Spring Festival Gala Green Field Show, Rock High White Cloud Tun. Not only China's home appliance market, under the influence of a series of uncertainties such as the epidemic, the global major appliance retail market also grew negatively in the first quarter. In order to stimulate domestic demand, the national level has been promoting the consumption of green and smart home appliances, and Guangdong has also begun to send consumption coupons after Beijing and Zhengzhou, which is expected to drive the market in the second quarter. However, smart home appliances have become the protagonists of consumer complaints, and have also sounded the alarm for the high-quality development of the home appliance industry.
At the tail end of April, the home appliance industry ushered in an intensive first-quarter performance summary. Haier Zhijia, Midea Group, and Gree Electric Appliances still lead the white tv market, highlighting the operational resilience of the three giants to cope with challenges; Hisense Vision and TCL Technology have taken high-end globalization and semiconductors as breakthroughs to rise against the trend; Konka and Skyworth are also looking for new growth poles under the decline of the color TV industry. Kitchen appliance companies have turned their development opportunities to integrated stoves, and small household appliances are still struggling in distress.
In the path of the company as a whole to seek upgrades, technological innovation and cross-border new areas are still unswerving means: Huawei released the smart screen V Pro to create a watershed in high-end TV picture quality computing power; Fangtai released the aerospace homologous technology integrated cooking center "Yunteng Intelligent Drive Engine" to update the milestone of smoke machine technology; Midea announced the acquisition of Wuhan Tianteng Power, from new energy vehicles to the field of two-wheeled electric vehicles, the core is to become an upstream core component supplier. While Suning Tesco is still struggling with losses, Whirlpool (China) announced the termination of cooperation with Gome, reflecting the helplessness of traditional chain hypermarkets.
In addition, in the face of the terminal market, Fangtai joined hands with eight major home channels to open the "Fangtai First Kitchen Appliance Technology Festival"; Changhong Meiling joined hands with Suning Tesco to open the "Changhong Meiling Home Appliance Brand Festival". Perhaps for many home appliance companies, the most important thing at the moment is to grab the market and grab users.
Global major appliances grew negatively in the first quarter, promoting consumption
According to the latest data from the research agency GfK, the retail sales of the global major appliance market in the first quarter of 2022 fell slightly by 0.9% year-on-year, failing to break through at a high level. China's retail market is also not optimistic, affected by the epidemic in the first quarter of the year at a high level down 4.4%. Export pressure, insufficient domestic demand consumption power, China's home appliance market stimulation policy to stabilize growth. Under the challenges of the Russian-Ukrainian conflict and the repeated epidemic, the high growth of China's home appliance exports and the global competition pattern are changing.
In order to promote internal circulation and stimulate domestic consumption, the state recently issued the "Opinions on Further Releasing Consumption Potential and Promoting the Sustained Recovery of Consumption", encouraging qualified areas to carry out new energy vehicles and green smart home appliances to go to the countryside. Guangdong also issued the "Guangdong Province to further promote consumption of several measures" proposed, to encourage automobile consumption, promote the consumption of home appliances, Shenzhen, Foshan, Jiangmen and other places have announced the issuance of consumption coupons, and home appliance consumption has become the protagonist, is expected to drive a round of terminal consumption.
Smart home appliances have become a new hot spot for complaints, and there are many unqualified categories in sampling
The China Consumer Association released the "Special Report on Complaints in the "New" Consumer Field", including the urgent need to ensure the quality and safety of intelligent products, the frequent occurrence of marketing failures in new business models, and the urgent need to make up for the shortcomings of supporting service guarantees. Among them, smart home appliances and new energy vehicles have become a new hot spot for complaints, the former complaints include reduced system stability, frequent failures; limited interconnection between products with the same brand; frequent software upgrades, and so on.
Smart home appliances are frequently complained about, reflecting the "new" problems in the upgrading of the home appliance industry. In fact, for the quality of home appliances problems have been emerging in an endless stream. The State Administration of Market Supervision notified the random inspection of the quality of 12 kinds of online products in 2021, and there are unqualified massage appliances, fabric steam engines, beauty instruments and other products. In addition, recalls are also becoming the norm, Shandong Kitchen King Electric Appliance Co., Ltd. recalled 10 multi-functional electric pots, the first quarter recalled home appliances mainly include electric blankets, foot warmers and automatic drying racks.
Midea's acquisition of Wuhan Tianteng Power: entering the field of two-wheeled electric vehicles
Recently, Midea Group's Industrial Technology Business Group announced the acquisition of 55% of the equity of Wuhan Tianteng Power. With this acquisition and cooperation, Midea's industrial technology has further expanded its supply chain layout in the smart transportation industry and entered the green two-wheeled travel market. This is another force after Midea announced at the end of last year to enter the supply chain of new energy passenger cars. However, Midea Group has not yet announced the consideration for the acquisition of Tianteng, and the specific details may be announced later.
Midea Group insists on breakthroughs in the ToB industry, and intelligent travel, robotics and automation, building technology, and energy management are regarded as the four core engines. At this time, Midea Industrial Technology, as one of the five major business segments of Midea Group, strives to become the world's leading solution provider in the fields of intelligent transportation, industrial automation, green energy and consumer appliances. The acquisition of Wuhan Tianteng Power, which is engaged in the research and development and manufacture of bicycle power assistance systems, also helps its business to expand.
Huawei's new all-scenario product release: Terminal cloud experience upgrade
Huawei held a folding flagship and all-scenario new product launch conference, and a number of full-scene new products such as Huawei Mate Xs 2 folding screen mobile phone, Huawei smart screen V Pro, and Huawei smart screen SE series were unveiled. Among them, the new generation of Huawei's smart screen flagship V Pro series is equipped with a new generation of picture quality technology - Honghu Super Mini LED computing quality, bringing a new visual sensory experience and moving the Grand Theater home.
On the one hand, Huawei's smart screen relies on HarmonyOS, an all-scenario operating system, to break the boundaries between small screens and large screens, build an open ecology, and create more smart life scenarios and opportunities that can be landed; on the other hand, smart screen V Pro not only has a high computing power NPU, leading the TV into the "AI computing era", making "computing power" a watershed for high-end TVs, and also setting a benchmark for industry iteration with new dynamic HDR standards and three-dimensional sound technology standards.
Whirlpool Gome terminates cooperation: manufacturers compete to trap "Rashomon"
Whirlpool issued an announcement that based on the fact that Gome Electric Appliances and its affiliates did not perform according to the contract in terms of payment of goods, there was a long-term delay, and the arrears of more than 80 million yuan were owed, and the company decided to terminate the business cooperation with Gome Electric Appliances from the date of the announcement. Gome Electric also issued a statement, saying that the cooperation with Whirlpool was strictly in accordance with the contract, but Whirlpool did not reconcile and confirm the relevant expenses according to the contract for a long time in the cooperation between the two parties, and still owed about 10 million yuan in various expenses, and the unsalable defective products exceeded 20 million yuan.
Although the problem of arrears between the two sides is still "Rashomon", the "opposite" of Whirlpool and Gome Electrical Appliances is a foregone conclusion. From the data point of view, from 2019 to 2021, Whirlpool's sales to Gome electrical appliances were 152 million yuan (accounting for 2.87%), 98.12 million yuan (accounting for 1.98%) and 79.58 million yuan (accounting for 1.61%), respectively, and the proportion of revenue contributed by Gome to Whirlpool was not high and declined year by year. Another interesting thing is that the operating conditions of Gome and Whirlpool are not optimistic, or they are also a major factor in the breakdown of the relationship between the two sides.
Fangtai's first kitchen appliance technology festival, smoke machine released aerospace homologous technology
Fangtai released the aerospace homologous technology "Yunteng Intelligent Drive Engine", which is also the first public appearance of this technology. As the top technology applied to the integrated cooking center of Fangtai high-end products, the inspiration of "Yunteng Intelligent Drive Engine" comes from aerospace, and through the three core technologies of power boosting, fairing noise reduction and intelligent cruise loaded on the integrated cooking center, it ensures that the maximum effect of suction fumes and silence is taken into account. While new technologies bring better experiences to users, they are constantly refreshing the milestones of smoke machine technology.
At the same time, the "Fangtai Home Furnishing Channel First Kitchen Appliance Technology Festival" was officially launched, during the one-month event, Tai joined hands with Red Star Macalline, Actually Home, MoonStar Home, Ouyada Home, Daming Palace Home, Fu'anju Home, Fusenmei Home, Xiyingmen Home 8 channels to provide consumers with scenario-based, immersive smart kitchen appliance solutions. As a grand event to comprehensively display Fangtai's latest technology and a platform to empower the era of large living, this kitchen appliance technology festival will be held in April and May every year in the future, bringing new possibilities to quality kitchens.
Changhong Meiling opened the home appliance brand festival, and the efficiency increased for Wang's performance
Standing in the peak season of market sales, coupled with the impact of the epidemic on the demand for hoarding goods, Changhong Meiling and Suning Tesco once again carried out a strategic cooperation meeting: on the basis of previous sales to create a brand festival activity, will launch 5G +8K TV, guest restaurant sharing air conditioning, M fresh second generation and other complete sets of new products, through in-depth consumption binding, as well as key areas to jointly create a series of activities, so that star products, set purchase offers to fully renew consumer demand, but also let Changhong Meiling in the "Ten Thousand Stores" series, Once again set off a wave of renewal and upgrading of the home appliance market.
The attitude of Changhong and Meiling in the home appliance market is also reflected in the 2021 annual report disclosed a few days ago. According to the data, Sichuan Changhong achieved operating income of 99.632 billion yuan, an increase of 5.49% year-on-year, and net profit attributable to the mother of 285 million yuan, an increase of 527.35% year-on-year. Obviously, in the climbing stage of the home appliance industry through the cycle, the veteran home appliance company Sichuan Changhong released its growth elasticity to the market. And with the "efficiency is king, product leading, benchmarking" business policy, to obtain rapid growth in profits.
The performance of the big three white electricity is steadily bullish: it continues to lead the industry
Haier Zhijia released the first quarter report of 2022, continuing the trend of double-digit growth in the annual report: revenue of 60.25 billion yuan, an increase of 10% year-on-year; net profit attributable to the mother of 3.52 billion yuan, an increase of 15.1% year-on-year; gross profit margin of 28.5%, an increase of 0.05 percentage points year-on-year. Among them, the revenue of high-end Casarte continued to increase by 32.3%; the revenue and profit of overseas business increased, and the high-end brands in the North American market increased by more than 30%. In addition, Haier Zhijia also announced that Haier Hong Kong, a wholly-owned subsidiary, intends to transfer 25% of the equity of the mold company to Haimo, and after the completion of the transaction, Haier Hong Kong will no longer hold any equity in the target company, further optimize the allocation of resources and focus on the main business of smart homes.
Midea Group released its 2021 annual report: achieved operating income of 343.4 billion yuan, an increase of 20.2% year-on-year; achieved net profit of 29 billion yuan, an increase of 5.5% year-on-year. In the first quarter of 2022, the company achieved operating income of 90.38 billion yuan, an increase of 9.55% year-on-year, and net profit of 7.178 billion yuan, an increase of 10.97% year-on-year. In 2021, Midea's group revenue growth continued, exceeding 300 billion yuan for the first time, and also stabilized its leading position in the home appliance business, especially under the impetus of the transformation of "digital intelligence strategy", Midea Group is upgrading and transforming from a world-leading home appliance company to a technology-driven and innovation-driven technology group.
Gree Electric Appliances issued an announcement that in 2021, the total operating income will be 189.654 billion yuan, an increase of 11.24% year-on-year; the net profit attributable to the mother will be 23.064 billion yuan, an increase of 4.01% year-on-year. At the same time, the results of the first quarter of 2022 disclosed at the same time show that the revenue for the period was 35.259 billion yuan, an increase of 6.24% and the net profit was 4 billion yuan, an increase of 16.28%. From the perspective of business segments, the air conditioning business is still the core. In 2021, the revenue of Gree Electric Appliance Air Conditioning Business was 131.7 billion yuan, an increase of 13.94% year-on-year, outperforming the industry market, and the proportion of revenue increased from 68.71% in 2020 to 70%. Although there are layouts in business areas such as semiconductors, intelligent equipment, and new energy, the proportion is still very small.
Hisense vision of the global high-end upgrade, TCL Group to take advantage of the new outlet
Hisense Video released the 2021 performance report, thanks to the maturity of the differentiated brand matrix, the optimization of the industrial and product structure, and the in-depth reform of the whole process management system, etc., to achieve operating income of 46.801 billion yuan, an increase of 19.04% year-on-year; after deducting non-net profit attributable to the mother increased by 77.61% year-on-year, profitability continued to increase. The smart display terminal business grew steadily, up 20.89% year-on-year at 37.806 billion yuan, and its competitiveness in the global high-end market was further enhanced.
TCL announced the 2021 group results, with overall revenue of 252.3 billion yuan, an increase of 65% year-on-year; net profit of 17.1 billion yuan, an increase of 129% year-on-year. In this year, through TCL Technology and TCL Industry, the three core industries of semiconductor display, new energy photovoltaic and semiconductor materials, and intelligent terminals were laid out. Riding on the new outlet of science and technology to achieve a sharp increase in performance, the proportion of net profit contribution increased. The unlisted TCL Industry achieved revenue of 105.64 billion yuan, an increase of 18% year-on-year; achieved a net profit of 4.21 billion yuan, an increase of 74% year-on-year, and the performance of smart terminals was stable.
Konka Skyworth has successively released a quarterly report: accelerating transformation and development
Konka Group released the first quarter report of 2022: operating income was 8.32 billion yuan; net profit attributable to the mother was 104 million yuan, an increase of 42.68% year-on-year. Since 2018, Konka Group has launched a comprehensive transformation from a traditional home appliance company to a technology platform enterprise. From 2019 to 2021, the net profit attributable to shareholders of listed companies of Konka Group has gradually increased, reaching 212 million yuan, 478 million yuan and 905 million yuan respectively. In the future, we will continue to promote the "industry + park + capital" tracked profit model.
Skyworth Group released the first quarter report of 2022: the company's total operating income was 10.89 billion yuan, an increase of 9.5% year-on-year; net profit was 170 million yuan, down 40.1% year-on-year. Among them, the turnover of the Chinese mainland market was 7.361 billion, an increase of 17.8% over last year. In addition to the power of multimedia business and smart home appliances, Skyworth's new energy business revenue was 1.516 billion yuan, a year-on-year increase of 8.8 times, the most eye-catching performance, accounting for about 14% of the group's total revenue. 2022 is also positioned by Skyworth as the "year of accelerated transformation and development".
Vantage Wanhe is looking for a breakthrough: The Martian Shuai Feng competes for the integrated stove
Vantage co., LTD. announced its 2021 annual report: operating income of 5.588 billion yuan, an increase of 28.15% year-on-year; Attributable net profit was RMB207 million, down 49.2% year-on-year. During the reporting period, the R&D expenditure was 244 million yuan, an increase of 10.66% year-on-year. In the first quarter of 2022, the company achieved a total operating income of 1.12 billion yuan, an increase of 6.9% year-on-year; the net profit attributable to the mother was 79.549 million, an increase of 2.8% year-on-year. From the perspective of business structure, in addition to the most important range hood, dishwashers, steaming machines and integrated stoves are creating the second growth pole.
Wanhe Electric released its 2021 annual report, achieving operating income of 7.527 billion yuan, an increase of 20.05% year-on-year; Attributable net profit was RMB358 million, down 41.40% year-on-year. At the same time, the first quarter report of 2022 was released, showing that the operating income was 2.22 billion yuan, an increase of 5% year-on-year; the net profit attributable to the mother was 159 million yuan, an increase of 2.87% year-on-year. Through the extension of kitchen appliances such as integrated stoves and water purifiers, Wanhe Electric is committed to building a total solution provider for kitchen and bathroom appliances and hot water thermal energy systems.
The integrated stove company Shuaifeng Electric Appliances and Martian released a quarterly report: Shuaifeng achieved a total operating income of 190 million yuan in the first quarter of 2022, an increase of 23.34% year-on-year, and achieved a net profit attributable to the mother of 37.677 million, an increase of 10.3% year-on-year. In the first quarter of 2022, Martian achieved a total operating income of 450 million yuan, an increase of 29.2% year-on-year; and achieved a net profit attributable to the mother of 60.096 million, an increase of 35.9% year-on-year. With the increase in the scale of the integrated stove market, the market competition between enterprises has become more and more intense.
A number of small household appliance companies released new results: the market continued to fluctuate
Small household appliance company Suber released the first quarter of 2022 performance report. The company achieved operating income of 5.612 billion yuan, an increase of 9.25% year-on-year, and net profit of 538 million yuan, an increase of 6.61% year-on-year. Feike Electric Achieved operating income of 1.1195 billion yuan in the first quarter, an increase of 27.54% year-on-year; net profit was 237 million yuan, an increase of 59.1% year-on-year. Xiao Bear Electric Appliance achieved operating income of 977 million yuan in the first quarter, an increase of 7.69% year-on-year; net profit attributable to the mother was 104 million yuan, an increase of 15.93% year-on-year.
Judging from the performance of the first quarter, the market situation of small household appliance companies is not bad. However, the performance in 2021 is not so good: the operating income released by Arsta in 2021 is about 3.508 billion yuan, an increase of 21.27% year-on-year; the net profit attributable to the mother is about 88.51 million yuan. In 2021, Xinbao co., Ltd. achieved a total operating income of 14.91 billion yuan, +13% year-on-year, and a net profit attributable to the mother of 790 million yuan, a year-on-year -29.2%, continuing the situation of no increase in revenue and profit in 2020; in the first quarter of 2022, the total operating income was 3.64 billion yuan, +13.5% year-on-year, and the net profit attributable to the mother was 180 million yuan, +4.6% year-on-year.
From the perspective of the macro environment of small household appliances, part of the lack of optimism in 2021 stems from the high base of contrarian growth in 2020, but it also reflects the continued downturn on the demand side. Whether it is a traditional small household appliance brand such as Suber, or a "net red small household appliance" Xiao Xiong electrical appliance that takes advantage of the rise of the Internet, or a "foundry king" Xinbao, it is still facing the pressure of continuous cost growth and sluggish terminal demand, and it is also necessary to find a way to resist risks.
Haili shares BOE LGD performance differentiation: panel companies under pressure
After a record high in revenue and profit in 2021, BOE's net profit fell in the first quarter of 2022. According to the data, the company achieved operating income of 50.476 billion yuan in the first quarter, an adjusted increase of 0.4% year-on-year; net profit attributable to the mother was 4.389 billion yuan, an adjusted year-on-year decrease of 16.57%. Korean panel company LGD fell in the same volume in the first quarter, with sales of 6.47 trillion won, down 5.98% year-on-year, and net profit fell 79.6% to 54.3 billion won. Coupled with the low shipment volume in the off-season and the factor of price decline, panel companies will encounter a downward cycle.
Haili Co., Ltd., an upstream industry chain enterprise of air conditioning, released its 202 annual report: achieved operating income of 15.769 billion yuan, an increase of 42.41% year-on-year; achieved net profit attributable to the mother of 323 million yuan, an increase of 98.71% year-on-year. Among them, the output of Haili air-conditioning compressors was 26.34 million units, an increase of 1% year-on-year, and sales volume was 26.35 million units, an increase of 0.2% year-on-year, demonstrating strong operational resilience.
Samsung Electronics Q1 profit record high, employees on average 9% salary increase
Samsung Electronics released a performance report saying that based on the consolidated statements, the operating profit in the first quarter of 2022 was 14.12 trillion won (about RMB73.526 billion), an increase of 50.5% year-on-year. Sales were KRW 77.78 trillion, up 18.95% year-on-year, the highest in a single quarter. This is the third consecutive quarterly sales of Samsung Electronics to hit a new high, and it also exceeded previous market expectations.
In addition, the Samsung Electronics Labor Agreement issued an internal announcement on Friday that the two sides agreed on a 9% increase in the average salary of all employees in 2022, 1.5 percentage points higher than last year's 7.5%. According to the results of the individual performance appraisal of employees, the maximum salary increase can reach 16.5%, and the starting salary of undergraduate graduates will rise to 51.5 million won (about RMB270,000). In terms of leave, it was agreed to add 3 days of paid annual leave and to extend paternity leave from 10 to 15 days.
Suning Tesco lost 43.2 billion yuan last year, and profitability became the primary target
Suning Tesco released its 2021 annual report and 2022 first quarter report. In the first quarter of this year, the company's revenue was 19.374 billion yuan, down 64.13% year-on-year. The net profit attributable to the mother turned into a loss, with a loss of 1.029 billion yuan, and the net profit fell by 325.55% year-on-year. In 2021, the revenue was 138.904 billion yuan, down 44.94% year-on-year; the net profit attributable to the mother was a loss of 43.265 billion yuan, and the loss continued to expand, an increase of 912.11% year-on-year.
Since the second half of 2020, Suning Tesco has faced a series of problems such as bond maturity and tight cash flow. 2021 is an extremely difficult year in the development process of Suning Tesco, and the company's operating conditions have dropped to a historical low. However, since the fourth quarter of last year, the net profit has been significantly reduced from the previous quarter, and the operation has shown signs of recovery. According to the annual report, in 2022, the company needs to strive to reverse the unfavorable situation of operating efficiency loss, and the main strategy is to make the home appliance 3C business bigger and stronger as the basis, and to achieve full profitability in the first half of the year.
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