Home appliance industry profitability improved significantly

In the context of macroeconomic stabilization, the home appliance industry showed an upward trend with the recovery of consumer demand. In addition, the cost pressure continued to ease, and the economic benefits of the home appliance industry showed a marked improvement. The profitability of the industry has reached a four-year high. Overall, the home appliance industry has changed from high growth in the past to steady growth just under guidance, and the economic conditions also reflect the continued adjustment of the industry.

The prosperity index was operating stably. The prosperity index of China Household Appliance Industry 1 in the fourth quarter was 96.4 (2003 growth level = 100), which was flat compared with the previous quarter.

Constitutes all six indicators of the China Household Electrical Appliance Industry Climate Index (excluding only the seasonal factor, and retains the random factor 2) - The year-on-year growth in the main business income, total profit, and total tax revenue of the home appliance industry has accelerated; The previous quarter was basically the same; the year-on-year growth in the number of employees and fixed assets investment in the home appliance industry declined. After further excluding random factors, the economy index of China's home appliance industry was 94.7, which was a 0.2 point increase from the previous quarter (see the blue curve in the boom chart).

The early-warning index continued to pick up in the fourth quarter. The warning index of the China Household Appliance Industry was 80.0, which was flat compared to the previous quarter. It continued to operate in the cold “light blue” area, but it was already close to the “green light area”. Of the 10 indicators that constitute the early warning index of the home appliance industry, there is one indicator in the "Yellow Light District"; five indicators are located in the "Green Light District"; and one indicator is located in the "Light Blue Light District"; There are 3 indicators in the "Blue Light District".

In the fourth quarter of stable recovery of production, the home appliance industry's production composite index was 96.7 (2003 growth level = 100), which was an increase of 0.5 points from the previous quarter and ended the downward trend of the previous four consecutive quarters. Of the four indicators that constitute the composite index of the home appliance industry, color TV output increased by 9.1% year-on-year; air-conditioning output increased by 3.2% year-on-year; washing machine output increased by 1.6% year-on-year, and growth rates increased from declining to rising; refrigerator output decreased by 3.1% year-on-year.

Market demand is picking up mildly This quarter's year-on-year growth in home appliance owner's business revenue has steadily risen. After initial seasonal adjustment, the main business income of the home appliance industry in the fourth quarter was 474.53 billion yuan, a year-on-year increase of 9.0%, and the growth rate was 4.4 percentage points higher than that of the previous quarter.

Exports moderated and stabilized In the fourth quarter, the home appliance industry's export composite index was 96.4, which was flat compared with the previous quarter. The export situation of white goods was generally better than that of black power products. Specifically, in the white electricity products, the export value of refrigerators increased by 9.9% year-on-year, the export value of washing machines increased by 21.4%, and the export value of air conditioners increased by 1.5% year-on-year. In black products, the export volume of television sets (including complete sets of spare parts) decreased by 13.0% year-on-year, and the decline rate increased by 1.5 percentage points from the previous quarter.

Inventory maintained low-speed growth As of the end of the fourth quarter, household appliances industry finished products reached 82.19 billion yuan, an increase of 6.2%, and the growth rate was 2.0 percentage points higher than the previous quarter. The growth rate of inventories in the household appliance industry has accelerated during the quarter. On the one hand, it is indicated that home appliance manufacturers are affected by the recovery of market demand, and production growth has accelerated to cover part of the inventory; on the other hand, it indicates that the decline in home appliance prices has narrowed, and the production of The operating efficiency has improved.

Significant improvement in profitability As the prices of bulk raw materials fell steadily, the cost pressure on home appliances continued to ease, and the economic efficiency of the home appliance industry continued to improve this quarter. After preliminary seasonal adjustments, the total profit of the home appliance industry in the fourth quarter was 24.4 billion yuan, a year-on-year increase of 24.3%. In the fourth quarter, the home appliance industry's sales margin was 5.1%, up 1.1% from the previous quarter.

The price decrease narrowed The factory price of home appliance industry in the fourth quarter decreased by 1.9% year-on-year, and the decline narrowed by 1.0 percentage point from the previous quarter. The possibility that the recent price will turn positive is still small.

The slowdown in investment growth was adjusted by preliminary seasons. In the fourth quarter, the total investment in fixed assets of the household appliances industry was 396.03 billion yuan, a year-on-year increase of 6.4%, and the growth rate slowed by 2.9 percentage points from the previous quarter. The growth rate of fixed asset investment in the household appliance industry is still low, which has a certain effect on the overall prosperity of the industry.

Employment demand continues to decline As of the end of the fourth quarter, the total number of employees in the household appliance industry was 1.794 million, a decrease of 4.9% year-on-year, and the decline continued to increase from the previous quarter. It reflects the tension in the demand relationship at the end of the year.