Appliance Industry: Business Development Market Products To Alleviate The Pressure On - Lcd Tv,
Fourth quarter
Air conditioning
Remain under pressure from slowing demand in August, the domestic household air conditioning industry is about 1.56 million units, down 6 percent, exported about 1.49 million units, down 14%, since the industry is 08 consecutive months of negative growth. Industry demand is expected in the fourth quarter slowdown in demand will continue to bear the pressure. If it is assumed in the fourth quarter industry sales decline by 10-15% level, we estimate the annual industry sales in 2008 fell about 3% last year.
9 Gree and beauty have launched new products for the 2009 series, mainly for the targeted market segments differentiated products, this was the effect of market pressures ease, in fact, far from the two companies in the second quarter growth better than the industry average, but also benefit from such a product innovation and marketing strategy .. home appliances to the countryside or in 2009 expanded to 12 provinces in the promotion of domestic demand in Shandong, Sichuan, Henan, based on the increase in Inner Mongolia, Liaoning, , Heilongjiang, Anhui, Hubei, Guangxi, Chongqing, Shaanxi, while the tender conditions may be relaxed, not necessarily the national exemption product. Products in
Refrigerator
,
TV
, Mobile phone, based on increased washing machine. We believe that more reflected in changes in competitive landscape, low-quality brand market share decline. Small companies Swan, Midea, Hefei Sanyo will therefore enter the range of benefits.
Increasing concerns on the quality of dairy products under nine shares therefore benefit from sun to enhance access to sales
Milk powder, liquid milk in infant melamine caused kidney stones, to buy soybean milk to produce their own milk makes it even more health and safety, so inspired Soymilk sales of short-term surge. In the long run milk and milk on human health is their own benefit, and can not replace each other, we think that the sales surge will not be a normal, but will allow consumers to pay more attention to health, therefore the input, 9 Yang shares so benefit from access to sales to upgrade.
National brands
LCD TV
Comparison of foreign brand market share decline
First half of the imported or joint venture brands of large price reduction, ranked in the top 10 LCD TV brand market share, distribution, foreign brands accounted for 65%, an increase of 33 percentage points year on year, while domestic brands accounted for 31% down 12 percent year over year. Profits of domestic companies will have a stable and continuous operating pressure greater.
Investment strategy:
We feel that the current level of profitability and performance of growth, we are optimistic about the downturn the industry has done a more adequate adjustment, with a good margin of safety, we maintain the beauty of the Gree recommended rating. 9 Yang shares higher short-term performance growth uncertainty, the proposed downward adjustment of purchase price.
Air-conditioning: enterprise development products to ease the pressure of market segments
Slowing demand in the fourth quarter to continue to bear the pressure in August 2008, domestic air conditioning industry domestic sales of about 1.56 million units, down 6%, export about 1.49 million units, down 14%, which is the industry continuously since 2008 the first four months of negative growth, from adjusting the depth and length of time for the first time in the past four years is a phenomenon. From the inventory situation, the corresponding output for the industry are also 4 consecutive months of negative growth, but inventory levels upstream of the compressor is still relatively high.
From the compressor inventory and production, combined with our leading companies and related industry chain company exchanges with the expected fourth-quarter demand for the industry slowdown in demand will continue to bear the pressure. If it is assumed in the fourth quarter industry sales decline by 10-15% level, we estimate the annual industry sales in 2008 fell about 3% last year
Products companies to develop market segments to alleviate the pressure
9 Gree and beauty have launched new products for the 2009 series, which launched Gree used living room, office, restaurant, air conditioning, in the clean indoor air, energy saving, exterior design, so than in the past more breakthroughs, the extension of the frost this year received a patent on the basis of intelligence, access to more product differentiation breakthrough.
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