Home appliances listed companies in the semi-annual report performance is beautiful, nearly 90% of the company's performance has maintained steady growth. Data statistics show that 53 home appliances companies disclosed semi-annual report, 47 interim results achieved positive growth in the year. Market analysis that after continuous adjustment, the home appliance plate valuation has been low.
At the same time, household appliances industry profits will be differentiated, the value of the white leading unit investment highlights.
Industry higher profit differentiation obvious According to wind statistics, the first half of this year, the household appliances industry revenue of 465.627 billion yuan, an increase of 17.55%, the net profit deduction of 36.809 billion yuan, an increase of 23.73%. Everbright Securities analysis, the first half of the household appliances industry profits continued to grow well, and faster than the revenue growth. Mainly benefit from the leading product upgrade and effective control of the cost rate.
The stability of the industry profits is higher than the income, from the leading to the industrial chain pricing right to retractable. From the industry segment, the white power company revenue profit double rise, occupy the main of the home appliance industry. In the first half of the year, the white power revenue of 382.545 billion yuan, an increase of 18.98%, the net profit deduction of 36.568 billion yuan, an increase of 26.49%. In particular, the white electric faucet performance is very decent. Midea Group, Qingdao Haier, gree electric appliance revenue, net profit growth are kept double-digit. Among them, the United States group revenue 143.736 billion, growth 15.02%, net profit of 12.937 billion yuan, growth of 19.66%; Gree electric appliance revenue 92.005 billion yuan, growth 31.4%; net profit 12.806 billion yuan, an increase of 35.48%; Qingdao Haier revenue 88.592 billion, Growth of 14.19% per cent, net profit of 4.859 billion yuan, an increase of 10.01% yoy.
The three companies accounted for the total revenue of 322.192 billion yuan, the total net profit of 30.602 billion yuan. Compared to the white power, Black Power enterprises are mixed. Hisense Electrical appliances to achieve revenue of 14.012 billion yuan, an increase of 3.28% yoy, net profit of 347 million yuan, down 12.34%. Tcl group revenue of 52.524 billion yuan, an increase of 0.67%, net profit of 1.586 billion yuan, an increase of 53.4%. Shenzhen Konka A operating income of 17.625 billion yuan, an increase of 54.53%, net profit of 342 million yuan, up 1007.16%. Sichuan Changhong operating income of 38.402 billion yuan, an increase of 10.47%, net profit of 169 million yuan, an increase of 9.26%.
Tcl revenue growth is the slowest, but net profit growth is faster, benefiting from the upstream panel and the downstream color TV global OEM growth. Looking ahead to the future of household appliances industry, Changjiang Securities analyst Xu Chun, although the second half of the industry growth expectations in the base effect slowed down, but from the full-year dimension is still better than the beginning of pessimistic expectations, at the moment the core of the home appliance plate logic has not changed substantially, home appliances blue chip sound performance growth,
Good cash flow performance and valuation comparative advantage from the global dimension still exist, the recent adjustment of the long-term allocation opportunities. Everbright Securities believes that the home industry in the past 4 years, although the income growth rate has a certain fluctuation, but the profit growth stability is significantly higher, remove the inventory phase of a brief decline, always maintain a growth center of about 20%.
In the second half of this year, although the leading competition strategy brought uncertainty, stable growth tone unchanged.
The advantages of white electric faucet will be highlighted
Major institutions have considered the white goods industry leading stocks will highlight the value of investment, gree electrical appliances, the United States Group, Qingdao Haier, small swan A and other companies caryopteris a number of agencies recommended. Days Wind securities proposed layout of the second half of the year is expected to fully benefit from consumption upgrades, the performance of a strong determination of each plate faucet.
After the whole plate has a callback, the recommendation focuses on the white electric faucet Qingdao Haier, gree electrical appliances, the United States, as well as small household electrical appliance faucet Supor. Everbright Securities that the household appliances industry profits will be differentiated, the initiative in the hands of the leader. The market environment has improved earlier, the risk appetite continues to decrease, and the plate faucet still has better allocation value. Recommended configuration cost-effective white electric faucet: The United States of the group (the best long-term corporate governance, performance determination, continuous repurchase bring safety margin), Qingdao Haier (the business cycle is better), Gree electric appliances (the lowest current valuation), small swan A (net cash deduction less than 20 billion of the market value, the annual production of 2 billion free cash flow, is still a rare quality asset).
In addition, can focus on Op art lighting, Hua di shares, the boss of electrical appliances. From a valuation perspective, the current gree, Midea, Haier, swan a corresponds to the 2018 valuation is 8.7 times times, 13 times times, 11.8 times times and 16 times times, basically back to the historical valuation center or even lower level.
"Shen Wang Hongyuan home appliance analyst Zhouhai think.