Recently, many listed companies in the home appliance industry released semi-annual report performance forecasts, most of the company's performance is gratifying. According to Wind information data, among the 71 listed companies in the home appliance sector, there are 45 disclosure notices, of which 29 listed companies predict net profit. Growth, Shenzhen Konka A, Skyworth Digital, TCL and other black giants are particularly eye-catching performance, the first two net profits are expected to double.
From the industry analysis data, whether it is color TV, air conditioning, or kitchen appliances, the overall performance in the first half of this year is not satisfactory, but the giants in these fields are still expected to achieve high growth, indicating that the industry concentration is further improved, the Matthew effect has increased No reduction.
Black electricity
'Faucet' performance far exceeds the industry average
According to the company's interim report: Shenkang A expects net profit for the first half of the year to be 320 million to 350 million yuan, a 10% increase year-on-year; Skyworth Digital said that the net profit attributable to shareholders of listed companies in the first half of the year was 145 million to 175 million, a year-on-year increase 166.52%~221.66%; Sichuan Kyushu revealed that the net profit attributable to shareholders of listed companies from January to June was 13 million to 18 million, an increase of 167.98%~194.13%; TCL Group expects net profit of 1.67 billion~1.82 billion in the first half of this year. , a year-on-year increase of 50% to 60%.
It is understood that the reasons for the growth of these companies' performance in the first half of the year came from the eventual promotion of the World Cup and the decline in panel prices. However, industry statistics are generally not as good as individual stocks, indicating that the leading effect of home appliances has become more prominent. For example, the China Electronics Video Industry Association and Aowei Cloud Network recently released data on the growth of China's color TV market in the first half of the year. The data shows that the retail volume of the color TV market in the first half of the year was 22.6 million units, The growth rate was 3.6%, and the retail sales volume was 72.5 billion yuan, down 2.0% year-on-year. Among them, offline channels decreased - large chains fell by 11%, other household appliances fell by 12%, and online color TV averages fell by 10.2%. For 2545 yuan.
In terms of exports, according to data released by the industry online, color TV exports in the first half of the year increased by 19.6% year-on-year; while exports in the same period last year increased by 24.3%, which means that color TV export growth slowed by 5%.
White electricity
Midea, Gree Capital's capital operation
Like the color TV industry, the air-conditioning industry in the first half of the year, under the baptism of rainy weather throughout the country, the overall performance of the whole industry is worrying. But in contrast to the small and medium-sized brands facing reshuffle again, Baiyun faucet still maintains high growth.
Although Gree, the US media report has not been released, but the reporter learned from Guangzhou Gree that Guangzhou Gree sales situation is good in 2018, among which household air-conditioner sales increased by 40%, refrigerators, washing machines and other categories also increased significantly, of which refrigerator sales increased nearly 50%. The industry expects that the performance of the US will also be eye-catching, because its implementation of the 'zero inventory' management model has weakened the weather and the impact of the peak season; on the other hand, the boutique strategy implemented five years ago has also improved the product quality. The height of the industry benchmark.
In addition, the United States, Gree also increased the intensity of industrial capital operations, and once again increased the concentration of the industry. Among them, the US group disclosed that it intends to buy back shares of no more than 4 billion yuan; Gree Electric again re-launched Haili shares, continue to promote the upstream industry Chain integration.
Kitchen electric
Industry first to bear the negative growth
The kitchen appliance industry also ushered in the first half of this year's negative growth performance in the first half of this year. Data from Ovi Cloud show that the average retail sales of China's kitchen appliances market increased by 13.5% from 2012 to 2017, leading by double-digit growth. All household appliances. But in 2018, China's kitchen electricity market experienced negative growth for the first time – in the first quarter of this year, the retail sales of the kitchen appliances market was 12.8 billion yuan, down 6.1% year-on-year.
However, the net profit of kitchen appliances giants Vantage, Wanhe Electric, Boss Electric, Supor and other kitchen giants are still up to 50%, 45%, 30% and 30% respectively, with a maximum profit of 350 million yuan and 310 million yuan respectively. 7.77 billion yuan, 740 million yuan.
According to statistics from Aowei.com, from the perspective of the proportion of retail sales of high-end products and the year-on-year growth, the high-end products of household appliances have achieved remarkable results, and the retail sales of high-end products of various categories accounted for an average. Among them, 47.3% vacuum cleaners, electric ovens 47.0%, 42.7% gas water heaters, 42.3% refrigerators, leading the high-end product sales market. Zhongyikang believes that the sales growth in the first half of the year slowed down, and the importance of high-end structural upgrades to performance was highlighted.
prediction
The growth rate of the home appliance industry may still slow down
Looking at the second half of the year, Ovi Cloud and Zhongyikang, two major home appliance industry data research companies, believe that due to the close relationship between home appliances and the real estate industry, in the context of de-leverage in the real estate industry and limited growth in the township market, the home appliance industry The overall growth rate will slow down.
Industry observers also believe that fluctuations in upstream raw material prices, rising costs from environmental upgrading, and exchange rate fluctuations will put pressure on corporate performance. Chuancai Securities industry analysts pointed out that from the demand side, small household appliances are not The growth space is larger, mainly reflected in the increase in new demand; in terms of electricity, it is expected that the growth rate of air-conditioner sales will fall to within 15% in 2018, but the industry's leading barriers are higher, and it is expected that the revenue will increase in the whole year. In terms of gross profit margin and net interest rate, they are still far above the industry average.