Industry Online Released Refrigerator Industry Shipment Data for July 2012: Refrigerator sales fell 2.10% year-on-year, including domestic sales fell 1.22%, exports fell 4.85%; January to July 2012, refrigerator sales fell 5.99% year-on-year, including domestic sales year-on-year Declined by 8.58% and exports increased by 2.67% year-on-year.
Washing machine sales in the month fell 2.29% year-on-year, of which domestic sales fell 8.13% year-on-year and exports grew 5.20% year-on-year. From January to July 2012, washing machine sales increased by 1.33% year-on-year, of which domestic sales fell 5.28% year-on-year and exports rose 13.99% year-on-year. Details are as follows:
Domestic sales of refrigerators were slightly higher than expected during the month, and sales were lower than expected; domestic sales of washing machines were lower than expected and exports were in line with expectations. We expect the domestic sales of ice-washing will decline slightly in the whole year, and exports will maintain single-digit growth.
For key companies, Gree Electric Appliances and Midea Electric Appliances have all announced semi-annual reports. Gree Electric Appliances' fundamentals continued to perform well. In the first half of the year, revenue increased by 20%. Under the premise of higher expenses and adequate provision, performance still increased by 30% year-on-year. The cash flow and inventory conditions are all good. In addition, the subsidy payment is about to arrive, and the certainty of 25+% growth in annual performance is very strong. In the first half of the year, Midea’s revenue dropped by 37%, and its performance increased by 6% year-on-year. Currently, the impact of the company’s channel adjustment is still continuing. It is expected that the possibility of normalizing the income in the third quarter will be less, and the fourth quarter revenue will be expected to perform better. Haier has a better sales situation since the third quarter and expects a 20% increase in annual sales.
At present, the three major white power Gree, Midea, Haier's PE in 2012 were 9.2, 7.9, 8.3 times, respectively, the industry's overall PE 10.10 times, the valuation level is relatively safe, maintain the industry's "overweight" rating, Gree, Midea, Haier "buy In rating.
Refrigerator production and sales of refrigerators rose slightly in July. In July, the total output of refrigerators was 7.6 million units, which fell 1.01% and 3.81% year-on-year and month-on-month respectively. The monthly sales rate was 104.32%, with a total sales of 7,829,300 units, down 2.10% and 4.24% year-on-year and month-on-month respectively. July inventory was 2,774,300 units, and the inventory/sales ratio was 0.35, which was higher than the 0.27 level in the same period of last year. From January to July, the cumulative output of refrigerators decreased by 6.11% year-on-year, and the cumulative sales volume fell 5.99% year-on-year.
Domestic sales fell 1.22% year-on-year, slightly exceeding expectations. In July, the sales volume of refrigerators was 5,977,800 units, which was 1.22% and 1.84% lower year-on-year and month-on-month respectively. The pressure on domestic sales of refrigerators was still relatively high this month, but the high-temperature weather in most regions drove the domestic sales of refrigerators to continue exceeding expectations. Since August, the pressure on the base has plummeted, and domestic sales growth is expected to turn positive. Since the first half of the year saw a large decline (-10%), domestic sales are expected to decline slightly year-on-year.
Industry Online Statistics Domestic Sales: Haier's growth rate is better than that of the industry, and Meiling and Midea's growth rate is weaker than the industry. According to industry online statistics, Haier's sales in June increased by 8.39% and 3.70% year-on-year and month-on-month, respectively. The share increased by 2.5 and 1.5 percentage points year-on-year to 28.10%, respectively. In July, Meiling's sales decreased by 21.69% and 59.91% year-on-year, respectively. %, share year-on-year and quarter-on-quarter fell 1.2, 6.5 percentage points to 4.47%; Midea’s internal sales fell 68.07% year-on-year and 56.25% year-on-year, its share falling 8.8 points year-on-year and 1.6 percentage points qoq to 4.18%.
Exports fell 4.85% year-on-year, slightly lower than expected. In July, refrigerators exported 1.987 million units, which fell 4.85% and 11.01% year-on-year respectively. Although the pressure on the base of the fridge's exports was reduced this month, it still suffered negative growth, which was lower than expected.
Industry Online Statistics Export: Haier and Meiling performed better than the industry, and US exports were weaker than the industry. According to industry online statistics, Haier's exports performed well this month, with year-on-year sales growth of 23.85% and 3.09% month-on-month, respectively, and share increase of 1.5 and 0.9 percentage points year-on-year to 6.36%; Meiling's export sales increased month-on-month and month-on-month respectively. 84.67% and 21.03%, respectively, year-on-year and quarter-on-quarter increase of 2.8, 1.5 percentage points to 5.78%; US's export performance this month was weaker than the industry, sales fell 29.97% year-on-year, month-on-month, 15.38%, share fell 3.8, year-on-year, respectively. 0.6% to 10.68%.
Washing machine production in July grew at a steady pace, with a slight decline in sales growth. The total output of washing machines in July was 3.69 million sets, a year-on-year increase of 2.98% and a year-on-year increase of 4.27%. The total sales volume for the month was 3.88 million units, down 2.29% year-on-year and 1.69% month-on-month, with a sales-to-sales ratio of 97.98%. Inventory of this year was 21.4 million units, and the inventory/sales ratio was 0.55, which was lower than the 0.67 level in the same period of last year. From January to July, the cumulative increase in washing machine production was 0.08%, and the cumulative increase in sales volume was 1.33%.
Domestic sales fell 8.13% year-on-year and continued to fall below expectations. In July, washing machines shipped 2.075 million units domestically, a year-on-year decrease of 8.13% and a month-on-month increase of 1.65%. The overall sales of washing machines in the domestic market this month were poor, but if the company's shipment data was split, the company's shipments excluding the United States declined by 43% year-on-year. After that, the industry's domestic sales growth rate was 4% year-on-year, basically in line with our previous judgment that the pressure on the base was relieved after the pressure on the base was relieved.
This month, Haier and Hefei Sanyo enjoyed better-than-sale domestic sales. The United States continued to perform weaker than the industry. According to industry online statistics, Haier's domestic shipments for the month increased by 2.67% and 13.24% year-on-year and the share increased by 4.0 and 3.8 percentage points year-on-year to 37.56%; Hefei Sanyo's domestic sales fell by 3.53% year-on-year and month-on-month. 2.50%, domestic sales accounted for a year-on-year increase of 0.4% and 0.1% respectively to 8.00%; this month's domestic sales fell by 42.37% year-on-year, and internal sales accounted for 6.5 percentage points year-on-year to 16.59%.
Exports increased by 5.20% year-on-year, in line with expectations. 7 The export of washing machines achieved 18.30 million units, an increase of 5.20% and 1.74% year-on-year and month-on-month respectively; this month's base pressure increased slightly, combined with the country's export growth rate, and the washing machine export growth rate decreased slightly in line with expectations. From January to July, the cumulative export volume of washing machines increased by 13.99% year-on-year. Due to the relatively large base pressure in the second half of the year, we expect the total export volume to grow at a single-digit annual rate.
Hefei Sanyo’s export performance this month was better than that of the industry, Haier, and the United States. Haier's exports dropped by 20.55% and 21.38% year-on-year and month-on-month, respectively. Exports took a year-on-year, year-on-year decrease of 2.1 and 1.9 percentage points to 6.54%; Hefei Sanyo's export shipments for the month rose 16.08% year-on-year and 0.4% mom. The share increased 0.3% year-on-year and 0.1% qoq to 3.01%. This month, the U.S. department's exports fell 13.69% year-on-year, and sales volume dropped by 3.0 percentage points year-on-year to 13.61%.
Listed company ice wash business tracking: Haier this month, ice, washing and export both maintained growth, domestic refrigerators basically meet, exports slightly lower than the industry online data; washing machine domestic sales is better than the refrigerator. This month's ice wash in the United States has no significant improvement over the first half of the year. It is expected that the growth rate will improve from August.
Our opinions and investment advice. Domestic sales of refrigerators were slightly higher than expected during the month, and sales were lower than expected; domestic sales of washing machines were lower than expected and exports were in line with expectations. We expect the domestic sales of ice-washing will decline slightly in the whole year, and exports will maintain single-digit growth.
For key companies, Gree Electric Appliances and Midea Electric Appliances have all announced semi-annual reports. Gree Electric Appliances' fundamentals continued to perform well. In the first half of the year, revenue increased by 20%. Under the premise of higher expenses and adequate provision, performance still increased by 30% year-on-year. The cash flow and inventory conditions are all good. In addition, the subsidy payment is about to arrive, and the certainty of 25+% growth in annual performance is very strong. In the first half of the year, Midea’s revenue dropped by 37%, and its performance increased by 6% year-on-year. Currently, the impact of the company’s channel adjustment is still continuing. It is expected that the possibility of normalizing the income in the third quarter will be less, and the fourth quarter revenue will be expected to perform better. Haier has a better sales situation since the third quarter and expects a 20% increase in annual sales.
At present, the three major white power Gree, Midea, Haier's PE in 2012 were 9.2, 7.9, 8.3 times, respectively, the industry's overall PE 10.10 times, the valuation level is relatively safe, maintain the industry's "overweight" rating, Gree, Midea, Haier "buy In rating.
Washing machine sales in the month fell 2.29% year-on-year, of which domestic sales fell 8.13% year-on-year and exports grew 5.20% year-on-year. From January to July 2012, washing machine sales increased by 1.33% year-on-year, of which domestic sales fell 5.28% year-on-year and exports rose 13.99% year-on-year. Details are as follows:
Domestic sales of refrigerators were slightly higher than expected during the month, and sales were lower than expected; domestic sales of washing machines were lower than expected and exports were in line with expectations. We expect the domestic sales of ice-washing will decline slightly in the whole year, and exports will maintain single-digit growth.
For key companies, Gree Electric Appliances and Midea Electric Appliances have all announced semi-annual reports. Gree Electric Appliances' fundamentals continued to perform well. In the first half of the year, revenue increased by 20%. Under the premise of higher expenses and adequate provision, performance still increased by 30% year-on-year. The cash flow and inventory conditions are all good. In addition, the subsidy payment is about to arrive, and the certainty of 25+% growth in annual performance is very strong. In the first half of the year, Midea’s revenue dropped by 37%, and its performance increased by 6% year-on-year. Currently, the impact of the company’s channel adjustment is still continuing. It is expected that the possibility of normalizing the income in the third quarter will be less, and the fourth quarter revenue will be expected to perform better. Haier has a better sales situation since the third quarter and expects a 20% increase in annual sales.
At present, the three major white power Gree, Midea, Haier's PE in 2012 were 9.2, 7.9, 8.3 times, respectively, the industry's overall PE 10.10 times, the valuation level is relatively safe, maintain the industry's "overweight" rating, Gree, Midea, Haier "buy In rating.
Refrigerator production and sales of refrigerators rose slightly in July. In July, the total output of refrigerators was 7.6 million units, which fell 1.01% and 3.81% year-on-year and month-on-month respectively. The monthly sales rate was 104.32%, with a total sales of 7,829,300 units, down 2.10% and 4.24% year-on-year and month-on-month respectively. July inventory was 2,774,300 units, and the inventory/sales ratio was 0.35, which was higher than the 0.27 level in the same period of last year. From January to July, the cumulative output of refrigerators decreased by 6.11% year-on-year, and the cumulative sales volume fell 5.99% year-on-year.
Domestic sales fell 1.22% year-on-year, slightly exceeding expectations. In July, the sales volume of refrigerators was 5,977,800 units, which was 1.22% and 1.84% lower year-on-year and month-on-month respectively. The pressure on domestic sales of refrigerators was still relatively high this month, but the high-temperature weather in most regions drove the domestic sales of refrigerators to continue exceeding expectations. Since August, the pressure on the base has plummeted, and domestic sales growth is expected to turn positive. Since the first half of the year saw a large decline (-10%), domestic sales are expected to decline slightly year-on-year.
Industry Online Statistics Domestic Sales: Haier's growth rate is better than that of the industry, and Meiling and Midea's growth rate is weaker than the industry. According to industry online statistics, Haier's sales in June increased by 8.39% and 3.70% year-on-year and month-on-month, respectively. The share increased by 2.5 and 1.5 percentage points year-on-year to 28.10%, respectively. In July, Meiling's sales decreased by 21.69% and 59.91% year-on-year, respectively. %, share year-on-year and quarter-on-quarter fell 1.2, 6.5 percentage points to 4.47%; Midea’s internal sales fell 68.07% year-on-year and 56.25% year-on-year, its share falling 8.8 points year-on-year and 1.6 percentage points qoq to 4.18%.
Exports fell 4.85% year-on-year, slightly lower than expected. In July, refrigerators exported 1.987 million units, which fell 4.85% and 11.01% year-on-year respectively. Although the pressure on the base of the fridge's exports was reduced this month, it still suffered negative growth, which was lower than expected.
Industry Online Statistics Export: Haier and Meiling performed better than the industry, and US exports were weaker than the industry. According to industry online statistics, Haier's exports performed well this month, with year-on-year sales growth of 23.85% and 3.09% month-on-month, respectively, and share increase of 1.5 and 0.9 percentage points year-on-year to 6.36%; Meiling's export sales increased month-on-month and month-on-month respectively. 84.67% and 21.03%, respectively, year-on-year and quarter-on-quarter increase of 2.8, 1.5 percentage points to 5.78%; US's export performance this month was weaker than the industry, sales fell 29.97% year-on-year, month-on-month, 15.38%, share fell 3.8, year-on-year, respectively. 0.6% to 10.68%.
Washing machine production in July grew at a steady pace, with a slight decline in sales growth. The total output of washing machines in July was 3.69 million sets, a year-on-year increase of 2.98% and a year-on-year increase of 4.27%. The total sales volume for the month was 3.88 million units, down 2.29% year-on-year and 1.69% month-on-month, with a sales-to-sales ratio of 97.98%. Inventory of this year was 21.4 million units, and the inventory/sales ratio was 0.55, which was lower than the 0.67 level in the same period of last year. From January to July, the cumulative increase in washing machine production was 0.08%, and the cumulative increase in sales volume was 1.33%.
Domestic sales fell 8.13% year-on-year and continued to fall below expectations. In July, washing machines shipped 2.075 million units domestically, a year-on-year decrease of 8.13% and a month-on-month increase of 1.65%. The overall sales of washing machines in the domestic market this month were poor, but if the company's shipment data was split, the company's shipments excluding the United States declined by 43% year-on-year. After that, the industry's domestic sales growth rate was 4% year-on-year, basically in line with our previous judgment that the pressure on the base was relieved after the pressure on the base was relieved.
This month, Haier and Hefei Sanyo enjoyed better-than-sale domestic sales. The United States continued to perform weaker than the industry. According to industry online statistics, Haier's domestic shipments for the month increased by 2.67% and 13.24% year-on-year and the share increased by 4.0 and 3.8 percentage points year-on-year to 37.56%; Hefei Sanyo's domestic sales fell by 3.53% year-on-year and month-on-month. 2.50%, domestic sales accounted for a year-on-year increase of 0.4% and 0.1% respectively to 8.00%; this month's domestic sales fell by 42.37% year-on-year, and internal sales accounted for 6.5 percentage points year-on-year to 16.59%.
Exports increased by 5.20% year-on-year, in line with expectations. 7 The export of washing machines achieved 18.30 million units, an increase of 5.20% and 1.74% year-on-year and month-on-month respectively; this month's base pressure increased slightly, combined with the country's export growth rate, and the washing machine export growth rate decreased slightly in line with expectations. From January to July, the cumulative export volume of washing machines increased by 13.99% year-on-year. Due to the relatively large base pressure in the second half of the year, we expect the total export volume to grow at a single-digit annual rate.
Hefei Sanyo’s export performance this month was better than that of the industry, Haier, and the United States. Haier's exports dropped by 20.55% and 21.38% year-on-year and month-on-month, respectively. Exports took a year-on-year, year-on-year decrease of 2.1 and 1.9 percentage points to 6.54%; Hefei Sanyo's export shipments for the month rose 16.08% year-on-year and 0.4% mom. The share increased 0.3% year-on-year and 0.1% qoq to 3.01%. This month, the U.S. department's exports fell 13.69% year-on-year, and sales volume dropped by 3.0 percentage points year-on-year to 13.61%.
Listed company ice wash business tracking: Haier this month, ice, washing and export both maintained growth, domestic refrigerators basically meet, exports slightly lower than the industry online data; washing machine domestic sales is better than the refrigerator. This month's ice wash in the United States has no significant improvement over the first half of the year. It is expected that the growth rate will improve from August.
Our opinions and investment advice. Domestic sales of refrigerators were slightly higher than expected during the month, and sales were lower than expected; domestic sales of washing machines were lower than expected and exports were in line with expectations. We expect the domestic sales of ice-washing will decline slightly in the whole year, and exports will maintain single-digit growth.
For key companies, Gree Electric Appliances and Midea Electric Appliances have all announced semi-annual reports. Gree Electric Appliances' fundamentals continued to perform well. In the first half of the year, revenue increased by 20%. Under the premise of higher expenses and adequate provision, performance still increased by 30% year-on-year. The cash flow and inventory conditions are all good. In addition, the subsidy payment is about to arrive, and the certainty of 25+% growth in annual performance is very strong. In the first half of the year, Midea’s revenue dropped by 37%, and its performance increased by 6% year-on-year. Currently, the impact of the company’s channel adjustment is still continuing. It is expected that the possibility of normalizing the income in the third quarter will be less, and the fourth quarter revenue will be expected to perform better. Haier has a better sales situation since the third quarter and expects a 20% increase in annual sales.
At present, the three major white power Gree, Midea, Haier's PE in 2012 were 9.2, 7.9, 8.3 times, respectively, the industry's overall PE 10.10 times, the valuation level is relatively safe, maintain the industry's "overweight" rating, Gree, Midea, Haier "buy In rating.
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