On March 31, Supor, the leading small household appliance company, released its 2017 annual report. According to the report, in 2017, the company achieved revenue of 14.19 billion yuan, a year-on-year increase of 18.8%, and achieved a net profit of 1.31 billion yuan, a year-on-year increase of 21.4%. Under the support of performance, Supor intends to send 7.2 yuan to shareholders for every 10 shares to repay the society. On April 2nd, Supor spoke up, and the word limit was reached.
Quality upgrade Channel sinking
Judging from the annual report, Supor's revenue achieved steady growth in 2017, in which domestic sales revenue reached 10.2 billion yuan, an increase of 21.1% year-on-year; export revenue was 3.98 billion yuan, a year-on-year increase of 13.2%.
In domestic sales, Supor cookers’ revenue was 4.96 billion yuan, up 14% year-on-year; kitchen appliances revenue was 9.08 billion yuan, up 22% year-on-year. During the reporting period, the company continued to maintain the market share of bedding in the first place, and the second largest market for kitchen electricity in the kitchen ( 29.3%) The industry advantage, scale effect is obvious.
Supor AWE2018 Booth
In recent years, with the clear trend of domestic consumer upgrades, small home appliances have shown a trend of volume and price. In response to new changes, Supor has actively explored new products, and has launched high-quality insulation cups, wall-breaking machines, ceramic pots, and enamels. Domestic and other new products. In AWE2018, Supor displayed its rice cooker, which was cast with 6 layers of European imported enamel. It was controlled by a microcomputer and used a large amount of fire to heat the fire. It is particularly suitable for cooking meat and seafood ingredients. No water can be injected, the heat is self-controlled, and the simmered ingredients are not crushed and scented. The “Aurora Series” thermos cup launched by Supor has begun to realize the quality of the Japanese products from the holding time to the exquisite degree. Promote.
It is reported that Future Supor intends to carry out category expansion and high-end brand layout through acquisitions. In August 2017, the company announced that it intends to acquire the business of WMF in China and achieve complementarity with the existing business; on October 18, the company released again. Announcement to acquire Shanghai SEB (Shanghai SEB) to enrich its product layout in home appliances. At AWE2018, home appliances such as air purifiers, vacuum cleaners, hookers, and irons were all displayed. At the Supor booth.
In addition to the upgrade of quality, Supor has also increased its efforts in the subsidy of market channels in the 3rd and 4th levels. In recent years, Supor has increased its terminal layout to 60,000, and has built more than 670 living experience centers throughout the country. The rate and coverage density increased significantly. In addition, in 2017, the company increased its investment in e-commerce channels, which accounted for more than 35% of e-commerce revenue. With the increase in the proportion of Supor cookers and small household appliances online, the e-commerce channel revenue It is expected to grow further.
In terms of export, Supor still relied heavily on the transfer orders of SEB. In the 3.98 billion foreign sales revenue, the sales to SEB was 3.52 billion yuan, accounting for approximately 90% of the total sales, which was an increase of 18.6% year-on-year. The company expects that with The economic recovery in Europe and the United States, and the consolidation of Shanghai SEB business, is expected to increase SEB sales to RMB 4.89 billion in 2018, an increase of 32% year-on-year.
Raw materials and exchange rate risk
Although the company's overall situation is positive, market analysts believe that Supor still cannot ignore some risk factors.
According to the Supor Annual Report, the overall gross profit margin of the company in 2017 was 29.6%, which was a 1.1% decrease from the same period of last year. The gross profit margin of beddings decreased by 3.4% year-on-year, and the gross profit margin of small household appliances increased by 0.4%. The report reported that the overall decline in gross profit margin was attributed to the increase in raw material costs and For e-commerce companies with lower gross profit margin, the ratio of Grade 3 or 4 channels will increase. Although there is a hedging of new product price increases, price increases must also be guarded against the loss of market share. The high level of future cost performance issues should not be overlooked. During the two sessions this year, The country proposes that the steel industry's capacity for production in 2018 be further reduced by 30 million tons. The increase in bulk raw materials started in 2016 is likely to continue and remain high. For downstream companies such as household appliances with high dependence on steel, plastics and other raw materials, it is likely to continue. Under pressure.
In addition, with the great rise of the US 'trade war' stick, global trade protectionism has risen, and for companies with large export shares, they may be subject to higher exchange rate risks and tariff pressures. In the context of appreciation, Supor’s export profitability declined, with 17.88% gross profit for export, which was a decrease of 2.19 percentage points year-on-year. In addition, financial expenses increased significantly, which was a year-on-year increase of 99.4%. Although the company’s secretaries stated that Supor’s exports to the United States are in the company's overall The proportion of sales and exports is relatively small, and some of the business products are sold to the United States through the company’s subsidiary base in Vietnam. However, some market participants still expressed concerns.