Since its listing in 2010, Boss Electric has maintained an unbeaten myth of high revenue and profit growth, but this rapid growth has not been able to continue during the Year of the Dog as the CEO's 2017 Annual Results Express and 2018 The first quarter results notice of the announcement, two consecutive limit-down so that the boss appliances A shares of the top students have been 'taken the lead.' February 27, the boss appliance limit down for the first time since the listing, to close at 45.19 yuan / share, market value shrinking day About 4.764 billion yuan; February 28 boss once again lower limit to close at 40.67 yuan / share, evaporation of 4.289 billion yuan market capitalization again, the market value of two days evaporate 9.053 billion yuan.
According to the release of the boss electrical 2017 Annual Results Express boss appliances in 2017 operating income of 6.999 billion yuan, an increase of 20.78%, operating profit of 1.616 billion yuan, an increase of 21.11%, net profit attributable to parent company of 1.45 billion yuan , An increase of 20.18%. In addition, the company expects the first quarter of 2018 net profit of 277 million yuan to 327 million yuan, an increase of 10% to 30% .Although the boss appliances still maintained an average growth rate of more than high growth, but with Such achievements have not been recognized by the capital market as compared with previous years' performance.For the "voting by the feet" of the capital market, the industry generally believes that it is caused by the negative impact of real estate regulation and control. In addition, Midea Group, Gree, Qingdao Haier, Little Swan A, Supor and other stocks have also been lower, the overall performance of appliance stocks slump, and as a representative of the kitchen appliance market, the boss slowdown in electrical appliances mean that the development of the kitchen industry has entered a bottleneck?
Real estate for the kitchen and electrical industry how much?
As the real estate and home appliances industry has a strong correlation, it has been acting as the appliance industry, rain and rain table role in the real estate industry before 2016 to enhance the sales of home appliances has a significant stimulus, but with the introduction of real estate management policies in 2016, home appliances Industry sales will be affected, real estate on the future trend of the kitchen electrical industry what kind of impact?
A brokerage appliance industry analyst told reporters that the overall real estate market in 2017 in the performance of the first and second tier cities less well, three or four line cities are better, and in the two markets also showed a different trend, one of the second-line market, new houses The proportion of second-hand housing is relatively high, the trading speed is relatively fast, while the proportion of 34-phase and medium-term housing is relatively high, with a longer delivery period. In the first and second tier cities, the adverse impact of real estate on the kitchen and electric appliance industry has been digested in the past year The relatively favorable impact of the third and fourth tier cities will not be reflected until 2018, so overall, the impact of real estate on the kitchen and electric appliance industry will be even more positive in 2018 than in 2017.
In his opinion, the market structure of the kitchen appliance industry is in a relatively fragmented situation. Even though the real estate market has dragged down the kitchen appliance industry as a whole, the industry leader can still surpass the property cycle based on comprehensive capabilities. Therefore, even if the industry is influential, the industry leader The impact will be smaller.
Guo Meide, vice president of Aowei cloud network (AVC) also said that although the purchase of real estate policy on the potential release of kitchen and electrical products under pressure, but population backflow and urbanization also help kitchen in the 45 market into the rapid spread of the stage, so Judging from the perspective of the development of the entire household appliance industry, the focus of the industry is shifting from the living room economy to the kitchen economy.
There is great potential in the kitchen electric market and the industrial dividend will be released continuously
In fact, kitchen electrical appliances are still the most promising sub-sectors in the growth of China's home appliance industry. In recent years, there has been a strong growth in the kitchen appliance industry. The market has also maintained a year-on-year growth rate of over 10% Compared with other traditional household appliances category, the kitchen appliance industry has maintained a high gross margin.A former securities analyst said that the main barriers to the kitchen appliance industry is the brand barriers, consumers pay more attention to the brand in the process of purchasing kitchen appliances, and Sensitivity to price is relatively weak, the reason behind this is that kitchen appliances are the same as prefabricated appliances in bathroom products. If the replacement is troublesome, consumers tend to pay more attention to the brand, quality and reliability during use , Which is why the kitchen appliance industry can have a higher premium brand reason.
At present, there are 70 units of hoods in the first-tier cities in China and about 16 units in the rural areas. The kitchen appliance market is showing an upward trend of iteration and low-end to first-tier cities in the first-tier cities, and the expansion of product categories is obvious. However, With the gradual increase in the proportion of sales of kitchen appliances, the three or four-tier cities also showed the trend of increasing the number of possession.At the same time, under the general trend of global intelligent development, kitchen products are also moving toward smart, energy-efficient, healthy, Environmental protection and other aspects of development, while new categories such as dishwashers get more and more after 80, 90 emerging consumers favorite.
According to the calculation data of Zhongyi Kang, the market of kitchen electric appliances and traditional kitchen appliances in China continued to maintain steady growth in 2017, of which the retail sales of range hoods, gas stoves and disinfection cabinets increased by 12.8%, 11.5% and 8.8% respectively year-on-year, The category maintained the momentum of rapid growth. For example, the market size of dishwashers reached 4.33 billion yuan, up 119% over the same period of last year. The market size of embedded kitchen appliances reached 6.57 billion yuan, up 38.1% over the same period of last year.
In Guo Meide view, the current kitchen and electrical industry has entered a new phase of industrial upgrading, slowing down, the traditional kitchen appliances into the structural adjustment and rapid price increase stage, high-end brands and product innovation ability of the brand will gradually profit, At the same time, the emerging kitchen appliances are in the rapid stage of outbreak of consumption upgrade.Guo Meide believes that in the future, kitchen and electrical enterprises should firmly grasp both ends of the market, on the one hand is to seize the trend of product replacement in developed areas to high-end products Improve performance, on the other hand is the rapid penetration of four or five incremental market, grab the user.
Overall, the kitchen and electric appliance industry will maintain a healthy and steady growth in the future, the industrial dividend will continue to be released, while the top brand kitchen bureaus will further seize consumers' mental resources with high-end images. As foreseen, the owner's electrical appliances Will continue to benefit from the dividend that has developed in the kitchen appliance industry.