Appliance industry: demand and cost pressures, forward - bringing home appliances, household appliances - Network Appliance Industry
Conclusions 2008, especially the first half of the second quarter, the domestic appliance industry, the more difficult times. The beginning of the domestic demand than expected in the second quarter of the decline or even fall into negative growth, the main driver of growth by the pulling into a drag on growth in the burden. Among
Air conditioning Decline is most evident Refrigerator Second, Washing machine Again, CRT TV Domestic benefit from the "home appliances to the countryside" policy appears to pick up,
LCD TV Driven by the Olympics have also achieved rapid growth. Home Appliances Industry Enterprises reported in the first half of 2008, white goods as a whole was strong stronger and the weak weaker trend, Gree Electric beauty sales growth was higher than ST Qingdao Haier and Kelon, profit levels than other
White Enterprise higher. Black appliances domestic enterprises still dominated the production of CRT TVs, LCD TVs in 2008 an alternative to the CRT TVs have been very clear that the domestic color TV enterprises, in the first half is still endure suffering period.
Small appliances The three sub-industry sales revenue and profit growth the best, 9 Yang shares and Supor have achieved rapid growth in revenues and profits.
First half of the price of home appliances rose in various degrees, in raw material costs have not yet transmitted to the sale of products, gross margin declined slightly increased, while net profit margin to drive sales of the upgrade, some of the advertising expenditures during the Olympics raised the cost of sales. White goods and small appliances competitive structure of the leading enterprises better, take up more upstream and downstream of funds, interest-bearing liabilities less. White goods appliances with high turnover rates than black, small household appliances in the 9 Yang shares (30.20,1.20,4.14%, right) the first turnover among the entire appliance industry. The resulting white goods and small appliances leading enterprises in the first half of 2008 the net return on assets was higher than other enterprises.
The current level of household appliance industry average of 12.33 times PE, the overall level of PB was 2.15 times, from a historical perspective, valuations have basic access to safe area. Look at individual stocks, you can draw the same conclusion. Gree Electric Appliances (15.23,0.01,0.07%, right) dynamic price-earnings ratio of 10.5 times, 2.98 times book value, the U.S. electrical (9.52,0.20,2.15%, it) price-earnings ratio 10.48 times, 3.64 times book value, Qingdao Haier ( 8.72, -0.09, -1.02%, it) price-earnings ratio 13.12 times, 1.79 times book value, are at a historical low. From long-term investment perspective, the current high price margin of safety.
The first half of the negative factors that affect the home appliance industry, mainly raw material costs, RMB appreciation and domestic demand fell and so on, which can be verified from the first half of the data. However, beginning in July, the situation has changed. Spikes in oil prices drop, the raw material price trend has been checked, some raw materials prices fell. RMB against the U.S. dollar and yen appreciation rate slowed down, consumer confidence is still low but recovered slightly. These changes to the appliance industry results for the third quarter will not have much impact, but if the trend continues, the fourth quarter and next year will be a greater boost growth, we will closely follow.
Rating in the investment industry, we remain cautious, but will closely track the changes that may affect the industry factors. In contrast, the more optimistic industry leaders Gree, Midea and Haier, and can effectively avoid the negative effects of small household electrical appliances industry leading 9 Yang and Supor shares (12.00, -0.10, -0.83%, right) .
Domestic demand growth can not bear the heavy responsibility 2007 year, the agency released the report of household appliances in the 2008 strategy, both the opportunity to trade on the domestic demand that domestic demand is the main driver of growth in household appliances. Export of RMB appreciation and the impact of U.S. subprime loans, will be significantly slowed down.
2008 Half-yearly is over, domestic demand had been high hopes for unsatisfactory performance. A quarter of domestic demand also maintained positive growth, it seems that North Korea is expected direction, but in the second quarter winding paths of growth all the way down, or even into negative growth in the region.
White goods sales decline is more evident, air conditioners, refrigerators and washing machines sales growth are easing, the most obvious of which adjust the air conditioning, refrigerators second, the best washing machine.
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