The kitchen appliance sector's performance in the first three quarters of this year has grown steadily. The agency said that the current valuation of home appliance sector is close to the bottom. With the expansion of consumer upgrades, more emerging products attract consumers to buy, which is expected to further expand the kitchen appliance market.
On the 24th, the data disclosed by Boss Electric (002508) showed that the company achieved operating income of 539,388,926,78.86 yuan in the first three quarters of 2018, an increase of 8.14% year-on-year; the net profit attributable to shareholders of listed companies was 10,116,33,069.40 yuan, an increase of 5.33% year-on-year. The company expects the net profit change range attributable to shareholders of listed companies in 2018 to be 146,121,500 yuan to 1,607,334,900 yuan, an increase of 0 to 10.00%.
On the 23rd, Supor (002032) disclosed three quarterly reports that the company's revenue in the first three quarters was 13.394 billion yuan, up 25% year-on-year; net profit was 1.104 billion yuan, up 22% year-on-year. The net profit for 2018 is expected to be 1.326 billion yuan to 17.24. 100 million yuan, a year-on-year increase of 0 to 30%. In addition, Vantage shares (002035) 2018 in the first three quarters of revenue of 4.646 billion yuan, an increase of 13.78%; net profit of 442 million yuan, an increase of 41.91%, and is expected to be 2018 The annual net profit was 663 million yuan to 764 million yuan, an increase of 30% to 50%.
Integrated focus into the growing category
According to the reporter, emerging kitchen appliances have become the main force of market consumption growth.
According to the online monitoring data of Avi Cloud (avc), the online sales of dishwashers in September was 170 million yuan, a year-on-year increase of 44.7%. From the product type, the sink dishwasher in September performed well, and the industry penetrated. The rate was 14.2%, an increase of 5.4% year-on-year, and the upward trend was good.
At the same time, the online water heater market continued to grow at a rate of 1.31 billion yuan in September 2018, up 12.9% year-on-year. Among them, the electricity storage water heater was 620 million yuan, up 15.3% year-on-year.
Integrated stoves have become the key category for the growth of kitchen appliances this year. It is estimated that the market scale of integrated stoves in the whole year will reach 1.748 million units, 12.92 billion yuan, and the retail sales will increase by 44% year-on-year. It will become the seven categories in the kitchen power industry except for range hoods. , the third billion industry outside the gas stove.
Zhongyikang predicts that the size of the integrated stove market will reach 2.43 million units in 2019, with a growth rate of 39%.
Focus on 'three quarters'
Agency recommendations focus on industry leaders
Relevant persons of Changjiang Securities said that the trend of high-end consumption upgrade in the kitchen appliance industry is still in progress. The industry leaders are based on their own products, channels and brands. The market share is steadily rising during the year. It is expected that the kitchen appliances leading companies will achieve steady growth in the third quarter. The profitability of listed companies in the industry is still expected to improve. At the same time, the pattern of 'big industry small companies' in the kitchen industry is still the same, the industry echelon is stratified, the competition pattern is still stable, and the follow-up development space of leading companies is still broad. The overall prosperity is better than this year.
CITIC Securities said that the long-term home appliance sector still has a better allocation value. At present, the valuation of home appliance sector is close to the bottom, and the kitchen appliance valuation continues to have limited space.