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Consumption upgrade is good for home appliance sector

Consumption upgrade is good for home appliance sector

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  • Time of issue:2018-04-24 19:44
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(Summary description)The home power grid purchase market continues to heat up, and the stimulus for home appliance consumption is becoming more and more obvious. According to the "2017 Home Grid Purchase Analysis Report", in 2017, the size of China's B2C home grid purchase market reached 499.6 billion yuan, a year-on-year increase of 27.6%; the online shopping penetration rate of the home appliance industry reached a record high, reaching 26.5%. The three major e-commerce platforms in the home power grid purchase market have formed a more stable market structure. JD.com, Tmall, and Suning are competing, leaving little room for other platforms. The consumption upgrade of home appliances is entering an explosive period, and high-end and healthy products are the focus of people's attention. The past 3 years have been the budding and cultivation stage of consumption upgrades

Consumption upgrade is good for home appliance sector

(Summary description)The home power grid purchase market continues to heat up, and the stimulus for home appliance consumption is becoming more and more obvious. According to the "2017 Home Grid Purchase Analysis Report", in 2017, the size of China's B2C home grid purchase market reached 499.6 billion yuan, a year-on-year increase of 27.6%; the online shopping penetration rate of the home appliance industry reached a record high, reaching 26.5%. The three major e-commerce platforms in the home power grid purchase market have formed a more stable market structure. JD.com, Tmall, and Suning are competing, leaving little room for other platforms. The consumption upgrade of home appliances is entering an explosive period, and high-end and healthy products are the focus of people's attention. The past 3 years have been the budding and cultivation stage of consumption upgrades

  • Categories:Company News
  • Author:
  • Origin:
  • Time of issue:2018-04-24 19:44
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The home power grid purchase market continues to heat up, and the stimulus to home appliance consumption is becoming more and more obvious. According to the "2017 Home Grid Purchase Analysis Report", in 2017, the size of China's B2C home grid purchase market reached 499.6 billion yuan, a year-on-year increase of 27.6%; the online shopping penetration rate of the home appliance industry reached a record high, reaching 26.5%. The three major e-commerce platforms in the home power grid purchase market have formed a more stable market structure. JD.com, Tmall, and Suning are competing, leaving little room for other platforms.

The consumption upgrade of home appliances is entering an explosive period, and high-end and health are the focus of people's attention. The past 3 years have been the embryonic and training stage of consumption upgrades, and the next 3 to 5 years will formally enter the growth and outbreak period of consumption upgrades. Large home appliances represented by air conditioners, refrigerators, and washing machines on sale continue to move in the direction of "large". Not only are they getting bigger and bigger in size and capacity, but the unit price per customer has also increased significantly along with changes in product structure. GFK China data shows that the unit price of air conditioners in 2017 increased from 2,788 yuan in 2016 to 2,945 yuan; the unit price of washing machines (online) increased from 1,273 yuan to 1,418 yuan; the unit price of refrigerators (online) rose from 1,782 yuan To 1980 yuan. Increased user awareness of health has pushed up consumption willingness, and health considerations have become an important indicator for users to purchase home appliances. According to data from GFK China, the growth rate of online retail sales of water purifiers increased from 11.0% in the previous year to 37.5% in 2017; the retail sales of electric toothbrushes increased by 92% year-on-year, of which online retail sales grew by 103%; The year-on-year growth rate of online retail sales of purifiers increased from 17.3% to 30.2%.

The sales growth rate of the air-conditioning category in the white goods industry will likely drop in 2018. After the valuation increase in 2017, there will be limited room for improvement in the overall valuation in the future, and the segmentation will continue. The home appliance index in 2018 may show a pattern of "high in the front and low in the back".

In terms of valuation, the current PE of the home appliance industry is about 22.33, which is a 57.4% premium to the Shanghai and Shenzhen 300 Index, which is at a median level. The current valuation of the home appliance sector is moderate, and its performance in 2018 is expected to grow steadily and still have investment value. It is recommended to pay attention to white electricity with steady growth, black electricity with improved cycle, and fast-growing LED lighting. Specific targets can be paid attention to Gree Electric, Midea Group, Hisense Electric, TCL Group, Op Lighting, Sanxiong Aurora, etc. Ping An Securitiesa

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