#头条创作挑战赛#
Midea Group was founded in 1968 and began to produce electric fans in 1980, entering the field of home appliances.
In 1993, it was listed on the Shenzhen Stock Exchange as Midea Electric Appliances, and its business scope expanded to air conditioners and other major appliances
In 2013, Midea Group carried out a share exchange and absorption merger of Midea Electric Appliances, integrating major appliances, small household appliances and upstream and downstream industrial chains to achieve overall listing
At present, its business covers four segments:
1) Consumer appliances business, including refrigerators, washing machines, kitchen appliances, small household appliances, etc.;
2) HVAC business, including household air conditioning, central air conditioning, heating and ventilation systems, etc.;
3) Robotics and automation systems, with KUKA Group and Yaskawa Robotics Joint Venture as the core;
4) Intelligent supply chain business, providing intelligent logistics integration solutions.
Among them, the home appliance related business has formed a complete industrial chain from the core accessories of household appliances such as upstream compressors, electronic controls, and motors to the downstream white appliance manufacturing, logistics and transportation, and has a market share of the top three in the country in multiple subdivisions such as white appliances and small household appliances
It has more than 10 domestic and foreign brands, such as Midea, Little Swan, Welling (Motor), Ande (Logistics), GMCC, Eureka, KUKA, Swisslog, Servotronix, Toshiba (Toshiba), etc., which are managed through the organizational structure of the product division
And Midea is exactly the kind of company that makes competitors fear. Let's take a look at the performance - from 2015 to 2017 and the third quarter of 2018, its revenue was 139.347 billion yuan, 159.842 billion yuan, 241.919 billion yuan, and 207.405 billion yuan respectively, and the net profit attributable to the parent company was 12.707 billion yuan, 14.684 billion yuan, 17.284 billion yuan, and 17.9 billion yuan
The net operating cash flow was 26.764 billion yuan, 26.695 billion yuan, 24.443 billion yuan and 19.59 billion yuan, the gross profit margin was 25.84%, 27.31%, 25.03% and 27.26%, and the net profit margin was 9.84%, 9.97%, 7.73% and 9.28% respectively.
The net present ratio was 1.96, 1.68 and 1.31 respectively, all of which were above 1, mainly due to the decrease in the occupation of inventory and receivables, and the increase in the occupation of upstream funds.
Note that the revenue growth rate in 2017 was 51.35%, but the gross profit margin and net profit margin declined slightly, mainly due to the acquisition of KUKA in the current period and the consolidation of revenue
However, due to the bottleneck of KUKA's production capacity, the profitability of the current period declined, which dragged down the overall profit.
Until the first three quarters of 2018, the gross profit margin of the robot business increased, and the gross profit margin and net profit margin finally rebounded
From the perspective of revenue structure, the revenue of consumer appliances and air conditioning business accounted for more than 80%, and after the consolidation of KUKA in 2017, the revenue of the new robot and automation system business accounted for 12%
In 2017, small household appliances included refrigerators, washing machines and kitchen appliances, so they accounted for the highest proportion, while major appliances were mainly HVAC.
In the field of home appliances, we have studied companies such as Gree Electric Appliances, Robam Electric Appliances, Supor, Zhejiang Meida, etc., and their core moats all point to two factors - brand and channel
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market