Time has entered the month of June, and it has reached the peak season for sales of white goods such as air conditioners and refrigerators. The sales of white goods have also brought good performance to white power companies. From the first quarter earnings report, the performance of white-power companies was eye-catching, and the sales volume of products and corporate income maintained steady growth. In addition, white power companies have also expanded their capacity, hoping to further seize the market. However, experts in the industry believe that while white companies increase their production capacity, they must also increase their competitiveness. Only in this way can they respond to more fierce market competition in the future.
White-Electric Company's First-Quarter Performance Rises
Recently, several domestic white goods listed companies have released this year's quarterly report. The performance is quite brilliant.
According to the quarterly report of Midea, as the company's operating scale continues to grow, it achieved a revenue of 30.5 billion yuan in the first quarter, an increase of 97.55% year-on-year, and a net profit of 710 million yuan, a year-on-year increase of 17.53%. The high growth of revenue far exceeds market expectations. The net profit attributable to the shareholders of the listed company was 710 million yuan, an increase of 18% over the same period of last year, and a combined earnings of 0.22 yuan per share. The quarterly report of Little Swan A, a listed company of Midea’s main washing machine products, also showed that during the reporting period, the company’s total operating revenue was 3.831 billion yuan, an increase of 49.01% year-on-year; net profit was 135 million yuan, a year-on-year increase of 18.54%.
In the first quarter of this year, Qingdao Haier achieved operating income of 16.478 billion yuan, a year-on-year increase of 23.09%; net profit of 531 million yuan, an increase of 47.17%. According to the latest share of earnings of 0.39 yuan per share.
Gree Electric's quarterly report showed that the company's operating income for the first quarter was 17.274 billion yuan, an increase of 68.91% year-on-year; net profit was 934 million yuan, an increase of 46.27% year-on-year.
Huang Wenqian, an analyst at CICC's home appliances industry, believes that the home appliance industry not only has a brilliant overall performance in the first quarter, but also expects full-year performance growth. The quarterly stock market focuses on stocks with high performance growth and will continue to grow in the second quarter. Currently, Gree's P/E ratio is 13 times in 2011, Haier's P/E ratio is 14 times in 2011, and Hisense's 2011 P/E ratio is 13 times.
Capacity expansion accelerates into trend
In addition to the growth in performance, the production capacity of white goods is also growing. The new wave of capacity expansion by white power companies is increasing.
In terms of household appliances, statistics show that in the first quarter of this year, LCD TV sales decreased by 2.44% year-on-year, refrigerators only increased by 0.2% year-on-year, washing machines increased by 7%, small appliances increased by 5.9%, only the year-on-year growth of air conditioners remained at Two digits reach 17%. In March 2011, sales of air-conditioning appliances to the countryside increased by 398% year-on-year, making it the fastest growing home appliance category. Although the overall increase in sales of home appliances was modest, the pace of capacity expansion in home appliance companies was accelerating, especially for white-power companies.
In March of this year, Haier announced that the annual output of 3 million energy-saving and environmental-friendly refrigerators in Hefei will be completed and put into production. At this point, the production capacity of Haier refrigerators in China is close to 20 million units.
According to the development plan of Meiling in the next three years, it will achieve the production and sales target of 10 million units by 2013. Midea also expanded its refrigerator capacity in Hefei, Nansha, and Jingzhou, and its annual refrigerator capacity will reach 25 million units in the next five years. Little Swan owns washing machine production bases in Jingzhou, Wuxi and Hefei. The total production capacity of washing machines is expected to exceed 20 million units. In addition, Midea, Gree in Wuhan, Oaks in Nanchang, and Galanz in Zhangzhou will build air-conditioning production bases. The air-conditioning capacity in China will approach 200 million units in the next five years.
In addition to the domestic market, some white electricity companies have also opened up the "front line" of capacity expansion to foreign countries. On May 28th, Meiling Electric announced that its subsidiary Zhongshan Changhong Electric Appliance Co., Ltd. will set up two joint ventures in Pakistan to be responsible for manufacturing and selling air-conditioning products locally. Meiling Electric predicts that the average annual output of the manufacturing company can reach 157,600 units within five years after it is put into production. The average annual sales revenue of the manufacturing company and sales company within five years after it is put into production is approximately US$ 1986.26 million, and the total annual operating profit is 5 years. About 21.9 million US dollars.
Some black-and-white companies are also playing the role of the white-electricity market, which has given White's power companies an additional boost in their capacity expansion. Hisense's annual capacity of 2 million high-automated refrigerator production lines has been put into trial production in March. At the same time, Skyworth Group announced that the first phase of its Nanjing white electricity production base was officially put into operation, and Skyworth, which had been working hard for years in the color TV industry, officially entered the white-water market. It is understood that Skyworth's white-electricity production base is located in the Economic Development Zone of Nanjing's Qishui County, with a total annual production capacity of 5 million sets.
Under the background of the new black-enterprise companies entering the market and white-power companies expanding their production capacity, the white-goods industry, which is considered to be a source of high profits, will face more fierce competition.
Increased production capacity requires more competitiveness
Although there are more and more companies entering the field of white electricity, the production capacity of white goods is also getting larger and larger, but this also brings with it the potential for overcapacity. White companies need to increase their foothold in the fierce market competition in the future. The production capacity also needs to increase its competitiveness.
Taking the refrigerator as an example, it is the prospect of the refrigerator market. From the beginning of 2010, some black power companies and white power companies that do not originally produce refrigerators have set off an upsurge in entering the refrigerator market. Traditional refrigerator companies are also expanding their production capacity. can.
On May 25th, the National Information Center released “White Paper on Domestic Refrigerator Market in Major Cities, 2010-2011â€. Refrigerator sales volume of key domestic cities in the first quarter of this year was 4.35 million units, an increase of 8.24% year-on-year, but the growth rate was significantly lower. At the same period last year.
Statistics show that as of the end of 2010, the annual production capacity of refrigerators in China has exceeded 100 million units. According to the data released in the White Paper, the overall scale of the domestic refrigerator market in 2011 is expected to reach 50 million units. The difference between the two data is 50 million units.
Wang Lei, deputy director of the China Household Electrical Appliances Association, said: "With the reduction of policy effects and changes in the external environment, the growth of market size will slow down, and we must be alert to the hidden dangers of excess capacity behind high growth."
Hu Xiaohong, Minister of Information of the China Household Electrical Appliances Association, said in an interview with the media that this round of expansion is very risky. With the latest and future capacity additions, the excess capacity of refrigerators is certain.
In the face of severe circumstances, how should white companies respond? Ren Minqi, a researcher in the household appliance industry of China Investment Advisors, said that the second and third tier companies do not have the advantage in terms of technological content compared to first-tier companies. However, this does not mean that companies can remain stagnant in product development. On the contrary, only the products are improved. Performance can stand out in many companies.
In addition, the second and third tier companies should concentrate their superior resources and flexibly adjust their market strategies. In view of the overcapacity in the industry, the second and third tier companies should appropriately reduce production to avoid waste of production capacity. At the same time, enterprises must make full use of their superior resources and strive to adjust their market strategies. Targeted product marketing will stimulate product demand to some extent. .
White-Electric Company's First-Quarter Performance Rises
Recently, several domestic white goods listed companies have released this year's quarterly report. The performance is quite brilliant.
According to the quarterly report of Midea, as the company's operating scale continues to grow, it achieved a revenue of 30.5 billion yuan in the first quarter, an increase of 97.55% year-on-year, and a net profit of 710 million yuan, a year-on-year increase of 17.53%. The high growth of revenue far exceeds market expectations. The net profit attributable to the shareholders of the listed company was 710 million yuan, an increase of 18% over the same period of last year, and a combined earnings of 0.22 yuan per share. The quarterly report of Little Swan A, a listed company of Midea’s main washing machine products, also showed that during the reporting period, the company’s total operating revenue was 3.831 billion yuan, an increase of 49.01% year-on-year; net profit was 135 million yuan, a year-on-year increase of 18.54%.
In the first quarter of this year, Qingdao Haier achieved operating income of 16.478 billion yuan, a year-on-year increase of 23.09%; net profit of 531 million yuan, an increase of 47.17%. According to the latest share of earnings of 0.39 yuan per share.
Gree Electric's quarterly report showed that the company's operating income for the first quarter was 17.274 billion yuan, an increase of 68.91% year-on-year; net profit was 934 million yuan, an increase of 46.27% year-on-year.
Huang Wenqian, an analyst at CICC's home appliances industry, believes that the home appliance industry not only has a brilliant overall performance in the first quarter, but also expects full-year performance growth. The quarterly stock market focuses on stocks with high performance growth and will continue to grow in the second quarter. Currently, Gree's P/E ratio is 13 times in 2011, Haier's P/E ratio is 14 times in 2011, and Hisense's 2011 P/E ratio is 13 times.
Capacity expansion accelerates into trend
In addition to the growth in performance, the production capacity of white goods is also growing. The new wave of capacity expansion by white power companies is increasing.
In terms of household appliances, statistics show that in the first quarter of this year, LCD TV sales decreased by 2.44% year-on-year, refrigerators only increased by 0.2% year-on-year, washing machines increased by 7%, small appliances increased by 5.9%, only the year-on-year growth of air conditioners remained at Two digits reach 17%. In March 2011, sales of air-conditioning appliances to the countryside increased by 398% year-on-year, making it the fastest growing home appliance category. Although the overall increase in sales of home appliances was modest, the pace of capacity expansion in home appliance companies was accelerating, especially for white-power companies.
In March of this year, Haier announced that the annual output of 3 million energy-saving and environmental-friendly refrigerators in Hefei will be completed and put into production. At this point, the production capacity of Haier refrigerators in China is close to 20 million units.
According to the development plan of Meiling in the next three years, it will achieve the production and sales target of 10 million units by 2013. Midea also expanded its refrigerator capacity in Hefei, Nansha, and Jingzhou, and its annual refrigerator capacity will reach 25 million units in the next five years. Little Swan owns washing machine production bases in Jingzhou, Wuxi and Hefei. The total production capacity of washing machines is expected to exceed 20 million units. In addition, Midea, Gree in Wuhan, Oaks in Nanchang, and Galanz in Zhangzhou will build air-conditioning production bases. The air-conditioning capacity in China will approach 200 million units in the next five years.
In addition to the domestic market, some white electricity companies have also opened up the "front line" of capacity expansion to foreign countries. On May 28th, Meiling Electric announced that its subsidiary Zhongshan Changhong Electric Appliance Co., Ltd. will set up two joint ventures in Pakistan to be responsible for manufacturing and selling air-conditioning products locally. Meiling Electric predicts that the average annual output of the manufacturing company can reach 157,600 units within five years after it is put into production. The average annual sales revenue of the manufacturing company and sales company within five years after it is put into production is approximately US$ 1986.26 million, and the total annual operating profit is 5 years. About 21.9 million US dollars.
Some black-and-white companies are also playing the role of the white-electricity market, which has given White's power companies an additional boost in their capacity expansion. Hisense's annual capacity of 2 million high-automated refrigerator production lines has been put into trial production in March. At the same time, Skyworth Group announced that the first phase of its Nanjing white electricity production base was officially put into operation, and Skyworth, which had been working hard for years in the color TV industry, officially entered the white-water market. It is understood that Skyworth's white-electricity production base is located in the Economic Development Zone of Nanjing's Qishui County, with a total annual production capacity of 5 million sets.
Under the background of the new black-enterprise companies entering the market and white-power companies expanding their production capacity, the white-goods industry, which is considered to be a source of high profits, will face more fierce competition.
Increased production capacity requires more competitiveness
Although there are more and more companies entering the field of white electricity, the production capacity of white goods is also getting larger and larger, but this also brings with it the potential for overcapacity. White companies need to increase their foothold in the fierce market competition in the future. The production capacity also needs to increase its competitiveness.
Taking the refrigerator as an example, it is the prospect of the refrigerator market. From the beginning of 2010, some black power companies and white power companies that do not originally produce refrigerators have set off an upsurge in entering the refrigerator market. Traditional refrigerator companies are also expanding their production capacity. can.
On May 25th, the National Information Center released “White Paper on Domestic Refrigerator Market in Major Cities, 2010-2011â€. Refrigerator sales volume of key domestic cities in the first quarter of this year was 4.35 million units, an increase of 8.24% year-on-year, but the growth rate was significantly lower. At the same period last year.
Statistics show that as of the end of 2010, the annual production capacity of refrigerators in China has exceeded 100 million units. According to the data released in the White Paper, the overall scale of the domestic refrigerator market in 2011 is expected to reach 50 million units. The difference between the two data is 50 million units.
Wang Lei, deputy director of the China Household Electrical Appliances Association, said: "With the reduction of policy effects and changes in the external environment, the growth of market size will slow down, and we must be alert to the hidden dangers of excess capacity behind high growth."
Hu Xiaohong, Minister of Information of the China Household Electrical Appliances Association, said in an interview with the media that this round of expansion is very risky. With the latest and future capacity additions, the excess capacity of refrigerators is certain.
In the face of severe circumstances, how should white companies respond? Ren Minqi, a researcher in the household appliance industry of China Investment Advisors, said that the second and third tier companies do not have the advantage in terms of technological content compared to first-tier companies. However, this does not mean that companies can remain stagnant in product development. On the contrary, only the products are improved. Performance can stand out in many companies.
In addition, the second and third tier companies should concentrate their superior resources and flexibly adjust their market strategies. In view of the overcapacity in the industry, the second and third tier companies should appropriately reduce production to avoid waste of production capacity. At the same time, enterprises must make full use of their superior resources and strive to adjust their market strategies. Targeted product marketing will stimulate product demand to some extent. .
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