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Taxation changes in household appliances industry, understand the development trend of the industry.

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Taxation changes in household appliances industry, understand the development trend of the industry.

Date of release:2019-01-25 Author: Click:

This week, the dryer household appliances sector outperformed the Shanghai-Shenzhen 300 index by 3.4 percentage points. This week, the Shenwan Household Appliances Index rose 4.7%, stronger than the Shanghai and Shenzhen 300 Index's 1.3%. This week, Whirlpool (600983, stock bar) (8.8%), Midea Group (7.7%), Swan A (7.5%) led the gains, Tianyin Electrical Machinery (300342, stock bar) (-5.5%), Super (002032, stock bar) (-1.9%) and Rongtai Health (-1.8%) led the declines.

Taxation changes in household appliances industry, understand the development trend of the industry.

The last round of subsidies for household appliances is a reminder of the past and the present. In 2008, in order to cope with the international financial crisis and stimulate domestic demand, the government introduced three major industrial stimulating policies from the end of 2007 to 2012, namely "home appliances going to the countryside", "replacing the old with the new" and "saving energy and benefiting the people", which promoted the rapid increase of household appliances in the rural market. Summarizing the stimulating experience of the last round of household appliances subsidy policy, 1) from the category point of view, the varieties with large difference between urban and rural ownership take the lead in policy subsidy, from refrigerator, color TV, washing machine to air-conditioning, microwave oven and electromagnetic oven gradually expand; 2) from the beneficiary degree of individual stocks, second-line brands have a larger overall profit elasticity due to their lower market share and smaller performance base; ) Compared with replacing the old with the new, the bidding system for home appliances in the countryside is more conducive to the leading enterprises with high coverage of marketing network and strong brand influence in the township market.

Taxation changes in household appliances industry, understand the development trend of the industry.

Ning Jizhe, deputy director of the Development and Reform Commission, said that this year, measures to promote the consumption of hot products such as automobiles and household appliances will be formulated. We can judge one of the directions or the categories of household appliances with large quantity in urban and rural areas, such as kitchens, smoke stoves, air conditioners, microwave ovens, water heaters, etc. The other direction is to replace old appliances with new ones, or to usher in a new wave once a decade, in the process of energy efficiency. Brands with higher grades, greater brand awareness and broader sales network coverage in villages and towns benefit the most.

This week's major events and key points report: 1) Gree Electrical Appliances (000651, stock bar) discloses the candidates for the board of directors're-election: Dong Mingzhu, Huang Hui, Wangjingdong, Zhang Wei, Zhang Jundu, Guo Shuzhang, Liu Shuwei, Xing Ziwen and Wang Xiaohua are the candidates for independent directors of the eleventh board of directors of the company; the company will hold its first election in 2019 at 14:30 on January 16, 2019. Provisional shareholder meeting; 2) This week's key report "OP Lighting Depth Coverage Report: Lighting Faucet Rising, Share Continuously Raising", "Geometry of the Impact of VAT Tax Adjustment: Qualitative Analysis and Quantitative Measurement and Sensitivity Analysis of the Impact on Net Profit": 1) VAT Tax Reduction: Small appliances with high proportion of domestic sales income and low net interest rate benefit the most. In order to alleviate the burden on enterprises, the State Council reduced the VAT rate from the previous four levels to three levels in 2017. Together, from May 1, 2018, it lowered the occupational tax rates, such as transportation, construction and basic telecommunications services, which were originally applicable to the manufacturing industry with 17% VAT tax rate, by 1 percentage point respectively. At present, the three levels of VAT tax rates are 6%, 10% and 16%, respectively. In the future, the downward pressure of the economy will increase, and the rate of VAT tax will change from three to two, which will land faster than the market expected. In this regard, we analyze how the adjustment of VAT tax rate will affect the net profit of household appliances companies.

In this situation, the top five enterprises of net profit elasticity in key companies are: Jiuyang Share (002242, share bar), Huadi Share (002035, share bar), Wanhe Electric (002543, share bar), Supol and Oprah. Ming, Xinbao shares (002705, stock bars), Haixin Electric Appliances (600060, stock bars) and Lake Electric (603355, stock bars) ranked the bottom of the list. Small household appliances companies with high domestic sales and low net interest rates all benefited more.

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  • Contact us

    Contact person: Mr. Li   /  Ms. Zhang

    Contact information: 0757-26662385 0757-66882333

    Foreign trade: 0757-66882137

    Fax: 0757-66882134

    E-mail: sales@junte.com.cn

    Address: No. 6, No. 5 Road, Gaocun Industrial Zone, Beijiao Town, Shunde District, Foshan City

    Website: http://en.junte.com.cn/

     


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