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京储街:从格力电器2018年报,看空调大王多元化的捷径与秘密

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Jingke Street said: To become professional and diversified, this is the only way for a large number of global corporate giants to develop and rise in the past 100 years.

Today, Gree Electric, the king of air conditioning specialization, has also embarked on a diversified expansion. Different from the diversified choices of other companies, Gree's diversification is based on related products and related companies, which also provides confidence and motivation for its initial development.

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In 2018, the company's operating income was 19,812 million yuan, a year-on-year increase of 33.61%; the net profit attributable to listed companies was 26.202 billion yuan, an increase of 16.97%; unless the net profit was 25,580 million yuan, an increase of 20.83%; this fully demonstrates that as the company's core business The air conditioner is still the company's "profit cow", providing the company with a steady stream of net profits.

Gree Electric, the king of air-conditioning, has been leading the industry in the past decade. The questionable “layered dealers” and the “high stocks” that have not been solved for many years have failed to shake their leading position in the air-conditioning industry and release their “specialized strength” in the air-conditioning industry. As long as you don't make mistakes, no one can shake in the short term.

The air-conditioning business is doing its utmost to continue to be the largest source of Gree's revenue. The revenue in 2018 reached 155.682 billion yuan, accounting for 78.58%, up 26.15% year-on-year; household appliances such as small household appliances, the revenue of the year reached 37.94. 100 million yuan, accounting for only 1.91%, an increase of 64.9%; smart equipment business, revenue reached 3.108 billion yuan, accounting for 1.57%, an increase of 46.19%; other main business (should include refrigerators, washing machines, kitchen appliances, etc.) The diversified business of home appliances has a revenue scale of 8.007 billion yuan, accounting for 4.04%, an increase of 83.97% over the same period of last year. The other business revenues were 2.753 billion yuan, accounting for 13.9%, an increase of 71.03%.

xx通过这组数据,我们可以看出:首先,空调仍然是格力电器的核心业务,但其收入增长率低于企业的平均增长率,并且低于智能设备,甚至小家电等主营业务。其次,格力电器在过去几年的多元化转型和运营中,正在开始发布一轮分阶段的结果,尽可能的比例仍然很低,但发展速度非常快;三,空调外洗冰电器等家庭的多元化经营规模仍然很小,而且比家用电器等家电企业弱。它不仅表明未来有很大的增长空间,而且表明今天的经营业绩没有达到预期,也没有找到突破;

在过去的几年里,它已经诞生了公司自己的制造业务“工业化和信息化”转型成果,以及日益壮大的格力智能设备业务,在过去的2018年,收入已达到31亿多元。根据一些行业分析师的说法,根据收入的规模,格力已经可以跻身本土机器人的“两强”之列。然而,格力电器2018年年报显示,其智能设备业务仅出售给公司董事长公司,该公司董事长董明珠控制,收入达26亿元,占80%以上整个业务;

同样在2018年9月,格力电气从其关联方国家代理商北京盛世恒兴手中以12.47亿元的价格获得了合肥景洪电器冰箱公司100%的股权;事实上,在过去的五六年里,景洪冰箱一直在格力电器的全国特许经营店的渠道中培育,发展和成长。如今,通过“左手和右手”,格力电器为景洪冰箱的发展辩护。

整个2018年,格力电器从利益相关方手中购买了35.77亿元的原材料和固定资产,但对关联方的空调和智能设备销售总额达到311.4亿元。这表明关联方已成为格力电器发展的“一体”力量。

从多元化产品的相关性,即空调到冰洗,厨房电气扩张,到相关单位的相关采购,即董明珠控制的银龙系统,以及格力的第三大股东,东京海保证,该国最大的代理商。由尚盛士恒兴控股的企业与格力电气直接相关交易。这正是推动格力电器从专业空调公司向多元化工业集团转型的最后两年,这是最大的债券,资本和支持。