Household appliances: a chance for the investment strategy is bottom-up – Hefei
Frequent appliance policies, the effect remains to be seen. Secondary market has shown at least some policy passivation. The current market environment, relevant policies are favorable of course frequent, but more important is the overall macroeconomic warming, companies improve their core competitiveness.
Investment Highlights:
Appliances gradual improvement in the overall business environment, but the external situation is still grim. Income rebounded in 2009, consumer spending is gradually increasing, although the employment situation is not optimistic about the restoration of consumer confidence also requires a process, but the growth of total retail sales have been signs of resilience in the housing market become active, on a certain boost domestic appliances role; Unfortunately, the external situation is still grim, shrinking consumer demand in Europe and the United States, foreign demand recovery will take time to export a higher proportion of household appliances industry pressure to bear.
White
Areas, insufficient demand remains the most prominent, but the uneven development of enterprises. Air from January to May total fell 23.8%, of which domestic sales fell 13.6%, while exports fell 30.6%. However, Gree, Midea by increasing market share and improve gross margins, profits can still; from January to April 2009
Refrigerator
Exports also shrink (down 14.6% year on year), but because more prosperous domestic market, up 16.3%, so the total of maintaining a positive growth (6.3%). Haier, which basically maintains a strong position, while the United States and the Department of refrigerator
Sell
Slipped; washing machine since 2009, continuation of the previous year's rapid domestic sales growth of 1-April rose 10.2%, while there was a substantial decline in exports, down 19.2%, total sales last year in terms of very basic. Hefei
Sanyang
(13.69,0.34,2.55%) sustained high growth, Haier, Rongshida, and Little Swan unsatisfactory.
09 of the second quarter continued to rebound in commodity prices since the white power industry have a negative effect, in 2009 in the first half of the high gross margins can not continue, in the second half pressure on corporate profits is still heavier.
Black
Industry operating environment continued to improve since the fourth quarter of 2008, the panel reversed the situation of long-term shortage, domestic TV manufacturers the right to speak with the panel makers increase; panel prices diving, the cause
LCD
Television prices of diving machine, and thus a large number of active demand; flat-panel television on the one hand speed up the spread in the city, while the rapid development of the 34 markets, domestic brand TV companies began to show edge channels, which greatly weakened
States United States
Suning Appliance Chain's status, coupled with domestic brands market more flexible and higher levels of the supply chain, pulling away from the home appliance chain, the domestic brand in 34 markets far more than foreign brands, domestic brand market share is expected to gradually,
Hisense
TV will be the biggest beneficiary.
Frequent appliance policies, the effect remains to be seen. Secondary market has shown at least some policy passivation. The current market environment, relevant policies are favorable of course frequent, but more important is the overall macroeconomic warming, companies improve their core competitiveness.
Medium-term investment strategy: to continue with air conditioning industry super, especially products with high reputation, product price elasticity of small companies. Level to improve the business environment with black power benefit under the species. Focus on high brand reputation, there are certain technical advantages in consumer products have continued to upgrade the competitiveness of enterprises. Another concern is with certain characteristics of competitive small appliance company. Industry rating to "neutral."
Proposed reasonable valuation, the focus of attention: Gree Electric Appliance (20.86, -0.08, -0.38%), Hefei Sanyo, Midea (14.48,0.17,1.19%), Little Swan, Hisense Electric (11.79, – 0.08, -0.67%), 9 Yang shares (26.66,0.09,0.34%), Qingdao Haier (13.28, -0.35, -2.57%). Overall, the opportunity is more bottom up.
We are high quality suppliers, our products such as Slurry Pump EHM , Mortar Pump EZJ manufacturer for oversee buyer. To know more, please visits slurry pump suppliers.
Processing your request, Please wait....
