Appliance Industry?? Demand Slowing Defense Winter - Washing Machines, Refrigerators - Appliances

1-7 months mainly Home Appliances Product sales slowdown trend.

In the first quarter, while the south by the snowstorm in February, but dealers remain optimistic about the year as the market expected,

Air conditioning , Refrigerator , Washing machine White goods such as exports and domestic market remains relatively rapid level; the second quarter has been influenced by the cool summer, air conditioners, refrigerators noticeable decline in monthly sales growth, while the European and American economic recession, the domestic real estate market, "stagflation," economic growth expected slowdown and other factors, resulting in significant demand for consumer products, home appliances declined. After entering in July, the major home appliance product sales growth continued to slow, or even air-conditioning sales down 19% year on year.

First half of the appliances listed companies to maintain a rapid growth in earnings.

Plate mid-year report showing appliance performance three characteristics: First,

White Company main business profits were significantly better than

Black Enterprise; Second, the sub-sectors listed companies to industry leaders focused on profit; Third, increase investment income, lower taxes and other factors become part of the main reasons to improve corporate profitability. Overall, the industry, changes in the economy during the first half yet the performance of listed companies have a significant impact; leading enterprises in the industry while maintaining a competitive advantage, some second-tier, third-line white business fundamentals and positive changes have taken place; and black enterprises and export oriented

Small appliances Poor corporate profit core business.

Uncertainties remain more concerned about changes in macroeconomic policy aspect.

Looking in the fourth quarter industry trends, household appliance industry is still facing more uncertainty. While raw material prices remained high, even while the dollar may rebound, on the other hand domestic demand, export markets exist because of the economic slowdown continued to fall risk. Recently the central bank cut interest rates and the reserve ratio, macro-control signal more obvious structural relaxation. For the appliance industry, focusing on countries in credit, taxation, consumption and other aspects of the policy change may have a positive impact.

Lower industry rating to "neutral."

Looking in the fourth quarter industry trends, we believe that domestic and export markets as sales slowed, the overall profitability of listed companies appliances significant decline will occur, and even fourth-quarter profit fell year on year the situation may arise. Although the appliance plate 08 Dynamic P / E relative level of A-share market as a whole about 10% discount, but considering the trend of weakening industry fundamentals have been established and the overall industry in the short term a significant sales difficult recovery possible, we reduce the appliance industry investment rating to "neutral."

Grasp the industry leaders, concerned about the second-tier brands.

We recommend investors to take short-term market on two levels the opportunity stage: First, the industry leader optimistic about the ability to withstand fluctuations in the economic cycle, optimistic about their long-term investment value. Second, an active interest in positive change in fundamentals, future growth of the better second-tier brands.

Risk warning.

The main risks facing the appliance industry, including the slowdown in domestic demand, the decline in exports, rising raw material costs, and the appreciation of the RMB exchange losses caused by such.

by: gaga

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