Price one of the constituent elements of the industry revenues and profits
Sales, determined by the prices in the household appliance industry of the whole industry chain enterprises revenue and profit growth, and promote the long-term development of household electrical appliance industry. Different Yu other report focuses on research pull appliances needs factors for analysis, this article articles will main research inflation environment Xia, copper, and steel, raw materials price fast rose on white appliances industry chain Shang downstream enterprise by brings of various effect; inflation will effect all enterprise of profit level, then effect to market on Enterprise future development of expected, so, also will analysis inflation environment Xia, appliances plate select that class stock run win industry of possibilities more big.
Copper prices fluctuated in dialogue: the air conditioning > refrigerator > washing machine
Chigo electrical 2006-2007 production of air-conditioning average about 200,000 kilograms of copper per year, and air conditioning in the three-year yield was 2.774 million units, 3.0783 million and 2.822 million units, this figure, 2006-2008, per air conditioner copper used by respectively 7.2 kg and 6.5 kg and 7.1 kg, a three-year average of 6.93 kg.
If will compressor and motor in the copper of cost decomposition from, copper in air conditioning cost in the by accounted for of share at least in 40% above, so, copper price of fluctuations on air conditioning industry of profit status produced of effect maximum, second for steel, and plastic and other cost of changes on air conditioning industry of effect smaller; refrigerator in the copper and steel of price fluctuations on its effect equal, aluminum also on refrigerator industry of run produced has larger effect, washing machine industry in the plastic, and motor of price on its effect larger, sheet metal material followed by.
Air conditioning machine profits less affected by price fluctuations
White chain involved in the domestic a-share companies including valve, evaporator, condenser, compressor and other upstream component manufacturers, as well as air conditioning, ice washing machine manufacturers and raw materials, industrial technology and scale of small molecules in the chain industry barriers and industry concentration determines the profitability of companies in the industry. Although from 2000-2011 during, copper price changes and air conditioning price changes deviated from serious, but from near three years situation view, air conditioning price fluctuations range to is less than copper price changes, and ice wash price near three years continuous rose, investigate its reasons main is Terminal production enterprise while relies on its increasingly strong of market discourse right, bargaining capacity improve, on the products upgrade replacement pace speed up, structure improved tame has copper price changes on Terminal products of impact.
Concern with costs on ability of industry leaders
In copper, raw materials price sharply rose of inflation background Xia, gree electrical, and beauty of electrical keep high gross margin level of capacity relative strong, spare parts industry in the has global monopoly capacity of refrigeration accessories leading shield Ann environment, and three spent shares has must of products bargaining capacity, so, gross margin more stable, and other competition fierce of condensation device, and evaporator and compressor, child industry company by from upstream of cost pressure larger.
We recommend that in an environment of inflation, is recommended to focus on the strong cost and bargaining power of Dragon gree electric appliances, midea electric appliances, Shield security environment and spent three shares. Zheshang securities company limited