The operating status of the listed leading companies can largely represent the overall operation status of an industry. At the end of April, the 2018 quarterly report of 'Starting to see the whole year' has been released, and the 'kitchen electric power industry entered a growth gear shift period' has almost become a According to the consensus of major review organizations, the company focused on Yanzao elimination, and continued to lead the industry’s boss electronics with high growth. In the first quarter of 2018, there was a noticeable slowdown in revenue and net profit growth, which was 16.89% respectively. And 20.05%, and the two figures in the first quarter of last year were as high as 33.98% and 54.28%. Among these, there are many external factors that are force majeure. First, the restrictions on real estate purchases that are closely related to the new demand have caused a sluggish demand; the second is the dislocation of the Spring Festival. Delayed the rhythm of home improvement; Third, the base of the same period last year was higher.
However, putting aside the pressure of external negatives, this is also due to the laws of the market. Traditional kitchen and electric appliances represented by Yanzao Consumerism, with the increase in the amount of holdings, the growth of the base has brought about a slowdown in growth. Wei Yunnet's omni-channel push total data has confirmed this trend: In the first quarter of 2018, the retail sales volume of the kitchen appliance market (smoke machine, stove, disinfection cabinet) was 12.8 billion yuan, a year-on-year decrease of 6.1%; retail volume It was 13.669 million units, down 3.3% year-on-year. The amount fell in all directions and the industry was cold.
Pan-kitchen Small Appliances Listed Companies' Results for January-March 2018
Small household appliances industry is equally difficult to be optimistic. On the one hand, export-oriented small household electrical appliance companies, such as Xinbao, Aishida, and Lake, were dragged down by the sharp appreciation of the exchange rate in the first quarter, and net profit declined. On the other hand, Ovi According to cloud network's total data, the growth momentum of the traditional and old categories represented by induction cookers, soya-bean milk makers and juicers is insufficient. In the first quarter of 2018, retail sales were 2.68 billion yuan, 800 million yuan and 510 million yuan respectively. , year-on-year decrease of 2.3%, 29.7%, 37.5%.
It can be seen that whether it is a large kitchen electricity demand for a family or a small livelihood that boosts the quality demand, it is bothered by internal and external problems. However, this is not necessarily a bad thing. Increasing external pressure can always be converted into Strong internal power. Accelerated extension of new products, continuous increase in brand building, active exploration of diversified channels, and continuous integration of mergers and acquisitions. Listed companies based on leading advantages are still increasing investment to further widen their industrial boundaries. The new performance growth point. And this, it is also a strong confirmation that the entire pan-kitchen, small appliances industry still has room to tap.
Annual Report of Pan Kitchen Small Home Appliance Listed Enterprises
Cross-border integration intensifies and industrial boundaries expand
The start of 2018 was unfavorable. The sudden slowdown of the industry leader does not mean that the kitchen power situation will change, or that it has reached the ceiling of growth. It should be noted that under the general trend of consumption upgrading, today's kitchen and television battlefield has already broken the 'traditional The limitations of the old three, extending to new categories such as dishwashers, embedded steam ovens, water purifiers, integrated cookers, and kitchen waste disposal.
The hot dishwasher in recent years is a new position for kitchen power companies to compete in the layout. Ovey Cloud Network predicts that the retail value of dishwashers in 2018 will reach 9.09 billion yuan, a year-on-year increase of 107.8%; retail volume will reach 1.694 million. Taiwan, a year-on-year increase of 108%, is far ahead of other kitchen appliances in terms of growth rate. In addition, the rise of integrated stoves cannot be underestimated. From the listed financial results of leading US brand Zhejiang Meida, one can see whether it is one or two: 2018 Q1 The growth rate of revenue and net profit was as high as 53.15% and 49.74%, respectively. It seemed that there was no external negative impact. As a result, traditional kitchen electric brands including Midea, Haier, Boss, Shuaikang, etc. began to smash this film. The fertile blue sea market. Obviously, it is not used for the lack of growth in the traditional smoke stove, and the emerging categories are becoming a new engine driving the growth of the kitchen electricity industry.
At the same time, industry leaders themselves are also gradually expanding the connotation and extension of kitchen electric power through technological innovation. The central hood of the owner’s electric appliance, which was first publicly released in September 2017, is a revolutionary subversive product. Making the range hood cross the border from the home area to the engineering field has opened up a new space and new direction for the kitchen and electric industry. For another example, the fuse of the popularization of dishwashers is the sink-style dishwashing machine invented by Fang Tai. The first detonated machine.
Boss Electric Launches Exclusive Invention Central Range Hood for Real Estate Engineering
This cross-border integration, the trend of independent innovation, in the category of all-inclusive products, and the fast-renewal and small household appliances industry, is an endless stream. Taking Jiuyang as an example, it once fell into the development bottleneck due to the decline of the main soybean milk machine. In recent years, through the diversified advancement of product structure, nine major categories of product lines, including rice cookers, induction cookers, water purifiers, kitchen appliances, etc., have been established from the ground up, largely offsetting the old product line. "Weakness," the overall performance has also been revived. In the first quarter of 2018, revenue and net profit increased by 5.57% and 7.88% respectively. Based on this, Nine Yang will further introduce the 'kitchen + living room' dual-drive strategy in 2018. Obtained the brand and product of the “Shangcongningjia” brand in China under the control of the United States by Shark to develop more powerful home appliances such as vacuum cleaners and purifiers.
There are four categories of kitchen utensils, kitchen appliances, kitchen appliances, and household appliances, and Supor, which is backed by SEB international giants, has a richer range of business. It also shows a good growth performance. The camp in the first quarter of 2018 Revenue and net profit increased by 21.24% and 21.92% respectively. At the beginning of 2018, the acquisition of Shanghai Saibo Electric was completed, and the establishment of a subsidiary company, Zhejiang Futengbao Manufacturing Co., Ltd., focused on operating high-end cooking utensils, which will also help further expand its business segment.
Intensified product upgrades, unstoppable high end
On the one hand, the continuous expansion of new products has broadened the growth path of the pan-kitchen and small household appliance industries. On the other hand, it is the optimization and upgrading of the product structure. The unit price has been increased to withstand the risk of raw material price increases, which in turn has led to improvements in operating performance. .
Boss Appliances' net profit growth rate in the first quarter of 2018 was still faster than revenue growth. This was due to this. In the first quarter alone, the company launched a number of new products, including the new type of agricultural residue purification sink D102, a new upgrade. The fourth-generation large suction double pressure hood 8231S, tri-nuclear intelligent steamer S228, etc.. The higher product gross margin and the continuous improvement of corporate management level, let its 2017 net profit rate reached 20.82%, in the household appliance industry. Forefront. Vantage's 'high-end smart kitchen appliances' strategic transformation has also been fruitful. In the first quarter of 2018, revenue and net profit achieved 23.23% and 49.59% respectively. During the reporting period, the company's gross margin reached 45.36%. , an increase of 4.56 percentage points year-on-year, highest in the same period of previous years. Haier, building a high-end line of defense with the 'Master Kitchen Strategy', achieved a 28% growth in net income in the first quarter of 2018, and the high-end growth rate reached 221%; In the “multiplier plan” project that was raised in 2017, innovation and transformation, and product upgrades are naturally an indispensable part. For small household appliances, Supor’s gross profit margin in the first quarter of 2018 was 31.07%, returning to the level of the same period of last year. , thanks mainly to The proportion of high-margin products under the product structure upgrading trend of rising; nine positive gross margin in the first quarter of 2018 improved 0.93 percentage points year on year, making the net profit growth rate slightly higher than revenue growth.
A list of R&D investment by pan-kitchen small home appliance listed companies in 2017
Product innovation is naturally driven by technology and behind the R&D investment. According to the 2017 annual report, Boss Electronics, which still implements a technology-driven strategy, has a total R&D investment of 233 million yuan. It has developed a total of 75 products of various types in the year. Up to 373 items; Vantage's number of patent applications increased by 108% year-on-year, and the number of patents authorized increased by 32%. It will extend from single product intelligence to a systematic, full-line new stage of development; With global technological innovation resources Midea Kitchen & TV is the largest kitchen and electric appliance company with the largest number of domestic and overseas patent applications. In terms of small household appliances, Jiuyang’s R&D revenue increased from 3.08% to 3.64% in 2017; Xinbao’s shares of Western-style small household appliance exporters are also In order to increase product innovation and actively expand the domestic market with higher gross profit margin, high-end household electric kitchen appliances have been partially put into operation.
The pursuit of quality, the rise of young consumers after the 80s and 90s in pursuit of experience, and the gradual release of high consumption potential in the third and fourth tier markets are the main driving forces for the high-end transformation. With the poor viewing room, the kitchen is full of wealth. The more obvious the trend is, the kitchen will be the highlight of the household consumption upgrade in the next 10 years. The market space of high-end brand kitchen electricity is self-evident.
The differentiation of channels has intensified and the 3rd and 4th markets have entered the fast lane of development
The kitchen electricity market was the first to experience cold in 2018, and the property market regulation was the main reason, but most of them were concentrated in the first and second tier cities, especially in Beijing, Tianjin and Hebei, where the relatively high popularity of kitchen power in Jiangsu, Zhejiang, and Shanghai, etc., fell significantly year-on-year. In the hardest-hit areas, the current demand for the third and fourth tiers is still relatively strong. Along with the tilt of national policies towards the countryside, with the backflow of urban population and the infiltration of new consumption concepts, the mobile Internet has gradually filled out the huge rural and urban gullies. In addition, the kitchen and TV market in the 3rd and 4th level will gradually reach the fast track of development and become the new driving force for the continued growth of the driving industry. In this regard, kitchen and power companies based on leading advantages are all sinking through accelerating channels in the 34 markets. Excavate inventory updates to increase their share.
Positioning high-end boss electronics, as early as in 2009 for the 3rd and 4th markets, launched a sub-brand 'MQ fame', the main 'durable' brand positioning, after ten years of steady and steady, fame to continue to be higher than the industry 5 times per year The growth rate has rapidly formed a brand effect in the nationwide kitchen power market. By the end of 2017, there were 87 first-tier distributors, 184 provincial capital outlets, 800 prefecture-level city outlets, county-level shops, 2364 outlets, and town outlets. There were 3,652 model villages and township rural liaison stations. In addition, in order to further boost fame development, Boss Electric added RMB 26,923,000 to fame in 2017, which accounted for 35% of the company’s fame after the capital increase. Currently, fame revenue accounts for the total revenue of the boss’s electrical appliances. About 3%, with the emphasis on fame, coordination of internal resources and the growth of third and fourth tier markets, the income scale will continue to expand.
Vantage also acquired Black & Decker kitchen as early as in 2013, operating from the primary and secondary markets to the tertiary and tertiary markets with a dual brand operation, and full coverage of the township channels. According to financial reports, the Black & Decker brand achieved revenue of 1.25 billion in 2017 Yuan, a year-on-year increase of 39.5%. By the end of 2017, the 'Bleak' brand had 61 flagship stores with an area of more than 100 square meters, 1,134 stores, 132 stores in KA stores, and 3,271 township outlets. In 2018, it was a big signing of Fan Bingbing. As the spokesperson for the image, it is committed to build the best kitchen to become the preferred brand of the urban middle class.
At present, specialty stores, franchised stores, and e-commerce are the main sales channels in the tertiary and tertiary markets. In order to expand geographically, the three or four levels of markets with different consumer demands will truly establish a firm foothold and provide comprehensive capabilities for enterprises. More challenges. In addition, with the mainstream kitchen and electric brands swiftly accelerating the sinking of channels, they will inevitably further squeeze the survival space of many tiny brands and cottage brands that are free in the third and fourth markets, and accelerate the industry reshuffle.
It can be seen that the kitchen electricity market, which is far from being saturated, will continue to expand its capacity in the industry, upgrade, and channel sinking, all of which still have a relatively large space for growth. Among these, leading companies that will benefit first will also be upgraded in consumption. During the process, in the process of channel sinking, eating a large growth bonus, the 'Matthew effect' will become more prominent in the kitchen electricity industry.
