Appliance industry: white black look to see leading enterprise restructuring – t
Investment points
Appliance industry in China to maintain stable growth in 2007, the overall better efficiency. Full year profit growth faster than revenue growth, while costs lower than the growth rate of sales revenue over the same period, resulting in thickening of sales profits.
Air conditioning
Manufacturing and sales of refrigeration appliances manufacturers significantly improve growth, improvement and profit boom of the accelerated drive the entire appliance industry, the improvement of profitability. Efficiency performance of the leading home appliance business better.
Domestic home appliances last year, take-away "black and white" joy and uneven. Domestic
White
Markets remain strong domestic demand, production capacity growth. Consumption in urban markets home appliances, consumer prices decreased sensitivity; as start "home appliances to the countryside" policy, the last two years will accelerate the domestic market demand in rural areas; the international market, exports are still strong, has become a veritable factory of the world; industry leading enterprises have expanded production capacity and accelerate the pace of mergers and acquisitions, white oligopoly industry structure will evolve.
Worldwide, represented by LCD
Flat Panel TV
Replace the traditional CRT television has become an irreversible trend. Black LCD Module + machine control field production technology of enterprises will have the opportunity to share China's LCD future market growth.
Raw material prices continued to rise, energy saving and environmental protection requirements continue to increase and accelerate the upgrading of their products; household appliances to accelerate integration, brand-out rate of speed; appliance downstream channels, the industry giant and the first tier of the leading enterprises of bargaining power between the beginning constraints, will decide in the retail appliance market price of the product.
2008 second quarter investment strategy: the white sector investment in the investment strategy of the three main lines: the economy and high sub-sectors; report outstanding performance, high capacity Transmission and Distribution Company; M & A market can bring a good imagination The second-tier companies. White areas of focus: Midea, Gree, Haier. Black areas of focus:
Hisense
Electric, TCL Group, Sichuan Changhong.
Risk warning: size of non lifting of the ban, leading to the market valuation of refinancing to lower the price war, seasonal climate changes and other factors leading to domestic production; the global economic slowdown led to reduced orders from overseas demand; the yuan continues to appreciate in export costs and exchange losses, rising raw material prices lead to less competitive and so on.
1, 2007, Operation of China's household electrical appliance industry
1, increase the overall profitability
Appliance industry in China in 2007 maintained a steady growth in overall better efficiency. According ACMR "China's home appliance manufacturing industry from January to November 2007 to run the report," data published: 1 November 2007, China's home appliance industry realized a total revenue of 531.911 billion yuan, up 29.73%; total profit of 16.3 billion yuan yuan, up 65.82 percent; sales profit rate of 3.56%, up 30.4% over the same period previous year. Air conditioning and refrigeration appliances manufacturing industry to enhance revenue growth significantly, respectively, over the same period last year 20.83% and 11.2%.
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. 2007, 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, due to product prices and sales go up, domestic white goods, especially household air conditioner manufacturing industry continues to improve operating efficiency. Of which: domestic air conditioner industry in 2007, a total of 1 November the sales income of 196.806 billion yuan, up 37.21 percent; profit 6.697 billion yuan, up 116.05 percent, is three times the revenue growth.
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