Appliance industry: industry consolidation in 2008 the strong stronger
Investment Highlights:
2007 from January to August appliance industry operating conditions: household appliances industry continued steady growth, better overall efficiency, 1 August 2007, China's home appliance industry realized a total revenue of 4,793.21 billion yuan, up 30.05%; achieve total profit of 15.937 billion yuan, up 58.34 percent; sales profit rate was 3.32%, 21.61% higher than same period last year.
Leading home appliance business good benefits: 1 September 2007, electronic information enterprises in household appliances hundred enterprises achieved a total revenue of 3,656 billion yuan, up 8%; realized a total profit of 17.4 billion yuan, up 261% . Appliances leading enterprises profit growth is higher than the scale of growth.
2008 China's home appliance industry will maintain steady growth: in 2008, although China's home appliance industry will face raw material price increases and appreciation of the renminbi and other factors, negative effects, but because of strong domestic demand and industrial structure adjustment, China's home appliance industry will remain stable development.
Appliance industry investment strategy: in 2008 China's household appliances industry, investment opportunities are still air-conditioning, refrigerator industry could become a new growth point. 2008 appliance industry will continue to consolidate, the strong stronger, continue to focus on white goods industry leading companies Gree Electric Appliance (40.10,0.00,0.00%, the stock bar) (000 651), Qingdao Haier (19.09,0.34,1.81%, stock bar) (600,690) U.S. electrical (34.00,0.00,0.00%, the stock bar) (000 527).
Valuation analysis: similar household appliances with the international market compared to the sample of listed companies, China's home appliance industry market valuation of high price-earnings ratio of listed companies, but given the current Home Appliances Industry in China's position in the industry and better The Growth in the domestic market and relatively high price-earnings ratio is still relatively reasonable.
Investment advice: In 2008, China's home appliance industry is facing rising raw material prices, RMB appreciation and other unfavorable factors, but strong domestic demand and consolidation within the industry will remain the industry to maintain a high degree of economy, industry profit level will remain stable. At present, China's home appliance industry average price-earnings ratio of listed companies was higher than all the A shares in Shanghai and Shenzhen and Shanghai and Shenzhen 300 (5140.000,6.44,0.13%, the stock right) of the price-earnings ratio. In summary, we have carefully given the investment rating of our household appliances are:
The next 10 months, neutral.
1, 2007, China's household appliances operating conditions
1, earnings growth was higher than income growth
Appliance industry in China in 2007 maintained a steady growth in overall better efficiency. According to data released by National Bureau of Statistics: 1 August 2007, China's home appliance industry realized a total revenue of 4,793.21 billion yuan, up 30.05%; realized a total profit of 15.937 billion yuan, up 58.34 percent; sales profit rate was 3.32% 21.61% than the same period last year.
It is clear that China's household electrical appliance industry in 2007, profit growth faster than revenue growth. This is mainly due to household electrical appliance enterprises in China since 2006, general strengthening of financial management, by streamlining, and other means to improve the profitability of the business. Enter 2007, the white goods industry in particular, domestic air conditioning industry, improving the overall business environment, accelerate profitable growth driven improved profitability throughout the appliance industry.
2007, as the product price and sales go up, especially of domestic white goods domestic air conditioner manufacturing industry continues to improve operating efficiency. Of which: domestic air conditioning industry in 2007, a total of 1 August sales revenue of 151.41 billion yuan, up 35.32 percent; profit of 5.166 billion yuan, up 109.00 percent.
I am China Manufacturers writer, reports some information about laundry sorters , scouring pad.
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