White goods: expected to upgrade into a new era of profitability – Gree Electric
White cleaning industry, the competitive environment, business structure and stability help the industry to reduce friction, promote the industry average rate of return to the community near the margins. White products are facing escalating, while the upgrade is expected to bring profit margins improved.
Investment Highlights:
Mainly white
Home Appliances
Listed companies in the mid-year report have been disclosed, a prominent feature of terrorist suspects, that is, each
White
The listed company's gross margin has increased, for example, Qingdao Haier mid-year report of the overall gross margin is 26.59%, 23.13% higher than last year increased by 3.46 percentage points; Gree Electric Appliance
Air conditioning
Product gross margin of 25.87 percent, called up 7.57% over the same period last year; and U.S. electrical and air conditioning products gross profit margin 22.98%, 3.05% higher than same period last year,
Refrigerator
Product gross margin was 25.13%, 2.84% higher than same period last year, washing machines, product gross margin of 23.07%, 1.88% higher than same period last year.
We believe that this phenomenon is not accidental, but a trend! The trend is expected to continue for many years, mainly based on the following.
First, the white clean industry competitive environment, corporate structure and stability help the industry to reduce friction, promote the industry average rate of return to the community near the margins. China's history of white power industry is basically a cut-throat competition, playing
Price war
History of the industry with low barriers to making the properties of large enterprises in the industry's peak, only domestic air conditioner manufacturers have more than 500, but now, only dozens, or 90% of the enterprises were eliminated, and now form the Gree, Midea, Haier oligarch
Monopoly
Pattern, this pattern makes the competition more reasonable and rational, we do not want to do again, "fight the price, eventually no one to make money" thing was.
Second, the white products are facing escalating, while the upgrade is expected to bring profit margins improved. For example, the United States and the electrical
Inverter air conditioner
Consumption rate in 2009 marked a significant upward trend, inverter air conditioner market share in the retail market has more than 20%, confirms the market acceptance for inverter air conditioner is the amount of energy accumulated from the past to produce a qualitative change; and refrigerator products Although two-door refrigerator still holds the lead position, but the proportion of multi-door refrigerators has increased, especially in major cities in China, more doors, the refrigerator door and other high-end consumer has entered the speed of; the washing machine market, but also similar phenomena, such as
Washing Machine
Replace the cylinder washing machine.
Chain optimization, integration within the group still makes the enterprise cost may decrease. For example, Haier Group, "who single one", "Zero Inventory under the Demand for." We see a new business model innovation Haier commercial processes, to achieve a product that is required for to achieve a zero inventory, effectively resolve the bad debt bad debt and high inventory risk. Since the business model innovation of Haier, Haier, the number of days of inventory capital appropriation from the past 20 days down to the current five days, is one-tenth of the average industrial enterprises.
Since reform and opening, China's home appliance industry has experienced three decades of development, a home appliances manufacturing country, but has never been a household appliances manufacturing power, and now the government is promoting the industry by the home appliance manufacturing power to create powerful appliance changes These listed companies allows us to see hope.
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