On the evening of October 30, Gree Electric, Midea Group, Qingdao Haier, Hisense Electric and other home appliance giants announced their third-quarter results. Due to the overall weakness of the industry, the overall growth rate of the home appliance sector slowed down, but Gree’s performance increased. The speed still maintains a high level. In addition, the securities company has made significant reductions in the first three companies, only to increase the holdings of Hisense Electric, which has experienced a decline in performance.
In the first three quarters, Gree Electric achieved a revenue of 148.689 billion yuan, a year-on-year increase of 34.11%; net profit attributable to shareholders of listed companies was 21.118 billion yuan, an increase of 36.59%.
Midea Group achieved revenue of 205.575 billion yuan in the first three quarters, up 10.06% year-on-year; net profit attributable to shareholders of listed companies was 17.9 billion yuan, up 19.35% year-on-year. Qingdao Haier achieved revenue of 138.139 billion yuan in the first three quarters, up 12.77% year-on-year. %; net profit attributable to shareholders of listed companies was 6.127 billion yuan, an increase of 9.35%.
Hisense Electric achieved revenue of 23.746 billion yuan in the first three quarters, up 3.77% year-on-year; net profit attributable to shareholders of listed companies was 600 million yuan, down 39.26% year-on-year.
The securities company's adjustment trend also attracted market attention. The securities company reduced the holding of Gree Electric's 51.529 million shares, and its shareholding fell to 2.99%. The securities company reduced the holding of the US group of 73.289 million shares, and its shareholding fell to 2.98%. The company reduced its holding of Qingdao Haier by 116 million shares, and its shareholding fell to 2.99%. The securities company increased its holding of 4,689,800 shares of Hisense Electric, and its shareholding rose to 3.26%.
In the foresight report of Industrial Securities, the home appliance industry continued to be affected by major real estate factors and small climate factors in the third quarter. The performance will be weaker than the second quarter, which will further lower the overall performance of the first three quarters, but the third quarter. It has not yet bottomed out. In terms of industry, Baidian is affected by the downturn of the third- and fourth-line real estate, and the growth trend will continue to slow down. However, the high growth of the third- and fourth-line real estate last year will bring the demand for this year to support the overall growth of air-conditioning, next year. It will weaken to negative growth; the difference between domestic and foreign sales of black electricity is large, benefiting from overseas, especially the US economic recovery. This year's exports are particularly good. It is expected that the performance of foreign-oriented enterprises will continue to shine; the kitchen and electricity sector is the most affected by real estate. The third quarter results continued to weaken.
Among them, the low sales volume of color TV is particularly prominent. According to Zhongyikang data, the retail volume of color TV market in the third quarter of 2018 was 10.41 million, which was basically the same as last year. The retail volume was 30.3 billion yuan, down 15% year-on-year. Caitong Securities Research reported that In the third quarter, the color TV market is still stagflation in the third quarter. The reason is that the importance of the 11th promotion is getting smaller and smaller, and the pulling and price reduction space is gradually weakening. The online pull is declining. The online growth in the third quarter is 20%, e-commerce. Channels accounted for 48%, online upside ratio is not big; price advantage is not obvious, consumers expect 'double eleven' and then lower prices.