Depending on the appearance of the early products, household appliances are usually classified as white goods, black appliances, and beige appliances. White goods mainly refer to household appliances such as air conditioners, refrigerators, and washing machines that are used to replace human labor.
The upstream of the industrial chain is the supply of raw materials and parts, mainly involving compressors, motors, electric heaters, household valves, household appliance shell materials, etc.; The midstream is a white goods machine manufacturing enterprise, mainly for air conditioning machine manufacturing, refrigerator machine manufacturing and washing machine manufacturing; The downstream is the sales side, which is mainly divided into online sales channels and offline sales channels.
Profitability is usually expressed in the amount of corporate earnings in a certain period of time and its level. The analysis of profitability is an in-depth analysis of the company's profit margin.
This article is the "Profitability" part of the enterprise value series, and a total of 37 white goods companies are selected as research samples, and the return on net assets, gross profit margin, net profit margin, etc. are used as evaluation indicators.
Data is based on history and does not represent future trends; It is for static analysis only and does not constitute investment advice.
Top 10 companies in terms of white goods profitability:
The 10th Changhong Meiling
Industry segmentation: ice washing
Profitability: Return on equity 6.51%, gross margin 13.22%, net profit margin 1.68%
Performance forecast: ROE has risen to 13.49% in the last three consecutive years, and the average value of the latest forecast is 13.71%
Main products: air conditioning is the main source of income, accounting for 47.70% of revenue, gross profit margin of 8.94%
Company Highlights: Changhong Meiling is one of the well-known electrical appliance manufacturers in China, with refrigerators, freezers, air conditioners, washing machines, kitchen appliances, small household appliances, biomedical and other product lines.
9th TCL Smart Home
Industry segmentation: ice washing
Profitability: Return on equity 36.96%, gross profit margin 23.16%, net profit margin 8.55%
Performance forecast: ROE is the highest in the last three years at 65.35%, and the average value of the latest forecast is 39.03%
Main products: refrigerators and freezers are the main sources of income, accounting for 85.56% of revenue, and gross profit margin of 25.39%
Company Highlights: TCL Smart Home has two core production and operation entities of Hefei Home Appliances and Omar Refrigerator, and its main products include refrigerators (including freezers) and washing machines.
No. 8 Haier Smart Home
Industry segmentation: ice washing
Profitability: Return on equity 16.98%, gross margin 31.36%, net profit margin 6.09%
Performance forecast: ROE fluctuates between 16.5% and 17.5% in the last three years, with an average of 16.23% in the latest forecast
Main products: refrigerators are the main source of income, accounting for 31.23% of revenue, and gross profit margin is 32.22%
公司亮点:海尔智家拥有全球家电品牌集群,包括海尔、卡萨帝、Leader、GE Appliances、Candy、Fisher&Paykel及 AQUA。
7th Haidar
Industry segmentation: home appliance parts
Profitability: Return on equity 31.42%, gross profit margin 22.98%, net profit margin 12.18%
Performance forecast: ROE has decreased to 19.94% in the last three consecutive years, and the average value of the latest forecast is 16.30%
Main products: slide rail is the main source of income, accounting for 95.80% of revenue, gross profit margin of 23.53%
Company highlights: Haidar's main business is the production and sales of slide rails, and the main products and services are slide rails, sheet metal parts, etc.
The 6th Sanhua Intelligent Control
Industry segmentation: home appliance parts
Profitability: Return on equity 18.85%, gross profit margin 26.55%, net profit margin 11.60%
Performance forecast: ROE has fluctuated between 15.5% and 21.5% in the last three years, with an average of 17.65% in the latest forecast
Main products: refrigeration and air conditioning electrical parts business is the main source of income, accounting for 59.63% of revenue, gross profit margin of 28.20%
Company Highlights: Sanhua Intelligent Control is the world's largest manufacturer of refrigeration control components and the world's leading manufacturer of control components for automotive thermal management systems.
5th DunAn Environment
Industry segmentation: home appliance parts
Profitability: Return on equity 27.46%, gross profit margin 17.50%, net profit margin 6.23%
Performance forecast: ROE has fluctuated between 18% and 38% in the last three years, and the average value of the latest forecast is 18.27%
Main products: refrigeration accessories industry is the main source of income, accounting for 74.29% of revenue, gross profit margin of 19.44%
Company Highlights: As a leading enterprise in the global refrigeration components industry, DunAn Environment is a strategic partner of many well-known air conditioning manufacturers around the world, and the production and sales of its main products are among the top in the world.
No. 4 Midea Group
Industry segmentation: air conditioning
Profitability: Return on equity 22.84%, gross profit margin 24.40%, net profit margin 8.75%
Performance forecast: ROE fluctuates between 22% and 24.5% in the last three years, with an average of 20.11% in the latest forecast
Main products: HVAC is the main source of income, accounting for 43.11% of revenue, gross profit margin of 25.57%
Company Highlights: Midea Group is a leading global technology company in the field of smart home business and commercial and industrial solutions, and is the world's largest home appliance supplier.
3rd Xueqi Electric
Industry segmentation: ice washing
Profitability: Return on equity 22.57%, gross margin 12.21%, net profit margin 5.15%
Performance forecast: ROE fluctuates between 19.5% and 26% in the last three years, and the average of the latest forecast is 20.55%
Main products: refrigerators are the main source of income, accounting for 91.51% of revenue, and gross profit margin is 12.40%
Company Highlights: Xueqi Electric is mainly engaged in the business of refrigerators and commercial display cabinets, providing large refrigerators and commercial display cabinets with a volume of more than 400L for domestic and foreign brands.
No. 2 Hisense Home Appliances
Industry segmentation: air conditioning
Profitability: Return on equity 15.14%, gross profit margin 20.82%, net profit margin 4.40%
Performance forecast: ROE has risen to 22.64% in the last three consecutive years, and the average value of the latest forecast is 20.86%
Main products: HVAC is the main source of income, accounting for 45.15% of revenue, gross profit margin of 30.66%
公司亮点:海信家电产品涵盖"Hisense""Ronshen""KELON""HITACHI""YORK""gorenje""ASKO""SANDEN"八大品牌。
No. 1 Gree Electric
Industry segmentation: air conditioning
Profitability: Return on equity 24.02%, gross profit margin 26.96%, net profit margin 12.64%
Performance forecast: ROE has risen to 26.53% in the last three consecutive years, and the average value of the latest forecast is 23.15%
Main products: air conditioning is the main source of income, accounting for 73.76% of revenue, gross profit margin of 37.04%
Company Highlights: Gree Electric Appliances owns three major consumer brands of Gree, TOSOT and Jinghong, as well as industrial brands such as Lingda, Kaibang and Xinyuan, covering two major fields of household consumer goods and industrial equipment.
The top 10 enterprises in terms of profitability of white goods, return on net assets, gross profit margin and net profit margin in the past three years:
