In 2016 and 2017, cold air-conditioner products all experienced blowouts in the high-temperature season, driving the upstream of the industrial chain including air-conditioner compressors, growth in demand for motors and castings, revenues of parts companies represented by Highly Shares, net profit, etc. They all performed well. Haili’s 2017 net profit was 281 million yuan, an increase of 59.64% year-on-year. In 2018, the net profit growth of Q1 reached 109.88%.
Currently, the top air compressor companies in the country include GMCC, Lingda, Highly, TCL Ruizhi, etc. In the past year, driven by the consumption upgrade, the supply of inverter compressors has been in short supply, and the supply cycle has become contradictory. Companies have expanded their production capacity. However, raw materials With rising prices, product structure upgrades and other factors, the overall profit of the industry has not increased substantially, and the competition remains fierce.
As the largest supplier of fully-enclosed refrigeration compression motors in China, Haili shares mainly engaged in the compressors for household appliances such as air conditioners. The annual report shows that in 2017, the sales volume of high-pressure rotary compressors reached 22.35 million units, accounting for 12.53% of China's compressor industry. Share; In the non-self-supporting market, Haili Compressor holds the first with 30.30% share.
China has become a global leader in the production and consumption of air conditioners and compressors. After experiencing a period of years before the plateau, under the superposition of multiple favorable factors, the industry picked up in the second half of 2016 and continued to grow rapidly in 2017. The annual production and sales scale reached a record high. .
The cooling of the real estate market, which is closely related to air-conditioning consumption, and consumer overdraft caused by high growth in 2017, may cause minor fluctuations in the short-term industry. In the medium-to-long term, China's home air-conditioning and compressor industries still have room for development and usher in consumption upgrades. And product upgrade opportunities, products are in the direction of high efficiency, frequency conversion, comfort, health and intelligence; With energy saving and emission reduction, rapid development of big data and mobile communication technologies and people’s pursuit of comfortable life, rotary compressors in non-domestic air conditioners There are more and more applications in the field. Due to the increase of supporting efforts, the squeeze of non-self-supporting market space, and the expansion of the capacity of major compressor manufacturers, the competition in the compressor industry has become increasingly fierce.
Last year, Haili shares were exposed to the outside world, and the capital market was widely concerned about the placards of Gree Electric. As of March 2018, Gree Electric was still the third largest shareholder of Highly Shares. The two largest shareholders were Shanghai Electric (Group). The head office and Hangzhou Fusheng Holdings Co., Ltd. believe that Gree is really interested in Haili New Energy, a subsidiary of Haili Group, which matches the strategy of Gree Investment Yinlong New Energy. The data show that it was established in December 2016. Haili New Energy, which entered operation in 2017, has a registered capital of 134 million yuan and a net asset of 145 million yuan at the end of the period. Haili's new energy vehicle compressors have reached international advanced technologies in terms of energy saving, environmental protection, comfort, and reliability. Level, breaking the monopoly of foreign brands, occupying a leading position in the market.
However, so far this segment of the business is still in its infancy. The 2017 annual report shows that Haili New Energy, which is the main supplier of electric scroll compressors for automobiles, has an operating income of 213 million yuan, an operating profit of 14.07 million yuan, and a net profit of 10.57 million yuan. The annual sales volume of electric scroll compressors for Ladder cars was 83,300 units, which was basically the same as that of 2016, accounting for 10.49% of the country's new energy vehicle market share.
In 2018, both fittings companies and complete machine companies adjusted their production according to the terminal market. Industry online data showed that the rotor compressors had a new historical high in production and sales in March, but by May, the monitoring data showed that air conditioners and compressors had a , Follow-up market trend is still uncertain. It is worth mentioning that, Haili shares in the first quarter of this year, revenue and net profit growth exceeded the average growth rate of the white goods industry.
