Original title: Are home appliances a common business?

● Changjiang Securities Research Institute Kansenmori

I. Business development status

The majority of exit-oriented industries are the first, early Chinese home appliances, the advantage of borrowing artificially, and the subsequent industrial participation in the global industrial division. From the beginning to the end of the construction agency, it is an important component, but it is a genuine growth opportunity. . Now, after about 30 years of rapid development, no matter what the market size, industrial distribution, product technology, consumption popularization, the company's capacity has come, our national railway industry has entered the maturity stage, and at the same time, our country has become a minority. One of the strongest global competitive industries.

(1) Home appliance business scale has a lot

Based on the number of home appliances, 2020 home appliance industry domestic cumulative total of 7056 billion yuan (products such as electric appliances, white electric appliances, kitchens, small appliances, etc.). The number of zero-price commodities above the limit issued by the National Statistics Bureau, followed by household appliances, vehicles, oil, food, clothing, petroleum products, etc., ranks fifth. From the survey, the volume of air conditioners, ice boxes, washing machines and electric appliances in 2020 will be 80.28 million units, 42.70 million units, 42.93 million units and 48.17 million units. Considering the impact of the epidemic in 2020, the impact of the epidemic will be huge, and the final market will be highly dispersed. ， And it has continued to grow steadily.

(2) Long-headed and highly concentrated market

The home appliance industry is divided into four general categories: white, black, kitchen, and small appliances. Among them, white electric comprehensive air conditioning, refrigerator and washing machine, bill about 3269 billion yuan, air conditioning final price over 1500 million yuan; Water heaters, etc., cost about 1257 million yuan; excluding the above-mentioned single products, other basic products, including small appliances, cost about 1321 million yuan. From the perspective of the problem, white is the pillar of the home appliance industry, and the air is also the core of the white. Of course, in the current model, the white prop position is not the same, and the ability to work together is neat. In 2019, the strength of the three major white electric dragon enterprises, the profit of the owner of Midea Haikai total plan was 527 million yuan, about 86% of the home appliance board block was occupied. Extremely high performance.

(3) Business start-up maturity period, development period

China's mobile phone market is entering a mature period, but it has a long space of unexplained declines and declines. At the end of 2019, the number of air conditioners, ice boxes, washing machines and electronics in our country is divided into 148.3 units, 102.5 units, 99.2 units and 122.8 units. 117.6 units, considering the number of ice boxes, washing machines and electric appliances, "one machine at a time", these three basic products have been popularized in practice; Approximately 280 and 240 units of air conditioning and kitchen electric equipment are available. Selectable home appliances, such as kitchen quality small home appliances, environmentally clean appliances, intelligent micro-injection, etc., currently have a penetration rate of less than 10%, and are in a fast-developing stage.

(4) From the investment angle monitor electronics industry

Looking at the investment angle, the ROE of the home electronics board (lower than 14%) is almost 14%. more than 30%), the cash distribution model is large; After seeing the whole body, home appliances are available, so it's a good location and a long-term board block.

2.

(1) Attributes of Kanegu Kogyo products Attributes of Japanese consumer goods

In general, the home appliance business model gives the majority of the real products the physical business model, which provides consumers with an even distribution of goods, redemption supply, immediate profit. However, the degree of integration of the national electronics industry is extremely high, and the equipment manufacturer is not a product manufacturer, but at the same time is a supplier of core parts, and is also a major docket manager. Because of this, our national electrical industry presents a unique aspect: at the same time, it has the attributes of industrial products and consumer goods, and the attributes of consumer goods have changed.

(2) Concentration of Long Head

Considering that large-scale consumer electronics products have constant production schedules, inadequate technology barriers, and rapid core technology replacement speed, the factors behind the slow growth of the supply end, the main structure of the industrial product attributes It has a very high level of concentration, and once the competition has been formed, the horse will continue to be played. At present, air conditioners, refrigerators, washing machines, electric appliances, kitchen appliances and major small home appliances CR5 (the former five major company market totals) are divided into high rates of 89%, 70%, 79%, 58%, 57% and 80%. Good business average level, and long-headed concentration is maintained.

(3) Concern Ditch Road

Consumer attribute is an important industrial special campaign to change the home appliance industry. For a market with rapid development and high decentralization in a single market, there is a channel to help the market with a large number of merchants, and at the same time, the demand is changing at the end of the market. As a result of the research, Douto is one of the important factors to consider.

(4) mining growth

Accordingly, our national electronics industry is maturing in Japan, and the development of new growth points will also lead to success. In the long term, we will see two major applications, one of which is the product structure, which will continue to grow. For consumers, it's already been updated, the demand is better, the product is better, and the product is easier to manage. little. The second way is to open up the overseas market, since the early days of China's home appliance industry, it has become the main manufacturer, and it has been a long time since it has been seen that it is possible to leave the country for a long time. In addition, there are favorable conditions, local market consumption customs and commercial model search demand time, local product competition and demand sufficient capacity. (Disclaimer: This document is for the purpose of educating investors, and is not a construction investment. Investors are responsible for this operation. The Shenzhen Securities Exchange Office has confirmed the information, but it is incomplete. What is the guarantee of gender and time, and I will not be held responsible for any damage caused by the use of the text.)

Responsible editor: Wang Meng