Due to the economic downturn in the overseas markets such as Europe and the United States and the significant appreciation of the renminbi in recent years, the export of Dehao Runda's small household appliances business continued to decline. In addition, the company continued to invest heavily in the LED upstream epitaxial chip project, and the input and output were affected by industry volatility and did not reach the expected return.
Founded in May 1996, Dehao Runda is one of the world's three largest home appliance manufacturers. In June 2004, Dehao Runda was listed on the A-share SME board and was praised as one of the “Star Eight Shares†of the small and medium-sized board.
At this time, Dehao Runda's star products fully automatic computer-controlled bread machine, electric oven, coffee pot and other more than 200 varieties and models of products sell well in Europe and the United States, some products in the United States market share has exceeded 50%. In 2004, Dehao Runda acquired 70% of the shares of North American Electric, set up a domestic sales platform, and incited the domestic market with ACA North American electrical appliance brand products, with the intention of transforming its own brand sales from OEM and ODM.
For a long time, Dehao Runda's small household appliance business is mainly in the export market, and most of them are concentrated in the European and American markets with high consumption levels and large market capacity.
However, along with the financial crisis in Europe and the United States and the continued economic downturn in the overseas market, Dehao Runda's small household appliance export business has also faced a situation of shrinking and shrinking in recent years. Although there have been some achievements in the sales of other markets such as Japan, Russia, Southeast Asia, etc., the risks of the single market export market have always existed.
According to the financial report, in 2011, the revenue of Dehao Runda's small household appliances business reached 211.176 million yuan, but it has already fallen into a situation of weak growth, only 0.48% year-on-year. In 2012, the revenue of Dehao Runda's small household appliances business was 1,724,649,700 yuan, a year-on-year decrease of 18.70%.
Dehao Runda blamed it as: the main target market for small household appliances business The developed economies such as Europe and the United States continued to suffer from sluggish economy, demand was not strong, and market competition was more intense.
In the domestic market, the sales of ACA North American Electric Appliances, which has been highly anticipated by Dehao Runda, has not achieved the expected results. In the first half of 2013, orders for Dehao Runda's small household appliance export business declined, and operating income decreased by approximately 20.96% compared with the same period of the previous year. The domestic sales of small household appliances accounted for 81,843,900 yuan, down 9.08% from the same period of the previous year.
According to analysts in the home appliance market, the manufacturing technology of the small household appliance industry is becoming more mature. With the power of the home appliance giants such as Midea and Changhong in the small household appliance market, the competition in the domestic small household appliance market is becoming increasingly hot. The brand and channel of Dehao Runda in the domestic market are in a weak position, so its domestic market has been tepid.
Wang Donglei, chairman of Dehao Runda, also said on many occasions that the gross profit of small household appliances business is constantly falling. Now its biggest role is to provide continuous cash flow to support the company's LED business development.
"Affected by many factors, home appliances are all embarrassing." Changjiang Securities researcher Gao Xiaoqiang said in the analysis of the semi-annual report of Dehao Runda that it is expected that the development of Dehao Runda is still expecting the performance of its LED business.
In 2009, Dehao Runda entered the LED industry through mergers and acquisitions, hoping to use this as a new growth point for the company, and launched a series of mergers and acquisitions at home and abroad.
However, at present, Dehao Runda, which has completed the vertical integration of LED “chip, package and applicationâ€, has not developed its LED business.
Support from various government subsidies is the main source of DeHao Runda's net profit in the past few years, despite the unfavorable development of various businesses. In fact, if the government subsidies are deducted from the income, within three years, Dehao Runda will have two embarrassing situations of losing money in the fiscal year.
According to the financial report, in 2010-2012, Dehao Runda's net profit was 196 million yuan, 392 million yuan and 162 million yuan respectively, and various government subsidies were 270 million yuan, 311 million yuan and 224 million yuan. In the past three years, Dehao Runda has received a total of 805 million yuan in subsidies, and during this period, the company's net profit was only 750 million yuan. This shows that government subsidies, especially LED subsidies, support the full net profit of Dehao Runda.
With the gradual reduction of government subsidies, Dehao Runda's LED business can not achieve rapid profitability, and its development prospects are worrying.
Founded in May 1996, Dehao Runda is one of the world's three largest home appliance manufacturers. In June 2004, Dehao Runda was listed on the A-share SME board and was praised as one of the “Star Eight Shares†of the small and medium-sized board.
At this time, Dehao Runda's star products fully automatic computer-controlled bread machine, electric oven, coffee pot and other more than 200 varieties and models of products sell well in Europe and the United States, some products in the United States market share has exceeded 50%. In 2004, Dehao Runda acquired 70% of the shares of North American Electric, set up a domestic sales platform, and incited the domestic market with ACA North American electrical appliance brand products, with the intention of transforming its own brand sales from OEM and ODM.
For a long time, Dehao Runda's small household appliance business is mainly in the export market, and most of them are concentrated in the European and American markets with high consumption levels and large market capacity.
However, along with the financial crisis in Europe and the United States and the continued economic downturn in the overseas market, Dehao Runda's small household appliance export business has also faced a situation of shrinking and shrinking in recent years. Although there have been some achievements in the sales of other markets such as Japan, Russia, Southeast Asia, etc., the risks of the single market export market have always existed.
According to the financial report, in 2011, the revenue of Dehao Runda's small household appliances business reached 211.176 million yuan, but it has already fallen into a situation of weak growth, only 0.48% year-on-year. In 2012, the revenue of Dehao Runda's small household appliances business was 1,724,649,700 yuan, a year-on-year decrease of 18.70%.
Dehao Runda blamed it as: the main target market for small household appliances business The developed economies such as Europe and the United States continued to suffer from sluggish economy, demand was not strong, and market competition was more intense.
In the domestic market, the sales of ACA North American Electric Appliances, which has been highly anticipated by Dehao Runda, has not achieved the expected results. In the first half of 2013, orders for Dehao Runda's small household appliance export business declined, and operating income decreased by approximately 20.96% compared with the same period of the previous year. The domestic sales of small household appliances accounted for 81,843,900 yuan, down 9.08% from the same period of the previous year.
According to analysts in the home appliance market, the manufacturing technology of the small household appliance industry is becoming more mature. With the power of the home appliance giants such as Midea and Changhong in the small household appliance market, the competition in the domestic small household appliance market is becoming increasingly hot. The brand and channel of Dehao Runda in the domestic market are in a weak position, so its domestic market has been tepid.
Wang Donglei, chairman of Dehao Runda, also said on many occasions that the gross profit of small household appliances business is constantly falling. Now its biggest role is to provide continuous cash flow to support the company's LED business development.
"Affected by many factors, home appliances are all embarrassing." Changjiang Securities researcher Gao Xiaoqiang said in the analysis of the semi-annual report of Dehao Runda that it is expected that the development of Dehao Runda is still expecting the performance of its LED business.
In 2009, Dehao Runda entered the LED industry through mergers and acquisitions, hoping to use this as a new growth point for the company, and launched a series of mergers and acquisitions at home and abroad.
However, at present, Dehao Runda, which has completed the vertical integration of LED “chip, package and applicationâ€, has not developed its LED business.
Support from various government subsidies is the main source of DeHao Runda's net profit in the past few years, despite the unfavorable development of various businesses. In fact, if the government subsidies are deducted from the income, within three years, Dehao Runda will have two embarrassing situations of losing money in the fiscal year.
According to the financial report, in 2010-2012, Dehao Runda's net profit was 196 million yuan, 392 million yuan and 162 million yuan respectively, and various government subsidies were 270 million yuan, 311 million yuan and 224 million yuan. In the past three years, Dehao Runda has received a total of 805 million yuan in subsidies, and during this period, the company's net profit was only 750 million yuan. This shows that government subsidies, especially LED subsidies, support the full net profit of Dehao Runda.
With the gradual reduction of government subsidies, Dehao Runda's LED business can not achieve rapid profitability, and its development prospects are worrying.
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