The third quarter financial reports baked appliance white strong black and weak pattern has not changed

The recent disclosure of home appliance companies in the third quarter financial results, the results are mixed. Meiling and Xoceco made a net score of 60% and a score of 30% respectively.

The announcement made by Meiling yesterday showed that in the first three quarters, Meiling's total operating income was 6.898 billion yuan, a year-on-year increase of 31.56%, and net profit was 298 million yuan, an increase of 59.35% over the same period last year. Earnings per share were 0.7199 yuan, a year-on-year increase of 59.38%. However, the data in the third quarter was not good. In the quarter, the net profit was 79.134 million yuan, a year-on-year drop of 47.45%; the total operating income was 2.32 billion yuan, an increase of 25.52% year-on-year; the earnings per share was 0.1914 yuan, a year-on-year decrease of 47.43%.

Meiling Electric stated that during the reporting period, the year-on-year increase in operating income was mainly driven by relevant national policies. The company optimized product mix, improved marketing capabilities, expanded sales scale, and increased product operating revenue. The increase in operating costs was due to the increase in sales of products and the increase in the cost of raw materials such as bulk materials during the reporting period. In addition, the increase in sales expenses was due to an increase in the sales volume during the reporting period and an increase in the maintenance fee for the “ten year free warranty” for refrigerators for home appliances to the countryside.

Xoceco's net profit decreased due to changes in export environment. Xoceco's third quarter report shows that from July to September this year, its net profit was 20.52 million yuan, a decrease of 22.166 million yuan over the same period of last year. From January to September, Xoceco's net profit was 61.393 million yuan, a decrease of 35.22% year-on-year. Xoceco said that the continuous decline in the price of LCD TVs and the continued appreciation of the RMB led to a drop in product gross margins and an increase in financial expenses. However, during the reporting period, the main business still achieved a 10% growth over the same period of last year, and its performance maintained a steady growth. Among them, the overseas sales of color TVs achieved a growth of 23%, which was mainly due to the growth in markets such as North America, South America, South Africa, Australia, and Taiwan. Xoceco also pointed out that in view of the continuous appreciation of the yen, the company actively explores the Japanese market, and its export to Japan will become a new growth point for future business. In improving the status of negative assets, Xoceco has announced plans for non-public issuance of stocks. The current preparations are in progress in an orderly manner.

Previously, Qingdao Haier also released its third-quarter performance forecast data. It is expected that the net profit attributable to owners of the parent company in the first three quarters will increase by more than 60% from the number disclosed in the same period of last year; the net profit attributable to owners of the parent company will be 966 million yuan.

This year's semi-annual report disclosed by several listed companies in the home appliance sector shows the pattern of “strong white, weak, black and weak”. This is also a common feature of financial reporting data and capital markets in the past two years and remains unchanged. From the current situation, white data such as Haier and Meiling are still growing. Some analysts said that black power companies in the industry from CCFL to LED transition still faces pain, and there is a certain amount of inventory pressure, coupled with the foreign price war squeeze, it is expected that color TV manufacturers profitability will not be until the fourth quarter can be improved.