Bai Electric Three Giants Half -annual Report: The performance is slightly warmed, and a new curtain kicks off in the war of diversification and channel reform

Picture source: Oriental IC

Recently, the 2022 semi -annual report of Bai Electric Giants, Haier Zhijia, and Gree Electric have been released. Although affected by the repeated epidemic and unstable environment, the three companies' revenue and profits in the first half of the year have increased.

However, it is an indisputable fact that the Bai Dian industry encounters ceiling and slowing growth. Against the background of the industry, through the development of high -end and globalization, the layout of online channels has become a new choice for giants.

This also means that a new round of war about channels and markets has begun.

Midea's performance scale leads, Gree's net profit growth is the highest

Within a week, the three companies have disclosed the semi -annual report in 2022. Among them, Midea's revenue in the first half of the year was 183.7 billion yuan, a year -on -year increase of 5.1%; net profit of home mother was 16 billion yuan, a year -on -year increase of 6.6%. The revenue and net profit were all three.

On the side of Haier, the company's revenue in the first half of the year was 121.86 billion yuan, an increase of 9.07%year -on -year; the net profit of home mother was 7.95 billion yuan, an increase of 15.89%year -on -year.

In the first half of the year, Gree achieved revenue of 95.22 billion yuan, an increase of 4.58%year -on -year; net profit of home mother was 11.466 billion yuan, an increase of 21.25%year -on -year, and the profit growth rate was far from the top two.

In terms of profitability, Haier Zhijia has the highest gross profit margin, with 30.2%, and Gree's gross profit margin is similar to 24.49%and 23.12%. %.

This is mainly because Haier has many high -end products. For example, self -developed brands such as Casa Di have formed a certain scale in the market, so the gross profit margin is high.

Some opinions believe that since the beginning of the overall growth rate of the home appliance market this year, the growth of revenue and net profit in head enterprises is not easy. This also reflects the company's ability to respond to the changing environment such as supply chain and raw materials unstable.

"The implementation of economic stability and promotion of home appliance consumption policies will help promote market recovery. Since the second quarter, the price of commodities in commodities will help alleviate the cost pressure of home appliance companies and improve the profitability of the industry." Another analysts are analyzing home appliance companies When the performance is rebounding, say so.

However, from the financial report of the three giants, it is an indisputable fact that the Bai Dian industry encounters ceiling and slowing growth. "Under the stock competition, the selling products of the white electricity industry mainly depends on the update of the product, but due to the slow iteration and small range of white electric products, the high range of replacement costs, this leads to the small demand for product replacement in this industry." The above analysts above. " express.

After the layout of multiple business, the three giants have made different progress

In the background of the industry, through multiple transformations such as high -end and globalization, finding the second growth point has become a new choice for giants. Judging from the financial report in the first half of the year, Midea, Haier, and Gree's diversified business maps have made progress.

Midea's business is mainly divided into five major sectors. In the first half of this year, the company's non -home appliance sector digital innovation business and the revenue of the Ministry of Caller Science and Technology increased year -on -year 42.37%and 33.09%, respectively. Intelligent micro -grids, energy storage, and smart transportation have been achieved.

Midea said that through a series of layouts, multiple engines created by the company have begun to play a role. Among them, the export volume of heat pump products in the first half of the year increased by more than 200%year -on -year.

In June of this year, Midea's development status of COLMO, a high -end AI technology home appliance brand launched by the company in 2018 in the relationship between investor activities. In 2021, its overall sales exceeded 4 billion, an increase of 300%year -on -year.

Product side, COLMO high -end smart products have covered categories such as ice washing, kitchen appliances, water heaters, and micro -steaming to form a preliminary construction of high -end smart life solutions. Users, including 5 or more users, reached 16,000; channel side, in 2021, the COLMO layout of over 300 full category experience co -in halls and 40 experience halls. At present, there are nearly 7,000 stores and outlets in the domestic market.

Haier's diversified reform process was earlier. Through digitalization technology, the layout of the entire home appliance industry chain was carried out to promote sceneization, high -end and ecological transformation.

During the reporting period, the company's high -end brand Casa Di revenue increased by 20.8%, and the sales volume of the network increased by 14.5%year -on -year. Grow 13%.

Gree is also constantly promoting the company's diversified strategy. In addition to the categories such as ice washing, living appliances related to home appliances, it also deployed mobile phones, new energy vehicles, chip manufacturing and other fields. But so far, its diversity is not as significant as the previous two.

In the first half of the year, the company's main source of income was still the air -conditioning business, and its overall revenue was 68.75 billion yuan, an increase of 5.18%year -on -year, accounting for 72.2%of the total revenue. The other two fastest -growing categories are green energy and industrial products, with an increase of 131.57%and 57.79%, respectively.

In the financial report, Gree said that the company continued to expand in diversification, while channels continued to change. At present, the reform of the new retail business has been successfully piloted in local areas and has promotion conditions.

Channel reform is imperative, and the contradiction between the zero supply relationship of home appliances may intensify

In recent years, e -commerce platforms have risen, online channels have developed rapidly, and market share has risen year after year. As a result, the three giants that mainly depended on the profitability of offline stores are still undergoing online channel changes. "The change in the channels of home appliances companies is in the direction of flatness, reducing the intermediate links of wholesalers, agents and other intermediate links, tending to facing the terminal consumers directly in the construction retail system. The proportion of products is getting higher and higher. "Liang Zhenpeng, a senior industrial economist, said.

From the current point of view, the reform of Midea's online channels is the most significant. In the first half of the year, the company's e -commerce sales accounted for more than 45%, and the sales scale of the entire network exceeded 44 billion yuan.

Midea said that with the further integrated integration of online and offline markets, the company focuses on the levels and characteristics of different channels, as well as changes in user needs and purchasing methods, and attract retail transformation with user needs and user experience. System, build direct users to terminal retail.

Haier is also steadily deploying online channels. The company's cumulative retail sales in the first half of the year increased by 25%year -on -year. According to the data of Zhongyi Kang, the offline retail share of Haier's air conditioner (cabinet and hanging) reached 19.84%, an increase of 3.96 percentage points; the online retail sales share reached 14.1%, an increase of 0.9 percentage points.

Gree did not disclose specific data on online and offline channels in the semi -annual report. The company stated that it is strengthening the development of domestic electrical sales, social e -commerce applications, live broadcasts, and sinking channel development, and promotes digital operations in order management, logistics, customer service and other aspects. Essence

Since 2019, Gree has carried out online channel reforms, intending to reduce the intermediate sales links, improve the efficiency of the sales chain, and at the same time promote the diversified development of new retail to promote the company. Chairman Dong Mingzhu also personally ended a number of live broadcasts.

However, the move violated the interests of dealers who had deeply binded the company for more than 20 years. At present, the general agents of Gree Shandong and Hebei have traveled away and switched to competition. The industry generally believes that Gree's contradiction and conflict between manufacturers and channel dealers have been difficult to reconcile.

"While the home appliance channels have a diversified layout, it is also necessary to help channel dealers transform and upgrade. For example, the original selling products simply transformed into scenario services. Facing channel companies to varying degrees of business changes, it is also a new challenge and a new challenge for home appliance brands. Choose. "Zhang Jianfeng, executive deputy secretary -general and spokesperson of the China Home Electric Business Association, previously said.

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