The valuation of the home appliance sector is close to the bottom, and emerging products are expected to further drive the expansion of the kitchen appliance market

The kitchen appliance segment achieved steady growth in the first three quarters of this year. The agency said that the current valuation of the home appliance sector is close to the bottom. With the expansion of consumer upgrades, more emerging products attract consumers to buy, which is expected to further stimulate the expansion of the kitchen appliance market.

On the 24th, the data disclosed by Boss Electric (002508) showed that the company achieved operating income of 5393889267.86 yuan in the first three quarters of 2018, a year-on-year increase of 8.14%; net profit attributable to shareholders of listed companies was 1011633069.40 yuan, a year-on-year increase of 5.33%. At the same time, the company expects that the net profit attributable to shareholders of listed companies in 2018 will range from RMB 1,461,213,500 to RMB 1,607,334,900, a year-on-year increase of 0 to 10.00%.

On the 23rd, Supor (002032) disclosed its three-quarter report, showing that the company's revenue in the first three quarters was 13.394 billion yuan, a year-on-year increase of 25%; net profit was 1.104 billion yuan, a year-on-year increase of 22%. The net profit for 2018 is expected to be 1.326 billion yuan to 1.724 billion yuan, a year-on-year increase of 0 to 30%. In addition, Vantage Holdings (002035)'s revenue in the first three quarters of 2018 was 4.646 billion yuan, an increase of 13.78% year-on-year; net profit was 442 million yuan, an increase of 41.91% year-on-year, and the net profit for 2018 is expected to be 663 million yuan to 764 million yuan. , An increase of 30% to 50% year-on-year.

According to the reporter's understanding, emerging kitchen appliances have become the main force in market consumption growth.

According to AVC online monitoring data, in September online sales of dishwashers were 170 million yuan, a year-on-year increase of 44.7%. In terms of product types, sink dishwashers performed well in September, with an industry penetration rate of 14.2%, a year-on-year increase of 5.4%, and a good upward trend.

At the same time, the scale of the online water heater market continued to grow in September 2018 to reach 1.31 billion yuan, a year-on-year increase of 12.9%. Among them, electric storage water heaters amounted to 620 million yuan, a year-on-year increase of 15.3%.

Integrated stoves have become a key category for the growth of kitchen appliances this year. It is expected that the market size of the integrated stove industry will reach 1.748 million units and 12.92 billion yuan in 2018, with retail sales increasing by 44% year-on-year, becoming the seven major categories in the kitchen appliance industry except for range hoods , The third tens of billions industry outside of gas stoves.

Zhongyikang predicts that the scale of the integrated stove market in 2019 will reach 2.43 million units, 18 billion yuan, and retail sales will increase by 39% year-on-year.

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A person from Changjiang Securities said that the trend of high-end consumption upgrading in the kitchen appliance industry is still in place. The industry leader based on its multiple advantages such as products, channels and brands, the market share has steadily increased during the year. , The profitability of leading listed companies in the industry is still expected to improve; at the same time, the current pattern of "large industry and small companies" in the kitchen appliance industry remains the same, the industry echelon is clearly stratified, the competitive landscape remains stable, and the follow-up development space for leading companies is still broad. It is expected that the kitchen appliance industry next year The overall prosperity is better than this year.

However, China Securities Securities said that the long-term home appliance sector still has a better allocation value. The current home appliance sector valuation is close to the bottom, and there is limited room for further exploration of the kitchen appliance valuation.