Some time ago, I analyzed the development of Gree and today I came to see the United States.
First, the United States temporarily sits in the first chair
Selected in the past six years, more than a midea group, Gree electric appliances, Haier Zhijia total operating income and net profit attributable to the mother, no one is good and who is bad, simply compare, analyze and analyze the situation of the United States in recent years.
Judging from these two data and trends, for the time being, the growth momentum of the United States is stronger.
In the first three quarters of this year: the total revenue and net profit attributable to the mother of the United States ranked first, and Haier's total revenue exceeded that of Gree, but there was still a gap of 5.7 billion yuan between its net profit attributable to the mother and Gree.
From the current market value, Midea's market value is 504.346 billion, which is equivalent to the sum of Haier and Gree (Haier 286.342 billion, Gree 218.066 billion).
Second, from home appliance giants to technology groups, research and development has exceeded 10 billion
To date, Midea has about 200 subsidiaries, 28 R&D centers and 32 major production bases around the world, employing about 160,000 people and covering more than 200 countries and regions. Among them, there are 18 R&D centers and 17 major production bases overseas, covering more than 10 countries and employing about 30,000 people overseas.
In 2020, Midea will upgrade its strategic axis to "leading technology, direct user access, digital intelligence drive, and global breakthrough" to re-create midea in the new era. Midea has changed from a home appliance giant to a diversified technology group.
Midea's science and technology theme, of course, in research and development is not weak: including China, 28 research centers in 11 countries have more than 15,000 R&D personnel, and more than 500 foreign senior experts.
From the perspective of research and development expenses in recent years, the research and development expenses of the United States have been higher than gree and Haier, and continue to expand investment, in 2020 research and development expenses have exceeded 10 billion, and the proportion of research and development expenses in total operating income has remained above 3%, and the other two are relatively low.
Three. Diversification strategy, the work is greater than the excess!
Net profit is better, and it also has strong research and development strength, but is this enough to allow Midea to go further on the road of diversification and expansion with peace of mind?
1. Because it is always "buying, buying and buying", the goodwill on Midea's account has reached 28.858 billion! Year-on-year, Haier 22.223 billion, Gree only 202 million!
This is mainly because of the high premium acquisition of Germany KUKA in 2015, several twists and turns, and finally became the controlling shareholder who occupies 94.55% of the shares, people who are not familiar with the United States, must look, good guys, good!
However, just holding so much equity, and not really participating in the operation, there is no way to obtain the core technology.
This does not use its own research and development technology, and even others do not need it?
Although KUKA has brought more than 20 billion yuan in revenue to Midea, since Midea took over, its revenue has declined year after year, in addition, Midea is borrowing from banks at the time of acquisition, and it is still lying on the account. However, at present, there is no impairment operation, and if the impairment is carried out, it is another wave of losses. Does this make hard money?
In addition to the previous investment in Xiaomi stocks lost several hundred million, Midea also spent 172 million yuan to invest in eggshell apartments in 2020, and finally ended with eggshell thunderstorms and delisting from the New York Stock Exchange. After all, I often walk by the river, which can not get wet shoes.
2. But from a fundamental point of view, in recent years, in addition to doing a good job in their own solid electrical appliance business, the "buy, buy, buy" strategy has brought great development to midea. At present, it covers five major businesses: smart home business group, mechanical and electrical business group, HVAC and building business unit, robot and automation business unit and digital innovation business.
The share of air conditioning continues to increase, and after the acquisition of Little Swan Rongshida into the field of refrigerators and washing machines, it has developed rapidly, and in 2020, both online and offline retail sales rank second! In addition, foreign business accounted for 42.6%. The main business of air conditioning, consumer appliances, overseas business, online e-commerce coordinated and synchronous development.
3. Enter the medical field: In addition to washing machines, refrigerators, elevators, robots, medical treatment can not be spared! Like Gree and Haier have previously laid out the medical field, Haier Bio, a subsidiary of Haier, has long been listed on the science and technology innovation board.
At the beginning of this year, Midea spent 2.3 billion yuan to win 29.09% of the equity of Wandong Medical, which is mainly engaged in imaging medical devices, and then invested another 2 billion yuan in July, hoping to further strengthen its controlling position in Wandong Medical.
Wandong Medical is a leading enterprise in China's medical X-ray machine industry and a leading enterprise in the medical imaging equipment industry, specializing in the research and development, manufacturing, production and imaging diagnosis services of imaging medical devices, and has laid out hospital medical devices for many years. From the current point of view, the scale of China's medical device market continues to expand, the scale of the medical imaging equipment market is also expanding, but foreign capital occupies 80% of the market share, midea capital increase, can increase the level of Wandong's research and development, seize the share, how the future development, wait and see!
Summary: Diversified expansion strategy may be the wealth code of the United States, has made the United States has changed from the original home appliance enterprises into a large-scale technology group, under the trend of globalization, the scale effect of the United States is becoming more and more apparent, the competitive advantage is obvious, revenue and net profit are continuing to grow steadily, on the Flying Whale Investment Research Personally believes that the United States into the medical field still has the strength to cut the cake, looking forward to its future development!
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