CHINA WHITE GOODS:MARCH:DISTRIBUTORS STOCKING UP AHEAD OF PEAK SEASON

时间:2017年04月21日 15:01:48 中财网
China IOL released air conditioner (AC) shipment data for March 2017 on 18April. Production volume rose 32.6% yoy to 14.27m units, slower than 66.2%yoy% in Feb. Total sales (sell-in) increased 24.5% yoy to 14.85m units, drivenby both 39.7% yoy growth in domestic sales (51% of total sales) and 12.6%yoy growth in export sales (49%)。 We have a Buy rating for Midea and Hold forHaier Electronic. Gree/Qingdao Haier will release 2016 results on 27/29 April.
  By brand, Gree‘s domestic sales volume (2.53m units) turned to growth of68.7% yoy in March. Midea domestic sales also increased 12.6% (we believethis was because it had changed its policy on made to order)。 Haier’s domesticsales growth was strong at 50.9% yoy in March. In terms of market share,Gree/Media/Haier account for 29%/26%/8.5% of the whole market in March vs28%/28%/8.4% in Feb, respectively.
  Aggressive promotions for the upcoming peak season. March is regarded asan important month for the aircon industry, with each player preparing for theupcoming peak season. Gree launched its three-day “Brand Day” promotion. Itbrought its promotion to residential communities. Hailer also launched a “freeorders“ promotion. Aux conducted its “3.13 Aux Fans shopping Festival”。

  Channel inventory increases – stocking up for peak season and in face of risingraw material prices. Inventories at manufacturers picked up, mainly attributedto 1) distributors starting to restock for the upcoming peak season, i.e. May-Aug, particularly after channel inventory had been largely cleared in 2H16; 2)given raw material price hikes since end-2016, distributors restocked earlierthis year to avoid potential cost increments. By end March, total channelinventory hedged up 10% to 40m units (around 6 months)。 The slower growthof sell-in in March showed that distributors had started to adjust theirrestocking pace.
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