Avi Cloud (AVC) omni-channel data shows that in 2017, the national refrigerator sales volume was 33.76 million units, down 0.6% year-on-year, and sales were 93.9 billion yuan, up 3.9% year-on-year. This is the first time that sales have increased by nearly 4% since the peak of the refrigerator industry in 2013. The performance report released by major listed companies in April also showed that although operating income has increased to varying degrees, gross profit margin has generally declined.
Adjusting product structure is difficult to offset overall cost fluctuations
Aiken Power Grid inquired about the performance reports of several major refrigerators in China, and found that the decline in gross profit margin has become a common phenomenon in the industry.
In 2017, Qingdao Haier refrigerator products revenue was 47.11 billion yuan, up 29.95% year-on-year, gross profit margin was 32.11%, down 0.97% year-on-year; Meiling electrical refrigerator refrigerator revenue was 7.465 billion yuan, up 11.77% year-on-year, gross margin was 19.05%, The year-on-year decline was -2.55%. Another Omar Electric appliance, which is well-known in the export field, has a business income of 6.219 billion yuan, a year-on-year increase of 32.05%, and a gross profit margin of 21.43%, down 7.99% year-on-year.
Due to supply-side reforms and environmentally-friendly production factors, steel and chemical raw materials are tightly supplied. Industry competition and raw material cost pressures have prompted home appliance companies to pursue product upgrades, improve production efficiency and reduce costs. All major listed companies have indicated that through intelligent manufacturing projects to achieve lean production, improve efficiency, transform high-end products, large volume, frequency conversion, air cooling, multi-door, four-door and other products accounted for a significant increase in the proportion of products, pull the product average price, push High operating income. To some extent, it has alleviated the cost pressure of many refrigerator companies, but it is not enough to digest the impact of overall cost fluctuations.
The monitoring data of Aowei Cloud Network showed that the average price of refrigerator products climbed by 14.7% in 2017, of which the average price of five refrigerators increased by 26.8%, the average price of six refrigerators increased by 11.1%, and the average price of cross-door refrigerators increased by 12.4%. The average price of open refrigerators increased by 6.0%. It is estimated that the average online price of refrigerator products will increase by 4.0% year-on-year in 2018, and the average price will increase by 7.0%.
Both upstream and downstream companies face profit reduction
The upstream company, Hongbaoli, which cooperates with the world-famous refrigerator brands Midea, Hisense, Meiling, LG, Samsung, Electrolux and Whirlpool, mainly provides hard foam polyether, propylene oxide and other products. It is pointed out in the annual report that due to the bulk The price of raw materials increased, the cost of the company's rigid foam combination polyether products increased, the company and domestic refrigerator (cabinet) customer product pricing adopted propylene oxide last month average price * coefficient + processing fee model, product gross profit margin decreased by 4.58 percentage points, for the company this year The profitability has a big impact. In view of the high cost of refrigerators (cabinets) in 2017, the company optimized the rapid demoulding technology to serve customers, improving production efficiency, reducing production costs and consolidating market position.
Qingdao Haier's 2017 annual report on the cost component of the household appliance industry, the amount of raw materials increased by 39.9%. Meiling Electric said that the company's sales revenue achieved a large increase in 2017, but it was affected by the substantial increase in the prices of bulk commodities such as steel, isocyanate and combined polyether. Some of the raw materials rose by more than 60%, which caused great pressure on the company's product cost control. In this regard, the company actively carried out the marketing strategy of “adjusting the structure and raising the average priceâ€. On the one hand, in order to speed up the layout of new products, enhance brand premium capacity and improve product structure, the company increased its investment in refrigerators (cabinet), air-conditioning technology research and high value-added new product development during the reporting period, especially for intelligent product development. The investment in fresh-keeping technology “M Fresh†is more invested. On the other hand, in the face of severe market competition, in order to promote consumption upgrading, the company has caused some losses in the digestion of some old products in the process of product structure adjustment.
In the first quarter, the amount of double-up is not reduced.
In 2018, the performance of the refrigerator in the first quarter boosted the market. Aowei Cloud Network (AVC) omnichannel data shows that the retail sales of 2018Q1 refrigerators was 6.56 million units, a year-on-year increase of 0.5%, and the retail sales amounted to 20 billion yuan, a year-on-year increase of 10.5%. However, the industry competition situation is still grim, differentiated products have become an important means of enterprise increment, and the continuous improvement of the preservation function is the technical selling point of the brand focus, and the cost pressure is still only increasing.
Hong Baoli analysis believes that in 2018 the government will continue to promote supply-side reforms, implement environmental protection policies, and oil price fluctuations, which are expected to have an impact on the propylene oxide industry, thereby affecting the supply of propylene oxide, causing the price of propylene oxide to occur. Fluctuations, maintaining a relatively high level, affect the production costs of downstream enterprises.
Aowei cloud network analysis believes that under the background of rising comprehensive costs and e-commerce dividends, the advantages of home appliance leading enterprises are prominent, while the technology of small and medium-sized refrigerator enterprises is backward and backward, the brand influence is weak, the channels are single, and their own terminals The scarcity of personnel pushes up the price and is weak, and may face the danger of shuffling out.
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