Communication Plus · Number Reading ｜ Midea Gree Haier's "Three Heroes" Interim "PK": That company makes more money?

Last week, the three Chinese home appliances giants, Midea Group, Gree Electric, and Haier Zhijia were released intensively. Although the external environment is not good, the three companies have increased their revenue and profits in the second quarter. Among them, Midea and Gree's main revenue growth comes from air -conditioning business, while non -home appliance business has increased significantly; and Haier Zhijia's diversification and high -end brand business performance is outstanding.

Midea Group has the highest net profit

Greeheur's net profit increase is outstanding

Midea Group

Haier Zhijia

Gree Electric

From the perspective of financial data, the three giants have achieved a small increase in revenue. In the first half of 2022, Midea Group, Haier Zhijia, and Gree Electric's operating income was 182.661 billion yuan, 121.86 billion yuan, and 95.222 billion yuan, a year -on -year increase of 5.09%, 9.1%, and 4.58%. The net profit of the mother was 15.995 billion yuan and 7.95 billion yuan, and Gree Electric achieved net profit of 11.466 billion yuan, an increase of 6.57%, 15.9%, and 21.25%year -on -year.

Among the three home appliances giants, Midea Group's revenue scale and net profit are the highest. However, the net profit growth rate of Gree Electric and Haier Zhi's family is far more than beautiful groups, respectively, 21.25%and 15.9%, respectively. It is worth noting that Haier Zhijia has the highest gross profit margin, with 30.2%, and Gree Electric and Midea Group's gross profit margin is close to 24.49%and 23.12%, respectively.

Throughout the first half of this year, the overall performance of the home appliance industry was weak. According to data released by Zhongyi Kang, the size of the Chinese home appliance market is 9.9%negative growth, and the market size is expected to be less than 800 billion yuan this year.

In this regard, relevant persons believe that under this background, all three major companies have achieved increasing revenue and net profit, reflecting the strong toughness of the three giants, and also shows that the three giants pay more attention to cost control and efficiency improvement. In addition, the industry competition shows new features: Midea Group has the largest scale, Herzh's gross profit margin, the fastest growth rate of Gree Electric, but the proportion of air conditioners is still higher.

Product price increase

Air conditioning becomes Midea Gree's performance growth pillar

As we all know, Midea and Gree's main business is air conditioning. Judging from the major business segments of the two companies, the air -conditioning business increased in the first half of the year. However, in the first half of the year, the sales of home appliance sales were affected by the epidemic and raw materials price increases, and the overall sales declined; however, the air -conditioning business of these two companies rose against the trend. Through the retail data of the first half of the year, it is not difficult to find that the growth of Midea He Gree's air -conditioning business mainly came from the growth of the air -conditioning business of Gree comes from the growth of Gree's air -conditioning business. Price of air -conditioning products.

It is understood that from the absolute value of income growth, Gree Electric's operating income increased by 4.17 billion yuan from January to June this year. Dimension to specific products, Gree's air conditioner achieved revenue of 68.75 billion yuan in the first half of the year, a year -on -year increase of 5.18%, and the year -on -year growth value was 3.39 billion yuan. This means that the scale of air -conditioning business is the main driving force for Gree Electric's income growth in the first half of the year.

Gree new cabinet machine

Compared with the same period last year, Midea Group's absolute value of operating income in the first half of the year was 8.85 billion yuan. Among them, HVAC achieved revenue of 83.24 billion yuan, an increase of 8.94%year -on -year, and the absolute value of 6.83 billion yuan. Judging from this dimension, the growth of air -conditioning business also constitute an important source of income in the company.

Beautiful air conditioner

Behind the performance of the two giants' air -conditioning business is not significantly improved in the air conditioning industry. According to statistics from the first half of 2022, the output of domestic air -conditioning in my country was 82.968 million units, a year -on -year decrease of 4.11%, and sales of 84.9231 million units, a year -on -year decrease of 1.68%, of which domestic sales decreased by 1.21%year -on -year; exports decreased by 2.18%year -on -year.

The overall data of Avi Cloud (AVC) showed that the overall channel retail sales of air -conditioning in the first quarter of 2022 decreased by 15.3%year -on -year, and the retail volume fell by 20.9%year -on -year.

The industry is not good. Where does the growth of Midea and Gree's air conditioner come from?

According to the analysis of relevant persons, there are two reasons. First, since last year, the gross profit margin of the giants has been under pressure in the context of rising raw material prices. In the first half of this year, they consciously improved the quality of business operations. The most obvious actions in the air -conditioning industry's head brand in the first half of this year are price increases, especially Midea, and the price increase is relatively high. Last year, the head brand already had a price lifting action. In April and May of this year, there was another wave of price increase. The second was that the consumption of air -conditioning brand consumption was more concentrated. Therefore, the growth of Midea and Gree air -conditioning revenue is also the result of eating the market share of the second- and third -tier brands.

Globalization to speed up

Diversified achievements

In addition to the home appliance business, Midea Group, Gree Electric and Haier's diversified territory have significantly increased their business.

In terms of Gree Electric, the revenue of industrial products in the first half of the year was 2.89 billion yuan, an increase of 57.79%year -on -year; industrial products accounted for the company's revenue ratio to 3.03%. In addition, Gree's green energy product revenue was also close to 2 billion yuan, an increase of 131.57%, accounting for more than 2%of the company's revenue.

Although Gree Electric's air -conditioning business revenue accounts for more than 70%, from the first half of the year, many non -home appliance business sectors have increased. More importantly, Gree Electric's net profit in the first half of the year mainly depends on the non -home appliance sector.

The revenue of Midea Group's "robot, automation system and other manufacturing" also reached 13.69 billion yuan in the first half of the year, an increase of 7.87%year -on -year. According to the analysis, Midea Group's TO B business has grown up in the first half of the year. The industrial and technological business group reached 12.1 billion yuan, the building's technology division reached 12.2 billion yuan, the revenue of the robot and the automation business department also was 12.2 billion yuan, and the digital innovation business revenue was 5.2 billion yuan. From the perspective of growth, the income of industrial technology business groups, building science and technology divisions and digital innovation business increased higher than year -on -year, including 13.26%, 33.09%, and 42.37%. Haier Zhijia's diversification and high -end brand business also performed well. According to the financial report, in the first half of the year, Casa Di, a subsidiary of overseas intellectuals, increased by 20.8%, and the sales volume of the company's network increased by 14.5%year -on -year.

It is reported that at present, Midea Group and Gree Electric have accelerated the enterprise -level and diversified markets such as motors and battery energy storage to try to create more pillar industries.

Although the global uncertainties have intensified, the first half of the home appliance heads have increased overseas expansion. In the first half of the year, in overseas markets, Midea Group achieved revenue of 77.8 billion yuan, an increase of 5%year -on -year; Haier Zhijia was 61.481 billion yuan, an increase of 8.0%year -on -year; Gree Electric's independent brand sales increased by 16.8%year -on -year, accounting for total overseas sales, accounting for total overseas sales 53%.

It can be seen that, in the context of the overall market of the home appliances, the three companies provide efficiency to ensure the efficiency of the industry through the internal skills to ensure the stable period of the industry's downturn, and the overall performance is far better than the industry's 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 that have been sluggish for a long time will be strongly promoted and stimulated. 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.

Cover reporter Zhao Ping

- END -