Recently, domestic color TV companies including TCL, Changhong and Konka have released their performances in the first half of the year, which is generally lower than the market expectation at the beginning of the year. The net profit has decreased sharply year-on-year. The TCL multimedia business has even experienced a huge loss of 293 million yuan, which directly leads to Yu Guanghui, the CEO who took office shortly, resigned. The strategy of “high-priced panels + low-cost machines†for foreign brands has had a huge impact on domestic brands, and some color TV companies’ judgments on product planning have also aggravated the dilemma. The internal and external worries of foreigners have come one after another, causing domestic color TV companies to suffer again.
Performance is much lower than expected
The semi-annual report released by Konka this week showed that the sales revenue in the first half of the year was 7.94 billion yuan, a year-on-year increase of 53.52%, and the net profit was 50.878 million yuan, a year-on-year decrease of 36.63%. The semi-annual report of TCL and Changhong last week was not very good. Although TCL Group achieved a net profit of 158 million yuan, a year-on-year increase of 59.35%, but mainly by the communication business, TCL Communication contributed a net profit of 220 million yuan during the period. TCL Multimedia, which is mainly based on color TV business, has fallen into a huge loss of 293 million yuan. Changhong's net profit of 40.63 million yuan, after deducting non-recurring income, still lost 4.37 million yuan. The growth rate of color TV business is far lower than the other product categories of the company, only 17.82%.
Li Dongsheng, chairman of TCL Group, admitted that the industry's market expectations for 2010 were generally too optimistic. Last year, domestic color TVs used the price correction of upstream LCD panels in the financial crisis, as well as home appliances to the countryside, trade-in and other policies to achieve the best performance in recent years, after the industry is optimistic that 2010 shipments will reach 45 million units. According to the latest data from CCID, the demand for LCD TVs in the mainland in January-June was only 10.5 million units. Although it increased by 35% compared with the same period of last year, the growth rate dropped by 17%.
High inventory turn is also difficult
The overly optimistic market expectation has brought inventory pressure to many color TV companies, and the price war provoked by foreign brands has further strained the pressure on domestic color TV manufacturers to clear the warehouse. Konka explained that the reason for the decline in net profit is the price war. "Since the second quarter of this year, foreign-funded color TV brands have adopted unprecedented price reduction measures at the terminal, and domestic brands have been forced to follow up. The gross profit margin of the company's products has been rapidly lowered."
Jin Xiaofeng, deputy general manager of Aowei Consulting, said that this year, foreign brands have suppressed the domestic brands with a combination of “high price panel + low price machine†strategy. Analysts pointed out that due to price advantage, the sales ratio of domestic and foreign brands was about 7:3. This year, foreign investors tried to seize market share by low-end products, and the price difference was reduced to 200-500 yuan. The gross profit of domestic color TV enterprises was Pull down quickly.
In addition to the increase in the cost of sales due to the centralized clearing, Li Dongsheng, chairman of TCL Corporation, said that another major reason for the loss of color TV business was the mistakes in product planning and more energy into Internet TV. "LED TV has slowed down. "Only one LED product line has been planned. LED backlight products only account for 2% of the total sales." The problem with TCL is that the adjustment is not timely enough. In May, it began to clean up excess inventory. At this time, the panel price has begun to fall. Although adjusted later, LED sales accounted for only 10% in July, while the market average sales accounted for 20%. In the first half of the year, Changhong and Konka have invested heavily in the field of Internet TV. Liu Buchen, a home appliance analyst, believes that due to policy regulation and limited development of Internet TV, it is still unable to improve the profitability of enterprises.
Once again facing the battle
In the first half of this year, LEDs have rapidly increased their volume and have become the biggest bright spot in the color TV market. Previously, in the industry's "crossroads", Skyworth, Hisense and other color TV companies that have upgraded from CCFL backlights to more energy-saving and light-weight LED backlights have chosen to take the lead in the market. Faced with many unfavorable factors, color TV companies under internal and external troubles also tried to fight back. The market has rumors that Changhong will correct its strategy of adhering to plasma. Konka is pushing smart LED TVs, TCL Multimedia FireWire is changing, and veteran Zhao Zhongyu takes over and resigns. Yu Guanghui became CEO and took on the responsibility of adjusting product strategy and turning losses into profit. Li Dongsheng said, “I hope that by the end of the year, LED backlights will account for about 30%, and next year’s plan will reach 60%.â€
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