From the production data, the first half of 2007 white and black is . In this almost fully competitive market, demand change output growth has led to large differences between the two.
In the first half, white goods sell very well, air conditioning sales growth is exceeding expectations. Washing machines and refrigerators by the family ownership data, the main factors driving the domestic demand is the replacement of urban households and rural markets; according to China Meteorological Administration, part of the data, from January to July 2007, the national average temperature of 10.3 , higher than the same period of history higher than 1.4 . Since July, Jiangnan, South China in some areas over consecutive days of record high temperatures, Shanghai, Fujian, Guangdong, 35 higher than this year, the number of days of continuous high temperature record since 1880, the longest since a record high temperature days. Hot weather, real estate was up, the stock market up, we judge that these are all air-conditioning demand driver.
Exports continued to maintain steady growth, white goods production transfer to China the world has become a trend. More importantly, the concentration gradually increasing the protection of corporate profits. We believe that the strong Always the Winner of the situation of white goods will continue for some time. On the air conditioning industry, brand concentration increased, profits tend to improve, the established medium-term trend. Steady growth in sales in the market, slightly faster growth in revenue, the leading enterprise business growth is inevitable.
TV market is not optimistic data, output and export volume decreased to some degree, the prevailing view in the industry are: CRT TV market has shrunk, LCD substantial growth in the market, but domestic companies can not make up for production of LCD flat-panel CRT production decline. Technical barriers, such as the U.S. ATSC standard, affecting exports. Now require further understanding of the relevant circumstances in order to determine its specific impact on the level of exports. Promote appreciation of the RMB business in overseas markets had to adjust the strategy to abandon the low profitability, slow inventory turnover market, reduce business risk. Mainland Taiwan companies large OEM, flat Mainland enterprises increasing, competition further intensified.
We believe that the key to the display device is short of technology, market scale, and rapidly increasing competition in the industry, destined only for low margins. For the TV business, now can do is "wait."
Therefore, on the one hand, we maintain the initial segment of the household appliances industry, the main conclusion: In a way, white goods domestic sales and exports can be attributed to the steady growth driven by consumption upgrade, air conditioning will be following the washing machine, refrigerator became a necessity. The next three years, the scale of residential central air conditioner market growth of 20% -30% of small household electrical appliance enterprises to benefit from steady growth in the kitchen sanitary ware market.
The other hand, since 2006, judgments on the color TV industry is still not careful enough. Our point of view before the two main areas: the domestic color TV business models and business processes will withstand the test of competitive advantages of enterprises will be reflected in 2007, holdings of these firms may be the best time. For the short term the rapid expansion of the scale of flat-panel TV can bring substantial growth in profits remain cautious.
Fact, up to now no data showing a flat-panel TV market, domestic enterprises have obvious advantages, the average valuation is already high, we will color TV industry rating from "overweight cautious" raised to "neutral . "
But for the entire appliance industry, we maintain the previous point: Overall, white goods (large appliances and small appliances) industry, enterprise performance was better than black household electrical appliance enterprises; equity incentive, the leading corporate performance is likely to exceed previous expectations ; should be given to sub-sectors of the relatively high premium quality enterprises. I am China Building Materials writer, reports some information about folding sofa bed , hutch and buffets.
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