OFweek smart home network news lasted nearly half a year the trend of household electrical appliance prices, in May finally finally slowed down, some raw material prices have actually declined slightly.
Since the second half of 2016, the prices of bulk materials have continued to rise. For example, copper prices rose by 40%, plastics, aluminum, etc. rose by more than 30%. At the same time, the increase in logistics costs due to the strengthening of management of expressway transportation by relevant departments has led to rising costs due to environmental protection thresholds for packaging and other industries. Under the "three arrows", because there is not enough room for profit to absorb and increase costs, home appliance companies have to raise prices for the whole product.
Eight years ago, the Ministry of Industry and Information Technology issued the "Guiding Opinions on Accelerating the Transformation and Upgrading of the Household Appliance Industry in China". China's home appliance industry has set off a revolution: it has overcome the lack of independent innovation capabilities, and its core technologies and key components have not been able to develop R&D capabilities; product homogeneity is prominent, low added value, and high-grade products are less competitive than world-class companies. And other industry development problems.
Up to now, the increase in the price of the whole machine brought about by this round of raw material price hikes can also enable people to review and evaluate the effect of the transformation and upgrading of China's home appliance industry over the years: Although breakthroughs have been made in many key links in the industry chain, international competition The power has also steadily increased, but there is still a certain distance from the expectation of a high-profit, high-value-added industry.
Gao Yanmin, Director of the Consumer Products Division of the Ministry of Industry and Information, told the reporter of the “Financial State Weekly†that in May 2016, the General Office of the State Council issued “Several Opinions on Launching a Special Campaign for the Consumer Goods Industry “Three Goods†to Create a Good Market Environmentâ€, and in March 2017, the Ministry of Industry and Information Technology The hall issued the “Special Action Plan for the Consumer Goods Industry, Three Goods, 2017â€. The two policies aim to guide and encourage enterprises to strengthen quality brand building, implement the “Three Goods†strategy, speed up manufacturing upgrades, actively explore overseas markets, upgrade the structure of export products, and promote Chinese brands to the world.
Insufficient investment
Although it has been stated that it is necessary to increase investment and master core technologies, Guo Meide, vice president of industry consulting firm Aowei Cloud Network, told the “Financial State Weekly†reporter that the Chinese home appliance companies and their international counterparts are in the depth, breadth and reliability of independent innovation. There are still gaps in the aspect, which is mainly due to the fact that China's home appliance companies have not invested enough in independent innovation and their time has not been adequately precipitated.
There are “two lows†in the R&D investment of Chinese home appliance companies: First, the ratio of R&D investment to current year revenue ratio (hereinafter referred to as “R&D investment ratioâ€) is low.
"Financial National Weekly" reporter combed and found that since 2012, of the 18 home appliance companies listed on the A-share market, only Meiling Electric and Zhejiang Meida have invested more than 5% in R&D, and the remaining 16 companies have remained at 2% for most of the time. Between 4%, 8 of them are basically below 3%. Sichuan Changhong and Konka Group are typical, and the R&D input ratio never exceeds 2%.
According to public data, the R&D investment ratio of the top two global Samsung TVs in 2016 was approximately 7.6%, and LG was approximately 6.01%.
Another “low†is that the 2016 R&D investment ratio is generally lower than 2015. Guo Meide said that many home appliance companies are affected by profitability and cannot guarantee normal R&D investment. In 2016, due to the increase in raw material prices that began in the second half of the year, many home appliance companies first reduced R&D expenditures.
In 2016, Midea Group's R&D investment was the highest, at 6.046 billion yuan; followed by the TCL Group and Qingdao Haier again. However, the total R&D investment of 18 listed home appliance companies was only 19.431 billion yuan.
According to the data released by the European Commission on "2016 global corporate R&D investment rankings," Panasonic and Sony's R&D investment in 2016 was 3.429 billion euros and 3.569 billion euros, respectively, at the exchange rate of 1:7.25 on the day of release, Panasonic and Sony. The R&D investment of home companies is far more than the sum of R&D investment of 18 home appliance companies.
“Over-concern about costs and the lack of long-term plans for continuous investment in the system are a common problem among Chinese home appliance companies.†Li Liwei, managing partner of Qingyun Venture Capital, wrote in January 2017 that the two companies are innovating in R&D for the TCL Group and Hisense Electric as an example. The input is relatively large, and the performance at the CES (International Consumer Electronics Show) is more prominent, but most of them are integrated innovations and are still lacking in core technology.
Guo Meide said that many independent innovation achievements of China's home appliance companies have not yet been fully verified in the market, and they urgently need to exchange for economic benefits and rush to the market, so there is still a small gap in product stability and reliability. "How to solve these differences? The best way is to increase the investment in independent research and development and fully verify the reliability."
Of course, the focus of R&D investment will also have to change. Hu Ziqiang, vice president of Midea Group and president of the Academia Sinica, once said in 2016 that more investment in the past was a production facility, and that after the transition, more investment should be made in talents, research resources, etc., and cooperation with outsiders should be strengthened to introduce more technology.
In fact, China’s household appliances are still labor-intensive industries. Take the “Big Three†of white electricity as an example. The proportion of employees with non-undergraduate education accounts for about 80% of the total number of employees.
Product added value puzzle
There is no right to speak in the key links of the industrial chain, and the lack of R&D investment results in practical problems such as low value-added products.
Jin Shijing, Director of the Electronic Information Department of the Ministry of Industry and Information Technology, told a reporter from the “Financial State Weekly†that China’s color TV industry has a relatively weak profit. In the past 10 years, color TVs are the products with the lowest gross profit margin among the major household appliances, and have long-term operation at low profit levels, which has seriously affected color TV sets. Healthy development of the industry.
“Financial National Weekly†reporter combed and found that the gross profit margins of five brands, namely Skyworth, Hisense, Changhong, TCL and Konka, which are known as the “Five Golden Flowers†​​of traditional color TV sets, have not exceeded 23% since 2005, and most The year's gross margin level is between 15% and 20%.
The gross profit margins of refrigerators, washing machines, and air conditioners of the “Big Three†of white electricity have remained at more than 20% since 2008, and they have continued to rise. In 2013, they have entered a level of at least 25%. Gree Electric Appliance Co., Ltd. has the highest gross profit margin level of about 40%.
However, the gross profit rate of white goods of other companies is less than the “big threeâ€. For example, Meiling Electric Appliances, which is the third largest in the refrigerator field, is less than 21% in the past two years, which is about half of Gree's gross margin.
For Black Power, what is worse is the impact of the low price model of Internet TV and the development of e-commerce. The increasingly fierce competition in the industry, the continuous drop in the price of color TV products, and the problem of low profits in the industry are further highlighted.
Shi Shijing introduced that in 2016, the average price of domestic color TV products with the same size dropped by more than 20%, causing the color TV industry to face the issue of incremental reduction, and business operating pressure. "Five Golden Flower" financial data show that in recent years, the decline in the level of gross profit margin of Hisense and Konka color TV is particularly evident.
China's home appliance gross margin in overseas markets is even more worrying. "Financial National Weekly" reporter combed found that China's household electrical appliance enterprises overseas market gross margin level is generally lower than the domestic. For example, Sichuan Changhong was 3% lower than the domestic market in 2016, and Midea Group was about 7 percentage points lower than the domestic market in 2016. The gap is even greater, such as Hisense Electric, in 2016 its overseas market gross margin was only 4.77%, about one-fifth of the domestic market.
Overseas markets are truly "touchstones" such as industrial designs. Ma Han, product design director of Small Appliances Division of Zhejiang Supor Co., Ltd., told the “Financial National Weekly†reporter that from an industrial design point of view, there are still gaps in the awareness, environment, systems, and culture of Chinese home appliances and international counterparts.
Another direct cause of the low added value of Chinese home appliances in overseas markets is the lack of an effective market strategy. Ren Guoqiang, partner of Roland Berger Management Consulting Co., Ltd., told the “Financial National Weekly†reporter that the development model and operation ideas of Chinese companies are more suitable for developing countries. Take color TV as an example. After the Japanese color TV brands withdrew from Southeast Asian countries, it was not the Chinese color TV companies but the Korean Samsung and LG.
Ren Guoqiang introduced that taking a leading brand of China Color TV as an example, in August 2016, the brand became the largest color TV brand in Australia with a market share of 19%. However, the brand appeared as a competitor with half the price of Samsung and LG products of the same size. "It did not compete as a Chinese brand, and it could not compete with Samsung and LG at all."
Lack of key links in the industry chain
The important issues that need to be resolved in the transformation and upgrading of household appliances in China are the right to speak in the industry chain, especially the color TV industry.
Shih said that in recent years, the core technology of the color TV industry has been continuously strengthened, breakthroughs have been made in key links such as chips, panels, and operating systems, and smart TV core chips have been developed by domestic manufacturers such as Shenzhen Hisilicon Semiconductor Co., Ltd. and Jingchen Semiconductor Co., Ltd. The company has already mass-produced and shipped more than 10 million units in 2016; the local support rate for key devices such as displays has increased significantly. In 2016, the self-sufficiency rate of LCD panels for Chinese TVs exceeded 60%.
However, the mastery of color TV core technologies is still insufficient, and there are still significant shortcomings in the key links of the industrial chain. Shi Shijing introduced that the autonomous supply capacity of key upstream devices and materials such as smart TV high-performance image processing chips, operating systems, and high-generation LCD glass substrates is still weak.
Li Yaqin, deputy general manager of Beijing Qunzhi Marketing Consulting Co., Ltd., told reporters at the “Financial National Weekly†that the raw materials for the panel are glass substrates, liquid crystal molecules, polarizers, and driver chips. Although Shenzhen Textile (Group) Co., Ltd. has solved the problem of localization of polarizers, its raw materials for polarizers are dependent on imports. The polarizer supply chain cannot be domesticated, and the technology is still controlled by foreign companies. “This means that the technological advancements and profitability of companies such as Shenzhen Textile are limited.â€
The data of Shenzhen Textile's 2016 annual report shows that its net profit attributable to the shareholders of the listed company was a loss of RMB 87 million, a decrease of 1127.05%. This is the biggest drop in net profit since 2006. In fact, starting from April 2016, panel prices have shown historically unprecedented upward trend of more than 10 months.
Intelligence is an important direction for the development of the home appliance industry. Facing the gradual popularization and development of intelligent home networks, it is more urgent to introduce various sensors into home appliances. Consumers want home appliances to be more comfortable, improve performance, reduce consumption, reduce noise and vibration, and achieve complex intelligence. To achieve these functions you need to use pressure sensors, chemical sensors and electromagnetic sensors.
However, the sensor is a "short board" on the way to smart appliances. In October 2016, at the International Summit on Sensor Technology and Industrial Development held in Wuxi, Jiangsu, Qiao Yueshan, Deputy Director of the Department of Electronic Information of the Ministry of Industry and Information Technology stated that in the Chinese sensor market, middle and low-end products can basically be "self-sufficient," but imports of medium and high-end sensors Accounted for 80%, digital, intelligent, miniaturized products are seriously lacking.
Shi Shijing said that the Ministry of Industry and Information Technology will change the status quo of lack of discourse power in the industrial chain from two aspects. The first is to promote the development of core key technologies. Research policies and measures to promote the overall transformation and upgrading of the color TV industry, increase investment in key technology research, product research and development, and application promotion, and support the development of the core basic links of industrial chains such as panels, core chips, and key materials, and enhance the capacity for independent support. The second is to actively build a benign industrial ecology. Support upstream and downstream cooperation in the color TV industry chain, explore new growth points and sustainable and healthy development models, and increase industry profitability.
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