Starting today to buy energy-saving appliances will be subsidized

A few days ago, the State Council decided to arrange financial subsidies of 26.5 billion yuan to promote energy-saving air-conditioning, flat-panel TVs, refrigerators, washing machines and water heaters. This week, the State Ministry of Finance, the National Development and Reform Commission, and the Ministry of Industry and Information Technology announced details of subsidies for air conditioners and color TVs. The detailed rules show that the subsidies for energy-saving color TV sets and air conditioners were formally launched on June 1. The implementation period is tentatively set for one year.

This news came out, the next day, home appliance stocks were sought after, Skyworth increased by 11.43% to 3.51 yuan rose a larger rate; Haier rose 9.7% to 9.28 yuan; TCL Multimedia, Hisense Kelon were up about 6%.

According to industry sources, home appliance stocks are benefiting from the recent national subsidy policy for the home appliance industry, which will continue to warm the slowdown in the home appliance industry, causing the industry to retreat.

It is worth noting that the color TV's first “China Color” energy saving subsidy is that the color TV products have introduced energy subsidies for the first time. Level 1 energy-efficient color TV products will be used as a subsidy, ranging from 19-inch to 42-inch products with different amounts of subsidies.

In this regard, BOC International analysts pointed out that in the flat-panel TV market, Hisense Electric (600060, shares it) accounted for about 13% of its market share, so Hisense will be a direct beneficiary of the subsidy policy, and Sichuan Changhong (600839, stock it) Plasma TVs account for nearly half of the domestic market, and will also benefit from larger subsidies.

It is understood that the current domestic appliance market, Haier, TCL, Hisense, Skyworth has a relatively large proportion of first-class energy efficiency products. Among them, the main business color TV accounted for the larger is Hisense, Skyworth. And Konka, Changhong and other companies are expected to use energy subsidies to improve performance.

Credit Suisse said that although some of the subsidies will be passed on to consumers in ways that reduce the price of televisions, TV makers can still retain some of the subsidies.

It is worth mentioning that Credit Suisse expects that Skyworth Digital will receive a total after-tax subsidy of HK$2.43 billion between June 2012 and March 2013. If the company retains a 30% subsidy, it will be included in the profit before subsidies. Increased by 44%.

In this regard, Liu Weizhi, general manager of Skyworth's color TV division, said that very colorful manufacturers on the hardware could quickly converge on smart TVs, but the company’s advantage was to find its own differentiated technology positioning.

Or will stimulate the consumption of nearly 200 billion. It is reported that the Ministry of Finance website released energy-saving air-conditioning subsidies and energy-saving television subsidies product details clearly defined subsidies for domestic air-conditioning and flat-panel TV products. Among them, air-conditioning, energy-saving subsidies for home air-conditioning fixed speed, frequency conversion first-level, second-level energy efficiency products, the minimum subsidy of 180 yuan, the maximum subsidy of 400 yuan, mobile, multi-unit, unit air-conditioning units temporarily not included in the subsidy Scope; flat panel TVs, LCD TVs for energy efficiency 1, and energy efficiency index reached 1.7 and above levels, subsidy standards 100-400 yuan / Taiwan, plasma TVs for energy efficiency 1, and energy efficiency index reached 1.4 and above levels, subsidy standard 250 -400 yuan/station. For this subsidy, the promotion period is tentatively scheduled for one year and the period is from June 1, 2012 to May 31, 2013.

According to industry insiders, the subsidy standard is roughly equivalent to 10% of the price of the corresponding product. Among them, the subsidy intensity of air-conditioning is higher than last year's subsidy policy for saving energy and benefiting the people, and the range of products covered by subsidies is also more extensive. At the same time, LCD TVs and The subsidy energy efficiency of plasma TVs has been upgraded.

The person further pointed out that this subsidy will have a significant improvement in the profitability of home appliance companies, and it is of great significance in guiding consumers to form green consumption habits and industrial upgrading. However, it does not rule out subsidy policy implementation progress lower than expected.

“At present, the scale of energy-saving and high-efficiency products in the market is relatively small. Therefore, this subsidy is more concentrated on energy-saving and energy-efficient products. In addition, from the perspective of the industry's physiological cycle, subsidies will accelerate the replacement of new products in advance and promote The adjustment of the industrial structure has enabled the company to concentrate its efforts on the adjustment of sales to the technical institutions.” Luo Qingqi, a senior director of Pare Consultancy, expressed to the reporter.

Changjiang Securities (000783, stocks) analysts believe that preliminary estimates, it is expected to promote energy-efficient flat-panel TVs and energy-saving air-conditioning will drive consumption of about 180 billion yuan. Among them, it is expected that the subsidy policy will drive flat-panel TV sales will reach 73.8 billion yuan, the amount of subsidies is about 4.95 billion yuan; pulling air-conditioning sales will reach 106 billion yuan, the amount of subsidies is about 7.81 billion yuan.

Inventories of low energy efficiency products may drag down companies It is understood that the state has put forward more stringent requirements for companies that apply for subsidies. On the one hand, the company is required to have a complete sales management system and after-sales service system; on the other hand, the number of air-conditioning manufacturing enterprises to promote efficient and energy-saving air-conditioning is not less than 100,000 units per year, while the number of flat-panel TV manufacturers promoting high-efficiency energy-saving flat-panel TVs is not Less than 500,000 units.

It is reported that in 2011, Gree and Midea's domestic sales of air-conditioning were 23.63 million units and 15.95 million units, respectively, and domestic sales accounted for 68% of total sales and 54%. In April 2012, Gree Electric Appliance Co., Ltd. sold 7.2 million air-conditioning products domestically, an increase of 5.1% year-on-year; Midea air-conditioning products sold 4.4 million units, a year-on-year decrease of 18.5%.

In this regard, some people in the industry pointed out that from the perspective of the current industry structure of white companies, the leading companies benefit significantly.

Dongxing Securities analyst pointed out that after the introduction of the subsidy policy, consumers will actively choose energy-efficient products. As a result, unsold, low-efficiency products will create a backlog in channels and manufacturers, resulting in price losses. Companies with high inventory turnover will be more willing to invest in production and sales of energy-efficient products. Otherwise, their performance will be weighed down.

It is worth mentioning that some people in the industry pointed out that with the clarification and implementation of the New Deal subsidies, home appliance chain companies have also started to take actions, and non-energy-efficient subsidies will have a big price cut.

In fact, companies with ideas have taken the lead in responding. Gome said that consumers who purchase frequency-convertible energy-saving air conditioners will also receive additional electricity subsidies, and customers can enjoy a maximum subsidy of 30% (for home users only) based on the electricity bill from April to July. Among them, the purchase of 1 or more air conditioners can enjoy 15% of the electricity subsidies, the total amount of up to 300 yuan; 3 or more (including) air conditioning can enjoy 30% electricity subsidies, the total amount of subsidies up to 500 yuan. Yongle and Suning have also combed the purchase structure to digest the non-state subsidies for energy-saving products.