Policies Conducive To Frequent Home Appliance Manufacturers
Investment Highlights:
Large
White
Still super-distribution. Basic logic is: Pak power strong domestic demand, especially consumption of refrigerators in rural areas has become a hot topic
Air conditioning
The gradual replacement of the arrival of peak demand, while the air-conditioning, refrigerator and gradually pick up in export demand; from the competition point of view, as a very mature industry, there is no new capital involved, the current industry structure is very solid, Gree, Midea, Haier increasing share of their areas of strength, leading the company
Sell
Income with certain guarantees; in leading enterprises continue to increase market share, brand more focused context, leading the company's control of the terminal capacity is very strong, raw material price increases, cost pressures will lead companies to transfer out, and in the process of raw material prices decline , the leading company will control the end-product prices decline, eventually the decrease in prices of end products is much smaller than the decrease in prices of raw materials, thereby significantly improve gross margin, while the appliance company's relatively low profit margin, net profit on the gross very sensitive to interest rate changes, the future profitability of the company's leading home appliances will increase steadily, we believe that the future of home appliance company's profits are determined, if the macroeconomic and gradually to improve, still have much room for profit; but now the company's valuation of the leading home appliance generally not high, in 2009 only 22 times PE, while the 10-year PE of 20 times in the following. Taking into account the uncertainties and potential profit growth, the valuation of 20 times the level of course, can also be super-distribution.
2
Washing machine
Companies worthy of sustained attention. Washing machine industry needs more steady, but significant product upgrade feature, which listed the average unit price gradually, steadily increasing gross margin level. Industry structure, the Haier as the most influential domestic brands dominate the market first name, second-tier brands in the United States and the system (including the Little Swan, Rongshida),
Matsushita
So the basic pattern of clear, each competition is ordered to form the relatively high levels of the company's gross profit margin, profit ability. Hefei key investment target
Sanyo
, Enterprise conditions are good, technology accumulation, brand reputation, the level of production technology are good, in 2008 the new leader took office, forge ahead, research, production and marketing a comprehensive reform, the future will continue the rapid growth of earnings of three consecutive there will be more than 50% annual compound growth; Little Swan in the United States of support, step by step integration in place, will usher in combining endogenous and extension of a large increase in leaps and bounds, the future size of expected sales of 15.0 billion, a huge room for growth , the corresponding shares will have more upside.
Black
Industry operating environment continued to improve since the fourth quarter of 2008, the panel reversed the situation of long-term shortage, domestic TV manufacturers the right to speak with the panel makers increase; panel prices diving, the cause
LCD
Television prices of diving machine, and thus a large number of active demand; flat-panel television on the one hand speed up the spread in the city, while the rapid development of the 34 markets, domestic brand TV companies began to show edge channels, greatly weakening the home appliance chain Gome, Suning and other status, plus on the domestic brand market more flexible and higher levels of the supply chain, domestic brand in 34 markets far more than foreign brands, domestic brand market share is expected to rise gradually, Hisense TV is the preferred investment. Shenzhen Konka, TCL there are more investment opportunities, the key is shrinking CRT in place at the same time pay attention to valuation concerns.
Frequent appliance policies, on the whole, conducive to home appliances manufacturer, home appliances to the countryside and the TM to fully promote the abolition of quotas is expected to become the industry as a catalyst.
Policies Conducive To Frequent Home Appliance Manufacturers
By: tianli
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