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純利Q4腰斬Q1跌70%,格力電器一度暴跌超4%
格隆匯 04-15 09:36

4月14日晚間,格力電器公佈了2019年以及今年一季度業績報告,讓投資者大感意外,低於市場預期。受此影響,格力電器今日低開2.8%,並一路走低超過4%。

(來源:Wind)

2019年,格力電器營業總收入2005.08億元,同比僅微增0.24%;歸歸母淨利潤246.72億元,同比減少5.84%。單看,四季度營收僅為438.32億元,同比下滑12.29%,歸母淨利潤為25.55億元,同比大幅下降49.74%。另外,加權平均淨資產收益率僅為25.71%,比去年大幅下滑7.65%。

(來源:公告)

格力電器四季度業績下滑嚴重,主要有3個原因。

第一,公司於2019年第四季度開展了“百億大讓利”活動,讓利於市場。去年“雙11”前夕,格力電器突然宣佈“讓利30億元打擊低質偽劣”,變頻空調最低1599元/套,定頻空調最低1399元/套,打起價格戰。不久後的11月26日,格力電器再掀百億大讓利活動;去年“雙12”,格力電器將空調促銷機型擴大至“品悦”、“悦風Ⅱ”系列產品。

第二,格力電器大股東易主高瓴資本,折騰大半年。銷售、管理等多方面工作多多少少會受到影響,甚至一些懈怠。

(來源:Wind)

第三,2019年中國家電市場面臨天花板,市場進入盤整期,整體陷入下行危機。零售額規模累計7931億元(包含25個常見品類),同比下降3.3%,為2012年來首降。其中彩電、冰洗、空調等傳統品類均出增速下滑。

另外,格力電器還公佈了今年一季度預告。第一季度營業總收入207億元-229億元,比去年同期410億元約減少一半;歸母淨利潤13.3億元—17.1億元,比去年56.7億元同比下降70%—77%。

格力電器稱,2020年第一季度,公司收入、利潤較上年同期顯著下降,主要原因如下:受新型冠狀病毒肺炎疫情影響,空調行業終端市場銷售、安裝活動幾乎無法開展,公司及上下游企業不能及時復工復產;一季度,空調行業終端消費需求萎縮,疊加新能效標準實施預期影響,行業競爭進一步加劇,公司繼續實施積極的促銷政策。

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