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Home appliances are electric or electronic appliances used in households or similar places. By functions and uses, they can be classified into cooling appliances, air conditioners, cleaning appliances, kitchen appliances, heating appliances and audio visual appliances.
China's production volume of home appliances has long been leading the world. In 2016, main business revenues of the home appliance industry was CNY 1,460.56 billion, increasing by 3.8% YOY; total profits were CNY 119.69 billion, increasing by 20.4% YOY. The production volume of TV was174.834 million, up by 8.7% YOY; that of refrigerator was 92.383 million, up by 4.6% YOY; that of air conditioner was 160.493 million, up by 4.5% YOY; that of washing machine was 76.209 million, up by 4.9% YOY.
The home appliance industry has been growing fast in the past decade. China's home appliances not only meet domestic demand, but are also exported in large quantities. The depreciation of CNY since the end of 2015 benefitted China's home appliance export. In 2016, China exported 80.64 million TVs with a total value of CNY 80.972 billion; the export volume of refrigerator was 44.33 million and the value was CNY 37.159 billion; the export volume and value of air conditioner was 42.73 million and CNY 52.658 billion; that of washing machine was 22.49 million and CNY 21.649 billion. Electric fan was the largest export category in terms of volume, which was 615.79 million and the value was CNY 30.635 billion. China exports huge quantities of home appliances, but the unit price is much lower than the international standard. This indicates that Chinese home appliance products are mid-to-low-end products and the industry needs time to upgrade.
In this report, CRI analyzes 40 home appliance enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies Mentioned
1 Midea Group Co., Ltd (000333.SZ)
2 Wuxi Little Swan Co., Ltd (000418.SZ)
3 Hefei Meiling Co., Ltd (000521.SZ)
4 Guangdong Macro Co., Ltd. (000533.SZ)
5 Foshan Electrical and Lighting Co., Ltd. (000541.SZ)
6 Gree Electric Appliances, Inc. of Zhuhai Co., Ltd (000651.SZ)
7 Hisen Kelon Elecctrical Holdings Co., Ltd (000921.SZ)
8 Elec-Tech International Co., Ltd. (002005.SZ)
9 Zhongshan Vatti Gas Appliance Stock Co., Ltd. (002035.SZ)
10 Cnlight Co., Ltd. (002076.SZ)
11 Joyoung Co., Ltd. (002242.SZ)
12 Dea General Aviation Holding Co., Ltd. (002260.SZ)
13 Suzhou China Create Special Material Co., Ltd. (002290.SZ)
14 Guangzhou Echom Sci.& Tech.Co., Ltd. (002420.SZ)
15 Ningbo Sunlight Electrical Appliance Co., Ltd. (002473.SZ)
16 Hangzhou Robam Appliances Co., Ltd. (002508.SZ)
17 Qingdao Haili Metal One Co., Ltd. (002537.SZ)
18 Guangdong Vanward New Electric Co., Ltd. (002543.SZ)
19 Xiamen Comfort Science&Technology Group Co., Ltd. (002614.SZ)
20 Guangdong Homa Appliances Co., Ltd (002668.SZ)
21 Guosheng Financial Holding Inc. (002670.SZ)
22 Guangdong Sunwill Precising Plastic Co., Ltd. (002676.SZ)
23 Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. (002705.SZ)
24 Kennede Electronics Mfg. Co., Ltd. (002723.SZ)
25 Guangdong Tonze Electric Co., Ltd. (002759.SZ)
26 Zhenjiang Dongfang Electric Heating Technology Co., Ltd. (300217.SZ)
27 Changshu Tianyin Electromechanical Co., Ltd. (300342.SZ)
28 Anhui Julong Transmission Technology Co., Ltd. (300475.SZ)
29 Shanghai Worth Garden Co., Ltd. (300483.SZ)
30 Zhejiang Yankon Group Co., Ltd. (600261.SH)
31 Aucma Co., Ltd (600336.SH)
32 Shanghai Highly (Group) Co., Ltd. (600619.SH)
33 Qingdao Haier Co., Ltd (600690.SH)
34 Jiangsu Chunlan Refrigerating Equipment Stock Co., Ltd (600854.SH)
35 Whirlpool (China) Co., Ltd 600983.SH)
36 Kingclean Electric Co., Ltd. (603355.SH)
37 Opple Lighting Co., Ltd. (603515.SH)
38 Jiangsu Liba Enterprise Joint-Stock Co., Ltd. (603519.SH)
39 Zhejiang Three Stars New Materials Co., Ltd. (603578.SH)
40 Qijing Machinery Co., Ltd. (603677.SH)