Greemei's three giants in the Greece have recovered, can Bai Dian start optimistic?

Bai Electric Trinity Gree Electric, Midea Group and Haierzer's performance in the first half of the year were released. Despite the impact of epidemic control in the second quarter, the three companies' revenue and profits in the second quarter have grown positive growth.

On the evening of August 30, the 2022 mid -term performance released by Gree Electric (000651) showed that the revenue during the period was 95.807 billion yuan, an increase of 4.13%year -on -year, and the net profit of the mother was 11.466 billion yuan, a year -on -year increase of 21.25%, of which, of which,, of which, of which,, of which, of which, of which,, of which, the year -on -year increase of 21.25%. In the second quarter, revenue was 60.2 billion yuan, an increase of 3.04%year -on -year, and the net profit attributable to the mother was 7.46 billion yuan, an increase of 24.1%year -on -year.

Midea Group (000333) has a stable performance in the first half of the year. During the period, the total operating income was 183.7 billion yuan, a year -on -year increase of 5%; the net profit of the mother was 16 billion yuan, a year -on -year increase of 6.6%. Among them, the revenue of Midea in the second quarter was 92.7 billion yuan, a slight increase of 0.97%; the net profit of the mother was 8.81 billion yuan, an increase of 3.24%.

Three Zhonghai Zhilian (600690) revenue increased the fastest. In the first half of the year, revenue achieved 121.86 billion yuan, an increase of 9.2%year -on -year, and net profit attributable to mothers was 7.95 billion yuan, an increase of 16.0%. Among them, the revenue in the second quarter was 61.61 billion yuan, an increase of 8.4%year -on -year, and the net profit attributable to the mother was 4.43 billion, a year -on -year increase of 16.7%.

As of the close of August 31, Gree Electric has risen by 4.52 yuan to close 31.93 yuan; Midea Group rose 1.8%to close 53.24 yuan; Haier Zhi's family rose 1.85%to close at 25.87 yuan.

Air -conditioning business steadily rebounding

The Gree Electric Semi -annual report showed that the revenue of the air -conditioning business in the first half of the year was 68.7 billion yuan, an increase of 5.18%. The proportion of air -conditioning business increased to 72.2%, which was also the highest proportion of three central air -conditioning.

Gree Electric said that since the summer, rare high temperature weather has appeared in many places across the country, and air -conditioning and fan sales have surged. In addition, the price of main raw materials such as steel and aluminum has fallen at a high level, and the cost pressure of the enterprise has relieved.

Guosheng Securities believes that Gree Electric has clearly won the industry in the background of the industry's downward settlement, and the company's channel reform has achieved results. The company's net interest rate increase is due to the efficiency of the company's channels and excellent cost control.

The proportion of each business sector of Midea Group is relatively average, but the air -conditioning business is still the most important business. In the first half of this year, the smart home business group where Midea air -conditioned home appliances and other businesses were located in the first half of the year, a year -on -year increase of 3.5%, of which 83.2 billion yuan was 83.2 billion yuan, an increase of 8.94%.

Anxin Securities believes that the overall income of the HVAC business in the second quarter is about the growth rate of the overall revenue of the income. Mainly due to cost pressure, Midea's adjustment of air -conditioning and foreign sales prices have been adjusted. Anxin Securities said that from the perspective of channels, dealers are expected to be positive for future operations.

Haier Zhi's home air -conditioning business achieved revenue of 19.46 billion yuan in the first half of the year, an increase of 10.3%over the same period in 2021. During the period, the central air -conditioning revenue of Haier's family increased by 38%, and the export revenue of Haier's home air -conditioning increased by 32.6%.

Haier said that affected by factors such as the downturn in the real estate market and the coolness of most parts in May and June compared with previous years, the overall air -conditioning industry achieved retail sales of 84.24 billion yuan in the first half of 2022, a decrease of 14.09%. After the industry price war in 2019, the competition for air conditioning tended to be rational, and the industry's average price increased by 7.46%compared with the same period last year.

The net profit in the second quarter increased significantly

Because the air -conditioning business belongs to the seasonal business, the performance is of little significance. However, other businesses except the air -conditioning business do not have obvious seasonal characteristics.

The net profit of the three giants in the second quarter increased significantly from the previous quarter. Among them, Midea Group's net profit in the second quarter increased by 23%month -on -month, and the net profit of Haier Zhijia increased by 26.02%from the previous quarter. Because the proportion of air -conditioning was too large, the net profit in the second quarter increased by 86%month -on -month.

In the context of the overall market of the home appliances, the three companies provide efficiency to ensure the efficiency of the internal skills to ensure the stable period of the industry, and the overall performance is far better than the industry's general trend.

With the implementation of economic stability in the second half of the year and the implementation of the consumption policy of the home appliances, the consumption of home appliances for a long time is a strong promotion and drive. In addition, since the second quarter, the decline in commodity prices will help alleviate the cost pressure of home appliance companies and improve the profitability of the industry.

- END -