In just two months, TCL Group (3.87, 0.00, 0.00%) Chairman Li Dongsheng's mood has returned from calmness to calmness.
He led the Shenzhen Huaxing Optoelectronics 8.5-generation line project, and finally saw the dawn of financing after six months of construction. Last month, TCL Group just completed the A-share private placement, raising 4.5 billion yuan.
However, TCL Multimedia (01070.HK), with a total share capital of 1.068 billion shares, surrendered a bad answer in the first half of the year, with a loss of HK$334 million.
"TCL did not do well this year," Li Dongsheng said bluntly that TCL judged the mistakes in the strategic choices of Internet TV and LED-backlit TV.
To this end, TCL Multimedia CEO Yu Guanghui, who just took office in October last year, took the initiative to resign. As the group's executive director and senior vice president, Zhao Zhongyu took over the post, he will make corresponding adjustments from the perspective of market pull and change the past to push the front desk in the background. Strategy.
Market judgment
For the half-year huge loss of HK$334 million, TCL Multimedia made a multi-faceted explanation: the growth forecast of the domestic color TV industry failed to meet expectations and led to the increase of the previous inventory; in order to accelerate the LED growth, the second quarter concentrated on the inventory of the old LCD products. Cleanup, increased sales costs; and the company's business restructuring costs, OEM business adjustments and the North American market to strengthen the promotion of private label sales, the impact of factors such as the continued depreciation of the euro. Among them, the damage caused by cleaning up inventory in China is the biggest, and the inventory clearance of traditional CCFL-backlit LCD TV products will continue until August this year. Guotai Junan analysts Fang Xin and Wang Wei believe that TCL's performance recovery needs to wait in the fourth quarter.
Yang Dongwen, vice president of Skyworth Group, told the Times Weekly reporter that after five years of LCD TV entry into the Chinese market, its growth in 2009 has reached its peak. Domestic and foreign color TV manufacturers have demonstrated price advantages within the controllable cost control, but they have become increasingly fierce. The price war has forced manufacturers to re-find new profit growth points.
One is to improve the technology from CCFL backlight LCD TV to more energy-saving and light-weight LED-backlit LCD TV, and the other is to develop Internet TV to realize the function expansion.
TCL put the breakthrough point on Internet TV, and Changhong and Konka made the same choices, while Skyworth and Hisense chose LED backlight technology.
There is a bias in the market judgment of Internet TV and LED-backlit TV. Li Dongsheng is regarded as the main cause of loss: "At the end of last year, we only planned a LED-backlit LCD production line facing the high-end market during product planning. Later, LED backlight module The price drop has exceeded our expectations. As a result, we have to adjust to it later. Our products lag behind the market as a whole, which makes our business in color TV in the first half of this year inferior to the main competitors."
This leads to the current sales ratio of LED LCD TVs of TCL is only about 8%, and Skyworth and Hisense, which have been betting LEDs from the beginning, have reached 25%.
Planning 60 product LED backlights
Yu Guanghui, a technically born person, is a low-key figure. He became the CEO of TCL Multimedia in October last year and left the office less than a year after taking office.
Zhao Zong, who succeeded Guanghui, is Zhao Zhongyu, executive director and senior vice president of TCL Group, a marketing company. In addition to serving as the new CEO of TCL Multimedia, he is also the Chairman and CEO of TCL Parts Industry Group and the CEO of TCL Home Appliances Group. This is the fifth time in four years that TCL Multimedia has changed coaches. Interestingly, the successor to the first coaching change six years ago was Zhao Zhongyu, and the five coaching changes in six years brought the head of TCL Multimedia back to the original point.
After painstaking thoughts, TCL Multimedia basically completed the cleaning of CCFL inventory in August this year, and in September will release a full range of new LED-backlit LCD products, and highlight the 3D image function, it is expected to sell 800,000-100 million LED-backlit TVs by the end of the year. . However, TCL Multimedia has lowered its annual LCD TV shipment target to 8.5 million units from 11 million units at the beginning of the year.
"Now we are improving rapidly. TCL hopes that by the end of the year, LED backlight products will account for about 30%. We estimate that the average market level is also around 30% at that time, so we can reach the market average at the end of the year. Next year, we will initially About 60 products are planned to use LED backlights," Li Dongsheng said.
Industry chain integration
TCL is just a microcosm of the current state of the industry. The inventory level of many domestic color TV manufacturers has risen, and this aspect is due to the misleading of some of the research companies' false high forecast data, and on the other hand, the terminal manifestation after the panel prices have fallen in the previous period.
A vice president of a color TV company told the Times Weekly reporter: "In the first half of 2009, color TV companies were pessimistic in the financial crisis. However, the Chinese market was triggered by policies such as home appliances going to the countryside and trade-in, and raw material prices were at a low level. Domestic color TVs have the opportunity to achieve the best profit and scale growth.†In 2010, the size of China's LCD TV market is expected to be refreshed by research institutions, from 35 million units to 40 million units.
Li Dongsheng said that due to the shortage of LCD panels in 2009 and the increase in prices, in order to cope with the greater demand in 2010, “many companies have taken the case of purchasing panels in advance and even hoarding panels.â€
Under the expectation of the scenery, there are more facts that cannot be concealed. Data monitoring shows that the demand for LCD TVs in mainland China was about 10.5 million units in the first six months of this year. Although it increased by 35% compared with the same period of last year, the growth rate dropped by 17%. "In the first half of this year, the performance of domestic color TV market was generally lower than expected, which was due to the suppression of domestic brands by foreign brands. This year, foreign brands have suppressed the domestic brands with the combination of 'high price panel + low price machine' strategy, which has made the domestic brand color TV market space subject to A lot of extrusion." Analysis of Jin Xiaofeng, deputy general manager of Aowei Consulting.
Li Jixiang, vice chairman of Zhongyikang Times Market Research Co., believes that from the perspective of long-term development, there are still many positives for domestic appliance manufacturers in the second half of the year: "The competition in consumer electronics industry has rapidly risen from the price technology level to the value of the industry chain and supply chain. The core value level of management, etc. For TCL, it invests huge financial and human resources, and the layout of the LCD TV industry chain is in line with the rapid growth of the consumer electronics industry, and the long-term competitive advantage is obvious. At the same time, the triple play brings A huge opportunity, TCL currently has a number of core technologies in the field of Internet TV. The first TCL smart TV based on Android system will be listed in the year. TCL also cooperates with Hangzhou Huashang and China Network TV (CNTV), with its technology, The leading edge in functions and content services has successfully occupied the commanding heights of the Internet TV field and will become a direct beneficiary of 'Triple Network Integration'."
“In the past five or six years, the entire color TV industry has undergone a reshuffle of market share. Now it is the industry integrator of color TV industry. From the perspective of the development of global color TV industry, the contribution of industry chain integration to the competitiveness of enterprises It is very big. So TCL is also working hard towards this goal." Li Dongsheng firmly believes that TCL will usher in the most wonderful moment.
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