Chinese home appliance industry shows positive performance trends in 2022
Haier Smart Home Co., Ltd. (Chinese: 海尔智家, 600690:SH), a famous home appliance brand in China, released its Q3 2022 report on 30 October, with stable improving performance.
In Q3 2022, Haier achieved revenue of CNY 62.89 billion (USD 8.66 billion), up 8.62% year-on-year, and net income of CNY 3.72 billion, an increase of 20.28% compared to the same period of the previous year. In the first three quarters of 2022, Haier reported revenue of CNY 184.75 billion, up 8.91% year-on-year, and a net profit of CNY 11.67 billion, rising 17.26% from the same period of the previous year.
Founded in 1984, Haier is one of the leading home appliance IoT ecological brands in China. Haier provides users with intelligent multi-scenario solutions to improve their life quality. Haier achieves interaction, experience, sales and service in one intelligent ecological platform through cloud, full-link services and personalized smart terminals.
Haier said the company seized the opportunity of category innovation and model innovation, strengthened the advantage of its premium character and accelerated the digitalization to enhance user experience and entire value chain efficiency.
It is noticeable that due to energy shortage in Europe, products such as Chinese-made heaters were previously hot sold in Europe. Haier mentioned that its overseas business grew 8.7% year-on-year in the first three quarters of 2022. The company has continued to increase its global market share by seizing growth opportunities in energy-efficient products and capitalizing on industry trends.
The performance of the Chinese home appliance industry has maintained stable growth this year.
GREE ELECTRIC APPLIANCES (Chinese: 格力电器, 000651:SZ) achieved operating revenue of CNY 147.49 billion in the first three quarters of 2022, up 6.77% year-on-year and a net profit of CNY 18.3 billion, increasing 17% year-on-year.
Midea Group Co., Ltd. (Chinese: 美的, 000333:SZ), on the other hand, has seen relatively slow growth, with total revenue of CNY 270.4 billion in the first three quarters of 2022, up 3.5% year-on-year and net profit of CNY 24.5 billion, rising 4.3% compared to the same period of the previous year.