DOCSLIB.ORG

Home Appliance Cautious Buy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Home Appliance Cautious Buy Sector Research | China Home Appliance THIS IS THE TRANSLATION OF A REPORT ORIGINALLY PUBLISHED IN CHINESE BY GUOSEN SECURITIES CO., LTD ON SEPTEMBER 24, 2012 October 16, 2012 Home Appliance Cautious Buy Cherry pick home-appliance names amid the price corrections Investment highlights Analyst Wang Nianchun We expect home-appliance y-o-y sales volume growth to rebound moderately +755-82130407 in 4Q 2012. Based on our channel checks and data already released for Jul-Aug [email protected] S0980510120027 2012, 3Q sales volume of various sub-sectors was in line with expectations, and the profitability of the TV sub-sector slightly beat expectations. The subsidies for energy efficient home-appliance products introduced in June are unlikely to materially boost sales until three to six months after their launch. We expect the 4Q y-o-y sales Sales Contact volume growth of air conditioners, refrigerators, washing machines and LCD TVs will be 7.5%, 5.8%, 5.0% and 0.8% respectively, representing a modest rebound from the Roger Chiman Managing Director first three quarters. +852 2248 3598 [email protected] Divergence within the sector intensifies, and we suggest waiting for buying Chris Berney opportunities amid price pullbacks. The overall industry sentiment has been tepid Managing Director +852 2248 3568 since the beginning of 2012, but product-mix upgrade and lower material costs could lead [email protected] to an improvement in profitability this year. Based on our estimates, subsidy policies for Andrew Collier energy efficient home-appliance products will have more significant effects in 2013 than Director +852 2248 3528 this year. Some high-quality companies still enjoy clear growth prospects, although the [email protected] entire sector is under significant pressure. We suggest using price corrections to buy high-quality stocks. Joe Chan Director +852 2248 3578 [email protected] Risk factors. 1) The growth momentum of home-appliance sales volume could miss expectations, while the room for profit growth is also squeezed in 2013. 2) Home- Cancy Kong Vice President appliance consumption in rural areas could be disappointing in 1H 2013, after the +852 2248 3538 [email protected] rural home appliance subsidy programme expires at the end of 2012. Cecilia Liu Associate We maintain a “Cautious Buy” rating on the home-appliance sector, and +852 2248 3588 [email protected] believe high-quality companies are good investment choices. With divergence among companies rising, and the importance of brand image increasing compared to Gary Wong Analyst sales channels, companies enjoying advantages in terms of innovation will have +852 2248 3548 stronger pricing power, and high-quality companies with low valuations should be [email protected] good investment choices. The key is to enter the market when stock prices fall to low Ma Ning levels. Sales Assistant +852 2248 3536 Companies trading at low valuations with clear growth prospects: Gree Electric and [email protected] Qingdao Haier; undervalued companies with improvement in financial results: Zhejiang Supor and Rongshida Sanyo; companies with good business models and expected to enjoy steady profit growth in 2013: Hisense Electric, Robam Appliances and Homa Appliance; we also suggest to hold Shenzhen Mtc. Exhibit 1: Earnings forecasts and ratings Stock Price Market cap. EPS PE (x) Company Rating code (RMB) (RMB mn) 2012E 2013E 2012E 2013E 000651 Gree Electric Buy 20.390 61,330 2.20 2.61 9.2 600690 Qingdao Haier Buy 10.570 28,382 1.22 1.39 8.7 002508 Robam Appliances Cautious Buy 17.100 4,378 0.93 1.17 18.5 002032 Zhejiang Supor Cautious Buy 10.870 6,902 0.78 0.91 14.0 600060 Hisense Electric Buy 9.460 12,329 1.15 1.34 8.2 Source: Wind, Guosen Securities Economic Research Institute For ratings definitions and other important disclosures, refer to the Information Disclosures at the end of this report. 1 Bespoke translation by Guosen Securities (HK) strictly for use by its clients only. Home Appliance Sector October 16, 2012 | China THIS IS THE TRANSLATION OF A REPORT ORIGINALLY PUBLISHED IN CHINESE BY GUOSEN SECURITIES CO., LTD ON SEPTEMBER 24, 2012 1 We expect home-appliance companies to see y-o-y sales volume growth rebound in 4Q12, but only moderately 1.1 Home-appliance stocks benefited from growing profitability and favourable government policies in 1H 2012 In retrospect, as of July 2012, except washing machine exports and LCD TV exports recorded growth of 14% and 8% respectively, all other sub-sectors witnessed negative growth in both exports and the sales volume in the domestic market during the first seven months of this year. Yet, home-appliance companies’ profit growth exceeded income growth due to the three reasons: 1. Raw material costs declined from a year earlier. 2. A shift of business focus onto profit led a number of home-appliance makers to raise selling prices for both export and domestic markets. 3. Home-appliance companies worked to upgrade their product mix. Coupled with the following three catalysts, the home-appliance sector outperformed the broad market over Jan-May: 1. The valuations of home-appliance stocks were relatively low at the beginning of this year. 2. Results of high-growth companies met market expectations. 3. Subsidy policies for energy efficient home appliances materialised. Exhibit 2: Comparison of home-appliance companies’ profit growth over Jan-Mar 2012 and over Jan-Jul by sub-sector 1Q 2012 2012 Jan-July Prime Prime Y-o-y Y-o-y Y-o-y Profit Y-o-y operating Profit operating growth growth growth (RMB growth revenue (RMB mn) revenue rate rate rate bn) rate (RMB bn) (RMB bn) Home electrical appliance 226.874 5.08% 9,242 24.25% 613.2 6.25% 27.8 20.75% manufacturing Home refrigerating appliances 55.28 6.44% 1,718 11.27% 146.8 6.66% 5.9 9.24% manufacturing Home air conditioner manufacturing 80.463 2.48% 4,248 38.11% 231.7 5.66% 13.1 37.06% Home kitchen appliances 30.078 5.03% 642 41.58% 76.8 6.04% 2.3 22.74% manufacturing Home cleaning appliances 23.221 7.30% 1,383 20.25% 56.7 10.86% 2.7 9.42% manufacturing Home beauty & health care appliance 5.386 17.54% 153 -17.42% 14 8.44% 0.4 -28.09% manufacturing Home appliance components 14.259 5.60% 464 1.30% 38 6.13% 1.4 -8.14% manufacturing Lighting equipment manufacturing 64.059 16.71% 3,642 19.76% 165.2 15.66% 9.1 19.30% Power supply equipment 22.522 19.66% 1,652 17.98% 55.5 21.86% 3.7 24.90% manufacturing Lighting equipment manufacturing 34.726 17.64% 1,773 27.20% 91.2 14.63% 4.7 20.03% Source: Wind, Guosen Securities Economic Research Institute Guosen Securities (HK) 2 Bespoke translation by Guosen Securities (HK) strictly for use by its clients only Home Appliance Sector October 16, 2012 | China THIS IS THE TRANSLATION OF A REPORT ORIGINALLY PUBLISHED IN CHINESE BY GUOSEN SECURITIES CO., LTD ON SEPTEMBER 24, 2012 1.2 3Q12 sales volume of various sub-sectors expected to be in line with expectations, while the profitability of the TV sub-sector slightly beat expectations Based on our channel checks and data for various sub-sectors already released for Jul-Aug 2012, we believe the 3Q12 sales volume growth of various sub-sectors was in line with expectations. TV makers should have seen their domestic sales recover moderately over Jul-Sep, we believe. Given improvement in domestic sales, the profitability of TV makers should have enjoyed q-o-q increase. 1.3 Sales volume growth expected to rebound moderately in 4Q12 China’s home-appliance makers need time to deal with or offload energy-inefficient work-in-process and finished products in distribution channels after the subsidy programme for energy efficient home appliances were launched in June. As such, we estimate the effects of subsidy programmes would come into full play after a 3-6 month period, during which home-appliance makers could embark on adjusting their product mix, marketing new models and realigning marketing strategies. We forecast the sales volume growth of air conditioners, refrigerators, washing machines and LCD TV sets will be 7.5%, 5.8%, 5.0% and 0.8% respectively for 4Q, representing a modest rebound from the first three quarters. We expect China’s white-goods exports to have grown by 2-3% and LCD TV exports by about 2% in 3Q. Exhibit 3: Y-o-y export growth of four home-appliance sub-sectors by quarter (%) 1Q 2Q 3Q forecast 4Q forecast Air conditioner -4.1% -8.1% -10.9% 7.5% Refrigerator -6.7% -12.3% -0.6% 5.8% Washing machine -6.2% -3.3% -5.5% 5.0% LCD TV -5.2% 4.4% 6.5% 0.8% Source: ChinaIOL.com, Guosen Securities Economic Research Institute We expect China’s domestic sales volume of small home appliances would be up 5% y-o-y. Overall, various home appliance subsectors will see sales volume rebound moderately in 4Q12, in our view. Exhibit 4: Y-o-y increase in the exports of various home-appliance products in 2012 by quarter (%) 1Q 2Q 3Q forecast 4Q forecast Air conditioner -6.8% -5.3% -4.8% 1.5% Refrigerator 0.4% 7.1% -1.3% 2.8% Washing machine 18.2% 13.6% 6.8% 2.1% LCD TV 7.9% 13.6% -3.9% 2.1% Source: ChinaIOL.com, Guosen Securities Economic Research Institute Guosen Securities (HK) 3 Bespoke translation by Guosen Securities (HK) strictly for use by its clients only Home Appliance Sector October 16, 2012 | China THIS IS THE TRANSLATION OF A REPORT ORIGINALLY PUBLISHED IN CHINESE BY GUOSEN SECURITIES CO., LTD ON SEPTEMBER 24, 2012 Exhibit 5: The y-o-y growth in air conditioner exports and Exhibit 6: The y-o-y growth in refrigerator exports and domestic sales volume in 2011 and
Load more

Recommended publications
  • DFA INVESTMENT DIMENSIONS GROUP INC Form NPORT-P Filed 2021-03-25
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2021-03-25 | Period of Report: 2021-01-31 SEC Accession No. 0001752724-21-062357 (HTML Version on secdatabase.com) FILER DFA INVESTMENT DIMENSIONS GROUP INC Mailing Address Business Address 6300 BEE CAVE ROAD 6300 BEE CAVE ROAD CIK:355437| IRS No.: 363129984 | State of Incorp.:MD | Fiscal Year End: 1031 BUILDING ONE BUILDING ONE Type: NPORT-P | Act: 40 | File No.: 811-03258 | Film No.: 21771544 AUSTIN TX 78746 AUSTIN TX 78746 (512) 306-7400 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DFA INVESTMENT DIMENSIONS GROUP INC. FORM N-Q REPORT January 31, 2021 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES T.A. U.S. Core Equity 2 Portfolio Tax-Managed DFA International Value Portfolio T.A. World ex U.S. Core Equity Portfolio VA U.S. Targeted Value Portfolio VA U.S. Large Value Portfolio VA International Value Portfolio VA International Small Portfolio VA Short-Term Fixed Portfolio VA Global Bond Portfolio VIT Inflation-Protected Securities Portfolio VA Global Moderate Allocation Portfolio U.S. Large Cap Growth Portfolio U.S. Small Cap Growth Portfolio International Large Cap Growth Portfolio International Small Cap Growth Portfolio DFA Social Fixed Income Portfolio DFA Diversified Fixed Income Portfolio U.S. High Relative Profitability Portfolio International High Relative Profitability Portfolio VA Equity Allocation Portfolio DFA MN Municipal Bond Portfolio DFA California Municipal Real Return Portfolio DFA Global Core Plus Fixed Income Portfolio Emerging Markets Sustainability Core 1 Portfolio Emerging Markets Targeted Value Portfolio DFA Global Sustainability Fixed Income Portfolio DFA Oregon Municipal Bond Portfolio NOTES TO FINANCIAL STATEMENTS Organization Security Valuation Financial Instruments Federal Tax Cost Recently Issued Accounting Standards Other Subsequent Event Evaluations Table of Contents TABLE OF CONTENTS CONTINUED THE DFA INVESTMENT TRUST COMPANY SCHEDULES OF INVESTMENTS The U.S.
    [Show full text]
  • Vendors Embrace Livestreaming Xiaomi Unveils Brands Adopt New Gadgets to Broadcasting for Their Product Promotion During Woo Customers
    16 | Thursday, November 7, 2019 HONG KONG EDITION | CHINA DAILY BUSINESS Vendors embrace livestreaming Xiaomi unveils Brands adopt new gadgets to broadcasting for their product promotion during woo customers Nov 11 festival By MA SI pre­sales phase [email protected] Xiaomi is trying to Xiaomi Corp’s intensified push By HE WEI in Shanghai for high­performance handsets roll out cutting­edge [email protected] will help it safeguard its presence handsets to regain in the Chinese smartphone mar­ It is again the time of the year to ket amid intensifying competition the market share it splurge on the Nov 11 shopping gala, from Huawei Technologies Co, lost to Huawei, the annual mecca when brands analysts said. unveil flashy ads and meticulous The comments came after Xiao­ especially as the discount plans to grab people’s eye­ mi unveiled its latest smartphone Chinese smartphone balls and wallets. model CC9 Pro featuring a 108­ Eleven years into its existence, mega­pixel camera on Tuesday. At market continues to excitement for the buying spree may the same launch event, the compa­ see a decline in eventually begin to wear off. But to ny also unveiled its first Xiaomi­ keep consumers on an adrenaline A hostess promotes sales through interaction with customers online during an event organized by brand smart watch. shipments.” rush to shop, merchants and e­com­ Tmall in Shanghai on Oct 25. QIN TIAN / FOR CHINA DAILY “Xiaomi is trying to roll out cut­ Xiang Ligang, director­general merce sites have crept into new ter­ ting­edge handsets to regain the of the Information Consumption ritory by kicking their game up a market share it lost to Huawei, Alliance notch through livestreaming.
    [Show full text]
  • China Equity Strategy
    June 5, 2019 09:40 AM GMT MORGAN STANLEY ASIA LIMITED+ China Equity Strategy | Asia Pacific Jonathan F Garner EQUITY STRATEGIST [email protected] +852 2848-7288 The Rubio "Equitable Act" - Our Laura Wang EQUITY STRATEGIST [email protected] +852 2848-6853 First Thoughts Corey Ng, CFA EQUITY STRATEGIST [email protected] +852 2848-5523 Fran Chen, CFA A new bill sponsored by US Senator Marco Rubio has the EQUITY STRATEGIST potential to cause significant change in the listing domains of [email protected] +852 2848-7135 Chinese firms. After the market close in the US yesterday 4th June the Wall Street Journal published an Op-Ed by US Senator Marco Rubio in which he announced that he intends to sponsor the “Equitable Act” – an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges. At this time the text of the bill has not been published and we are seeking additional information about its contents and likelihood of passing. However, our early reaction is that this has the potential to cause significant changes in the domain for listings of Chinese firms going forward with the potential for de- listing of Chinese firms on US exchanges and re-listing elsewhere (most likely Hong Kong). More generally we see this development as part of an increased escalation of tensions between China and the US on multiple fronts which should cap the valuation multiple for China equities, in particular in the offshore index constituents and US-listed parts of the universe. We provide a list of the potentially impacted China / HK names with either primary or secondary listings on Amex, NYSE or Nasdaq.
    [Show full text]
  • Haier Electronics
    The role of the Belt and Road Initiative on Chinese multinational enterprise strategy: a multiple case study A Master Thesis Presented to the Faculty of Economics and Business by Justin Brandsma S2734818 Supervisor: H.U. Haq Co-assessor: J.R. de Wit WC: 16484 June 2020 Groningen, The Netherlands The role of the BRI on Chinese MNE strategy 2 The role of the BRI on Chinese MNE strategy Foreword In front of you lies my master thesis on: “the Role of the Belt and Road Initiative on Chinese multinational strategy: a multiple case study“, written as part of the master’s degree in International Business and Management at the University of Groningen. I consider this thesis to be the culmination of 6 beautiful student years in the even more beautiful city of Groningen, a wonderful period of my life! My choice for this thesis topic dates back to my late middle-school and early high-school years where I developed a big interest in the ancient Greek history and mythology. Especially the tales of Alexander the Great who managed to expand the Macedonian empire all the way to northeast India were intriguing to me. This Greek venture East in 334BC led to the establishment of the earliest version of a trade route between Constantinople (Turkey) and Xi’an (China), known as the Silkroad. 1600 years later Marco Polo would travel this route from Venice to China and work as the personal advisor of the Mongolian ruler: Kublai Khan. The accumulation of his experiences and adventures in the East came together in the brilliant travel memoire written by Rusticello da Pisa named ‘il Milione’ or commonly known as the ‘the travels of Marco Polo’.
    [Show full text]
  • STOXX Greater China 480 Last Updated: 01.04.2015
    STOXX Greater China 480 Last Updated: 01.04.2015 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) TW0002330008 6889106 2330.TW TW001Q TSMC TW TWD Y 105.1 1 1 KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 92.5 2 2 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 70.6 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 64.3 4 3 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 61.8 5 5 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 52.5 6 6 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 40.9 7 7 TW0002317005 6438564 2317.TW TW002R Hon Hai Precision Industry Co TW TWD Y 35.1 8 8 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 30.3 9 9 HK0013000119 6448068 0013.HK 644806 Hutchison Whampoa Ltd. HK HKD Y 26.2 10 10 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 25.3 11 19 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 25.2 12 12 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 25.0 13 11 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 21.7 14 13 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 20.9 15 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd.
    [Show full text]
  • TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED TCL 多媒體科技控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 01070)
    THIS DOCUMENT AND THE ACCOMPANYING DOCUMENTS (IF ANY) ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this Prospectus or as to the action to be taken, you should consult your stockbroker or other licensed securities dealer, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your Shares, you should at once hand the Prospectus Documents to the purchaser(s) or the transferee(s) or to the bank, the licensed securities dealer or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or transferee(s). A copy of each of the Prospectus Documents, together with a copy of the documents specified in the section headed “Documents delivered to the Registrar of Companies” in Appendix III to this Prospectus, has been registered with the Registrar of Companies in Hong Kong as required by Section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance. The Registrar of Companies in Hong Kong, the Stock Exchange and the SFC take no responsibility as to the contents of any of these documents. You should read the whole of this Prospectus including the discussions of certain risks and other factors as set out in the section headed “WARNING OF THE RISKS OF DEALING IN SHARES AND NIL PAID RIGHTS” of this Prospectus. Subject to the granting of approval for the listing of, and permission to deal in, the Rights Shares in both nil-paid and fully-paid forms on the Stock Exchange as well as compliance with the stock admission requirements of HKSCC, the Rights Shares in both nil-paid and fully-paid forms will be accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the respective commencement dates of dealings in the Rights Shares in their nil-paid and fully-paid forms on the Stock Exchange.
    [Show full text]
  • 2016Semi-Annual Report
    CHINA CONVERGENCE FUND A Sub-fund of Value Partners Intelligent Funds SEMI-ANNUAL 2016 REPORT For the six months ended 30 June 2016 Value Partners Limited 9th Floor, Nexxus Building 41 Connaught Road Central, Hong Kong Tel: (852) 2880 9263 Fax: (852) 2565 7975 Email: [email protected] Website: www.valuepartners-group.com In the event of inconsistency, the English text of this Semi-Annual Report shall prevail over the Chinese text. This report shall not constitute an offer to sell or a solicitation of an offer to buy shares in any of the funds. Subscriptions are to be made only on the basis of the information contained in the explanatory memorandum, as supplemented by the latest semi-annual and annual reports. CHINA CONVERGENCE FUND A Sub-fund of Value Partners Intelligent Funds (A Cayman Islands unit trust) CONTENTS Pages General information 2-3 Manager’s report 4-9 Statement of financial position (unaudited) 10 Investment portfolio (unaudited) 11-15 Investment portfolio movements (unaudited) 16 SEMI-ANNUAL REPORT 2016 For the six months ended 30 June 2016 1 CHINA CONVERGENCE FUND A Sub-fund of Value Partners Intelligent Funds (A Cayman Islands unit trust) GENERAL INFORMATION Manager Legal Advisors Value Partners Limited With respect to Cayman Islands law 9th Floor, Nexxus Building Maples and Calder 41 Connaught Road Central 53rd Floor, The Center Hong Kong 99 Queen’s Road Central Hong Kong Directors of the Manager Dato’ Seri Cheah Cheng Hye With respect to Hong Kong law Mr. Ho Man Kei, Norman King & Wood Mallesons Mr. So Chun Ki Louis 13th Floor, Gloucester Tower The Landmark Trustee, Registrar, Administrator and 15 Queen’s Road Central Principal Office Hong Kong Bank of Bermuda (Cayman) Limited P.O.
    [Show full text]
  • GENERAL PRESENTATION Raymond SU 1 CONTENTCONTENT
    INVESTOR DAYS – 21-23 Nov, 2018 GENERAL PRESENTATION Raymond SU 1 CONTENTCONTENT 1. China macro-economics 2. SUPOR business overview 3. Product and market competition 4. Main levers 2 Sound macro-economic backdrop Average growth rate over 4 years GDP growth driven by domestic at 6.8% consumption GDP growth rate Consumption contribution to GDP growth 8.0% 100% 79% 80% 7.5% 67% 60% 59% 60% 7.0% 6.9% 6.9% 6.7% 6.7% 40% 6.5% 20% 6.0% 0% 2015 2016 2017 2018.1-9 2015 2016 2017 2018H1 Source: State Statistical Bureau 3 Consumption upgrade driven by strong structural fundamentals Fast-growing middle-class Stronger consumption-ability by young generation Household number： Consumption in city (million) (tril.USD) 100% 100% 90% 7% 90% 80% 80% 33% 43% 44% 70% 54% 70% 52% 60% 60% 50% 50% 40% 40% 30% 91% 30% 67% 54% 56% 20% 42% 20% 48% 10% 10% 0% 0% 2010 2016 2020E 2011 2016 2021 Mass class Middle Class Wealthy Class Old Generation Young Generation Monthly disposable Monthly disposable Monthly disposable Consumer age 35+ Consumer age 18 - 35 income: income: income: < 12 TCNY 12~26 TCNY > 26 TCNY Source: McKinsey research 2017 Source: BCG research 2017 4 Robust momentum in the cookware market RSP Mil. RMB 25000 2014-17 CAGR 7% 20000 19,459 18,102 16,862 16,035 15000 10000 5000 0 2014 2015 2016 2017 Source: GFK 2014-2017 5 Robust momentum in the small kitchen electric market RSP Mil. RMB 2014-17 CAGR 6% 60,000 55,876 52,134 48,773 50,000 46,652 40,000 30,000 20,000 10,000 - 2014 2015 2016 2017 Source: CMM 2014-2017 6 CONTENTCONTENT 1.
    [Show full text]
  • Phase Exhibitior Section Stand Number 1 SASSIN INTERNATIONAL ELECTRIC SHANGHAI CO.,LTD
    VIP Exhibitors of the 114th Session of Canton Fair Phase Exhibitior Section Stand Number 1 SASSIN INTERNATIONAL ELECTRIC SHANGHAI CO.,LTD. Electronic and Electrical Products 5.1A09-22 1 SICHUAN JIUZHOU ELECTRIC GROUP CO., LTD. Consumer Electronics 11.3C35-46 1 Guangzhou Midea Hualing Refrigerator Co., Ltd. Household Electrical Appliances 3.2A77-92 1 GREE ELECTRIC APPLIANCES,INC.OF ZHUHAI Household Electrical Appliances 4.2A51-78 1 MIDEA GROUP CO.,LTD. Household Electrical Appliances 3.2A09-60 1 HAIER GROUP Household Electrical Appliances 3.2B01-54 1 GUANGDONG XINBAO APPLIANCES HOLDINGS CO.,LTD. Household Electrical Appliances 4.2F31-47 1 NO.168 HUANCHENG EAST RD.ZHOUXIANG CIXI,NINGBO P.R.C. Household Electrical Appliances 4.2F19-30 1 NINGBO AUX IMP.& EXP CO.,LTD. Household Electrical Appliances 4.2D13-46 1 XINGXING GROUP CO.,LTD Household Electrical Appliances 4.2I07-21 1 TCL CORPORATION Household Electrical Appliances 3.2G41-60 1 GUANGDONG GALANZ ENTERPRISE CO., LTD. Household Electrical Appliances 4.2A06-45 1 Guangzhou Wanbao Group Co.,Ltd. Household Electrical Appliances 3.2E50-67 1 GUANGDONG CHIGO AIR CONDITIONING CO.LTD Household Electrical Appliances 4.2D51-71 1 Homa Appliances Co., Ltd Household Electrical Appliances 3.2C01-12 1 NINGBO KAIBO GROUP CO.,LTD. Household Electrical Appliances 2.2D37-42,2.2E07-12 1 NINGBO XINLE HOUSEHOLD APPLIANCES CO., LTD. Household Electrical Appliances 3.2C85-96 1 SICHUAN CHANGHONG ELECTRIC CO.,LTD. Household Electrical Appliances 3.2E20-35 1 NINGBO LAMO ELECTRIC APPLIANCE CO.,LTD. Household Electrical Appliances 3.2G29-40 1 HEFEI MEILING COMPANY LIMITED Household Electrical Appliances 3.2E36-49 1 CUORI ELECTRICAL APPLICANAES GROUP CO.,LTD.
    [Show full text]
  • Annual Report 2009/10
    Skyworth Digital Holdings Limited Annual Report 2009/10 Contents Financial Highlights 2 Letter from Executive Chairman and Chief Executive Officer 4 Management Discussion and Analysis 8 Corporate Governance Report 21 Directors and Senior Management Profiles 33 Corporate Structure 41 Investor Relations 42 Directors’ Report 47 Independent Auditor’s Report 60 Consolidated Statement of Comprehensive Income 63 Consolidated Statement of Financial Position 65 Consolidated Statement of Changes in Equity 67 Consolidated Statement of Cash Flows 69 Notes to the Consolidated Financial Statements 71 Summarised Statement of Financial Position of the Company 163 Financial Summary 164 Financial Review 165 Corporate Information 166 1 Skyworth Digital Holdings Limited Annual Report 2009/10 Financial Highlights Amount expressed in HK$ million (except for share data) 2010 2009 Change OPERATING RESULTS FROM CONTINUING OPERATIONS Turnover 22,769 15,329 +48.5% Operating Profit (EBIT) from continuing operations 1,660 700 +137.1% Profit from continuing operations 1,326 460 +188.3% DISCONTINUED OPERATIONS Gain (loss) for the year from discontinued operation – 43 -100.0% Net Profit for the year 1,326 503 +163.6% Profit attributable to owners of the Company 1,251 460 +172.0% FINANCIAL POSITION Net cash (used in) from operating activities (1,987) 794 -350.3% Cash position* 4,585 1,539 -52.8% Bank loans 6,721 1,429 +197.9% Bank loans excluding the financial liabilities arising from discounted bills and foreign exchange arrangements 968 147 +558.5% Equity attributable
    [Show full text]
  • Hisense Kelon Electrical Holdings Company Limited 海信科龍電器股份有限公司
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HISENSE KELON ELECTRICAL HOLDINGS COMPANY LIMITED 海信科龍電器股份有限公司 (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 00921) DISCLOSEABLE TRANSACTIONS SUBSCRIPTION OF WEALTH MANAGEMENT PRODUCTS Reference is made to the announcements of the Company dated 1 September 2016 and 7 September 2016 in respect of the August Wealth Management Agreement, the First September Wealth Management Agreement and the Second September Wealth Management Agreement, pursuant to which Hisense Refrigerator (as subscriber) subscribed for the wealth management products in the aggregate subscription amount of RMB900,000,000 (equivalent to approximately HK$1,045,504,145Note 1) from the Agricultural Bank of China (as issuer). The Board is pleased to announce that apart from the August Wealth Management Agreement, the First September Wealth Management Agreement and the Second September Wealth Management Agreement, on 26 September 2016, Hisense Refrigerator entered into the Third September Wealth Management Agreement with the Agricultural Bank of China to subscribe for the 75-day Wealth Management Product in the subscription amount of RMB200,000,000 (equivalent to approximately HK$232,660,943Note 2). The Third September Wealth Management Agreement by itself does not constitute discloseable transaction of the Company under Rule 14.06 of the Listing Rules.
    [Show full text]
  • Vanguard Total World Stock Index Fund Annual Report October 31, 2020
    Annual Report | October 31, 2020 Vanguard Total World Stock Index Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
    [Show full text]