Slowdown In Household Appliances Production Of Some Products Have Limited Impact On Profits

Events:

Events:

Recent industry experts

Home Appliances

Development of the industry expressed concern about the situation, we will be in accordance with the latest statistical data analysis, clarify our point of view.

Comment

Trades are polarized: the refrigerator,

Air conditioning

Slowdown;

TV

, Washing machine to maintain high growth

Data: in August when the monthly production of domestic refrigerators down 7.6%, air-conditioning down 22.96%; washing up 17.68%, 16.34% TV growth.

Polarization of household appliances industry, obviously, refrigerators and air conditioners sharp decline in output, while washing machines and television sets are maintained relatively high growth. We believe that the monthly production of home appliances has always been greater volatility (digestion period inventory affects the output of some products in August), do not have representation, if only from a single month of data to determine industry trends would be too hasty. Some experts under refrigerators, air conditioners and other products of a single month of data concluded: household appliance industry in difficult circumstances. In fact, washing machines, TVs and other products to maintain a high growth rate, so we think that this conclusion is not convincing.

Data show that 1-August output up 4.60% refrigerator, air conditioning up 3.10%, washing machines, up 19.40%, 17.90% TV growth.

1-8 months, the refrigerator production rose 4.6%, air-conditioning production increased by 3.1%, slowing down the growth rate were higher (by the real estate sales down, cool summer, earthquakes and other negative factors, air conditioning, refrigerator production From June onwards the growth rate slowed significantly).

We judge, air-conditioning industry affected by the sharp drop in real estate sales, the economy will continue to fall degree, but ever-increasing industry concentration, Midea, Gree, Haier and other leading companies in expanding market share, so its Performance impact is limited; refrigerator industry although growth has slowed, but do not have the sustainability of the negative factors (factors other than real estate), with the rural market launch and product upgrading, in 2009 its growth rate will be resumed In addition, the refrigerator industry has maintained a high gross margin level (Qingdao

Haier Refrigerator

Business 08/1H gross profit margin 29.45%, the U.S. business 08/1H electrical refrigerators 27.65% gross profit margin), higher than the household appliances industry average, which explains the refrigerator industry is still in business cycle.

Growth rate than air conditioners and refrigerators fell outside the 1-August, washing machines and color TV production have achieved good growth, washing machines grew 19.4% (2007 rate of 19.6% over the same period), color TVs increase of 17.9% ( 2007 growth rate of -3.8% over the same period). We judge, subject to automatic,

Washing Machine

Entered the family,

CRT

TV gradually

Flat Panel TV

Replace the other favorable factors, washing machines and color TV sector will maintain high growth. Recommendations concern

Hisense

Electrical appliances, Little Swan A.

The above data analysis, we believe that the situation at the present appliance industry has not imagined so grim, but if the lower consumption decline, the industry will face difficulties.

Part of the appliance exports slowdown, but a limited impact on listed companies

Stronger yuan, the global economic slowdown and other factors, 1-August exports of some of the accumulated growth rate of household appliances pullback. Which, CRT color TV exports continued to decline, down 8.4% (to be gradually replaced by flat-panel TV); air conditioning, refrigerator compressor export growth to a larger drop in growth rate was 2.5% (last year 19.1%), 19.4% (compared with 75.7%); LCD color TV, washing machine will continue to maintain high growth, the growth rate was 43.1% (compared with 42.3%), 21.1% (compared with 23.0%); PDP TV unexpected sharp increase , growth was 127.3% (down 14.5% last year). Overall, the U.S. subprime debt triggered a global economic slowdown on the export of household electrical appliance industry beginning to show, however, present the data, were not as pessimistic as you imagine.

Slowdown In Household Appliances Production Of Some Products Have Limited Impact On Profits

By: weihua

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