Accompanied by the arrival of the first year of the year, three stimulus policies such as saving energy, replacing old people, and home appliances to the countryside have entered the exit channel.
In 2012, is the appliance industry an opportunity or a challenge? Is it backwards, embarrassing or spanning, conquering?
Three Home Appliances Stimulation Policy Countdown
In order to stimulate the economy and expand domestic demand, China started to implement the “Home Appliances Going to the Countrysideâ€, “Old to Newâ€, and “Energy-saving and People-friendly†activities in 2008 and 2009 respectively. Benefiting from these three favorable policies, the Chinese home appliance industry has experienced a round of nearly three years of high-speed growth. However, the happiness of the home appliance industry seems to be gradually disappearing.
From the end of May 2011, a series of favorable policies gradually withdrew. The first was the expiration of the air-conditioning energy-saving subsidy policy on May 31 this year. By the end of November 2011, the “home appliances going to the countryside†policy in Shandong, Henan, and Sichuan, which were first piloted, also expired. At the end of 2011, it is highly probable that the “new-for-new†policy of the large home appliances that are good for urban renewal needs will expire; and by the end of 2012, the “home appliances going to the countryside†policy of other provinces and cities will also expire.
Since launching in 2009, the three favorable policies for promoting the “high-hanging and high-going†domestic appliance industry have come down to a peak in 2010 and declined in a rational manner in the second half of 2011. In 2012, it was plunged into a policy withdrawing from the enterprise. Turbulence. On December 6, at the Schonbrunn Hotel in Beijing, the final round of bidding for the “Home Appliances to the Countryside†policy kicked off as scheduled. Compared with the previous round of “home appliances going to the countrysideâ€, the number of tendering companies has risen compared to the current “home appliances to the countryside†tender for the first time there has been “active abstainersâ€. Many home appliance companies are said to have stated that “the business opportunities in the last year are very small and they do not participate in the bidding.†In a new round of bidding, a group of policy speculators withdrew before the policy withdrew in advance, and a group of new starters also hoped. Catch up with the "last train last" to make the policy affixed to the company, more large and medium-sized enterprises began to rationally return to the basic business operations after completing the market layout.
Reshuffle intensifies, home appliances industry faces a new round of transformation challenges
As the inflection point of policy approaches, the scale and growth of the industry continue to maintain a high level of operation and meet more and more challenges, coupled with the continuous rise in raw materials and labor costs, the domestic appliance industry in the next year or two may have revenue and profit growth. In the situation of fatigue, the home appliance industry is facing a new round of development transformation challenges under the “internal and external problemsâ€.
Since the second half of this year, the debt crisis in Europe and the United States, tight monetary policy, strict control of real estate policies, and home appliance stimulus policies that have entered the exit channel have had a negative impact on the domestic appliance market. The growth of the home appliance market has slowed down and market demand has been increasing. Declining year-on-year, high operating costs, and low internal and external sales. According to the data released by China Excel, the sales volume of China's home appliance market reached 905.5 billion yuan in the first three quarters of 2011, an increase of 12.4% over the same period of 2010, and the market growth rates in the first three quarters were 8.7%, 16.6%, and 11.6%, respectively. In the same period of 2010, they were 23.3%, 24.5%, and 20.2%, respectively.
After the withdrawal of the three major stimulus policies, the disadvantaged position of small and medium-sized home appliance enterprises will face greater challenges in the future, and the concentration of home appliance brands will be fully strengthened. Liu Buchen, a senior observer of the home appliance industry, stated that the gradual withdrawal of the favorable policies of the three major household appliances will be the greatest impact on those regional brands and three or four-line brands. In the next 2-3 years, those small brands with weak competitiveness will grow The harder it is, the reshuffle of the home appliance industry will intensify, and the industry may experience greater mergers and acquisitions.
It can be said that the arrival of the policy inflection point, the growth of domestic home appliance companies can continue in 2012, but the growth rate is estimated to be a substantial decline, the profit situation will not be optimistic.
The fluctuating policy power has brought many uncertainties to the future development of domestic home appliance industry. At the same time, it has also accelerated the speed of transformation and upgrading of home appliance companies in the country, and forced the home appliance industry to advance transformation in order to maintain the momentum of sustainable development. For many home appliance companies, it is time to consider how to deal with the problems that may arise in the market after the policy is withdrawn.
Fighting for high-end markets, promoting low-carbon green transformation, and launching new energy-based IoT smarts are becoming new strategic directions for the home appliance industry today. Since the beginning of the year, domestic home appliance companies are seeking and building a "post-policy-driven" competitive system. Haier launched the world's first Internet of Things refrigerator, the United States to play solar air-conditioning, Little Swan peddling intelligent launch function of the Internet of things washing machine, Changhong is launching smart home system solutions, TCL developed a smart cloud TV standard, Hisense also launched a three network Fusion new I'TV, and so on. More and more domestic home appliance companies have already focused their market competition on maximizing their share of price warfare and building a sustainable competitiveness shift for the technology war. It is believed that this trend will become more apparent in 2012.
The exit of policy subsidies will affect the short-term, and the home appliance sector is still worth looking forward to in 2012
The policy exit expectation is the main factor that inhibits the activeness of the home appliance sector in the future. However, due to the fact that the domestic stock market is now at historical lows, it is also expected that with the macroeconomic recovery at home and abroad, the country’s macro-control will be implemented, the RRR will be lowered, and bank credit will be reduced. Funds are released to all walks of life. In the second half of next year, the home appliance industry may usher in a relatively economic easing period. Therefore, the withdrawal of policy subsidies may affect the short-term, but do not change the long-term good trend of the home appliance industry, the 2012 appliance sector is still worth the wait.
Industrial Securities recently released home appliances to the countryside sales data tracking report, saying that the home appliance industry policy exit, short-term or cause some disturbance to the industry, but the medium and long-term is conducive to the natural order of the industry and the industry leading share of the promotion, it is recommended to pay attention to the gradual establishment of competition in the rural market Advantage of leading enterprises. Maintain the "recommended" rating for the appliance industry. According to the report, in the sub-sector, the air-conditioning industry, which has the largest space in the industry, a stable competitive landscape, and guaranteed profitability, maintains its recommendation of Gree Electric Appliance and Midea Electric Appliances.
However, CITIC Securities pointed out that next year's "home appliances to the countryside", "replacement for old" and other stimulus policies to withdraw, plate valuation is difficult to significantly improve, the growth rate of major home appliances product demand has also been a sign of slowdown, home appliances sector is difficult to trend investment opportunity. However, benefiting from the construction of 30 million large-scale affordable housing units in the country, it is expected that there will be peaks for the delivery of affordable housing during 2012-2014. During this period, the total annual demand for home decoration will increase by 30%-50% compared with 2010 and be delivered as housing. Subsequent consumption, decoration of building materials, furniture, household appliances and other optional consumer goods contain huge potential for consumption, especially the kitchen and bathroom appliances with the attributes of decoration materials will take the lead. Therefore, compared to household appliances that are affected by the policy withdrawal, it is expected that the small kitchen appliances that benefited from the national demand stimulation policy in the early stage will be expected to benefit more from the demand for guaranteeing the centralized delivery of affordable housing. This will usher in a round of growth. High growth. It is recommended to pay attention to the listed small and medium-sized home appliance companies with advantageous growth in this sector.
The current static PE of the A-share home appliance sector is about 13 times, which is lower than the historical average of 27 times. It is recommended to lay out the rebound of home appliances in the first quarter of next year, recommend low-value household appliance leading enterprises such as Gree, Midea, Haier, Hisense and Supor. Vantage shares and other small home appliances listed companies.
In 2012, is the appliance industry an opportunity or a challenge? Is it backwards, embarrassing or spanning, conquering?
Three Home Appliances Stimulation Policy Countdown
In order to stimulate the economy and expand domestic demand, China started to implement the “Home Appliances Going to the Countrysideâ€, “Old to Newâ€, and “Energy-saving and People-friendly†activities in 2008 and 2009 respectively. Benefiting from these three favorable policies, the Chinese home appliance industry has experienced a round of nearly three years of high-speed growth. However, the happiness of the home appliance industry seems to be gradually disappearing.
From the end of May 2011, a series of favorable policies gradually withdrew. The first was the expiration of the air-conditioning energy-saving subsidy policy on May 31 this year. By the end of November 2011, the “home appliances going to the countryside†policy in Shandong, Henan, and Sichuan, which were first piloted, also expired. At the end of 2011, it is highly probable that the “new-for-new†policy of the large home appliances that are good for urban renewal needs will expire; and by the end of 2012, the “home appliances going to the countryside†policy of other provinces and cities will also expire.
Since launching in 2009, the three favorable policies for promoting the “high-hanging and high-going†domestic appliance industry have come down to a peak in 2010 and declined in a rational manner in the second half of 2011. In 2012, it was plunged into a policy withdrawing from the enterprise. Turbulence. On December 6, at the Schonbrunn Hotel in Beijing, the final round of bidding for the “Home Appliances to the Countryside†policy kicked off as scheduled. Compared with the previous round of “home appliances going to the countrysideâ€, the number of tendering companies has risen compared to the current “home appliances to the countryside†tender for the first time there has been “active abstainersâ€. Many home appliance companies are said to have stated that “the business opportunities in the last year are very small and they do not participate in the bidding.†In a new round of bidding, a group of policy speculators withdrew before the policy withdrew in advance, and a group of new starters also hoped. Catch up with the "last train last" to make the policy affixed to the company, more large and medium-sized enterprises began to rationally return to the basic business operations after completing the market layout.
Reshuffle intensifies, home appliances industry faces a new round of transformation challenges
As the inflection point of policy approaches, the scale and growth of the industry continue to maintain a high level of operation and meet more and more challenges, coupled with the continuous rise in raw materials and labor costs, the domestic appliance industry in the next year or two may have revenue and profit growth. In the situation of fatigue, the home appliance industry is facing a new round of development transformation challenges under the “internal and external problemsâ€.
Since the second half of this year, the debt crisis in Europe and the United States, tight monetary policy, strict control of real estate policies, and home appliance stimulus policies that have entered the exit channel have had a negative impact on the domestic appliance market. The growth of the home appliance market has slowed down and market demand has been increasing. Declining year-on-year, high operating costs, and low internal and external sales. According to the data released by China Excel, the sales volume of China's home appliance market reached 905.5 billion yuan in the first three quarters of 2011, an increase of 12.4% over the same period of 2010, and the market growth rates in the first three quarters were 8.7%, 16.6%, and 11.6%, respectively. In the same period of 2010, they were 23.3%, 24.5%, and 20.2%, respectively.
After the withdrawal of the three major stimulus policies, the disadvantaged position of small and medium-sized home appliance enterprises will face greater challenges in the future, and the concentration of home appliance brands will be fully strengthened. Liu Buchen, a senior observer of the home appliance industry, stated that the gradual withdrawal of the favorable policies of the three major household appliances will be the greatest impact on those regional brands and three or four-line brands. In the next 2-3 years, those small brands with weak competitiveness will grow The harder it is, the reshuffle of the home appliance industry will intensify, and the industry may experience greater mergers and acquisitions.
It can be said that the arrival of the policy inflection point, the growth of domestic home appliance companies can continue in 2012, but the growth rate is estimated to be a substantial decline, the profit situation will not be optimistic.
The fluctuating policy power has brought many uncertainties to the future development of domestic home appliance industry. At the same time, it has also accelerated the speed of transformation and upgrading of home appliance companies in the country, and forced the home appliance industry to advance transformation in order to maintain the momentum of sustainable development. For many home appliance companies, it is time to consider how to deal with the problems that may arise in the market after the policy is withdrawn.
Fighting for high-end markets, promoting low-carbon green transformation, and launching new energy-based IoT smarts are becoming new strategic directions for the home appliance industry today. Since the beginning of the year, domestic home appliance companies are seeking and building a "post-policy-driven" competitive system. Haier launched the world's first Internet of Things refrigerator, the United States to play solar air-conditioning, Little Swan peddling intelligent launch function of the Internet of things washing machine, Changhong is launching smart home system solutions, TCL developed a smart cloud TV standard, Hisense also launched a three network Fusion new I'TV, and so on. More and more domestic home appliance companies have already focused their market competition on maximizing their share of price warfare and building a sustainable competitiveness shift for the technology war. It is believed that this trend will become more apparent in 2012.
The exit of policy subsidies will affect the short-term, and the home appliance sector is still worth looking forward to in 2012
The policy exit expectation is the main factor that inhibits the activeness of the home appliance sector in the future. However, due to the fact that the domestic stock market is now at historical lows, it is also expected that with the macroeconomic recovery at home and abroad, the country’s macro-control will be implemented, the RRR will be lowered, and bank credit will be reduced. Funds are released to all walks of life. In the second half of next year, the home appliance industry may usher in a relatively economic easing period. Therefore, the withdrawal of policy subsidies may affect the short-term, but do not change the long-term good trend of the home appliance industry, the 2012 appliance sector is still worth the wait.
Industrial Securities recently released home appliances to the countryside sales data tracking report, saying that the home appliance industry policy exit, short-term or cause some disturbance to the industry, but the medium and long-term is conducive to the natural order of the industry and the industry leading share of the promotion, it is recommended to pay attention to the gradual establishment of competition in the rural market Advantage of leading enterprises. Maintain the "recommended" rating for the appliance industry. According to the report, in the sub-sector, the air-conditioning industry, which has the largest space in the industry, a stable competitive landscape, and guaranteed profitability, maintains its recommendation of Gree Electric Appliance and Midea Electric Appliances.
However, CITIC Securities pointed out that next year's "home appliances to the countryside", "replacement for old" and other stimulus policies to withdraw, plate valuation is difficult to significantly improve, the growth rate of major home appliances product demand has also been a sign of slowdown, home appliances sector is difficult to trend investment opportunity. However, benefiting from the construction of 30 million large-scale affordable housing units in the country, it is expected that there will be peaks for the delivery of affordable housing during 2012-2014. During this period, the total annual demand for home decoration will increase by 30%-50% compared with 2010 and be delivered as housing. Subsequent consumption, decoration of building materials, furniture, household appliances and other optional consumer goods contain huge potential for consumption, especially the kitchen and bathroom appliances with the attributes of decoration materials will take the lead. Therefore, compared to household appliances that are affected by the policy withdrawal, it is expected that the small kitchen appliances that benefited from the national demand stimulation policy in the early stage will be expected to benefit more from the demand for guaranteeing the centralized delivery of affordable housing. This will usher in a round of growth. High growth. It is recommended to pay attention to the listed small and medium-sized home appliance companies with advantageous growth in this sector.
The current static PE of the A-share home appliance sector is about 13 times, which is lower than the historical average of 27 times. It is recommended to lay out the rebound of home appliances in the first quarter of next year, recommend low-value household appliance leading enterprises such as Gree, Midea, Haier, Hisense and Supor. Vantage shares and other small home appliances listed companies.
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