Text|Intelligent Relativity
Author | She Kaiwen
Small home appliance giants such as Supor, Joyoung, Midea, and Xiaoxiong Electric have successively released their 2020 annual reports and 2021 quarterly reports. Several companies are happy and worried. If you only look at the financial report data, Supor will be the most "beautiful" among them.
However, after experiencing the rapid growth of the small home appliance market last year, this year this market has gradually begun to differentiate, and Supor's beautiful financial report also has hidden worries behind it.
Behind the bright data, Supor "left behind"?
Supor’s Q1 achieved operating income of 5.136 billion yuan, an increase of 43.42% year-on-year, and a net profit of 505 million, an increase of 64.59% year-on-year. In addition to Supor, the revenue data of the three "US Nine Primary Schools" in Q1 this year are: Midea's operating income was 83.02 billion, a year-on-year increase of 42.26%, and net profit was 6.469 billion, a year-on-year increase of 34.45%; Joyoung's operating income was 2.243 billion, a year-on-year increase of 31.77%, and net profit was 1.81. Billion, a year-on-year increase of 22.63%; Xiaoxiong Electric’s operating income was 9072 million, a year-on-year increase of 22.66%, and a net profit of 89.85 million, a year-on-year increase of -12.82%.
Comparing with Supor's financial report data, we can see that Supor ranks first in both revenue growth and net profit growth, but in fact, this may just be a sign.
The situation of last year is well known. Especially in the first quarter when the outbreak was the most tense, the business activities of a large number of companies were greatly impacted. For example, the net profit and operating income of Supor in the first quarter of last year fell by 40.44% and year-on-year respectively. 34.57%, so there has been a huge increase in the first quarter of this year, but this situation will also greatly reduce the data reference, perhaps compared with the 2019 data is more true.
Data source: Supor 2021Q1 financial report
It can be seen that compared to Supor's net profit in 2019, the net profit has dropped, and its operating income has also dropped by 6%. At the same time, his competitors, such as Midea, have no such troubles.
Data source: Midea Group 2021Q1 financial report
Although Midea also experienced a 21.51% decline in the first quarter of 2020, compared with the first quarter of 2019, both the net profit and operating income of Midea continued to grow in Q1 this year. The same is true for Joyoung and Xiaoxiong Electric. Of course, Xiaoxiong Electrical appliances may be the other extreme. Due to the substantial growth in the first quarter of last year, this year's net profit has dropped by 12.82%, but it has also maintained a continuous growth compared to 2019.
Data source: Xiaoxiong Electric 2021Q1 financial report
Many consumers may not know that Supor is no longer a domestic brand. In 2006, Supor began strategic cooperation with SEB, a well-known French small home appliance company, and "sold itself" in SEB in 2007. SEB formally became a major shareholder of Supor.
The benefit that SEB brings to Supor is the overseas market. According to Supor's 2020 annual report, its export business accounts for 30.8% of all operating income. Although the world is affected by the epidemic, foreign trade orders still account for 12.08%. Year-on-year increase.
Data source: Supor's 2020 financial report
However, this export data can be said to have nothing to do with the Supor brand itself. At the annual performance briefing held by Supor, investors asked about the specific situation of Supor's export. Supor's answer was "mainly based on OEM".
This means that Supor currently plays the role of its controlling shareholder SEB Group's OEM in its overseas business. It is not the sales of its own brand products. In other words, this is SEB to Supor, and the initiative is in the hands of SEB instead of Supor. Looking at the main sales customers of Supor, it is no surprise that SEB ranks first and accounts for 28.43% of the total annual sales.
Data source: Supor's 2020 financial report
This kind of "absolute proportion" is obviously not a good situation, and among the main rivals, the proportion of America's largest customer is only 8%.
The background of SEB may also become the shackles of Supor. Many voices believe that Supor has become SEB's "foundry in Asia" to provide SEB with Asian labor dividends. Supor's status may not be so important.
Regarding the overall revenue performance, Supor explained that it was mainly affected by the epidemic. However, it is clear that the opponents on the opposite side of the competition continue to rise, this argument is somewhat untenable, and Supor may have been behind for a long time.