Wind data shows that as of June 7th, there are 33 listed companies in the Shenwan home appliance sector that have issued interim results announcements. Among them, there are 7 pre-incrementals, 5 renewal profits, a slight increase of 14, and 1 loss of profit. The proportion reached 82%.
Air-conditioning industry highlights
Since the beginning of this year, the share price of the home appliance sector has performed well. As of June 7, the Shenwan Household Appliances Index had a cumulative increase of 17.79%, ranking first among 28 Shenwan-level industries. The steady growth of performance has become a driving factor in the performance of the sector. Flush (300033, stock bar) statistics show that in the first quarter of the home appliance sector as a whole listed company shareholders net profit of 14.346 billion yuan, an increase of 13.42%.
Since the second quarter, the home appliance industry entered the sales season. In the month of April alone, the overall home appliance market sales reached 155.5 billion yuan, a year-on-year increase of 6.8%. According to the latest sales data released by China Yikang, the air-conditioning market maintained rapid growth in April, with air-conditioning retail sales up 41.9% year-on-year; washing machines maintained steady growth, retail sales rose 10.3% year-on-year; color TV and refrigerator markets gradually recovered, and retail sales increased year-on-year. 3.9% and 6.9%.
The air-conditioning industry chain in large home appliances performed best. In April, sales of rotary compressors increased by 23.9% year-on-year, sales of scroll compressors increased by 6.2% year-on-year, sales of air-conditioner motors increased by 14.8%, air-conditioner shutoff valves, four-way valves and electronic expansion valves increased by 29.5%, 32.1% and 56.9, respectively. %; Refrigerants R22, R32, R125 increased by 9%, 32%, and 21% respectively.
Changjiang Securities pointed out that since the beginning of this year, the performance of the household appliance industry has exceeded expectations, mainly based on three major factors: First, under the background of the low sales base caused by channel destocking in the same period of last year, air-conditioner domestic sales continued to maintain a high growth trend; The sales performance of real estate boosted the demand for home appliances; third, the price of raw materials fell.
“Although the sales of first- and second-tier cities’ real estate have declined since October 2016, the sales of commercial real estate still achieved good growth during the year, and the real estate lag effect will continue. In addition, the continuous optimization of the product structure has resulted in The increase in price has a certain effect on the expansion of the industry scale and the improvement of profitability, said Xu Chang, an analyst at Changjiang Securities.
A number of people in the industry said that in the second quarter, the overall home appliance market has grown steadily, and there is still room for growth in the demand for home appliances in the future, especially in the third-tier cities and rural consumer markets. In particular, since the implementation of subsidy policies such as home appliances to the countryside in 2008, the refrigerator and washing machine inventory in rural areas has been approaching the urban market, and the demand for home appliances for rural residents will shift to air-conditioners. The market share and profitability of air-conditioning companies are expected to increase further. Promote.
Gross margin is expected to increase
In the first quarter of this year, a total of 58 home appliance listed companies realized a total revenue of 236.672 billion yuan, an increase of 30.23% over the same period of last year. The net profit attributable to shareholders of listed companies was 14.346 billion yuan, a year-on-year increase of 13.42%. Among the 58 listed companies, there were 50 companies with a year-on-year increase in net profit, and 27 companies with a net profit growth of more than 30%, accounting for 47% of the total.
Leading companies have a good profitability. In the first quarter, Supor's operating performance in Gree Electric in the white power industry, TCL Group in the black power industry, owner electronics in the kitchen power industry and small home appliances all increased significantly year-on-year.
Analysts pointed out that in the second quarter of this year, the pressure on gross margins will be significantly reduced, and household air conditioners, kitchen appliances and small household appliances are expected to perform well. This is mainly based on two dimensions of judgment: First, since the beginning of the year, the overall raw material prices have weakened. For example, the prices of plastics and cold-rolled sheets fell by 5% and 20%, respectively, and the LME copper price was basically flat. Second, most home appliance companies had inventory turnover days within 60 days.
Xiao Jiahua in the small household appliances sector expects that the net profit attributable to shareholders of listed companies for the period from January to June 2017 will change by 47.52% to 77.03%, and the net profit attributable to shareholders of listed companies will be 75 million to 90 million yuan. As for the main reason for the rapid growth of the company's performance, the company stated that it has achieved remarkable results in product innovation and channel expansion, resulting in a substantial increase in product sales.
The Vantage shares in the kitchen and TV unit project that the net profit attributable to shareholders of listed companies for the period from January to June 2017 will vary by 40% to 60%, and the net profit attributable to shareholders of listed companies will be 2162.8295 million yuan to 2471.88 million yuan. Regarding the reasons for the significant year-on-year growth in performance, Vantage said that with the high-end and intelligentization of newly-listed products, the company's gross profit margin and net profit margin will further increase, while the performance of its subsidiaries will grow well.
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