家电增值服务，在社会化家电业务上的收入同比增长 35%，小米、创维、格兰仕等均是服务客户。

在 5G、AI 等新兴技术的快速发展下，智慧家电、互联互通已经成为趋势。对此，海尔集团提出「5+7+N」战略，即智慧客厅、智慧厨房、智慧卧室、智慧浴室、智慧阳台在内的 5 大生活空间，高端用水、健康管理等 7 大解决方案与 N 个智慧生活场景。

2019 年 12 月，海尔电器发布公告称，公司控股股东正在探讨私有化的方案，若潜在私有化进行，公司将有可能在香港联合交易所撤回上市。今年 3 月 16 日，海尔电器再次发布公告称，潜在要约人尚未提出确实的潜在私有化方案，目前该潜在私有化是否进行仍存在重大不确定性。

3 月 26 日香港恒指收盘跌 0.74%，海尔电器股价收涨 1.41%，报 20.20 港元。
After trading in Hong Kong stocks on March 26, Haier electric (HK: 01169) released its annual performance announcement as of December 31, 2019.
According to the performance announcement, in 2019, Haier electric recorded a revenue of 75.88 billion yuan (RMB, the same below), a year-on-year decrease of 0.6%; the company’s shareholders should account for a profit of 7.351 billion yuan in the year, a year-on-year increase of 91.2%, which includes the income from the disposal of logistics business.
The one-time income of logistics increased Haier’s annual income. After deducting the non cash income of RMB 3.16 billion from the disposal of logistics business, the shareholders’ share of the net profit increased by about 9%.
In addition, Haier’s annual profit from continuing operations includes the profit attributable to Bing halberd group since July 26, 2019.
Haier Electric said that on July 26, 2019, Haier electric and Haier Electric International Co., Ltd. completed the asset replacement transaction, and Bing halberd group has since become an associated company of Haier electric. Ice halberd group is an investment holding company. Its non wholly owned subsidiary, RI Shun logistics, is mainly engaged in providing logistics services.
Data source: Haier electric financial report; drawing: 36 krypton
Data source: Haier electric financial report; drawing: 36 krypton
Haier’s revenue mainly comes from washing machine business, water heater and water purification business, as well as channel services. In the washing machine business, Haier electric appliances recorded a revenue of 23.4 billion yuan in 2019, an increase of 8.9% year on year. Meanwhile, Haier’s washing machine market share rose 0.1% to 14.9%, ranking first in the world.
Proportion of Haier’s classified revenue and performance in 2019 (picture source: Haier’s financial report)
Specifically in China’s domestic market, the market share of the group’s washing machine business online and offline channels reached 36.3%, a year-on-year increase of 2.77%; the market share of online channels was also 36.3%, a year-on-year increase of 1.95%. Among them, the annual growth rate of high-end brand Casati is nearly 15%, and its sales share in the overall washing machine business is further increased to more than 10%. And the price-effective commander-in-chief brand grew by more than 30% in the whole year, with a sales share of more than 8%.
In terms of washing machine export overseas, Haier’s revenue increased by more than 30% year on year, and the export business accounted for about 12% of the total washing machine sales. At present, the export market of Haier electric washing machine includes America, Europe, South Asia, etc.
Through the water heater and water purifier business, Haier electric appliances recorded a revenue of 8.75 billion yuan, an increase of 8.8% year on year. Separately, the year-on-year growth rate of water heater business income is 8%, and the year-on-year growth rate of water purification business income is 13.8%. Haier’s water heaters currently cover electric heating, combustion heat, air energy heat pump and other categories. Its overall sales share in the industry is 20.5%, and its sales share in the industry accounts for 21.4%, up 2.39% and 2.15% respectively.
At present, Haier’s water purification business mainly includes providing solutions for end of home water purification, house wide water purification and commercial water purification. According to zhongyikang data, Haier’s water purification business has an online market share of 13% and an offline market share of 7% in 2019.
However, Haier’s sales revenue in channel service business decreased by 2.3% to 66.47 billion yuan compared with the same period last year.
In 2019, in terms of strategic investment in the logistics sector, ririshun, a subsidiary of Haier Group, provided tmall platform with large appliance storage, transportation, assembly, last kilometer and reverse integration services, with a year-on-year growth rate of 8% in online appliance business. In terms of offline home appliance logistics, Haier electric replaced the original decentralized warehouse and distribution system through nisun logistics network. In addition, Nissin logistics further expanded the value-added services of social home appliances, with a year-on-year increase of 35% in the income of social home appliances business, and Xiaomi, Skyworth, Galanz and other customers were all service customers.
With the rapid development of 5g, AI and other emerging technologies, smart home appliances and interconnection have become a trend. To this end, Haier Group put forward the “5 + 7 + n” strategy, namely, five living spaces including smart living room, smart kitchen, smart bedroom, smart bathroom and smart balcony, seven solutions for high-end water and health management and N smart life scenarios.
In December 2019, Haier electric announced that the controlling shareholders of the company are exploring the privatization plan. If the potential privatization is carried out, the company will probably withdraw its listing on the stock exchange of Hong Kong. On March 16 this year, Haier electric announced again that the potential offeror has not yet put forward a real potential privatization plan, and there is still significant uncertainty about whether the potential privatization is going on.
On March 26, Hong Kong’s Hang Seng Index closed down 0.74%, while Haier Electric’s share price rose 1.41% to HK $20.20.