Three quarterly home appliance stocks staged black and white weak: slower growth in white electricity

In the last three days of October, almost all home appliance listed companies have submitted their respective third-quarter 2011 financial reports. From the perspective of profit growth, the home appliance industry has obtained the “white and black and weak” status for the first time in several years. Reversal: The three quarterly news reports produced by color TV leading enterprises such as Skyworth Digital (00751.HK), Hisense Electric (600060.SH), and TCL (000100.SZ) are all dazzling. On the contrary, Midea Electric (000527.SZ) and Meiling Electric (000521.SZ), Qingdao Haier (600690. SH) and other white giants growth slowed significantly.

According to the three quarterly reports released by TCL and Hisense Electronics, the net profit of the two color TV giants in the third quarter reached 260 million yuan and 368 million yuan respectively. Among them, Hisense Electric increased by 75.07% year-on-year, and TCL suffered a loss of 657 million yuan in the same period last year. Although Skyworth Digital 2011-2012 semiannual report is only officially released at the end of November, JP Morgan's latest research report has pointed out that its net profit will increase by 107% year-on-year.

Compared with the prominent performance of color TV leading enterprises, the net profit growth of the white electricity industry has dropped significantly. The best-performing Qingdao Haier's net profit reached 729 million yuan in the third quarter, a year-on-year increase of 31.69%. Gree Electric Appliances (000651.SZ), the leading air conditioner company, regained its first position in the air-conditioning industry, but its net profit increased by only 24.46. %; In the first half of the year, the growth rate of net profit was only 1.69% for Midea Electric Appliances, which increased by 60%. ST Kelon (000921.SZ) and Meiling Electric Appliances' net profit even dropped by 69.45% and 94%, respectively.

In fact, since 2011, the entire white-electricity industry has maintained a 40% increase in air-conditioners in the first half of the year, while the growth rates of other industries have declined significantly. In the second half of the year, the export of air conditioners other than Gree also saw a year-on-year decline. According to data from authoritative research institutions and industry online, the export of air conditioners began to decline by nearly 10% in the cold year, and in order to compete for orders, the export of air conditioners Interest rates continue to fall.

In addition, the gradual exit of the home appliances to the countryside policy began to spread in the home appliances to the countryside, accounting for the highest proportion of the white-electricity industry, and the end of June of the energy-saving Huimin policy let the US, Gree and other air-conditioning giants reduce the fiscal 5 billion yuan a year subsidy.

For TV giants such as Skyworth and Hisense, the 3Q11 results have greatly improved. In addition to the traditional sales season and the low base factor of the same period of last year, the global LCD panel prices have continued for 17 months since the second half of last year. The depth adjustment made the color TV giant feel more relaxed than ever.

Yang Dongwen, vice president of Skyworth Digital, said, “The lack of global demand for LCD TVs has hit panel giants. Samsung, AUO and other major panel giants are currently operating at a loss rate of less than 70% at the same time, in addition to converting some panel production lines to small and medium-sized tablets. In addition, in the past we had to look at their eyes when purchasing panels. Now it is completely reversed."

In addition to the LCD panel price factor, the global retreat caused by the huge loss of Japanese TV giants also made domestic flat panels have an absolute advantage in the local market. Sony TV business suffered losses for eight consecutive years, and Panasonic’s loss in the television business resulted in a loss of $3.95 billion in fiscal 2012. Therefore, it shut down or planned to sell a number of panel factories. The share of local brands with channel advantages in the Chinese market has reached 70%, and there is no price offensive for foreign flat brand. Skyworth, Hisense and other high-end products rely on the popularity of 3D, LED quickly occupied the market, and profits have increased accordingly.

At present, Skyworth digital LED TV shipments accounted for more than 70%, while 3D TVs also exceeded 20%.