On the evening of August 23, Sichuan Changhong (600839) disclosed a report for the first half of 2018. The report showed that from January to June, Sichuan Changhong achieved operating income of 38.402 billion yuan, a year-on-year increase of 10.47%; realized net profit attributable to the parent of 169 million yuan. A year-on-year increase of 9.26%. From the perspective of revenue structure, the growth of Sichuan Changhong is mainly due to the supply chain business in the intermediate product category, and the consumer electronics business with color TVs, refrigerators, and air conditioners as the core contributed the main revenue increase.
From the perspective of profit structure, the color TV business is strong. The report shows that the net profit of the color TV business increased by 110 million yuan year-on-year, while the refrigerator business was affected by factors such as chain chains, e-commerce customer settlement methods and online sales structure less than expected, and net profit decreased year-on-year About 100 million yuan; the refrigerator compressor business was affected by the increase in raw material prices and fierce competition in terminal prices, and net profit decreased by about 68 million yuan year-on-year; the set-top box business was affected by the sharp increase in the price of chips, capacitors, resistors and other components, and the lack of B2B sales contracts The price elasticity change mechanism and other factors have resulted in a year-on-year decrease of 35 million yuan in net profit.
In fact, both the strength of color TV and the weakness of white TV are inseparable from the fluctuation of raw material prices. In the production cost of white electricity, copper, aluminum, steel plates, and crude oil-related plastic particles, foaming materials and other bulk raw materials account for a large proportion. In the cost of refrigerators, compressors and plastics account for 25% and 20% respectively, while compressors The main raw materials of the company are copper and steel. Although the compressor manufacturers themselves will absorb the price increase of some raw materials, they also have a certain transmission of downstream costs.
The price of steel has risen since the end of 2015 and has more than doubled so far, which has a greater impact on the cost of the refrigerator industry. The global inventory of copper is at a low level. At the same time, the global demand for copper has increased, causing the price of copper to rise since last year. , And maintain a relatively high rate of increase, and the price of plastics also began to rise in 2016, and affect the gross profit of the refrigerator industry.
In contrast, the price of panels, which account for more than 60% of the TV’s cost, experienced a decline before starting to rise in July this year. The second quarter of this year was affected by the strengthening of the stocking of the panel industry in the first quarter and the display of panels in the second quarter. The overall imbalance between supply and demand, the global TV panel supply and demand ratio reached 9.7% in the second quarter, which was much higher than the 5% balance point, leading to a cliff-like decline in panel prices in the second quarter. According to data from Aowei Cloud Network, in June 2018, the prices of 65-inch, 55-inch, 50-inch, 49-inch, 43-inch, and 40-inch UHD panels decreased by 41%, 27%, 42%, 39%, and 45, respectively. %, 49%.
In addition, Sichuan Changhong's semi-annual report revealed that in the first half of the year, Sichuan Changhong adhered to the concept of "high-quality development" and coordinated and promoted "short, medium and long" business measures, such as "strengthening cash flow security" Management and control, accelerating industrial optimization and integration, deepening the reform of resource allocation, strengthening risk prevention dams, enhancing technological innovation capabilities, and trying a comprehensive system to reduce costs" have achieved basic stability and structural improvement in operating performance.
The main business is developing benign, stop bleeding and loss in the second half of the yearIt is worth noting that Sichuan Changhong has the ability to collaborate with global production, education and research resources to form a unique leading edge in the field of industrial technology frontier technology and product competitive technology. As mentioned in the report, Changhong is committed to building a global R&D layout and a three-tier R&D system with Changhong characteristics. It has a number of national technology centers including Changhong Technology Center, Meiling Technology Center, and Huayi Technology Center. At the same time, Tsinghua University, MIT, Northwest University and other world-class universities have established long-term and stable cooperative relations, and have successively achieved a series of major technological innovations.
In addition, Sichuan Changhong has continued to promote the deployment of operating institutions, R&D centers, and manufacturing bases in the backbone of the global economic and trade network in terms of globalization. It has realized the globalization of Changhong products, Changhong manufacturing, Changhong technology, and Changhong brand. Overseas sales accounted for It is improving rapidly year by year.
Based on the above measures, Sichuan Changhong's comprehensive competitiveness continues to increase, and the market position of its main product categories ranks first in the industry. Among them, in color TV, Changhong actively participates in global market and technology competition, and its market share is rapidly increasing, but there is still a lot of room for growth and improvement in overseas brand business. Sichuan Changhong said it "plans to be among the top eight in the world in 2020." In the domestic market, Sichuan Changhong's color TV business has developed and accumulated over the years, and has strong competitiveness in supply chain management, lean manufacturing, technology research and development and innovation, consumer demand insights, and O2O marketing and promotion.
In the white goods industry, the domestic refrigerator market’s major disc growth has turned to erosive growth, and the trend of oligarchic competition has become more and more obvious. However, Changhong Meiling, a subsidiary of Sichuan Changhong, is a leading brand in the industry. Based on years of cultivation and development, Sichuan Changhong’s Refrigerators also have strong product innovation capabilities, and technologies such as intelligence, preservation, frequency conversion, deep cooling, and frost-free technology maintain the industry's leading level.
In the second half of the year, Sichuan Changhong will strengthen resource constraints, ensure cash safety, and strengthen enterprises to resist various derivative risks brought about by the short-term deterioration of the macroeconomic environment; promote various industrial units to carry out comprehensive measures around design, procurement, manufacturing, sales, and logistics. System cost reduction; adhere to the product leadership strategy, insist on promoting the breakthrough of high-margin products volume; accelerate the pace of industrial optimization, decisively stop bleeding and stop losses; strengthen the excellent operation of the entire value chain, and use new information tools and methods to reshape the manufacturing, research and development, and marketing systems And processes to build a new competitive advantage; continue to promote the transformation of manufacturing-oriented services, actively cultivate a series of new services for third-party service-oriented manufacturing, and continue to move towards the annual business goals set at the beginning of the year, and achieve a healthy increase in the scale of revenue. Significant improvement in sustainable profitability.
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