(Original title: Hisense Home Appliances repurchased A shares and H shares rose nearly 20% in response)
News from the Financial Associated Press on January 3 (Editor Hu Jiarong)Today, Hisense Home Appliances (00921.HK) shares rose sharply due to the positive impact of the A-share repurchase. By midday, the company was up 18 percent at HK$10.16.
Note: H-share performance of Hisense Home Appliances
According to the Hisense Home Appliances A-share announcement, it plans to repurchase the company’s A-shares through centralized bidding transactions. The proposed repurchase amount will not exceed 199 million yuan and not less than 99 million yuan; The number does not exceed 11.7 million shares; the shares repurchased this time will be used for employee stock ownership plans.
At the same time, Hisense announced the 2022 A-share restricted stock incentive plan (draft). The number of restricted stocks to be granted is 29.618 million shares. 3.28% of the total amount and 2.17% of the total share capital of the company.
The grant price of restricted stock in this incentive plan is 6.64 yuan per share. The total number of incentive objects granted by the incentive plan is 596, including middle-level managers and core backbone personnel who worked in the company (including holding subsidiaries, the same below) when the company announced the incentive plan.
Affected by the above announcement, Hisense Home Appliances A shares rose 10.02% to 14.49 yuan.
Note: Hisense Home Appliances A-share trend
Real estate data is expected to pick up and catalyze demand for home appliances
In addition to the good buyback, the recovery of the real estate market has boosted the demand for home appliances. GF Securities previously pointed out that major appliances belong to the post-real estate cycle category, and the improvement of real estate data is expected to drive the improvement of demand for major appliances. Real estate has a strong driving effect on the sales of major appliances. According to calculations, the correlation between kitchen appliances is about 70%, and that of white appliances is about 30%.
Reviewing the history, the sales volume of large home appliances has a certain correlation with the completion of real estate. The matching rate of kitchen appliances is high, which has a good correlation with completion and is slightly ahead; the rate of hardcover matching of air conditioners in white goods is relatively high, and the correlation with completion is also Wash over ice. In the first three quarters of 2022, domestic sales of major appliances were under pressure. If the real estate market recovers in 23 years, it is expected to drive the gradual improvement of major appliance sales.
Judging from the current market performance, the valuation of major home appliance companies is still relatively cost-effective, and the improvement in real estate data is expected to drive the restoration of its valuation. At present, the valuation of white goods and kitchen appliances is still at a historically low position, and the cost performance is excellent. Reviewing the history, the bottoming out of real estate data can promote the valuation restoration of major home appliance companies. If the real estate data picks up under the stimulus of policies, the valuation of white goods and kitchen appliances companies is expected to be restored.