China kitchen electric market is the case of "winter", the dividend will do, shuffle, Feeding Frenzy become a staple keyword ridicule kitchen electric industry. Electric boss could not escape the mire.
On the one hand, the owner of Electric share price fell significantly, January 15, 2018, the owner of Electric shares the highest point of 53.43 yuan, as of October 12, 2018 closing price of 20.23 yuan, the total market value evaporated more than 300 billion yuan.
On the other hand, the first half of 2018, the boss electrical performance continues to deteriorate, its total revenue was 3.497 billion yuan, an increase of 9.35%, compared with 26.63 percent growth in the first half of 2017, its sales growth significantly reducing the rate of 17.28%. In this regard, he Pei Feng Electric boss investor relations manager, said: "The slowdown mainly affected by the impact of the current real estate regulation, kitchen electric industry did not get rid of the strong dependence on the real estate industry, coupled with the company confirmed in accordance with the accounting policies of terminal sales revenue. Therefore, the companys revenue would be more authentic and synchronized to reflect market conditions. "
However, the impact of the development is not just boss appliances fell sharply its total operating income growth, the factors leading to the decline of these data is not just real estate regulation only.
a number of reasons for the slowdown
the first half of 2018, the owner of Electric attributable to shareholders of listed companies net profit of 660 million yuan, an increase of 10.47%, but lower than the same period last year 41.37 % growth, net profit growth rate dropped 30.9%.
In addition to factors other than real estate regulation, competition in the industry enterprises developed rapidly, kitchen electric industry market space crunch, boss appliances also become a catalyst for the decline in performance.
In recent years, side too, the United States and other enterprises in the kitchen electric industry to accelerate the pace of product updates, according to the PRC, the data show that side too embedded oven, dishwasher line market in 2017 retail sales accounting for 27.1% and 38.5% respectively, while the corresponding two bosses electrical products accounted for 21% and 7.8%; at the same time, the United States accounted for 8.1% of the dishwasher, also higher than the 7.8% owner of electrical appliances, which virtually boss Electric to bring greater competitive pressure. Coupled with the boss appliances agents face major customer base, real estate, online consumers, and in the three groups accounting for a turnover of 60%, 7% and 30%, respectively.
Thus, agents and consumers is the owner of Electric main target, but its partial high-end consumer groups positioning, with the United States, compared to those for the mass consumer side too brand, customer base boss appliances appear more narrow, which is the growth rate of revenue growth and operating speed of decline one of the reasons.
In addition, the first half of 2018, the owner of Electric adds its own costs and administrative expenses, respectively, than last year invested 264 million yuan and 29.5 million yuan, an increase of 19% and 14%. The industry believes that the boss electrical costs increased in part because of the rising cost of raw materials production, and the entire kitchen electric industry by supply-side reform and the impact caused by trade wars.
In addition, the first half of 2018, lower boss appliances gross margin was higher than the growth rate of the embedded category smoke stoves higher margin products led to its decline in gross margin to 53.42%, down 6.79 year %. In addition, the gradual disappearance of the electricity supplier bonus, a 13% increase year on year advertising expenses, which also makes the owner of electrical appliances increased costs and administrative expenses, resulting in its net profit margin decline.
the effectiveness of sinking sales channels to be tested
a number of financial indicators fell boss appliances, how to break through?
First of all, the boss appliances in the consolidation of channels selected a competitive second-tier cities based on the company to take the city, stores, electricity providers, etc., to promote the four-tier cities sink channels. The first half of 2018, owner of electrical appliances in a second-tier cities, a new kitchen source shop by only 58; in the four-tier cities, up to 383 new stores, the new companys 58 cities, while the home improvement building materials channel, distribution channels abroad seize the opportunity to channel short and long term. Zeng Pei Feng Electric boss investor relations manager, said: "At present, the proportion of revenue is expected to reach three or four lines of about 40% at the same time, the companys range hood market share year increase 0.23%, reaching 26.76 percent, competitiveness has been further enhanced. . "
The industry believes that: As the owner of electrical appliances targeting the high-end market, not the public. From the urban consumer purchasing power and demand, the purchasing power of the four-tier cities is lower than a second-tier cities, which gives the owner of electrical appliances in sinking four-tier cities to bring some difficulties.
Secondly, owner of electrical appliances has been to expand product categories and increase R & D investment, the share of R & D investment increased from 3-5 percent, and earlier thisEmbedded steam boiler established early in the companys second-largest flagship category, followed by additional water purifiers, water heaters and other products category. Also at the center of the range hood as a breakthrough, to consolidate cooperation with Greentown, Vanke, Country Garden, Riverside, initiative and a number of real estate developers tightness, premium channels to enhance engineering capability. However, deep impact on the regulation of real estate kitchen electric industry, the boss appliances and real estate cooperation does not produce the desired effect. At the same time, product innovation, channel sinking investment, it will also increase the companys costs and management costs.
Finally, all these years the boss appliances has reached a cooperation with Suning, actually home, Redstar, Eslite and other household life lifestyle brand. Zeng Pei Feng Electric boss Investor Relations Manager Analysis: "Working with these brands is an important part of the layout, the employer mainly to enhance the electrical lines at home actually, stationed at the rate of store Meikailong line, joint promotional activities. "
it is noteworthy that, even if the boss appliances to make the transition in many sectors, but the proportion of its total assets in money funds remains high. In general, the company currency funds total assets reasonable proportion of 15% to 25%, the first half of 2018, the owner of Electric holding money funds 2.55 billion yuan, the total assets of 29.63%.
In this regard, he Pei Feng Electric boss Investor Relations Manager explains:. "The company currency liquidity is to have the performance of a strong market bargaining power and risk prevention capacity addition, the company will improve at the same time reasonable control financial risks monetary capital efficiency, the future will continue to adhere to reasonable prudent fund management style, maintaining more than 30% of the cash dividend rate per year, and to protect the company operating under the premise of risk control needs, continued to improve monetary efficient use of funds. "
[ 123] However, the industry believes that in todays era of "cash is king", owner of electrical appliances seem to want to hold the money to help them ride out the "kitchen electrical winter."
(Source: home appliances - public number, invasion deleted)
本文由Open energy water purifier发布于Service support,转载请注明出处：On Shu boss appliances evaporated more than 300 billioesce t
关键词： Service supp