The performance of kitchen appliance companies in the third quarterly report shows that due to the weak real estate market, the growth rate of the kitchen appliance industry has further slowed down, and kitchen appliance companies have sought new breakthroughs and expanded new areas.
Among them, the operating income of Boss Electrical Appliances (002508.SZ) in the first three quarters of 2018 was 5.39 billion yuan in the first three quarters of 2018, a year-on-year increase of 8.14%, of which the growth rate in the third quarter was 5.98%; net profit attributable to shareholders of listed companies It was 1.01 billion yuan, an increase of 5.33% year-on-year, of which the growth rate in the third quarter was -3.14%. Boss Electric expects that the net profit growth rate for the whole year of this year will be between 0% and 10%.
Another kitchen appliance company Vantage Shares (002035.SZ) released its three-quarter report on October 23, showing that its operating income in the first three quarters of 2018 was 4.65 billion yuan, a year-on-year increase of 13.78%, of which the growth rate in the third quarter was 6.98%; The net profit attributable to shareholders of listed companies was 440 million yuan, an increase of 41.91% year-on-year, of which the growth rate in the third quarter was 31.31%. Vantage shares expects annual net profit growth to be between 30% and 50%.
Supor (002032.SZ), which specializes in small kitchen appliances, released its three-quarter report on October 24, showing that its operating income in the first three quarters of 2018 was 13.39 billion yuan, a year-on-year increase of 24.7%, of which the growth rate in the third quarter was 23.63%; it belongs to a listed company Shareholders’ net profit was 1.1 billion yuan, a year-on-year increase of 21.8%, of which the growth rate in the third quarter was 20.24%. Supor expects the net profit growth rate for the whole year of this year to be between 0% and 30%.
Joyoung Co., Ltd. (002242.SZ), which started with a soymilk machine, also released three quarterly reports on October 20. In the first three quarters of this year, Joyoung's operating income was 5.44 billion yuan, a year-on-year increase of 7.35%, of which the growth rate in the third quarter was 0.08%; the net profit attributable to shareholders of listed companies was 569 million yuan, a year-on-year increase of 5.68%. The growth rate was 12.28%. Joyoung expects its net profit growth rate for the whole year of this year to be between -20% and 20%.
In order to break through the predicament of the slowdown in the kitchen appliance market, these kitchen appliance companies have all made acquisitions and expansions this year.
Joyoung acquired a 51% stake in the vacuum cleaner company "Shark" (Shangkeningjia (China) Technology Co., Ltd.) for 12.495 million yuan this year. It signed an equity transfer agreement in July and completed the procedures for industrial and commercial change registration in August. This means that Joyoung will expand from kitchen appliances such as soymilk, juicer, and cooking machine to environmental life appliances such as vacuum cleaners to expand its business scope and expand new growth points.
Vantage shares this year expanded from kitchen appliances to the field of home improvement. In addition, in August this year, Vantage also purchased part of the equity of Zhongshan Vantage Environmental Technology Co., Ltd., thereby holding 100% of the equity of Vantage Environmental, which will help Vantage to develop in the field of water purifiers and air purifiers.
Supor is also expanding its boundaries, from rice cookers, electric pressure cookers, etc., to products such as stoves. In October of this year, Supor invested in the establishment of a wholly-owned subsidiary Zhejiang Supor Kitchen & Bath Appliance Manufacturing Co., Ltd. (tentative name) in Shaoxing, Zhejiang, with a registered capital of 100 million yuan. The new company's business scope covers gas appliances, range hoods, disinfection cabinets, water purifiers, etc., paving the way for the next expansion.
Boss Electric has also expanded from household range hoods to embedded steamers, central range hoods and other fields. According to its three quarterly reports, in the third quarter of this year, Boss Electric has included Shengzhou Jindi Intelligent Kitchen Appliance Co., Ltd. into the scope of consolidated statements. Boss Electric Holdings Limited Jindi Company hopes to expand the business of integrated stoves. What's interesting is that the integrated stove is on both sides of the stove, and it can directly absorb the oil fume through the wind and air flow. It is a product of the "leather range hood".
During the investor relations event on September 26 this year, the relevant person in charge of Boss Electric said that the kitchen appliance industry has not got rid of its high dependence on real estate, which is also the main reason for the slowdown in performance growth since the fourth quarter of last year. This round of real estate regulation and control cycle will be relatively long, and kitchen appliances will not reproduce the previous high-speed growth in the short term. However, during the industry adjustment period, the company’s market share continues to increase, and the kitchen appliances category, including range hoods and stoves, is far from mature. Therefore, in the long run, the kitchen appliance industry is enough to produce a hundred billion Business. After this round of adjustment period, a large number of small brands will be shuffled out, thus accelerating the integration of the industry.
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