At the end of August, China's three major white-light giants, Midea Group, Gree Electric Appliances, and Qingdao Haier released the 2018 mid-year report. In addition to the income, profits, dividends and other data that investors are concerned about, market changes may be the most worthy of our attention.
Interpretation of the White Paper's Big Three 2018
Air Conditioning: The only double-digit growth category in white goods
Market share: According to industry online research data, in the first half of the year, Gree's market share was 29.64%, the US's 23.83%, Haier 10.37%, and the end of 2017 was 32.48%, 24.50%, 8.10%.
Gree, the market share of the United States has declined, Haier's growth rate is obvious, and the market share has increased by more than two percentage points. In the industry boom cycle, the third- and fourth-line brands will grab some market share of leading enterprises. In the recession, the leading enterprises market The share tends to rise against the trend.
According to the survey data of Zhongyikang, in terms of retail sales, Gree, Midea and Haier's market share were 39.12%, 26.94%, 11.45%, and at the end of 2017, they were 36.84%, 24.17%, 11.02%.
Different from the industry online conclusions, the market share of the three giants has increased, indicating that more brands have joined the melee in the channel, while retail consumers prefer the leading brands.
Industry Status: Industry online data, China's total air-conditioning sales in the first half of the year increased by 14.30%, ranking first in home appliances category. Zhongyikang terminal data showed that air-conditioning retail sales increased by 16.60% in the first half of the year, and retail sales increased by 19.80% year-on-year. The only double-digit growth rate in home appliances, the industry is in good shape.
In terms of product structure, intelligent, comfortable, energy-efficient products market share increased, central air conditioning, fresh air products growth rate, self-cleaning, in addition to formaldehyde, PM2.5 and other gain functions gradually gain consumer recognition.
Consumer demand has extended from basic temperature control functions to health, and audiences have focused more on segmentation groups. Health awareness has become the driving force for industry growth.
Refrigerator: Product upgrade performance is particularly prominent
Market share: Industry online research shows that Haier, Midea and Hisense Kelon accounted for 19.50%, 13.31%, 12.76%, and last year's 20.17%, 13.42%, 12.46%, little change. Ice wash is mainly updated Demand, the market share of leading companies remained basically unchanged, and other companies fluctuated.
According to Zhongyikang data, the market share of Haier, Siemens and Midea, which ranked in the top three last year, was 31.83%, 12.75%, 10.29%. In the first half of this year, it was 34.04%, 10.03%, 11.31%. Haier increased significantly, and the US increased slightly. Siemens market share is eroded by domestic brands.
Industry Status: In the first half of the year, the door-to-door refrigerator won the online market sales champion, more than three refrigerators, retail sales accounted for 29.7%. In the context of consumption upgrade, refrigerator companies gradually turn to high-end, intelligent, quality direction and breakthrough.
Washing machine: drum washing machine retail sales and retail sales increased significantly year-on-year
Market share: Industry online data shows that Haier, Midea (including Little Swan) sales market share was 27.80%, 25.28%, last year was 26.23%, 26.23%, both rose and fell.
In the second half of the year, Little Swan has released new products, and the market share of the United States may have improved. The third-ranked Whirlpool market share is only 5.08%, and the washing machine oligopoly is stable.
According to Zhongyikang data, Haier, the US department, Siemens market share were 32.14%, 24.92%, 10.71%, last year was 29.89%, 23.82%, 13.47%.
The average price of Haier products is higher than the US, but the market share can still be further improved. The US price increase measures this year offset the decline in the market share of sales, and the market share of retail sales increased by 1 percentage point.
Industry Status: Industry online data, total washing machine sales in the first half of the year increased by 3.4%; Zhongyi Kang data, retail volume and retail sales increased by 4.0% and 11.8%. Among them, drum washing machine category, an increase of 13.5%, 18.3%.
Roller products, high-capacity products, health products, intelligent products, etc. have become the mainstream of market development. In the first half of the year, the retail volume of drum washing machines was close to 50%, of which the integrated share of washing and baking was 15.8%, which became an important driving force for the development of drum washing machines.
Summary: Consumption upgrades (quality improvement) are still the trend of the times
Consumption upgrade is the trend of the times, product structure upgrades, the company's efforts on high-end products, to some extent offset the impact of sales growth.
Haier Casa Di brand, with years of research and development and product advantages, the leading edge in the high-end market has become more and more obvious. At present, the high-end home appliance market has no outstanding competitors, and it is expected to become the main source of Haier's incremental profit in the future (Casa Emperor operating net interest rate as high as 25%).
In the United States, this year's implementation of quality improvement, streamlining the model work, price increases did not have a negative impact on sales, sales still achieved steady growth.
In the first half of the year, Gree's air-conditioning domestic sales business performed relatively well. The air-conditioning demand in the third- and fourth-tier cities and rural markets was quickly released, and domestic air-conditioning terminal demand showed a high degree of prosperity.
In the future, home appliance companies will compete in terms of products, services, and operational efficiency.
For example, Haier's internal “one person in one” model, flat channel, high-end products, whole house customization, optimization efficiency and other aspects of the attempt and exploration.
Midea's 'T+3', acquiring KUKA, supplementing high-end product lines, optimizing the supply chain, improving operations and efficiency.
Gree diversified operations, focusing on new energy, intelligent manufacturing, encouraging dealers to change from 'sitting business' to 'trading business', paying more attention to channel profitability and capital status.
It is predicted that this year, Tmall double 11 and other e-commerce promotion festivals, sales turnover will hit a new high, while the price of home appliances will continue to climb, let us wait and see!