Since November, many home appliance companies have released the first three quarters of 2017 transcripts, some people are naturally happy, but the happiest than the three major white giants (Geli, Haier, Midea), the first three quarters of the revenue quota Breaking 100 billion, in contrast, the report card of black power is a bit miserable, and some TV companies' profits have fallen sharply.
White Power Big Three Revenue Breaks
According to public statistics, in the first three quarters of this year, Midea Group achieved an operating income of 186.95 billion yuan, a year-on-year increase of 60.6%, and a net profit of 14.998 billion yuan, a year-on-year increase of 17.1%. Haier achieved operating income of 119.19 billion yuan in the first three quarters of this year, an increase of 41.27% year-on-year; net profit of 5.68 billion yuan, a year-on-year increase of 48.48%. Gree's operating income for the first three quarters was 110.875 billion yuan, an increase of 34.51% year-on-year; net profit was 15.46 billion yuan, a year-on-year increase of 37.68%.
In terms of performance, the three companies each have their own strengths. US has the largest operating income, Gree has the highest net profit, and Haier has the fastest growth in net profit. This is related to the external expansion scale and internal development model of the three companies.
After the U.S. acquisition of KUKA (German Robotics), the transition to HVAC, consumer electronics, robotics and automation technology groups, the KUKA-based robotics business sector accounted for approximately one-ninth of U.S. overall revenue, accounting for the future. It will also gradually increase. The operating revenue for the whole year of 2017 is expected to exceed 200 billion yuan for the first time. This is obviously the result of the expansion.
In the first three quarters, Haier's refrigerator freezer business revenue increased by 34%, washing machine business revenue increased by 41%, air-conditioning business revenue increased by 61%, and kitchen and toilet business revenue increased by 76%. Haier maintained its leading position in refrigerators, washing machines, etc. Meanwhile, air-conditioning and kitchen and toilet services also achieved rapid growth. In contrast, Gree is relatively "single", and most of its revenue comes from air-conditioning. The company's return on net assets in the first three quarters reached 25%.
It is worth mentioning that there are no permanent enemies in the appliance circle. Previously, Gree and Midea had provoked litigation disputes in the air-conditioning patent field. Recently, Gree took the lead to join hands with Haier, Midea, Oaks, Chigo, TCL, Changhong, Galanz, and Hisense to establish the first intellectual property alliance in China's air-conditioning industry.
Black Enterprise’s profits decline sharply
Compared with the white giant's successes, black power companies are quite "dismal."
In the first three quarters of this year, Changhong achieved an operating income of approximately 54.448 billion yuan, a year-on-year increase of approximately 12.27%, and the net profit attributable to the company was only 167 million yuan, representing a year-on-year decline of approximately 67.97%. In terms of Skyworth, it achieved operating revenue of RMB 5.143 billion, which represented a year-on-year growth of 20.98%; net profit attributable to shareholders of listed companies was RMB 48.914 million, which was a year-on-year decline of 85.90%.
As for the reasons for the year-on-year decline in net profit attributable to stocks, Changhong said that the main reason is that raw material prices and rising labor costs have caused product gross margins to drop; exchange rate fluctuations, exchange loss increases, and non-recurring gains have dropped compared to the same period last year.
In Changhong and Skyworth's financial reports, the rise in the price of materials such as panels and memory has been repeatedly referred to by the adverse effects of business operations. In fact, since the end of last year, the rise in the price of TV panels is a well-known fact. Domestic color TV manufacturers have also begun to adjust their previous price war strategies and gradually increase prices. Since the beginning of this year, panel prices have not fallen sharply after peaking in the third quarter, and memory prices are still rising, which means that TV prices have to rise.
It is not easy to re-adapt to the fact that the consumers are accustomed to the price of TVs for a long period of time. It is also easy to block the consumer's upgrading of TVs because of the high consumer prices of color TVs. It may not be easy to find a turning point for TV companies in a short period of time.
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