According to comprehensive industry data and mainstream home appliance business information, the air-conditioning industry has become the most significant sub-sector in the growth of the home appliance industry in the first half of the year, with sales growth exceeding industry expectations.
It is worth noting that with the imminent expiration of stimulus policies such as home appliances going to the countryside and trade-in replacement, external factors that have previously promoted the growth of the home appliance industry have gradually faded, and refrigerators, washing machines and other industries will return to a stable growth track, and industry competition will also intensify.
Air-conditioning sales record high in May
Vice President and Secretary General of the Gree Electric Appliances (000651) Wang Jingdong told the China Securities Journal that sales of the air conditioner market in the first half of this year have exceeded expectations, and the factory is currently working overtime to increase production.
According to industry data, the air-conditioning output in May was 12.43 million units, and the sales volume was 12.68 million units, which was a year-on-year increase of 20% and 19% respectively. Among them, 5.64 million units were exported, an increase of 7.6%, and 7.03 million units were sold domestically, a significant increase of 30.6% year-on-year, setting a new record high for single-month sales. Gree Electric Appliances sold 3.7 million units in May, an increase of 40% year-on-year, including 2.5 million domestic sales, an increase of 43%, and exports of 1.2 million units, an increase of 33%, and sales continued to exceed the industry average.
The air-conditioning energy subsidies policy formally withdrew in June. Wang Jingdong stated in this regard that after the exit of the energy-saving subsidy policy, the impact on the company's sales is limited. First, the subsidy standard has been significantly reduced after the implementation of the new energy consumption standard. In addition, the company's air-conditioning product structure continues to be optimized, frequency conversion has gradually become the mainstream product, can offset the impact of policy exit. In 2010, inverter air conditioners accounted for approximately 20% of Gree's product mix and are expected to increase to 40%-50% this year.
Gree Electric's quarterly report showed that the company achieved operating income of 17.2 billion yuan in the first quarter, a year-on-year increase of 68%, and a net profit of 934 million yuan, a year-on-year increase of 46%. The increase in net profit was lower than the increase in income. Nisshin Securities researcher believes that this is mainly due to the substantial increase in raw material prices at the beginning of the year, which lowered the gross profit margin, while the lower gross profit margin of export products also dragged down the overall net profit growth.
However, brokerage researchers generally believe that from the beginning of commodity prices fell significantly in May, the mainstream air-conditioning companies to ease the cost pressures, semi-annual report performance may exceed expectations.
Changjiang Securities believes that as the proportion of frequency conversion increases, the adjustment of product structure in the air-conditioning industry will result in an increase in cost transfer capability, and the profitability in the double-oligopoly situation will still have room for improvement. The industry structure may change after the policy is withdrawn. Gree, Midea, etc. The market share of mainstream companies may further increase.
Stimulus policy exit has different influence
The encouragement policies for home appliances to the countryside, trade-in trade, and other industries will expire soon. In the post-policy era, various sub-sectors of household appliances will be affected to varying degrees.
The home appliances going to the countryside policy for the first batch of pilot regions in Shandong, Henan, Sichuan and Qingdao will expire in November this year. The implementation period of the nine pilot provinces and cities for the trade-in will expire on December 31.
Experts in the industry pointed out that it is precisely under the promotion of the above policies that refrigerators, washing machines, and other sub-sectors have maintained a rapid growth of more than 30% in the past few years, but as these policies gradually withdraw, some industries will re-enter low-speed In the era of growth, the hidden dangers of overcapacity in some industries have also begun to appear, and it will be difficult to avoid reshuffle in sub-sectors.
Changjiang Securities believes that the extension of stimulative growth is difficult to sustain, and with the marginal effect of policy stimulus weakening, the slowdown in the industry growth is inevitable, and the industry with the largest beneficiary policy will also be the industry most damaged in the future. Overall, The degree of influence was in the order of refrigerators, color TVs, washing machines and air conditioners.
It is worth noting that with the imminent expiration of stimulus policies such as home appliances going to the countryside and trade-in replacement, external factors that have previously promoted the growth of the home appliance industry have gradually faded, and refrigerators, washing machines and other industries will return to a stable growth track, and industry competition will also intensify.
Air-conditioning sales record high in May
Vice President and Secretary General of the Gree Electric Appliances (000651) Wang Jingdong told the China Securities Journal that sales of the air conditioner market in the first half of this year have exceeded expectations, and the factory is currently working overtime to increase production.
According to industry data, the air-conditioning output in May was 12.43 million units, and the sales volume was 12.68 million units, which was a year-on-year increase of 20% and 19% respectively. Among them, 5.64 million units were exported, an increase of 7.6%, and 7.03 million units were sold domestically, a significant increase of 30.6% year-on-year, setting a new record high for single-month sales. Gree Electric Appliances sold 3.7 million units in May, an increase of 40% year-on-year, including 2.5 million domestic sales, an increase of 43%, and exports of 1.2 million units, an increase of 33%, and sales continued to exceed the industry average.
The air-conditioning energy subsidies policy formally withdrew in June. Wang Jingdong stated in this regard that after the exit of the energy-saving subsidy policy, the impact on the company's sales is limited. First, the subsidy standard has been significantly reduced after the implementation of the new energy consumption standard. In addition, the company's air-conditioning product structure continues to be optimized, frequency conversion has gradually become the mainstream product, can offset the impact of policy exit. In 2010, inverter air conditioners accounted for approximately 20% of Gree's product mix and are expected to increase to 40%-50% this year.
Gree Electric's quarterly report showed that the company achieved operating income of 17.2 billion yuan in the first quarter, a year-on-year increase of 68%, and a net profit of 934 million yuan, a year-on-year increase of 46%. The increase in net profit was lower than the increase in income. Nisshin Securities researcher believes that this is mainly due to the substantial increase in raw material prices at the beginning of the year, which lowered the gross profit margin, while the lower gross profit margin of export products also dragged down the overall net profit growth.
However, brokerage researchers generally believe that from the beginning of commodity prices fell significantly in May, the mainstream air-conditioning companies to ease the cost pressures, semi-annual report performance may exceed expectations.
Changjiang Securities believes that as the proportion of frequency conversion increases, the adjustment of product structure in the air-conditioning industry will result in an increase in cost transfer capability, and the profitability in the double-oligopoly situation will still have room for improvement. The industry structure may change after the policy is withdrawn. Gree, Midea, etc. The market share of mainstream companies may further increase.
Stimulus policy exit has different influence
The encouragement policies for home appliances to the countryside, trade-in trade, and other industries will expire soon. In the post-policy era, various sub-sectors of household appliances will be affected to varying degrees.
The home appliances going to the countryside policy for the first batch of pilot regions in Shandong, Henan, Sichuan and Qingdao will expire in November this year. The implementation period of the nine pilot provinces and cities for the trade-in will expire on December 31.
Experts in the industry pointed out that it is precisely under the promotion of the above policies that refrigerators, washing machines, and other sub-sectors have maintained a rapid growth of more than 30% in the past few years, but as these policies gradually withdraw, some industries will re-enter low-speed In the era of growth, the hidden dangers of overcapacity in some industries have also begun to appear, and it will be difficult to avoid reshuffle in sub-sectors.
Changjiang Securities believes that the extension of stimulative growth is difficult to sustain, and with the marginal effect of policy stimulus weakening, the slowdown in the industry growth is inevitable, and the industry with the largest beneficiary policy will also be the industry most damaged in the future. Overall, The degree of influence was in the order of refrigerators, color TVs, washing machines and air conditioners.
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