According to the disclosure data of the three quarterly reports, the growth of Baiyin on behalf of Qingdao Haier, Gree Electric Appliances, Midea Electric Appliances has been steady, and the growth rate has declined. However, it is expected among the market, while the representative companies TCL and Hisense Electric have come out of low growth. Produced a performance report that exceeded market expectations.
Qingdao Haier achieved operating revenue of 18.837 billion yuan in the third quarter, an increase of 14.62% year-on-year; net profit of 729 million yuan, an increase of 31.69% year-on-year; basic earnings per share of 0.272 yuan.
Gree third quarter reported that from July to September 2011, sales revenue was 23.835 billion yuan, an increase of 24.46%; net profit of 1.565 billion yuan, an increase of 18.79%. In the third quarter of 2011, the growth rate of the air-conditioning industry slowed down by 13.38% year-on-year, while sales of Gree Electric Appliances increased by 25% during the same period. The growth rate of Gree is significantly higher than that of the industry, and its market share is rising.
Midea’s third quarter report showed that the company’s net profit in the third quarter was 905 million yuan. The net profit in the first three quarters of 2011 increased by nearly 10% year-on-year, but the growth rate slowed down. From January to September 2011, the total revenue of Midea’s electrical appliances reached 81.879 billion yuan, an increase of 43.24% year-on-year. The growth rate was 15.73% lower than the 58.97% of the first half of the year; the company’s net profit was approximately 2.88 billion yuan, an increase of 9.59% year-on-year. The growth rate fell by 4.05 percentage points from 13.64% in the first half of the year. The relevant person in charge of the United States Electrical Appliances said that the growth rate of performance has slowed down, mainly due to the higher growth rate in the same period last year.
According to TCL and Hisense Electric's quarterly report, the net profit of the two color TV giants in the third quarter reached 260 million yuan and 368 million yuan respectively. Among them, Hisense Electric increased by 75.07% year-on-year, and TCL suffered a loss of 657 million yuan in the same period last year.
Household appliances sector demand optimism
From the industry perspective, the air-conditioning industry entered the off-season, benefiting from price increase factors and raw material prices, the gross profit in the third quarter will increase; the ice wash industry demand growth is stable, but the consumer upgrade trend is obvious, and corporate profitability space has improved.
The black power industry ushered in the traditional sales season, and the decline in panel prices in the international market brought about a dual effect of stimulating demand and improving gross profit. Data show that the home appliance industry sales gradually improved in the third quarter, the supply of upstream panel for the domestic six black manufacturers increased by 10% in August, multiple data prove that the black industry gradually out of the first half.
With the development of multiple channels for small household appliances and kitchen appliances, the sinking of third- and fourth-tier markets has become a trend, relying further on the brand industry. In the context of the general sales performance of home appliance stores in the first and second-tier markets, small household appliances and kitchen appliances further developed e-commerce and specialty stores, actively sank the third and fourth-tier markets, and maintained income growth. The continuous launch of new products and the competition of brands have gradually become an important ability to maintain gross profit margin, and the industry concentration has been continuously improved.
The third quarterly report shows that Qingdao Haier has basically built a virtual and real network combined access platform by integrating internal and external related resources. Ten companies such as Qingdao Haier Mould purchased by the company are currently included in the consolidated statements. Except for direct thickening of profits, the acquisition of 10 companies is conducive to the company's industrial chain extending upstream and exerting synergies. The asset integration between the company and the group is still advancing. The goal of injecting household appliance assets into listed companies in the next five years has not changed.
From July to September, Gree Electric's air-conditioning product prices increased by 5% to 10%, so the gross margin of products rose from 15.23% in the second quarter to 20.81%. Due to the strong sales of air conditioners in the third quarter and higher product promotion costs, sales expenses increased by 3% compared with the second quarter.
At the end of the third quarter, Gree Electric's advance receipts amounted to 2.294 billion yuan, an increase of 81.79% over the same period of last year. The substantial increase in receipts in advance reflects the optimistic expectations of dealers for future air-conditioning demand. It is expected that the company will maintain a significantly higher growth rate than the industry in the fourth quarter. In addition, Gree Electric's bills receivable in the third quarter was 36.433 billion yuan, an increase of 80.66% over the same period of last year. The increase in bills receivable mainly comes from the pre-paid bills of dealers, so this is also a signal of optimism.
The policy exit has little effect
The current market concerns for the home appliance sector are mainly due to the slowdown in exports and the drop in home appliance demand after the home appliances subsidy policy was withdrawn.
However, the third quarterly report shows that most of the company's performance continues to maintain a relatively high growth trend (the growth rate has declined due to the base number). The partial withdrawal of home appliances to the countryside may have a significant effect on the performance of listed companies in the short term, but it does not matter in the long term.
Shenyin Wanguo Securities Research Institute believes that the policy of home appliances going to the countryside will be phased out and may cause fluctuations in the sales of home appliances in the third and fourth-tier markets in the short term, but it will have no impact on long-term growth. The reason is that there is still a certain gap between rural household electrical appliances and towns, especially the air-conditioning sector, and the subsidy policy to the countryside is a catalyst for rural household electrical appliance demand. The increase in rural per capita income is the direct driver of demand for home appliances.
In addition, the weakening effect of the policy on home appliances to the countryside does not mean that sales in the third and fourth-tier markets are poor. As the home appliance companies sink in the channels of the third and fourth markets, and non-home appliances to the countryside will increase the profit space for dealers, the willingness of dealers to sell non-home appliances to the countryside will be stronger.
Judging from the actual market conditions, the withdrawal of air-conditioning energy-saving benefits in June has no effect on air-conditioning sales this summer, and major companies have already passed product upgrades. Air-conditioning demand is still endogenous demand-based, and current industry competition The pattern has enabled leading enterprises to have stronger bargaining power.
On the export side, the status of export orders from the major companies remains normal. At the same time, various leading companies have benefited from the expansion of domestic demand, and the proportion of export revenue has been gradually reduced, especially the export share of Europe and the United States has decreased year by year. Shenyin Wanguo believes that if there is a crisis in the international market, the export sales of leading home appliance manufacturers will indeed be affected. The product categories affected are LCD TVs, refrigerators, air conditioners and washing machines.
Considering the high base of domestic sales in the fourth quarter of last year and the continuing downturn of overseas economy, the growth rate of the air-conditioning industry in the fourth quarter will continue to slow as expected, and the ice-wash industry will continue to maintain stable growth; the black-box industry will gradually ebb out of the bottom, taking into account the industry structure. The trend of adjustment and consumption upgrades is significant, and there is still room for growth in the third and fourth-tier markets.
Qingdao Haier achieved operating revenue of 18.837 billion yuan in the third quarter, an increase of 14.62% year-on-year; net profit of 729 million yuan, an increase of 31.69% year-on-year; basic earnings per share of 0.272 yuan.
Gree third quarter reported that from July to September 2011, sales revenue was 23.835 billion yuan, an increase of 24.46%; net profit of 1.565 billion yuan, an increase of 18.79%. In the third quarter of 2011, the growth rate of the air-conditioning industry slowed down by 13.38% year-on-year, while sales of Gree Electric Appliances increased by 25% during the same period. The growth rate of Gree is significantly higher than that of the industry, and its market share is rising.
Midea’s third quarter report showed that the company’s net profit in the third quarter was 905 million yuan. The net profit in the first three quarters of 2011 increased by nearly 10% year-on-year, but the growth rate slowed down. From January to September 2011, the total revenue of Midea’s electrical appliances reached 81.879 billion yuan, an increase of 43.24% year-on-year. The growth rate was 15.73% lower than the 58.97% of the first half of the year; the company’s net profit was approximately 2.88 billion yuan, an increase of 9.59% year-on-year. The growth rate fell by 4.05 percentage points from 13.64% in the first half of the year. The relevant person in charge of the United States Electrical Appliances said that the growth rate of performance has slowed down, mainly due to the higher growth rate in the same period last year.
According to TCL and Hisense Electric's quarterly report, the net profit of the two color TV giants in the third quarter reached 260 million yuan and 368 million yuan respectively. Among them, Hisense Electric increased by 75.07% year-on-year, and TCL suffered a loss of 657 million yuan in the same period last year.
Household appliances sector demand optimism
From the industry perspective, the air-conditioning industry entered the off-season, benefiting from price increase factors and raw material prices, the gross profit in the third quarter will increase; the ice wash industry demand growth is stable, but the consumer upgrade trend is obvious, and corporate profitability space has improved.
The black power industry ushered in the traditional sales season, and the decline in panel prices in the international market brought about a dual effect of stimulating demand and improving gross profit. Data show that the home appliance industry sales gradually improved in the third quarter, the supply of upstream panel for the domestic six black manufacturers increased by 10% in August, multiple data prove that the black industry gradually out of the first half.
With the development of multiple channels for small household appliances and kitchen appliances, the sinking of third- and fourth-tier markets has become a trend, relying further on the brand industry. In the context of the general sales performance of home appliance stores in the first and second-tier markets, small household appliances and kitchen appliances further developed e-commerce and specialty stores, actively sank the third and fourth-tier markets, and maintained income growth. The continuous launch of new products and the competition of brands have gradually become an important ability to maintain gross profit margin, and the industry concentration has been continuously improved.
The third quarterly report shows that Qingdao Haier has basically built a virtual and real network combined access platform by integrating internal and external related resources. Ten companies such as Qingdao Haier Mould purchased by the company are currently included in the consolidated statements. Except for direct thickening of profits, the acquisition of 10 companies is conducive to the company's industrial chain extending upstream and exerting synergies. The asset integration between the company and the group is still advancing. The goal of injecting household appliance assets into listed companies in the next five years has not changed.
From July to September, Gree Electric's air-conditioning product prices increased by 5% to 10%, so the gross margin of products rose from 15.23% in the second quarter to 20.81%. Due to the strong sales of air conditioners in the third quarter and higher product promotion costs, sales expenses increased by 3% compared with the second quarter.
At the end of the third quarter, Gree Electric's advance receipts amounted to 2.294 billion yuan, an increase of 81.79% over the same period of last year. The substantial increase in receipts in advance reflects the optimistic expectations of dealers for future air-conditioning demand. It is expected that the company will maintain a significantly higher growth rate than the industry in the fourth quarter. In addition, Gree Electric's bills receivable in the third quarter was 36.433 billion yuan, an increase of 80.66% over the same period of last year. The increase in bills receivable mainly comes from the pre-paid bills of dealers, so this is also a signal of optimism.
The policy exit has little effect
The current market concerns for the home appliance sector are mainly due to the slowdown in exports and the drop in home appliance demand after the home appliances subsidy policy was withdrawn.
However, the third quarterly report shows that most of the company's performance continues to maintain a relatively high growth trend (the growth rate has declined due to the base number). The partial withdrawal of home appliances to the countryside may have a significant effect on the performance of listed companies in the short term, but it does not matter in the long term.
Shenyin Wanguo Securities Research Institute believes that the policy of home appliances going to the countryside will be phased out and may cause fluctuations in the sales of home appliances in the third and fourth-tier markets in the short term, but it will have no impact on long-term growth. The reason is that there is still a certain gap between rural household electrical appliances and towns, especially the air-conditioning sector, and the subsidy policy to the countryside is a catalyst for rural household electrical appliance demand. The increase in rural per capita income is the direct driver of demand for home appliances.
In addition, the weakening effect of the policy on home appliances to the countryside does not mean that sales in the third and fourth-tier markets are poor. As the home appliance companies sink in the channels of the third and fourth markets, and non-home appliances to the countryside will increase the profit space for dealers, the willingness of dealers to sell non-home appliances to the countryside will be stronger.
Judging from the actual market conditions, the withdrawal of air-conditioning energy-saving benefits in June has no effect on air-conditioning sales this summer, and major companies have already passed product upgrades. Air-conditioning demand is still endogenous demand-based, and current industry competition The pattern has enabled leading enterprises to have stronger bargaining power.
On the export side, the status of export orders from the major companies remains normal. At the same time, various leading companies have benefited from the expansion of domestic demand, and the proportion of export revenue has been gradually reduced, especially the export share of Europe and the United States has decreased year by year. Shenyin Wanguo believes that if there is a crisis in the international market, the export sales of leading home appliance manufacturers will indeed be affected. The product categories affected are LCD TVs, refrigerators, air conditioners and washing machines.
Considering the high base of domestic sales in the fourth quarter of last year and the continuing downturn of overseas economy, the growth rate of the air-conditioning industry in the fourth quarter will continue to slow as expected, and the ice-wash industry will continue to maintain stable growth; the black-box industry will gradually ebb out of the bottom, taking into account the industry structure. The trend of adjustment and consumption upgrades is significant, and there is still room for growth in the third and fourth-tier markets.
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