subject: Appliance industry: single quarter of negative growth in net profit strong Always the Winner-TCL Gro [print this page] Appliance industry: single quarter of negative growth in net profit strong Always the Winner-TCL Gro
1, 2008, three quarters of negative growth in net profit
2008 listed companies in the third quarter operating income of 70.162 billion yuan, up 8.3%, growth rate decreased significantly; a net profit of 1.933 billion yuan, down 5.31%. From the data, the decline in net profit mainly due to: first, the economic situation led to the sales drop down, resulting in increased inventory; Second, the industry is serious price war, resulting in product margins; 3, production, operating costs obviously, the three charges increased significantly.
2, 2008, 1-3 quarter growth rate of apparent decline in the overall performance of the industry
2008 1-3 quarterly operating income of 226.334 billion yuan industry, up 13.73%, net profit of 6.569 billion yuan, up 33.15%; net income excluding the situation on the overall performance of a greater impact on the industry
TCL
Group, and operating income grew 15.61%, net profit rose 31.05%. Industry growth in 2007, after a marked decline in growth rate, which declined net profit growth is most evident in 6 of them listed companies net profit is negative, the 15-year negative growth in net profits of listed companies.
Third, the industry average gross margin rose significantly, the three charge significantly increased
From the data, third quarter 2008 industry average gross profit margin has increased, industry gross margin of 22.62% a draw, up 10.42% year on year, compared with growth of 97.35 percent growth in 2007, gross margin increase was mainly As industry leaders through continuous technological innovation and other means lower costs.
Industry cost of sales growth is slowing down, three quarters of 2008 was only 9.73% growth rate, but the management fees, finance charges increased significantly improve the management expenses and financial expenses rose by 22.47% and 36.71%. This shows that the listed companies under the current economic forms of financial pressure was significantly increased, while the leading enterprises continued foreign expansion, squeezing small and medium enterprises survive.
4, the strong Always the Winner, the leading industry is still strong
The data from the first three quarters of 2008 can be seen, the industry trend of polarization significantly, leading enterprises significantly accelerate the expansion of market share, profitability has greatly improved. Only the top 12 companies in one to three-quarter operating income of 126.471 billion yuan on the realization, accounting for 55.88% total industry revenue, net profit of 6.362 billion yuan, accounting for 96.85% total industry profits, the profit level was concentrated to leading enterprises.
Five investment strategies
We will
Home Appliances
Industry index compared with the CSI 300 Index can be found, home appliances industry in Shanghai and Shenzhen 300 Index outperformed the industry better defensive, while more obvious undervalued stocks, the investment value has appeared. Although the trade performance of a single quarter of negative growth, but the overall trend of the industry better, especially since
Olympics
Quotes of the drive, black appliances and white goods obviously a strong fourth quarter, the overall results remain favorable.
We recommend attention to two companies: First, the industry had more opportunity to form by the current economic impact of relatively small enterprises, such as Midea, 9 Yang shares; Second, asset quality, but seriously underestimated the value of the enterprise, such as deep
