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Since 2013, the prosperity of the home appliance industry has continued to increase, and the production and sales of major home appliances have steadily increased. Affected by the New Deal's withdrawal from subsidies, sales in May showed a swift growth. After the full withdrawal of stimulus policies, the year-on-year growth in sales in the third quarter fell slightly, still maintaining a high growth rate since 2013, and the overall operation of the industry maintained a steady growth trend.
In 2014, as the external economy continued to stabilise and the product structure was further upgraded, the business climate was expected to maintain a steady upward trend. Among them, the black-box industry is supported by domestic demand for updates, but it is expected to increase slightly but the space for improvement will be relatively limited. The white-electricity industry will benefit from the continued recovery of real estate, in-depth urbanization, and a vast amount of space in the rural market to enhance the space, which is expected to maintain rapid growth. From the perspective of supply, the investment in fixed assets in the industry is not expected to be strong, the investment behavior of enterprises is more cautious, inventory is at a relatively low level, and there is little pressure on the supply of the industry. The prices of raw materials such as steel, copper and panels are expected to continue to operate at low levels; labor costs continue to rise strongly, but there is limited impact on companies and the overall cost pressures of the industry are controllable. At the policy level, the leader policy is expected to be launched in the near future. However, due to the limited number of companies, the industry will gradually return to the origin of market development. In terms of competition, products developed by new entrants in the smart TV market are listed on the market and impact the traditional TV market at a relatively low price. At present, the future development trend of industry competition is not yet clear, but the overall situation will intensify competition and impact the existing pattern.
In terms of finance, with the steady recovery of industry prosperity, industry revenue and profitability rebounded rapidly, cash flow conditions improved, industry investment growth rate rebounded slightly, but the overall leverage ratio was not further amplified, and the industry’s short-term debt repayment indicators were better. At the same time, long-term debt repayment has been improved, and the debt-recovery capability of white power companies is better than black power. In the future, with the industry continuing to recover, the financial performance of the household appliance industry is expected to continue to improve.
In terms of differentiation of credit quality, compared with the black-box industry, White-Electricity has a broader room for growth in demand in the future, and the home appliance industry will continue to exhibit the pattern of “white strong and weak†in the future. In addition, with the emergence of emerging online channels, companies with strong online + offline channel integration capabilities will also be expected to maintain relatively good sales and earnings, and support their credit levels.
On the whole, the fundamental factors supporting the development of the household appliance industry have not changed. The impact of the three major home appliances policies on the industry after the withdrawal of the industry gradually narrowed, and the degree of industry recovery was better than the general expectation at the beginning of policy withdrawal. In the next 1-2 years, the implementation of a wide range of stimulus policies is not expected to be strong. The subsidy of the New Deal and the improvement of energy efficiency standards will effectively promote the upgrade of energy efficiency of products. The industry will gradually return to the origin of market development. The industry is expected to recover moderately, and credit quality is expected to be maintained. China Bonds Credit maintains the "general" assessment of the credit quality of the home appliance industry, and the industry outlook remains "stable."
LCD is a substance between solid and liquid. It can't emit light by itself, so it needs additional light source. Therefore, the number of lamps is related to the brightness of the Liquid Crystal Display. The earliest liquid crystal displays had only two upper and lower tubes, the lowest of the popular type was four lamps, and the high-end one was six lamps. The four-lamp design is divided into three types of placement: one is that there is a lamp on each of the four sides, but the disadvantage is that there will be dark shadows in the middle. The solution is to arrange the four lamps from top to bottom. The last one is the "U"-shaped placement form, which is actually two lamp tubes produced by two lamps in disguise. The six-lamp design actually uses three lamps. The manufacturer bends all three lamps into a "U" shape, and then places them in parallel to achieve the effect of six lamps.
Tip: Brightness is also a more important indicator. The brighter the LCD, the brighter the LCD, it will stand out from a row of LCD walls. The highlight technology we often see in CRT (ViewSonic is called highlight, Philips is called display Bright, BenQ is called Rui Cai) is to increase the current of the shadow mask tube to bombard the phosphor to produce a brighter effect. Such a technology is generally traded at the expense of image quality and the life of the display. All use this The products of this kind of technology are all bright in the default state, you always have to press a button to implement, press 3X bright to play the game; press again to turn to 5X bright to watch the video disc, a closer look is blurred, you need to watch The text has to be honestly returned to the normal text mode. This design actually prevents you from frequently highlighting. The principle of LCD display brightness is different from that of CRT. They are realized by the brightness of the backlight tube behind the panel. Therefore, the lamp has to be designed more so that the light will be uniform. In the early days when selling LCDs, it was a great thing to tell others that there were three LCDs. But at that time, Chi Mei CRV came up with a six-lamp technology. In fact, the three tubes were bent into a "U" shape. The so-called six; such a six-lamp design, plus the strong luminescence of the lamp itself, the panel is very bright, such a representative work is represented by VA712 in ViewSonic; but all bright panels will have a fatal injury , The screen will leak light, this term is rarely mentioned by ordinary people, the editor personally thinks it is very important, light leakage means that under a completely black screen, the liquid crystal is not black, but whitish and gray. Therefore, a good LCD should not emphasize brightness blindly, but more emphasis on contrast. ViewSonic's VP and VG series are products that do not emphasize brightness but contrast!