subject: Variable Universal Air-conditioning Policy Adjustments Comment Speed - Energy-saving [print this page] Core ideas: Recently, the Ministry of Finance, the NDRC issued a circular on Energy Air-conditioning subsidies to the following adjustments: 1) in June this year, the subsidies extended by one year. 2) According to the new energy efficiency standards for two or more air-conditioning to continue subsidies. 3) promote the product of the rated cooling capacity of 7500W (inclusive) following the split type room air conditioner, the amount of subsidies adjusted to 150-250 yuan. 4) Promotion of timely Inverter air conditioner .
1, the industry leader is still the biggest beneficiary of the policy. Gree, Midea and other leading policy-making enterprises in the past had some degree of participation in the market reaction speed, by virtue of technology, market power can quickly optimize product structure, before the policy is expected, the vendors and channel inventories in a level the proportion of energy efficiency air conditioning on the rise. We believe that policy adjustments will lead to changes in market competition, small and medium brands face certain pressure sales, industry concentration will be further enhanced.
2, significantly decreased the amount of subsidies, the effect of policies declined. The amount of subsidies adjusted to 150-250 per hour, compared with previous large drop between 300-850 dollars, means that policies to stimulate the effect of weakening, will directly affect the terminal Sell The performance of the post-conditioning company counted revenue operating income subsidies will be reduced.
3, inverter air conditioner is expected to speed universal. Since the beginning of monthly sales of inverter air conditioner is essential to maintain growth above 60%, representing the proportion of total industry sales of close to 15% (20% of domestic sales and exports 11%), spread faster, the company also increased promotional efforts. The energy subsidy policy adjustments made to promote timely conversion air-conditioning, the actual development of such products is to provide a turning point, as energy-saving inverter air conditioner performance and comfort in the less an efficiency better fixed-frequency air-conditioning, the price gap has also been narrow, the market outlook is more optimistic. Listed companies, will significantly positive market share of high frequency electrical and beauty Electronic Expansion Valve Products (inverter air conditioning necessary Fitting ) Have the technical advantage of the three flower shares.
4, the energy efficiency of existing level 2 air conditioning in an awkward position. Under the new energy efficiency standards, such as subsidies, energy efficiency of existing level 2 air-conditioning treatment will not enjoy the subsidies, manufacturers and channels, will expedite its processing, we think this may be the beginning of the year Price war One of the reasons, but sales of such products accounting for inventory and high negative impact on larger companies.
5, expansion of product range to look forward to, but short term is unlikely. Last year's launch energy-saving Projects that benefit the When he raised the future may be extended to other Home Appliances Products, but the current situation, short-term less likely to launch.
5, rational view of the real estate business impact of regulation on air conditioning, focusing on long-term investment value. The short term, due to the lack of new incentives, the market is expected to deteriorate, the relevant company's share price adjustments are a wide margin, attractive valuations increased but did not take into account the impact of eliminating the real estate regulation, energy conservation efforts to reduce the subsidy policy, the proposed to watch the main, long-term distribution of investors bought on dips.
