Recently, the domestic high-voltage inverter market ranked top in Guangzhou Zhiguang Electric (002169) issued a mid-year report, the first half net profit fell 26.84% year on year, although the "Twelfth Five-Year" will have 2.36 trillion investment in energy-saving emission reduction areas, the company is expected Benefits, but given the impact of the macroeconomic situation, sales will continue to decline, and net profit is expected to decline by 50%-80% year-on-year in the first three quarters. The poor market environment also dragged down the entire industry. Prior to this, the net profit of Jiuzhou Electric (300040) also decreased by 28.5% year-on-year, while Rongxin Group (002123) also forecasted net profit for the first three quarters after a 13% year-on-year decline in its mid-term net profit. The change range is -20% to 10%.
Downstream demand greatly reduced counterparty price war Zhiguang Electric's main products are mainly for high-energy-consuming enterprises such as power plants, iron and steel metallurgy, cement, building materials, coal, etc. In the first half of the year, affected by the macro economy, the market demand and the company's signed orders are different. The degree of slowdown, the main income of 153 million yuan, net profit of 94.776 billion yuan, down 24.15% and 26.84% year-on-year respectively.
In addition to the decline in orders, the mid-year report showed that the market competition for medium and small-capacity high-voltage frequency conversion products has become increasingly fierce and sales prices have declined. In fact, this effect has been reflected last year - the gross margin of high-voltage frequency conversion products dropped by 6.65 percentage points to 27.41% last year, while the comprehensive gross profit rate decreased by 3.7 percentage points to 28.39%, even if the annual revenue increased by 11.44%, but the net profit Still dropped by 35.46%.
In fact, not only Zhiguang Electric, but Rongxin's total orders in the same industry increased by only 12% year-on-year in the first half of the year (than the 41% year-on-year growth in orders in the same period of last year). The interim revenue and net profit fell by 15% and 13% respectively year-on-year. Jiuzhou Electric In the first half of the year, net profit also decreased by 28.5% year-on-year. The overall decline in business performance has reflected the common problems in the industry. On the one hand, there are fierce competitions among manufacturers in terms of marketing promotion and collection conditions. On the other hand, the higher level of gross margin in the industry also makes new entrants take different measures in the early stages. This kind of competition means to strive for crossing the market threshold.
The betting energy-saving and environmental protection has not yet attracted institutions. As the high-end market for domestic high-voltage inverters is basically controlled by foreign brands, the top three of Siemens, ABB, and Kefude's machinery and electronics combined share reached 60.5% last year. The Beijing Lide Huafu Electric and Zhiguang Electric, Jiuzhou Electric, and Rongxin are mainly concentrated in the mid-range market.
Under the dual pressure of the long-term monopoly of international brands and the poor domestic environment, high-voltage inverter companies have begun a transformation and change. Compared to Jiuzhou Electric's sale of high voltage variable frequency related assets, the strategic transformation of power management specialists for integrated power electronics solutions, Zhiguang Electric is targeting energy conservation and emission reduction areas (It is estimated that by 2015, the total value of energy conservation and environmental protection industries is expected to exceed 30,000 yuan Billion). According to the report, its subsidiary Guangzhou Zhiguang energy-saving contract energy management project has fully entered the implementation period, with operating income of 6.55 million yuan and net profit of 3.26 million yuan in the first half of the year.
However, the top ten tradable shareholders at the end of June showed that the interest of institutions did not seem to be significant. In the second quarter, there was no new institution entering the market. Only in the first quarter, the increase in the value of the company's equity (Aki, Net, Information) remained unchanged, but the share price The 6.9 yuan in the first quarter fell to 5.19 yuan last Friday. The K line portfolio has not yet reversed its long-term downward trend.
Downstream demand greatly reduced counterparty price war Zhiguang Electric's main products are mainly for high-energy-consuming enterprises such as power plants, iron and steel metallurgy, cement, building materials, coal, etc. In the first half of the year, affected by the macro economy, the market demand and the company's signed orders are different. The degree of slowdown, the main income of 153 million yuan, net profit of 94.776 billion yuan, down 24.15% and 26.84% year-on-year respectively.
In addition to the decline in orders, the mid-year report showed that the market competition for medium and small-capacity high-voltage frequency conversion products has become increasingly fierce and sales prices have declined. In fact, this effect has been reflected last year - the gross margin of high-voltage frequency conversion products dropped by 6.65 percentage points to 27.41% last year, while the comprehensive gross profit rate decreased by 3.7 percentage points to 28.39%, even if the annual revenue increased by 11.44%, but the net profit Still dropped by 35.46%.
In fact, not only Zhiguang Electric, but Rongxin's total orders in the same industry increased by only 12% year-on-year in the first half of the year (than the 41% year-on-year growth in orders in the same period of last year). The interim revenue and net profit fell by 15% and 13% respectively year-on-year. Jiuzhou Electric In the first half of the year, net profit also decreased by 28.5% year-on-year. The overall decline in business performance has reflected the common problems in the industry. On the one hand, there are fierce competitions among manufacturers in terms of marketing promotion and collection conditions. On the other hand, the higher level of gross margin in the industry also makes new entrants take different measures in the early stages. This kind of competition means to strive for crossing the market threshold.
The betting energy-saving and environmental protection has not yet attracted institutions. As the high-end market for domestic high-voltage inverters is basically controlled by foreign brands, the top three of Siemens, ABB, and Kefude's machinery and electronics combined share reached 60.5% last year. The Beijing Lide Huafu Electric and Zhiguang Electric, Jiuzhou Electric, and Rongxin are mainly concentrated in the mid-range market.
Under the dual pressure of the long-term monopoly of international brands and the poor domestic environment, high-voltage inverter companies have begun a transformation and change. Compared to Jiuzhou Electric's sale of high voltage variable frequency related assets, the strategic transformation of power management specialists for integrated power electronics solutions, Zhiguang Electric is targeting energy conservation and emission reduction areas (It is estimated that by 2015, the total value of energy conservation and environmental protection industries is expected to exceed 30,000 yuan Billion). According to the report, its subsidiary Guangzhou Zhiguang energy-saving contract energy management project has fully entered the implementation period, with operating income of 6.55 million yuan and net profit of 3.26 million yuan in the first half of the year.
However, the top ten tradable shareholders at the end of June showed that the interest of institutions did not seem to be significant. In the second quarter, there was no new institution entering the market. Only in the first quarter, the increase in the value of the company's equity (Aki, Net, Information) remained unchanged, but the share price The 6.9 yuan in the first quarter fell to 5.19 yuan last Friday. The K line portfolio has not yet reversed its long-term downward trend.
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