The decline in air-conditioning production and sales increased, and inventory levels continued to decline. In June 2012, the air-conditioning industry produced 9.74 million units, a decrease of 16% year-on-year. Sales of 10.57 million units, down 8% year-on-year. Among them, domestic sales of 6.22 million units, down 8% year-on-year; exports of 4.35 million units, down 7% year-on-year. The decline in domestic sales once again expanded this month, and exports also showed negative growth again, reflecting the overall downturn in the industry. We believe that the decline in domestic sales in June was mainly due to the low temperature in early summer and more rain in the country. Taking into account the recent rebound in the domestic real estate market, the national average temperature is higher than the same period of last year. The pull effect of energy-saving subsidies policy is expected to begin to appear in July. We expect the declining trend of air-conditioning sales will slow down, and is expected to further improve.
In June 2012, the air-conditioning industry stocked 8.08 million units, a decrease of 19% year-on-year. The air-conditioner industry's inventory-to-sales ratio (inventory/sales volume) was approximately 0.8, down 0.3% year-on-year, and it is still at a low level of inventory-to-book ratio in recent years. Sales in the air-conditioning industry continued to decline. Production of American and small- and medium-sized manufacturers fell sharply. At the same time, the major manufacturers paid more attention to the new policies for energy-saving subsidies and increased the handling of inventory products that did not meet the subsidy requirements. As a result, the inventory level of the industry continued to decline.
Greeheim has grown in contrarian conditions and its industry concentration has increased slightly. In June 2012, Gree Electric sold 3.67 million units of air conditioners, an increase of 15% year-on-year. Of which, 2.52 million units were sold domestically, an increase of 11% year-on-year; 1.15 million units were exported, a year-on-year increase of 24%. At the same time, the sales volume of the United States’ electrical appliances was 2.3 million units, a year-on-year drop of 26%. Among them, domestic sales of 1.35 million units, a year-on-year decrease of 31%; exports of 950,000 units, a year-on-year decline of 17%. Gree's air-conditioner sales increased by 3% year-on-year in the first six months of 2012, with air-conditioner sales in the United States declining by 18% and Haier air-conditioner sales up 7%.
In the downturn of the industry, Gree and Haier achieved a contrarian increase, while the decline in US domestic sales once again expanded, and the impact of strategic adjustment still exists.
In June, Gree, Midea, and Haier’s domestic market share were 41%, 22%, and 9%, respectively. Gree’s market share increased by 7 percentage points from the same period of last year. In the same period, the US’s decline rate was 7 percentage points, and Haier’s share increased by 1 percentage point.
The contrarian growth of Greeheim's sales brought about a further increase in market share. In June, manufacturers other than the three major air-conditioning faucets accounted for 29% of the market share, a decline of about 1 percentage point from the same period of last year, and the industry market concentration was slightly improved.
The decline in the production and sales of compressors has increased and Lingda and other manufacturers have maintained growth. In June 2012, the air-conditioning compressor industry produced 9.53 million units, a year-on-year drop of 20%; sales of 9.9 million units, a year-on-year decrease of 18%; and inventory of 3.16 million units, an increase of 47% year-on-year. Affected sales of air-conditioning terminals were weak and the manufacturers' channels cleared the three-level product inventory. Both the production and sales declines in the compressor industry expanded. From the perspective of corporate operations, although the industry as a whole went down, some companies such as Lingda, Ruizhi, and Panasonic Wanbao still maintained growth. Gree obviously prefers internal procurement in frequency conversion procurement, so Lingda maintains a relatively high growth rate; Ruizhi is benefiting from the expansion of Sharp's procurement scale; Panasonic air-conditioning has a higher share in some countries in Japan and Southeast Asia. Currently entering the sales season, Panasonic inverter compressor sales have played a larger role.
In June 2012, the air-conditioning industry stocked 8.08 million units, a decrease of 19% year-on-year. The air-conditioner industry's inventory-to-sales ratio (inventory/sales volume) was approximately 0.8, down 0.3% year-on-year, and it is still at a low level of inventory-to-book ratio in recent years. Sales in the air-conditioning industry continued to decline. Production of American and small- and medium-sized manufacturers fell sharply. At the same time, the major manufacturers paid more attention to the new policies for energy-saving subsidies and increased the handling of inventory products that did not meet the subsidy requirements. As a result, the inventory level of the industry continued to decline.
Greeheim has grown in contrarian conditions and its industry concentration has increased slightly. In June 2012, Gree Electric sold 3.67 million units of air conditioners, an increase of 15% year-on-year. Of which, 2.52 million units were sold domestically, an increase of 11% year-on-year; 1.15 million units were exported, a year-on-year increase of 24%. At the same time, the sales volume of the United States’ electrical appliances was 2.3 million units, a year-on-year drop of 26%. Among them, domestic sales of 1.35 million units, a year-on-year decrease of 31%; exports of 950,000 units, a year-on-year decline of 17%. Gree's air-conditioner sales increased by 3% year-on-year in the first six months of 2012, with air-conditioner sales in the United States declining by 18% and Haier air-conditioner sales up 7%.
In the downturn of the industry, Gree and Haier achieved a contrarian increase, while the decline in US domestic sales once again expanded, and the impact of strategic adjustment still exists.
In June, Gree, Midea, and Haier’s domestic market share were 41%, 22%, and 9%, respectively. Gree’s market share increased by 7 percentage points from the same period of last year. In the same period, the US’s decline rate was 7 percentage points, and Haier’s share increased by 1 percentage point.
The contrarian growth of Greeheim's sales brought about a further increase in market share. In June, manufacturers other than the three major air-conditioning faucets accounted for 29% of the market share, a decline of about 1 percentage point from the same period of last year, and the industry market concentration was slightly improved.
The decline in the production and sales of compressors has increased and Lingda and other manufacturers have maintained growth. In June 2012, the air-conditioning compressor industry produced 9.53 million units, a year-on-year drop of 20%; sales of 9.9 million units, a year-on-year decrease of 18%; and inventory of 3.16 million units, an increase of 47% year-on-year. Affected sales of air-conditioning terminals were weak and the manufacturers' channels cleared the three-level product inventory. Both the production and sales declines in the compressor industry expanded. From the perspective of corporate operations, although the industry as a whole went down, some companies such as Lingda, Ruizhi, and Panasonic Wanbao still maintained growth. Gree obviously prefers internal procurement in frequency conversion procurement, so Lingda maintains a relatively high growth rate; Ruizhi is benefiting from the expansion of Sharp's procurement scale; Panasonic air-conditioning has a higher share in some countries in Japan and Southeast Asia. Currently entering the sales season, Panasonic inverter compressor sales have played a larger role.
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