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wormsccc
2021-03-27

The market value exceeds Gree's 200 billion, Hillhouse and Dong Mingzhu can't beat a Midea?

从家电巨头到科技集团，5700亿美的的蜕变之路。 1980年，美的带着第一台“明珠牌”电风扇进军家电行业。经过40年的深耕，熬过了春兰、海尔、格力后，美的成为了家电行业的绝对龙头。 2020年，在

The market value exceeds Gree's 200 billion, Hillhouse and Dong Mingzhu can't beat a Midea?

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In 1980, Midea entered the home appliance industry with its first \"Pearl Brand\" electric fan.After 40 years of intensive cultivation, after surviving Chunlan, Haier, and Gree, Midea has become the absolute leader in the home appliance industry.In 2020, under the combined effect of favorable performance, company buybacks and foreign capital blessing,<a href=\"https://laohu8.com/S/000333\">Midea Group</a>The stock price has risen from 58 yuan at the beginning of the year to 98 yuan at the end of the year, with a cumulative increase of 76%; The catalysis of the rapid growth of the stock price has boosted the market value of Midea to usher in a leap. From 400 billion to 690 billion, Midea's market value is even one more than the combined market value of Gree + Haier<a href=\"https://laohu8.com/S/603486\">Cobos</a>。In the domestic home appliance market, the first thing that comes to mind when it comes to air conditioners is Gree; Haier seems to have a greater reputation for refrigerators and washing machines; Even in the field of small household appliances with slightly lower technical content, Joyoung,<a href=\"https://laohu8.com/S/002032\">Supor</a>It's also indistinguishable from the beauty.However, it is such a company that cannot take the lead in the segmented track, but it has become the absolute leader in the domestic home appliance industry.In recent years, with the global home appliance industry shifting to China, it has brought unprecedented opportunities and challenges to major home appliance leaders. After Midea acquired Toshiba's home appliance business, in 2019, Hillhouse Capital invested in<a href=\"https://laohu8.com/S/000651\">Gree Electric</a>, recently acquired for 34 billion yuan<a href=\"https://laohu8.com/S/0LNG.UK\">Philips</a>In the home appliance business, Hillhouse has a great probability of making up for Gree's shortcomings in the field of small home appliances through synergy between sectors in the future.With the increasingly fierce competitive environment of domestic home appliance industry, how should Midea Group break through in the future? Being able to firmly sit at the top of the home appliance industry, what kind of charm does Midea have?This article attempts to answer the following four questions:<ul><li>How did Midea become a giant in the home appliance industry?</li><li>What are the advantages of Midea?</li><li>What is the future layout of Midea?</li><li>Does the huge goodwill form a drag?</li></ul>America's Road to Expansion: A Textbook History of Mergers and AcquisitionsWhen it comes to the domestic home appliance industry, Gree and Midea are two names that cannot be avoided.For more than 40 years, the two companies have been chasing each other and fighting each other in the field of white goods, and finally formed a duopoly pattern in the field of air conditioning. Compared with Miss Dong's high-profile, low-key Midea has a different strategic layout since its inception.If Gree pursues a vertical and regional development path dominated by independent management; Then what Midea implements is a typical strategic investment-oriented, horizontal and international strategic layout. That is to say, the parent company obtains control of its subsidiaries through strategic investment, and through the subsidiaries, it operates and makes breakthroughs in various segments of the global home appliance industry, and ultimately realizes the diversification and international expansion of the group as a whole.This strategic difference can be seen by sorting out the financial reports of the parent companies of the two companies in the past five years.In terms of investment assets in the parent company's statements, Midea Group has obvious advantages in terms of absolute quantity and relative proportion. Through rough calculations, in 2019, Midea's total investment assets were approximately 71 billion yuan, while Gree's were only 39.7 billion yuan in the same period; In the past five years, the proportion of Midea's investment assets in total assets has remained at around 40%. Although Gree has improved in recent years, it is still less than 20%.In terms of operating assets, the operating assets generated by Gree Electric's parent company are several times that of Midea's parent company. Although the proportion of Gree's operating assets has declined in the past five years, it is still as high as 60% in 2019, which is obviously superior to Midea's level of about 30%.<img src=\"https://static.tigerbbs.com/e2e078eb9e78e93f06a79b833abc8fcf\" tg-width=\"523\" tg-height=\"246\" referrerpolicy=\"no-referrer\">Figure 1: Comparison of assets of Gree and Midea's parent companies Data source: company financial report, wind,<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>What are the specific aspects of Midea's diversified and international layout led by controlled investment?In 1980, after Midea entered the home appliance industry with its electric fan business, it began to enter air conditioners in 1985. In order to achieve technological and production capacity breakthroughs, as early as 1992, Midea and Xida jointly invested in the establishment of Welling Motor and began to get involved in motor manufacturing; In 1993, Midea achieved a breakthrough in air-conditioning manufacturing by signing a technical cooperation contract with Toshiba, and at the same time planted the seeds for Midea's mergers and acquisitions.In 1998, Midea invested 81 million yuan to acquire 60% equity of Guangdong Toshiba Macro Refrigeration and Electric Machinery, and became the Chinese controlling shareholder of the joint venture (later renamed Meizhi).This battle is of great significance to Midea. Through this acquisition, Midea has independently mastered two key technologies of compressors and motors, built a complete industrial chain in the field of air conditioning, and has become one of the few domestic companies that have both air conditioning production capabilities and production of core components of compressors and motors.As of 2019, Meizhi, Lingda and Highly have consolidated their monopoly position in compressors, with CR3 accounting for more than 70%. Among them, Meizhi's market share is as high as 34.8%, which not only realizes self-supply to Midea, but also is the core supplier of OEMs such as Oaks.As we all know, compressors and motors, as the core components of air conditioners, account for about 40% of the manufacturing cost of air conditioners, and are also the key to efficient frequency conversion of air conditioners. Midea's control of upstream core components has brought considerable cost and technical advantages to it, and enhanced the comprehensive competitiveness of its air conditioners.Taking Oaks as an example, 85% of its compressors are purchased from Meizhi and Highly, and 40% of its motors are purchased from Welling Motor. At present, the average cost of self-equipped compressors and motors in air-conditioning production is about 100 yuan and 20 yuan lower than that of external production. Under the cost advantage, the profit of Midea's single air conditioner in 2019 was about 219 yuan higher than that of Oaks.Back in 2004, this year was of great significance to the United States. Midea began to accelerate the pace of mergers and acquisitions in the field of white goods, and realized the layout of the entire white goods industry chain.In May, Midea took over 42.4% of the equity of Hualing's major shareholder for 235 million yuan (in 2007, Midea Electric realized full control of Guangdong Valin, Hefei Hualing and China Refrigerator) and officially entered the refrigerator industry; In November, it acquired a 50.5% equity of Royalstar for US $20 million (it achieved full control in 2008, and the right to use the brand ended in 2013), and entered the field of washing machines. So far, Midea has basically formed a full industrial chain layout of air conditioners, motors, compressors, refrigerators, washing machines, and small household appliances.In 2008, Midea invested 1.68 billion in cash to acquire 24.01% of the equity of Little Swan, a well-known brand of washing machines. Together with the 5.63% B shares of Little Swan purchased by overseas subsidiaries in the secondary market, Midea held close to 30% of the equity of Little Swan, becoming the largest shareholder of Little Swan.In the following years, Midea achieved full control of Little Swan in 2019 through various capital operation methods such as secondary market holding increase, tender offer, share swap and merger, etc.Before the acquisition of Little Swan to integrate the washing machine business, there was a huge gap between Midea and Haier in the washing machine field. In 2007, Haier's market share was 21.4%, while Midea's market share was less than 6% after using Royalstar to establish itself on washing machines; After the acquisition and integration, Midea's washing machine business has grown rapidly. According to the sales data of Qianzhan Industry Research Institute, by 2019, the duopoly pattern in the domestic washing machine field will be further stabilized, and the market shares of Haier and Midea are very close, both at around 32%.<img src=\"https://static.tigerbbs.com/9bcfd117da75db22068245e80901e8af\" tg-width=\"562\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Figure 2: Comparison of market share of Midea and Haier washing machines Data source: Qianzhan Industry Research Institute, 36 KryptonIn the field of small household appliances, Midea's expansion is similar.After self-producing fans in 1980, in the 1990s, through technical cooperation and equipment introduction with Japanese giants such as Sanyo and Toshiba, we mastered the technology of small household appliances such as rice cookers and microwave ovens.After 2000, it expanded to induction cookers, soymilk machines, water dispensers, pressure cookers, range hoods and other fields through self-built subsidiaries.From 2000 to 2010, Midea achieved continuous expansion in the fields of dishwashers, vacuum cleaners, air purifiers, and lighting through joint ventures with Italy's Meloni, acquisition of Chunhua, Guiya Lighting, etc.<img src=\"https://static.tigerbbs.com/d0f75978648d2144e9516bfc42a246aa\" tg-width=\"821\" tg-height=\"464\" referrerpolicy=\"no-referrer\">Figure 3: Midea's expansion path in small household appliances Data source:<a href=\"https://laohu8.com/S/06806\">Shenwan Hongyuan</a>, 36 kryptonAfter forming the layout of the whole industrial chain in the field of home appliances, Midea has established an internationalization strategy.In fact, Midea's road to internationalization has a long origin, which originated from the OEM foundry model in the late 1980s. With two production bases in Vietnam and Shunde, Midea has received OEM orders from 18 retail groups and 10 well-known brands around the world at this stage.After relying on the OEM model to open up the international market, in 2010, Midea accelerated the independent construction of overseas brands by relying on two strategies: equity participation and self-building overseas production bases.In 2010, Midea acquired a 32.5% stake in Miraco, an Egyptian air-conditioning company, gained the company's brand, market and channel advantages, and successfully entered the African market; In 2011, it acquired 51% equity of Carrier Latin America Air Conditioning Company as a platform for Midea to develop air-conditioning business in Latin America; In 2016, it acquired 80% equity of Italian central air-conditioning Clivet to realize complementary resources and deploy in the European market; In the same year, Midea completed the acquisition of 80.1% equity of Toshiba's home appliance business in Japan, obtained 40 years of global authorization from the Toshiba brand and more than 5,000 patented technologies, and successfully opened up the ASEAN market; In 2017, it acquired Eureka, Electrolux's North American vacuum cleaner business, further integrating the global layout of small household appliances.While buying, buying, Midea has also begun to build its own branches, R&D centers and production bases overseas to promote the transformation of its own organizational form from \"Chinese exports\" to \"local operations\". Expanding product categories, implementing manufacturing localization and supply chain localization, and continuously improving the product quality of overseas factories have ushered in a high degree of recognition for Midea's overseas expansion.After 53 years of hard work, Midea has become an excellent large multinational group. As of 2019, its business covers consumer appliances, HVAC,<a href=\"https://laohu8.com/S/300024\">Robot</a>With the four major segments of automation system and digital business, it provides diversified product categories and services including HVAC, washing machines, refrigerators, kitchen appliances and various small household appliances.At the same time, Midea's business covers more than 200 countries and regions, with 34 major production bases (including 17 overseas production bases) and 28 R&D centers (including 18 overseas R&D centers), and about 30,000 overseas employees.In 2019, Midea Group achieved a total revenue of 279.4 billion yuan, a stable gross profit margin of around 30%, and a net profit margin close to 10%. Among them, the contribution rate of overseas market business revenue is 42%, and the expansion momentum is rapid.Midea's controlling investment strategy is of great significance for it to master technology, quickly enter market segments, and increase market share. At the same time, it also brings a strong scale effect to Midea.According to the comparison of Midea's parent company and consolidated statements in recent five years, the controlling investment strategy has brought considerable expansion effect to Midea. In the past five years, its efficiency in inciting total resources through controlled investment has always exceeded 2 times.<img src=\"https://static.tigerbbs.com/c58ed96eba0463002ff62ecb82c4f235\" tg-width=\"617\" tg-height=\"84\" referrerpolicy=\"no-referrer\">Figure 4: The expansion effect of Midea Group Data source: wind, 36 kryptonThe continuous expansion of scale advantages has given Midea a strong voice in upstream raw materials and downstream channels. The strong upstream ability to hold funds and downstream ability to collect funds has optimized the capital structure and assets and liabilities of the enterprise, and ensured that Midea can achieve steady growth of its own funds under lower financial risks; Strong upstream and downstream bargaining power forms advantages in product pricing and raw material costs, ensures the stable expansion of gross profit, and realizes the Matthew effect in the fierce competition in the home appliance market.<img src=\"https://static.tigerbbs.com/26b2a36a1b2022fa92c0deeb26e19692\" tg-width=\"653\" tg-height=\"209\" referrerpolicy=\"no-referrer\">Figure 5: Midea's upstream and downstream voice data source: wind, 36 kryptonMidea's Moat: R&D and EfficiencyAfter decades of rapid development, with the cooling of the real estate market, my country's home appliance industry has entered the era of stock. In 2019, the total export + domestic sales scale of the home appliance industry was 1,106.6 billion yuan, a year-on-year decrease of 1.35%.From the incremental market to the stock market, the survival logic of home appliance companies has also changed from absorbing incremental share to eroding the market share of competitors. Price wars have become the theme of 2019.Take air conditioners as an example. In February 2019, Midea took the lead in cutting prices by 10%, provoking a new round of price war. On the one hand, the price reduction promotion is to suppress the expansion of second-and third-tier enterprises headed by Oaks; On the other hand, it is to use the advantage of low inventory to contain Gree's shipments and seize the first-mover advantage.In June, Gree joined the war, and after Double Eleven, it turned defense into offensive, and launched historical \"3 billion profit concession\" and \"10 billion profit concession\" activities, with the average price dropping by more than 30%.Under the influence of the leading competition strategy and the epidemic, the price war in 2019 lasted for nearly 20 months. During the most intense period, the average industry price dropped by as much as 20-30%. The lowest in the past ten years.The final result ended in a big victory for Midea.Midea not only achieved share overtaking Gree by virtue of its first-mover advantage; At the same time, when the selling price is 15% lower than Gree's, the net profit level is even or even slightly exceeds Gree's. When the selling price is similar to that of Haier and Oaks, the net profit of both companies has suffered losses, and Midea has achieved 8-10 points of lead.<img src=\"https://static.tigerbbs.com/d74a4b9f4dbb614dd23d4ab09aec19f0\" tg-width=\"1076\" tg-height=\"420\" referrerpolicy=\"no-referrer\">Figure 6: Comparison of net profit margins of air-conditioning manufacturers during the price war in 2019 Data source:<a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>, 36 kryptonTo win this cruel price war, apart from Midea's diversified product structure that can naturally resist risks, what else does Midea have in its moat?Excellent product strength is Midea's first moat.After 2013, with the withdrawal of favorable policies for home appliances going to the countryside, trade-in, and energy-saving subsidy policies, the home appliance industry fell into demand overdraft. At this time, Midea began to transform from scale-oriented to profit-oriented.In terms of product categories, Midea has made great subtractions. From the initial 64 categories to 32, if the sub-categories cannot be one of the best in the industry, they will face the risk of being cut; In terms of product layout, Midea has accelerated<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>For the creation of home system, Midea LOT platform has created more than 200 high-quality intelligent scenes through AI technology, security technology, and big data, providing consumers with personalized and customized buying options.This adjustment has enabled Midea to reduce a large number of low-end and low-margin products, and transform to high-quality and intelligent products. By focusing on core categories, improving product quality and intelligent experience, straightening out the lines of sub-brands, and enhancing the comprehensive competitiveness of brands.Taking air conditioners as an example, at present, Midea has not only formed a vertical layout from compressors, motors to complete machine manufacturing; At the same time, it also covers a full-category brand matrix of high, medium and low grades.COLMO, which focuses on the high-end market, is equipped with a self-developed third-generation AI smart eye. Its intelligent technology and experience far exceed Gree and Haier, and is closer to Mitsubishi and Daikin; Midea's main brand, which focuses on the mid-to-high-end market, compares with most Gree models, and shares Gree's share at a lower price with similar performance; In 2019, Hualing, a redefined sub-brand, was transformed into a brand that relies on the Internet, targets young users, focuses on cost performance, and personalized customization. It is benchmarked against second-and third-tier Internet celebrity brands such as Xiaomi and Oaks, and relies on performance, technology and cost advantages, strengthening the market share of the low-end market.Behind the excellent product strength is the result of years of continuous R&D investment.At present, Midea implements a \"two-tier and four-level\" R&D architecture. The so-called two-level and four-level refers to the implementation of a two-level R&D system with Academia Sinica as the core and the R&D platform of each business unit as the supplement in the organizational structure; In terms of R&D content, a four-level R&D system is implemented from advanced research, common technology, individual technology to product development.Among them, Academia Sinica is responsible for carrying out disruptive research, cutting-edge technology research, and common technologies; The division platform is responsible for personalized technology research and product development. The coordinated development of two-layer technology research lays the foundation for Midea to build the world's top R&D capabilities, provide medium-and long-term technical reserves, and achieve product leadership.<img src=\"https://static.tigerbbs.com/c0562c8f1e153534130c3723343736a6\" tg-width=\"544\" tg-height=\"429\" referrerpolicy=\"no-referrer\">Figure 7: Midea's R&D system data source: Internet, 36 KryptonIn terms of R&D investment, Midea's R&D expenses are greater than those of the other two white goods companies all year round. In the past five years, Midea has invested nearly 40 billion yuan in research and development, and its annual expense ratio has stabilized at more than 3%. In 2019, it exceeded 10 billion yuan.Huge R&D investment has ensured Midea's accumulation of patents authorized for inventions. In the first half of 2020, Midea applied for 6,162 patents worldwide and obtained 1,649 patent authorizations for inventions, ranking first in the home appliance industry, providing the company with multi-business and multi-brand development escort.As of 2019, Midea has a total of 13,727 R&D personnel at home and abroad, with a total of more than 3,500 master's and doctoral personnel, of which Academia Sinica accounts for more than 75%. Although the proportion of 10.18% of total R&D personnel is lower than that of the other two giants, Midea's R&D efficiency is higher if measured in terms of the number of patents authorized per capita.<img src=\"https://static.tigerbbs.com/a23f06266dfc227fc4f8dcc200a88ca2\" tg-width=\"623\" tg-height=\"242\" referrerpolicy=\"no-referrer\">Figure 8: Proportion of R&D personnel in three companies Data source: Cinda Securities, 36 KryptonThe efficiency of R&D personnel is inseparable from Midea's complete incentive mechanism for front-line researchers. Since 2014, Midea has launched equity incentives, restricted stock incentives, business partners, and global partner plans to provide comprehensive coverage of key business personnel in different batches, especially in terms of the inclination of R&D personnel. The average proportion of R&D personnel in the incentive plan is close to 40%.<img src=\"https://static.tigerbbs.com/d47fd955463498a3ad2f38c74b3dc8f2\" tg-width=\"587\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Figure 9: Midea's talent incentive policy proportion Data source:<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>, 36 kryptonCost reduction and efficiency increase brought about by positive changes are Midea's second moat.On the production side, Midea took the lead in proposing the \"T+3\" reform in Little Swan in 2014. In 2017, it began to popularize it to all categories, opening up a flexible production model based on sales and production.The connotation of \"T+3\" is to reduce the time of each of the four cycles (T) of receiving user orders, raw material stocking, factory production, and delivery and sales from 7 days to 3 days, so as to improve the overall supply efficiency.Under T+3 mode, enterprises can respond quickly to raw material price changes and reduce the impact of raw material price fluctuations and high inventory on costs.Take the price war in 2019 as an example. When raw material prices entered a downward cycle at the end of 2018, Midea relied on the T+3 model to reasonably schedule production, avoiding the impact of raw material price changes on costs under the high inventory model, prompting Midea to take the lead in reducing prices with low cost advantages and seize market share.On the channel side, Midea's forward-looking online layout and later \"online batch model\" have greatly improved its control over downstream channels.In 2008, Midea began to try online channel layout. In 2014, it established an e-commerce company to vigorously promote online direct sales. The forward-looking online layout has enabled it to grasp the terminal retail trend earlier and become an important position to catch up with Gree and Haier in segmented fields.As of 2019, Midea's online channels accounted for more than 30%, ranking first in the entire network, and its online revenue growth rate reached 40%, which was significantly higher than that of offline.<img src=\"https://static.tigerbbs.com/e8bf9132639c9929e7ac58170ed9f85f\" tg-width=\"487\" tg-height=\"440\" referrerpolicy=\"no-referrer\">Figure 10: Midea's online and offline market ranking of various categories of products Data source: financial report, 36 KryptonThe mature advancement of online layout makes it possible for Midea to promote the \"online batch model\" on the channel side.Compared with the multi-level channel system of Gree's sales department, agents, and distributors, the online batch model weakens the role of the sales department. Downstream distributors can skip the sales department level and directly place orders with manufacturers through the Meiyun Sales APP.<img src=\"https://static.tigerbbs.com/ac7739915460fc3d4781465ba99b4b19\" tg-width=\"919\" tg-height=\"488\" referrerpolicy=\"no-referrer\">Figure 11: Comparison of the two channels Data source: Zhongtai Securities, 36 KryptonDue to the high price increase of the sales company in the whole channel (retaining a net profit margin of 5%-8%), the reduction of dependence on the sales company has brought cost intensification and compression of the price increase rate to Midea.according to<a href=\"https://laohu8.com/S/06178\">Everbright Securities</a>According to the calculation, after the promotion of the online batch model, in 2019, the terminal price difference between Midea and Gree's single air conditioner expanded from 500 yuan to 700 yuan, of which the gross profit of the sales company is the key to Midea's price advantage.<img src=\"https://static.tigerbbs.com/62eb295b15ab1a61aaa9b4a1200a3c95\" tg-width=\"794\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Figure 12: Gree Hemei's pricing comparison data source:<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>, 36 kryptonOn the logistics side, under the digital transformation, the establishment of Ande Zhilian's \"nationwide one-tray\" logistics system has achieved cost reduction and efficiency improvement in Midea's transportation process.In 2015, Ande Zhilian began to undertake Midea Group's T+3 one-stock strategy. In 2017, we began to further promote the reform of the logistics system, concentrating the warehouses of agents scattered all over the country in the warehouse of Ande Logistics Center, and Ande Logistics carried out unified warehouses and allocation, building a supply chain logistics system of \"shared warehousing, unified scheduling, rapid response and rapid distribution\".The core of unified warehouse distribution is that the company realizes integrated management and control of multi-channel inventory data through the application of digital information system, completely connects information flow, capital flow and physical logistics, improves omni-channel turnover efficiency, and reduces logistics and warehousing costs.As of the first half of 2020, Ande Zhilian has 140 regional distribution centers across the country, covering 2,875 districts and counties and 39,862 towns across the country, with a 24-hour distribution coverage rate of 51% and a 48-hour coverage rate of 87%.Midea's Stars and Sea: Becoming a Multinational Technology GroupBecoming a fully digital and intelligent global technology group is the stars and sea of Midea's future.At the end of 2020, Midea will follow the three major strategies of \"product leadership, efficiency-driven, and global operation\" for 10 years and upgrade them to the four major strategic axes of \"technology leadership, direct user access, digital intelligence-driven, and global breakthrough\", marking Midea's transition from product leadership to Further clarification of the strategic path of technological leadership.Midea's road to technological transformation originated from the \"632\" strategy in 2013.\"632\" means building \"six major operation platforms\", \"three major management platforms\" and \"two major portals and integrated technology platforms\". Its connotation is to build an information platform facing the whole industrial chain of enterprises. With the cooperation and upgrade of hardware and business ends, the optimization of business processes and the standardization of the company's data system are realized, and the data and underlying operation foundation are provided for the subsequent industrial digitalization and intelligent transformation.With the advancement of the \"632\" strategy, Midea's digital intelligence process has accelerated.In 2015, Midea and Yaskawa Electric jointly established two companies, Yaskawa Midea Industrial Robot and Service Robot (cooperation will stop in 2020), marking Midea's entry into the field of robotics.Invested in domestic robotics companies in 2016<a href=\"https://laohu8.com/S/688165\">Eft</a>Later, in 2017, Midea completed the acquisition of German KUKA, another star company of the four major robot families, with 29.2 billion yuan and 48 times the P/E, providing a foundation for independent mastery of intelligent manufacturing.In the early stage of technological transformation, Midea's main goal is to use digital intelligence to empower and improve efficiency of internal business and smart life experience for C-end, that is, to realize the group's \"dual intelligence\" strategy (smart home + smart manufacturing).Through data and technology empowerment, Midea has finally implemented multi-scenario applications such as smart factories, C2M, digital marketing, smart customer service, and smart logistics in smart manufacturing, helping the company achieve efficiency improvement in the entire value chain from procurement to production to sales and transportation.From the perspective of financial data, during the period from 2013 to 2017, while optimizing the number of employees, Midea's per capita revenue and profit generation maintained positive growth, especially reflecting that the per capita revenue generation on the output side increased more obviously than that of competitors; At the same time, if the degree of automation of production is measured by the year-on-year growth rate of per capita output, Midea's performance is also better than that of its rivals.<img src=\"https://static.tigerbbs.com/8f30b40770a5aa778d5217d5b037ee59\" tg-width=\"658\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Figure 13: Midea's automated measurement data source: Cinda Securities, 36 KryptonIn terms of smart home, Midea not only applies advanced technology to the intelligence of its own products, but also launches its sub-brand COLMO, which focuses on AI intelligence, and other smart home appliances. In order to solve the problem of device compatibility, it has also set an ecological cooperation strategic goal and built a fully open platform Midea Mercure, which optimizes the smart life experience of C-end users.<img src=\"https://static.tigerbbs.com/e6942fd164a0b07ea2eee0b69eafed5f\" tg-width=\"614\" tg-height=\"574\" referrerpolicy=\"no-referrer\">Figure 14: Midea Mercure ecological data source: Midea official website, 36 kryptonIn 2018, Midea's industrial Internet platform M.loT was released, marking the arrival of a new stage of Midea's technological transformation. The focus of transformation has shifted from facing the C-side and empowering internally to opening up the B-side and exporting externally.At the end of 2020, Midea Industrial Internet version 2.0 Meiqing was released to the public. Compared with the full-process digital solution of \"consulting + product + implementation\" in version 1.0, Meiqing has deepened the integration of digitalization and robot automation. With core components, robot bodies, robot units, and fully automated systems, it provides customers in various industries with A complete set of solutions from products to services.The launch of Meiqing is an expansion of Midea's own capability boundaries, an entrance to the platformization of industrial resources, and provides support for the accelerated interpretation of Midea's role as a B-end intelligent manufacturing solution provider.Compared with 2C business, 2B business has higher competition barriers. At present, China is still in its infancy in this field. In the future, under the catalysis of 5G technology, there is broad room for growth. according to<a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>It is estimated that the market space of the industrial Internet in 2021 will be around 780 billion yuan, with an annualized growth rate of 13%.In terms of 2B business, Midea's ambitions go far beyond industrial manufacturing. At the end of 2020, Midea acquired Lingwang Elevator, integrating its own advantages in the field of central air conditioning, and further deepening its layout in the field of smart buildings and smart parks; In early 2021, Midea acquired for 2.3 billion<a href=\"https://laohu8.com/S/600055\">Wandong Medical</a>, using its layout in the field of medical devices combined with its own advantages in robot automation to expand into smart medical care.Compared with other platforms, Midea's current advantages lie in the continuous expansion of capability boundaries and the deep integration of digitalization and robot automation. Moreover, Meiqing has produced very considerable results within Midea, which is more convincing to customers in various industries.By the end of 2020, the customers served by Meiqing have covered more than 40 industries and more than 200 companies. The forms of products and services have been further enriched, and the service targets have been expanded to automobiles, daily chemicals, home textiles, real estate and other fields, gradually reflecting the embryonic form of ecology.Huge Goodwill: Opportunity or Hidden ThunderAt present, the market's biggest concern about Midea lies in the risk of performance decline behind its huge goodwill.At the end of 2019, the total goodwill in Midea's financial report totaled 28.2 billion, of which nearly 80% came from the high-priced acquisition of Germany's KUKA.Since the completion of the acquisition in 2017, under the influence of the decline in global automobile demand and the outbreak of the epidemic, KUKA's performance has been declining, and its stock price has also dropped from its peak of 246 euros to about 37 euros, and its market value has shrunk by more than 80%.The change of KUKA's performance and the additional condition that Midea should not interfere with KUKA's operation have increased the probability of Midea's goodwill impairment provision, causing the market to worry about its performance decline.But as mentioned earlier, Midea's acquisition of KUKA is the result of long-term strategic planning. The addition of KUKA has enabled Midea to master the capabilities of robot automation and formed a leading digital and intelligent synergy effect in the industrial Internet platform. However, this synergy is difficult to be reflected financially in the short term.At the same time, Midea is also accelerating the vertical integration of its industrial robot business to make up for the cost shortcomings of KUKA's upstream core components.In 2017, Midea first acquired Israel Gaochuang Transmission, a manufacturer of motion control drivers and motors. In early 2020, Midea indirectly controlled<a href=\"https://laohu8.com/S/300048\">Hekang New Energy</a>In addition to strengthening its core competitiveness in the 2B central air-conditioning business, the company's core businesses, such as industrial frequency converters and servo systems, are also important upstream components of industrial robots.Judging from the revenue and business structure of the four major robot families, KUKA's advantage lies in the control end of the robot body. The self-production rate of upstream core components is low, resulting in a lower gross profit margin than the other three companies. In the future, Midea's vertical integration in robotics business is expected to reduce KUKA's upstream costs and improve overall profitability.From another perspective, the average revenue of Midea Group in the past three years was 259.5 billion yuan, with a growth rate of about 7.5%; The average net profit was 21.8 billion, a growth rate of 16.5%; The average net cash flow from operating activities was 30.3 billion yuan.<img src=\"https://static.tigerbbs.com/6f8ce2cd001dc4b34b04ab166c5a9884\" tg-width=\"816\" tg-height=\"102\" referrerpolicy=\"no-referrer\">Figure 15: Midea's revenue and net profit data in recent years Source: wind, 36 kryptonAccording to the company's existing performance scale and growth trend, even if the 22.2 billion goodwill formed by KUKA suffers a one-time impairment, it will be difficult to cause a fatal blow to Midea's long-term operations.","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The market value exceeds Gree's 200 billion, Hillhouse and Dong Mingzhu can't beat a Midea?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe market value exceeds Gree's 200 billion, Hillhouse and Dong Mingzhu can't beat a Midea?\n</h2>\n<h4 class=\"meta\">\n\n36氪2021-03-27 09:18\n\n</h4>\n</header>\n<article>\nFrom home appliance giant to technology group, 570 billion Midea's transformation path. In 1980, Midea entered the home appliance industry with its first \"Pearl Brand\" electric fan.After 40 years of intensive cultivation, after surviving Chunlan, Haier, and Gree, Midea has become the absolute leader in the home appliance industry.In 2020, under the combined effect of favorable performance, company buybacks and foreign capital blessing,<a href=\"https://laohu8.com/S/000333\">Midea Group</a>The stock price has risen from 58 yuan at the beginning of the year to 98 yuan at the end of the year, with a cumulative increase of 76%; The catalysis of the rapid growth of the stock price has boosted the market value of Midea to usher in a leap. From 400 billion to 690 billion, Midea's market value is even one more than the combined market value of Gree + Haier<a href=\"https://laohu8.com/S/603486\">Cobos</a>。In the domestic home appliance market, the first thing that comes to mind when it comes to air conditioners is Gree; Haier seems to have a greater reputation for refrigerators and washing machines; Even in the field of small household appliances with slightly lower technical content, Joyoung,<a href=\"https://laohu8.com/S/002032\">Supor</a>It's also indistinguishable from the beauty.However, it is such a company that cannot take the lead in the segmented track, but it has become the absolute leader in the domestic home appliance industry.In recent years, with the global home appliance industry shifting to China, it has brought unprecedented opportunities and challenges to major home appliance leaders. After Midea acquired Toshiba's home appliance business, in 2019, Hillhouse Capital invested in<a href=\"https://laohu8.com/S/000651\">Gree Electric</a>, recently acquired for 34 billion yuan<a href=\"https://laohu8.com/S/0LNG.UK\">Philips</a>In the home appliance business, Hillhouse has a great probability of making up for Gree's shortcomings in the field of small home appliances through synergy between sectors in the future.With the increasingly fierce competitive environment of domestic home appliance industry, how should Midea Group break through in the future? Being able to firmly sit at the top of the home appliance industry, what kind of charm does Midea have?This article attempts to answer the following four questions:<ul><li>How did Midea become a giant in the home appliance industry?</li><li>What are the advantages of Midea?</li><li>What is the future layout of Midea?</li><li>Does the huge goodwill form a drag?</li></ul>America's Road to Expansion: A Textbook History of Mergers and AcquisitionsWhen it comes to the domestic home appliance industry, Gree and Midea are two names that cannot be avoided.For more than 40 years, the two companies have been chasing each other and fighting each other in the field of white goods, and finally formed a duopoly pattern in the field of air conditioning. Compared with Miss Dong's high-profile, low-key Midea has a different strategic layout since its inception.If Gree pursues a vertical and regional development path dominated by independent management; Then what Midea implements is a typical strategic investment-oriented, horizontal and international strategic layout. That is to say, the parent company obtains control of its subsidiaries through strategic investment, and through the subsidiaries, it operates and makes breakthroughs in various segments of the global home appliance industry, and ultimately realizes the diversification and international expansion of the group as a whole.This strategic difference can be seen by sorting out the financial reports of the parent companies of the two companies in the past five years.In terms of investment assets in the parent company's statements, Midea Group has obvious advantages in terms of absolute quantity and relative proportion. Through rough calculations, in 2019, Midea's total investment assets were approximately 71 billion yuan, while Gree's were only 39.7 billion yuan in the same period; In the past five years, the proportion of Midea's investment assets in total assets has remained at around 40%. Although Gree has improved in recent years, it is still less than 20%.In terms of operating assets, the operating assets generated by Gree Electric's parent company are several times that of Midea's parent company. Although the proportion of Gree's operating assets has declined in the past five years, it is still as high as 60% in 2019, which is obviously superior to Midea's level of about 30%.<img src=\"https://static.tigerbbs.com/e2e078eb9e78e93f06a79b833abc8fcf\" tg-width=\"523\" tg-height=\"246\" referrerpolicy=\"no-referrer\">Figure 1: Comparison of assets of Gree and Midea's parent companies Data source: company financial report, wind,<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>What are the specific aspects of Midea's diversified and international layout led by controlled investment?In 1980, after Midea entered the home appliance industry with its electric fan business, it began to enter air conditioners in 1985. In order to achieve technological and production capacity breakthroughs, as early as 1992, Midea and Xida jointly invested in the establishment of Welling Motor and began to get involved in motor manufacturing; In 1993, Midea achieved a breakthrough in air-conditioning manufacturing by signing a technical cooperation contract with Toshiba, and at the same time planted the seeds for Midea's mergers and acquisitions.In 1998, Midea invested 81 million yuan to acquire 60% equity of Guangdong Toshiba Macro Refrigeration and Electric Machinery, and became the Chinese controlling shareholder of the joint venture (later renamed Meizhi).This battle is of great significance to Midea. Through this acquisition, Midea has independently mastered two key technologies of compressors and motors, built a complete industrial chain in the field of air conditioning, and has become one of the few domestic companies that have both air conditioning production capabilities and production of core components of compressors and motors.As of 2019, Meizhi, Lingda and Highly have consolidated their monopoly position in compressors, with CR3 accounting for more than 70%. Among them, Meizhi's market share is as high as 34.8%, which not only realizes self-supply to Midea, but also is the core supplier of OEMs such as Oaks.As we all know, compressors and motors, as the core components of air conditioners, account for about 40% of the manufacturing cost of air conditioners, and are also the key to efficient frequency conversion of air conditioners. Midea's control of upstream core components has brought considerable cost and technical advantages to it, and enhanced the comprehensive competitiveness of its air conditioners.Taking Oaks as an example, 85% of its compressors are purchased from Meizhi and Highly, and 40% of its motors are purchased from Welling Motor. At present, the average cost of self-equipped compressors and motors in air-conditioning production is about 100 yuan and 20 yuan lower than that of external production. Under the cost advantage, the profit of Midea's single air conditioner in 2019 was about 219 yuan higher than that of Oaks.Back in 2004, this year was of great significance to the United States. Midea began to accelerate the pace of mergers and acquisitions in the field of white goods, and realized the layout of the entire white goods industry chain.In May, Midea took over 42.4% of the equity of Hualing's major shareholder for 235 million yuan (in 2007, Midea Electric realized full control of Guangdong Valin, Hefei Hualing and China Refrigerator) and officially entered the refrigerator industry; In November, it acquired a 50.5% equity of Royalstar for US $20 million (it achieved full control in 2008, and the right to use the brand ended in 2013), and entered the field of washing machines. So far, Midea has basically formed a full industrial chain layout of air conditioners, motors, compressors, refrigerators, washing machines, and small household appliances.In 2008, Midea invested 1.68 billion in cash to acquire 24.01% of the equity of Little Swan, a well-known brand of washing machines. Together with the 5.63% B shares of Little Swan purchased by overseas subsidiaries in the secondary market, Midea held close to 30% of the equity of Little Swan, becoming the largest shareholder of Little Swan.In the following years, Midea achieved full control of Little Swan in 2019 through various capital operation methods such as secondary market holding increase, tender offer, share swap and merger, etc.Before the acquisition of Little Swan to integrate the washing machine business, there was a huge gap between Midea and Haier in the washing machine field. In 2007, Haier's market share was 21.4%, while Midea's market share was less than 6% after using Royalstar to establish itself on washing machines; After the acquisition and integration, Midea's washing machine business has grown rapidly. According to the sales data of Qianzhan Industry Research Institute, by 2019, the duopoly pattern in the domestic washing machine field will be further stabilized, and the market shares of Haier and Midea are very close, both at around 32%.<img src=\"https://static.tigerbbs.com/9bcfd117da75db22068245e80901e8af\" tg-width=\"562\" tg-height=\"366\" referrerpolicy=\"no-referrer\">Figure 2: Comparison of market share of Midea and Haier washing machines Data source: Qianzhan Industry Research Institute, 36 KryptonIn the field of small household appliances, Midea's expansion is similar.After self-producing fans in 1980, in the 1990s, through technical cooperation and equipment introduction with Japanese giants such as Sanyo and Toshiba, we mastered the technology of small household appliances such as rice cookers and microwave ovens.After 2000, it expanded to induction cookers, soymilk machines, water dispensers, pressure cookers, range hoods and other fields through self-built subsidiaries.From 2000 to 2010, Midea achieved continuous expansion in the fields of dishwashers, vacuum cleaners, air purifiers, and lighting through joint ventures with Italy's Meloni, acquisition of Chunhua, Guiya Lighting, etc.<img src=\"https://static.tigerbbs.com/d0f75978648d2144e9516bfc42a246aa\" tg-width=\"821\" tg-height=\"464\" referrerpolicy=\"no-referrer\">Figure 3: Midea's expansion path in small household appliances Data source:<a href=\"https://laohu8.com/S/06806\">Shenwan Hongyuan</a>, 36 kryptonAfter forming the layout of the whole industrial chain in the field of home appliances, Midea has established an internationalization strategy.In fact, Midea's road to internationalization has a long origin, which originated from the OEM foundry model in the late 1980s. With two production bases in Vietnam and Shunde, Midea has received OEM orders from 18 retail groups and 10 well-known brands around the world at this stage.After relying on the OEM model to open up the international market, in 2010, Midea accelerated the independent construction of overseas brands by relying on two strategies: equity participation and self-building overseas production bases.In 2010, Midea acquired a 32.5% stake in Miraco, an Egyptian air-conditioning company, gained the company's brand, market and channel advantages, and successfully entered the African market; In 2011, it acquired 51% equity of Carrier Latin America Air Conditioning Company as a platform for Midea to develop air-conditioning business in Latin America; In 2016, it acquired 80% equity of Italian central air-conditioning Clivet to realize complementary resources and deploy in the European market; In the same year, Midea completed the acquisition of 80.1% equity of Toshiba's home appliance business in Japan, obtained 40 years of global authorization from the Toshiba brand and more than 5,000 patented technologies, and successfully opened up the ASEAN market; In 2017, it acquired Eureka, Electrolux's North American vacuum cleaner business, further integrating the global layout of small household appliances.While buying, buying, Midea has also begun to build its own branches, R&D centers and production bases overseas to promote the transformation of its own organizational form from \"Chinese exports\" to \"local operations\". Expanding product categories, implementing manufacturing localization and supply chain localization, and continuously improving the product quality of overseas factories have ushered in a high degree of recognition for Midea's overseas expansion.After 53 years of hard work, Midea has become an excellent large multinational group. As of 2019, its business covers consumer appliances, HVAC,<a href=\"https://laohu8.com/S/300024\">Robot</a>With the four major segments of automation system and digital business, it provides diversified product categories and services including HVAC, washing machines, refrigerators, kitchen appliances and various small household appliances.At the same time, Midea's business covers more than 200 countries and regions, with 34 major production bases (including 17 overseas production bases) and 28 R&D centers (including 18 overseas R&D centers), and about 30,000 overseas employees.In 2019, Midea Group achieved a total revenue of 279.4 billion yuan, a stable gross profit margin of around 30%, and a net profit margin close to 10%. Among them, the contribution rate of overseas market business revenue is 42%, and the expansion momentum is rapid.Midea's controlling investment strategy is of great significance for it to master technology, quickly enter market segments, and increase market share. At the same time, it also brings a strong scale effect to Midea.According to the comparison of Midea's parent company and consolidated statements in recent five years, the controlling investment strategy has brought considerable expansion effect to Midea. In the past five years, its efficiency in inciting total resources through controlled investment has always exceeded 2 times.<img src=\"https://static.tigerbbs.com/c58ed96eba0463002ff62ecb82c4f235\" tg-width=\"617\" tg-height=\"84\" referrerpolicy=\"no-referrer\">Figure 4: The expansion effect of Midea Group Data source: wind, 36 kryptonThe continuous expansion of scale advantages has given Midea a strong voice in upstream raw materials and downstream channels. The strong upstream ability to hold funds and downstream ability to collect funds has optimized the capital structure and assets and liabilities of the enterprise, and ensured that Midea can achieve steady growth of its own funds under lower financial risks; Strong upstream and downstream bargaining power forms advantages in product pricing and raw material costs, ensures the stable expansion of gross profit, and realizes the Matthew effect in the fierce competition in the home appliance market.<img src=\"https://static.tigerbbs.com/26b2a36a1b2022fa92c0deeb26e19692\" tg-width=\"653\" tg-height=\"209\" referrerpolicy=\"no-referrer\">Figure 5: Midea's upstream and downstream voice data source: wind, 36 kryptonMidea's Moat: R&D and EfficiencyAfter decades of rapid development, with the cooling of the real estate market, my country's home appliance industry has entered the era of stock. In 2019, the total export + domestic sales scale of the home appliance industry was 1,106.6 billion yuan, a year-on-year decrease of 1.35%.From the incremental market to the stock market, the survival logic of home appliance companies has also changed from absorbing incremental share to eroding the market share of competitors. Price wars have become the theme of 2019.Take air conditioners as an example. In February 2019, Midea took the lead in cutting prices by 10%, provoking a new round of price war. On the one hand, the price reduction promotion is to suppress the expansion of second-and third-tier enterprises headed by Oaks; On the other hand, it is to use the advantage of low inventory to contain Gree's shipments and seize the first-mover advantage.In June, Gree joined the war, and after Double Eleven, it turned defense into offensive, and launched historical \"3 billion profit concession\" and \"10 billion profit concession\" activities, with the average price dropping by more than 30%.Under the influence of the leading competition strategy and the epidemic, the price war in 2019 lasted for nearly 20 months. During the most intense period, the average industry price dropped by as much as 20-30%. The lowest in the past ten years.The final result ended in a big victory for Midea.Midea not only achieved share overtaking Gree by virtue of its first-mover advantage; At the same time, when the selling price is 15% lower than Gree's, the net profit level is even or even slightly exceeds Gree's. When the selling price is similar to that of Haier and Oaks, the net profit of both companies has suffered losses, and Midea has achieved 8-10 points of lead.<img src=\"https://static.tigerbbs.com/d74a4b9f4dbb614dd23d4ab09aec19f0\" tg-width=\"1076\" tg-height=\"420\" referrerpolicy=\"no-referrer\">Figure 6: Comparison of net profit margins of air-conditioning manufacturers during the price war in 2019 Data source:<a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>, 36 kryptonTo win this cruel price war, apart from Midea's diversified product structure that can naturally resist risks, what else does Midea have in its moat?Excellent product strength is Midea's first moat.After 2013, with the withdrawal of favorable policies for home appliances going to the countryside, trade-in, and energy-saving subsidy policies, the home appliance industry fell into demand overdraft. At this time, Midea began to transform from scale-oriented to profit-oriented.In terms of product categories, Midea has made great subtractions. From the initial 64 categories to 32, if the sub-categories cannot be one of the best in the industry, they will face the risk of being cut; In terms of product layout, Midea has accelerated<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>For the creation of home system, Midea LOT platform has created more than 200 high-quality intelligent scenes through AI technology, security technology, and big data, providing consumers with personalized and customized buying options.This adjustment has enabled Midea to reduce a large number of low-end and low-margin products, and transform to high-quality and intelligent products. By focusing on core categories, improving product quality and intelligent experience, straightening out the lines of sub-brands, and enhancing the comprehensive competitiveness of brands.Taking air conditioners as an example, at present, Midea has not only formed a vertical layout from compressors, motors to complete machine manufacturing; At the same time, it also covers a full-category brand matrix of high, medium and low grades.COLMO, which focuses on the high-end market, is equipped with a self-developed third-generation AI smart eye. Its intelligent technology and experience far exceed Gree and Haier, and is closer to Mitsubishi and Daikin; Midea's main brand, which focuses on the mid-to-high-end market, compares with most Gree models, and shares Gree's share at a lower price with similar performance; In 2019, Hualing, a redefined sub-brand, was transformed into a brand that relies on the Internet, targets young users, focuses on cost performance, and personalized customization. It is benchmarked against second-and third-tier Internet celebrity brands such as Xiaomi and Oaks, and relies on performance, technology and cost advantages, strengthening the market share of the low-end market.Behind the excellent product strength is the result of years of continuous R&D investment.At present, Midea implements a \"two-tier and four-level\" R&D architecture. The so-called two-level and four-level refers to the implementation of a two-level R&D system with Academia Sinica as the core and the R&D platform of each business unit as the supplement in the organizational structure; In terms of R&D content, a four-level R&D system is implemented from advanced research, common technology, individual technology to product development.Among them, Academia Sinica is responsible for carrying out disruptive research, cutting-edge technology research, and common technologies; The division platform is responsible for personalized technology research and product development. The coordinated development of two-layer technology research lays the foundation for Midea to build the world's top R&D capabilities, provide medium-and long-term technical reserves, and achieve product leadership.<img src=\"https://static.tigerbbs.com/c0562c8f1e153534130c3723343736a6\" tg-width=\"544\" tg-height=\"429\" referrerpolicy=\"no-referrer\">Figure 7: Midea's R&D system data source: Internet, 36 KryptonIn terms of R&D investment, Midea's R&D expenses are greater than those of the other two white goods companies all year round. In the past five years, Midea has invested nearly 40 billion yuan in research and development, and its annual expense ratio has stabilized at more than 3%. In 2019, it exceeded 10 billion yuan.Huge R&D investment has ensured Midea's accumulation of patents authorized for inventions. In the first half of 2020, Midea applied for 6,162 patents worldwide and obtained 1,649 patent authorizations for inventions, ranking first in the home appliance industry, providing the company with multi-business and multi-brand development escort.As of 2019, Midea has a total of 13,727 R&D personnel at home and abroad, with a total of more than 3,500 master's and doctoral personnel, of which Academia Sinica accounts for more than 75%. Although the proportion of 10.18% of total R&D personnel is lower than that of the other two giants, Midea's R&D efficiency is higher if measured in terms of the number of patents authorized per capita.<img src=\"https://static.tigerbbs.com/a23f06266dfc227fc4f8dcc200a88ca2\" tg-width=\"623\" tg-height=\"242\" referrerpolicy=\"no-referrer\">Figure 8: Proportion of R&D personnel in three companies Data source: Cinda Securities, 36 KryptonThe efficiency of R&D personnel is inseparable from Midea's complete incentive mechanism for front-line researchers. Since 2014, Midea has launched equity incentives, restricted stock incentives, business partners, and global partner plans to provide comprehensive coverage of key business personnel in different batches, especially in terms of the inclination of R&D personnel. The average proportion of R&D personnel in the incentive plan is close to 40%.<img src=\"https://static.tigerbbs.com/d47fd955463498a3ad2f38c74b3dc8f2\" tg-width=\"587\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Figure 9: Midea's talent incentive policy proportion Data source:<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>, 36 kryptonCost reduction and efficiency increase brought about by positive changes are Midea's second moat.On the production side, Midea took the lead in proposing the \"T+3\" reform in Little Swan in 2014. In 2017, it began to popularize it to all categories, opening up a flexible production model based on sales and production.The connotation of \"T+3\" is to reduce the time of each of the four cycles (T) of receiving user orders, raw material stocking, factory production, and delivery and sales from 7 days to 3 days, so as to improve the overall supply efficiency.Under T+3 mode, enterprises can respond quickly to raw material price changes and reduce the impact of raw material price fluctuations and high inventory on costs.Take the price war in 2019 as an example. When raw material prices entered a downward cycle at the end of 2018, Midea relied on the T+3 model to reasonably schedule production, avoiding the impact of raw material price changes on costs under the high inventory model, prompting Midea to take the lead in reducing prices with low cost advantages and seize market share.On the channel side, Midea's forward-looking online layout and later \"online batch model\" have greatly improved its control over downstream channels.In 2008, Midea began to try online channel layout. In 2014, it established an e-commerce company to vigorously promote online direct sales. The forward-looking online layout has enabled it to grasp the terminal retail trend earlier and become an important position to catch up with Gree and Haier in segmented fields.As of 2019, Midea's online channels accounted for more than 30%, ranking first in the entire network, and its online revenue growth rate reached 40%, which was significantly higher than that of offline.<img src=\"https://static.tigerbbs.com/e8bf9132639c9929e7ac58170ed9f85f\" tg-width=\"487\" tg-height=\"440\" referrerpolicy=\"no-referrer\">Figure 10: Midea's online and offline market ranking of various categories of products Data source: financial report, 36 KryptonThe mature advancement of online layout makes it possible for Midea to promote the \"online batch model\" on the channel side.Compared with the multi-level channel system of Gree's sales department, agents, and distributors, the online batch model weakens the role of the sales department. Downstream distributors can skip the sales department level and directly place orders with manufacturers through the Meiyun Sales APP.<img src=\"https://static.tigerbbs.com/ac7739915460fc3d4781465ba99b4b19\" tg-width=\"919\" tg-height=\"488\" referrerpolicy=\"no-referrer\">Figure 11: Comparison of the two channels Data source: Zhongtai Securities, 36 KryptonDue to the high price increase of the sales company in the whole channel (retaining a net profit margin of 5%-8%), the reduction of dependence on the sales company has brought cost intensification and compression of the price increase rate to Midea.according to<a href=\"https://laohu8.com/S/06178\">Everbright Securities</a>According to the calculation, after the promotion of the online batch model, in 2019, the terminal price difference between Midea and Gree's single air conditioner expanded from 500 yuan to 700 yuan, of which the gross profit of the sales company is the key to Midea's price advantage.<img src=\"https://static.tigerbbs.com/62eb295b15ab1a61aaa9b4a1200a3c95\" tg-width=\"794\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Figure 12: Gree Hemei's pricing comparison data source:<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>, 36 kryptonOn the logistics side, under the digital transformation, the establishment of Ande Zhilian's \"nationwide one-tray\" logistics system has achieved cost reduction and efficiency improvement in Midea's transportation process.In 2015, Ande Zhilian began to undertake Midea Group's T+3 one-stock strategy. In 2017, we began to further promote the reform of the logistics system, concentrating the warehouses of agents scattered all over the country in the warehouse of Ande Logistics Center, and Ande Logistics carried out unified warehouses and allocation, building a supply chain logistics system of \"shared warehousing, unified scheduling, rapid response and rapid distribution\".The core of unified warehouse distribution is that the company realizes integrated management and control of multi-channel inventory data through the application of digital information system, completely connects information flow, capital flow and physical logistics, improves omni-channel turnover efficiency, and reduces logistics and warehousing costs.As of the first half of 2020, Ande Zhilian has 140 regional distribution centers across the country, covering 2,875 districts and counties and 39,862 towns across the country, with a 24-hour distribution coverage rate of 51% and a 48-hour coverage rate of 87%.Midea's Stars and Sea: Becoming a Multinational Technology GroupBecoming a fully digital and intelligent global technology group is the stars and sea of Midea's future.At the end of 2020, Midea will follow the three major strategies of \"product leadership, efficiency-driven, and global operation\" for 10 years and upgrade them to the four major strategic axes of \"technology leadership, direct user access, digital intelligence-driven, and global breakthrough\", marking Midea's transition from product leadership to Further clarification of the strategic path of technological leadership.Midea's road to technological transformation originated from the \"632\" strategy in 2013.\"632\" means building \"six major operation platforms\", \"three major management platforms\" and \"two major portals and integrated technology platforms\". Its connotation is to build an information platform facing the whole industrial chain of enterprises. With the cooperation and upgrade of hardware and business ends, the optimization of business processes and the standardization of the company's data system are realized, and the data and underlying operation foundation are provided for the subsequent industrial digitalization and intelligent transformation.With the advancement of the \"632\" strategy, Midea's digital intelligence process has accelerated.In 2015, Midea and Yaskawa Electric jointly established two companies, Yaskawa Midea Industrial Robot and Service Robot (cooperation will stop in 2020), marking Midea's entry into the field of robotics.Invested in domestic robotics companies in 2016<a href=\"https://laohu8.com/S/688165\">Eft</a>Later, in 2017, Midea completed the acquisition of German KUKA, another star company of the four major robot families, with 29.2 billion yuan and 48 times the P/E, providing a foundation for independent mastery of intelligent manufacturing.In the early stage of technological transformation, Midea's main goal is to use digital intelligence to empower and improve efficiency of internal business and smart life experience for C-end, that is, to realize the group's \"dual intelligence\" strategy (smart home + smart manufacturing).Through data and technology empowerment, Midea has finally implemented multi-scenario applications such as smart factories, C2M, digital marketing, smart customer service, and smart logistics in smart manufacturing, helping the company achieve efficiency improvement in the entire value chain from procurement to production to sales and transportation.From the perspective of financial data, during the period from 2013 to 2017, while optimizing the number of employees, Midea's per capita revenue and profit generation maintained positive growth, especially reflecting that the per capita revenue generation on the output side increased more obviously than that of competitors; At the same time, if the degree of automation of production is measured by the year-on-year growth rate of per capita output, Midea's performance is also better than that of its rivals.<img src=\"https://static.tigerbbs.com/8f30b40770a5aa778d5217d5b037ee59\" tg-width=\"658\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Figure 13: Midea's automated measurement data source: Cinda Securities, 36 KryptonIn terms of smart home, Midea not only applies advanced technology to the intelligence of its own products, but also launches its sub-brand COLMO, which focuses on AI intelligence, and other smart home appliances. In order to solve the problem of device compatibility, it has also set an ecological cooperation strategic goal and built a fully open platform Midea Mercure, which optimizes the smart life experience of C-end users.<img src=\"https://static.tigerbbs.com/e6942fd164a0b07ea2eee0b69eafed5f\" tg-width=\"614\" tg-height=\"574\" referrerpolicy=\"no-referrer\">Figure 14: Midea Mercure ecological data source: Midea official website, 36 kryptonIn 2018, Midea's industrial Internet platform M.loT was released, marking the arrival of a new stage of Midea's technological transformation. The focus of transformation has shifted from facing the C-side and empowering internally to opening up the B-side and exporting externally.At the end of 2020, Midea Industrial Internet version 2.0 Meiqing was released to the public. Compared with the full-process digital solution of \"consulting + product + implementation\" in version 1.0, Meiqing has deepened the integration of digitalization and robot automation. With core components, robot bodies, robot units, and fully automated systems, it provides customers in various industries with A complete set of solutions from products to services.The launch of Meiqing is an expansion of Midea's own capability boundaries, an entrance to the platformization of industrial resources, and provides support for the accelerated interpretation of Midea's role as a B-end intelligent manufacturing solution provider.Compared with 2C business, 2B business has higher competition barriers. At present, China is still in its infancy in this field. In the future, under the catalysis of 5G technology, there is broad room for growth. according to<a href=\"https://laohu8.com/S/002736\">Guosen Securities</a>It is estimated that the market space of the industrial Internet in 2021 will be around 780 billion yuan, with an annualized growth rate of 13%.In terms of 2B business, Midea's ambitions go far beyond industrial manufacturing. At the end of 2020, Midea acquired Lingwang Elevator, integrating its own advantages in the field of central air conditioning, and further deepening its layout in the field of smart buildings and smart parks; In early 2021, Midea acquired for 2.3 billion<a href=\"https://laohu8.com/S/600055\">Wandong Medical</a>, using its layout in the field of medical devices combined with its own advantages in robot automation to expand into smart medical care.Compared with other platforms, Midea's current advantages lie in the continuous expansion of capability boundaries and the deep integration of digitalization and robot automation. Moreover, Meiqing has produced very considerable results within Midea, which is more convincing to customers in various industries.By the end of 2020, the customers served by Meiqing have covered more than 40 industries and more than 200 companies. The forms of products and services have been further enriched, and the service targets have been expanded to automobiles, daily chemicals, home textiles, real estate and other fields, gradually reflecting the embryonic form of ecology.Huge Goodwill: Opportunity or Hidden ThunderAt present, the market's biggest concern about Midea lies in the risk of performance decline behind its huge goodwill.At the end of 2019, the total goodwill in Midea's financial report totaled 28.2 billion, of which nearly 80% came from the high-priced acquisition of Germany's KUKA.Since the completion of the acquisition in 2017, under the influence of the decline in global automobile demand and the outbreak of the epidemic, KUKA's performance has been declining, and its stock price has also dropped from its peak of 246 euros to about 37 euros, and its market value has shrunk by more than 80%.The change of KUKA's performance and the additional condition that Midea should not interfere with KUKA's operation have increased the probability of Midea's goodwill impairment provision, causing the market to worry about its performance decline.But as mentioned earlier, Midea's acquisition of KUKA is the result of long-term strategic planning. The addition of KUKA has enabled Midea to master the capabilities of robot automation and formed a leading digital and intelligent synergy effect in the industrial Internet platform. However, this synergy is difficult to be reflected financially in the short term.At the same time, Midea is also accelerating the vertical integration of its industrial robot business to make up for the cost shortcomings of KUKA's upstream core components.In 2017, Midea first acquired Israel Gaochuang Transmission, a manufacturer of motion control drivers and motors. In early 2020, Midea indirectly controlled<a href=\"https://laohu8.com/S/300048\">Hekang New Energy</a>In addition to strengthening its core competitiveness in the 2B central air-conditioning business, the company's core businesses, such as industrial frequency converters and servo systems, are also important upstream components of industrial robots.Judging from the revenue and business structure of the four major robot families, KUKA's advantage lies in the control end of the robot body. The self-production rate of upstream core components is low, resulting in a lower gross profit margin than the other three companies. In the future, Midea's vertical integration in robotics business is expected to reduce KUKA's upstream costs and improve overall profitability.From another perspective, the average revenue of Midea Group in the past three years was 259.5 billion yuan, with a growth rate of about 7.5%; The average net profit was 21.8 billion, a growth rate of 16.5%; The average net cash flow from operating activities was 30.3 billion yuan.<img src=\"https://static.tigerbbs.com/6f8ce2cd001dc4b34b04ab166c5a9884\" tg-width=\"816\" tg-height=\"102\" referrerpolicy=\"no-referrer\">Figure 15: Midea's revenue and net profit data in recent years Source: wind, 36 kryptonAccording to the company's existing performance scale and growth trend, even if the 22.2 billion goodwill formed by KUKA suffers a one-time impairment, it will be difficult to cause a fatal blow to Midea's long-term operations.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://36kr.com/p/1112268901640456\">36氪</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/41d6828c57bd869d8fd1acd2f06bebb9","relate_stocks":{"000651":"格力电器"},"source_url":"https://36kr.com/p/1112268901640456","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136026980","content_text":"从家电巨头到科技集团，5700亿美的的蜕变之路。\n\n1980年，美的带着第一台“明珠牌”电风扇进军家电行业。\n经过40年的深耕，熬过了春兰、海尔、格力后，美的成为了家电行业的绝对龙头。\n2020年，在业绩利好、公司回购和外资加持的共同作用下，美的集团的股价从年初的58元一路上涨至年底的98元，累计涨幅达到76%；股价高歌猛进的催化，提振美的市值迎来飞跃。从4000亿至6900亿，美的的市值甚至比格力+海尔市值总和还要多出一个科沃斯。\n在国内家电市场，提到空调首先想到的是格力；而冰箱、洗衣机海尔的名声似乎也更大；就算在技术含量略低的小家电领域，九阳、苏泊尔和美的也难分伯仲。\n但是，就是这样一个在细分赛道做不到拔得头筹的公司，却成为了国内家电行业的绝对龙头。\n近年来，随着全球家电产业向国内转移，给各大家电龙头带来了前所未有的机遇和挑战。在美的拿下东芝的家电业务后，2019年，高瓴资本入股格力电器，近日又以340亿元收购了飞利浦的家电业务，未来高瓴有极大的概率通过板块之间的协同来补齐格力在小家电领域的短板。\n随着国内家电产业竞争环境的日益激烈，未来美的集团该如何突围？能够稳坐家电行业的头把交椅，美的究竟有着怎样的魅力？\n本文试图解答以下四个问题：\n\n美的如何成为家电行业的巨头？\n美的的优势是什么？\n美的未来的布局怎样？\n巨额商誉是否形成拖累？\n\n美的扩张之路：一部教科书式的并购史\n提到国内的家电行业，格力和美的是两个绕不开的名字。\n40多年来，两家企业在白电领域你追我赶、相爱相杀的较量，最终在空调领域形成了双寡头格局。相比董小姐的高调，低调的美的从创立之初就有着不一样的战略布局。\n如果说格力追求的是以自主经营为主导，垂直化、区域化的发展路径；那么美的实施的就是典型的以战略投资为导向，横向化、国际化的发展布局。即母公司通过战略投资取得子公司的控制权，通过子公司在全球家电行业的各细分赛道里经营、突破，最终实现集团整体的多元化和国际化扩张。\n通过对两家公司近5年母公司财报的梳理，可以看出这种战略上的差异。\n在母公司报表的投资性资产上，无论从绝对量还是相对占比，美的集团都有明显优势。通过粗略测算，2019年，美的投资性资产总额约为710亿元，同期格力仅为397亿元；且近五年美的投资性资产在总资产中的比重始终维持在40%左右，格力近几年虽有提升，但仍不足20%。\n在经营性资产上，格力电器母公司所产生的的经营性资产是美的母公司的数倍。尽管近5年格力经营性资产的占比在下降，但2019年仍高达60%，相比美的30%左右的水平明显占优。\n\n图1：格力和美的母公司资产对比         数据来源：公司财报，wind，36氪\n美的由控制性投资引领的多元化和国际化布局，具体体现在哪些方面？\n1980年，美的凭借电风扇业务进入家电行业后，1985年开始进军空调。为了实现技术和产能突破，早在1992年，美的就和西达共同出资设立了威灵电机，开始涉足电机制造；1993年，美的又通过与东芝签订技术合作合约，实现在空调制造的突破，同时也为美的并购之路埋下种子。\n1998年，美的出资8100万元，收购了广东东芝万家乐制冷和电机两家公司各60%的股权，成为合资公司的中方控股股东（后更名为美芝）。\n这一战对美的意义重大，通过此次收购，美的自主掌握了压缩机和电机两项关键技术，在空调领域构建了完整的产业链，成为国内屈指可数的既有空调生产能力，又有压缩机、电机核心部件生产的企业。\n截至2019年，美芝、凌达和海立巩固了压缩机的垄断地位，CR3占比超过70%。其中美芝市场份额高达34.8%，不仅实现了对美的的自供，而且也是奥克斯等主机厂的核心供货商。\n众所周知，压缩机和电机作为空调的核心部件，占空调制造成本比重在40%左右，同时也是空调高效变频的关键。美的对上游核心部件的控制为其带来了可观的成本和技术优势，提升了其空调的综合竞争力。\n以奥克斯为例，其压缩机85%采购自美芝和海立，电机40%采购自威灵电机。目前，空调生产中自配压缩机和电机平均成本比外采低约 100 元和 20 元。在成本优势之下，2019年美的单台空调的利润就比奥克斯高出约 219 元。\n时光回到2004年，这一年对美的意义重大。美的开始加快在白电领域并购的脚步，实现了白电全产业链的布局。\n5月，美的以2.35亿元接手华凌大股东42.4%的股权（2007年美的电器实现对广东华菱、合肥华凌以及中国雪柜完全控股），正式进入冰箱行业；11月，又以2000万美元获取荣事达50.5%的股权（2008年实现完全控股，2013年品牌使用权结束），进入洗衣机领域。至此，美的基本形成了空调、电机、压缩机、冰箱、洗衣机、小家电的全产业链布局。\n2008年，美的出资16.8亿现金收购了洗衣机知名品牌小天鹅24.01%的股权，加上境外子公司在二级市场购买的5.63%小天鹅的B股，美的持有小天鹅的股权比例接近30%，成为小天鹅的第一大股东。\n此后数年，通过二级市场增持、要约收购、换股吸收合并等多种资本运作方式，2019年美的实现了对小天鹅的完全控股。\n在收购小天鹅整合洗衣机业务前，美的在洗衣机领域与海尔的差距巨大。2007年，海尔的市场份额为21.4%,而美的借助荣事达立足洗衣机后市场份额不足6%；在收购整合后，美的洗衣机业务得以快速增长。根据前瞻产业研究院的销量数据，到2019年，国内洗衣机领域双寡头垄断的格局进一步稳定，海尔和美的的市占率已经非常接近，都在32%左右。\n\n图2：美的与海尔洗衣机市占率对比        数据来源：前瞻产业研究院，36氪\n在小家电领域，美的扩张也类似。\n1980年自产风扇后，90年代通过与三洋、东芝等日本巨头的技术合作和设备引进，掌握了电饭煲、微波炉等小家电技术。\n2000年后，通过自建子公司等模式，向电磁炉、豆浆机、饮水机、压力锅、油烟机等领域扩张。\n2000年-2010年，美的通过与意大利梅洛尼合资、收购春花、贵雅照明等，实现了在洗碗机、吸尘器、空气净化器、照明领域的不断扩张。\n\n图3：美的在小家电的扩张之路        数据来源：申万宏源，36氪\n在家电领域形成全产业链布局后，美的确立了国际化的战略。\n实际上，美的的国际化之路早有起源，最初萌生自80年代后期的OEM代工模式。凭借越南和顺德两个生产基地，该阶段美的获得了全球18家零售集团和10个知名品牌的OEM订单。\n靠着OEM模式打开国际市场后，2010年，美的靠着参股控股和自建海外生产基地两种战略，加快了海外品牌的自主化构建。\n2010年，美的收购埃及空调公司Miraco32.5%的股权，获得该公司的品牌、市场以及渠道优势，顺利进入非洲市场；2011年，收购开利拉美空调公司51%的股权，作为美的在拉美开展空调业务的平台；2016年，收购意大利中央空调Clivet80%的股权，实现资源互补，布局欧洲市场；同年，美的完成了对日本东芝家电业务80.1%的股权收购，获得了东芝品牌40年的全球授权以及5000多项专利技术，成功打开东盟市场；2017年收购了伊莱克斯的北美吸尘器业务Eureka，进一步整合了小家电的全球布局。\n在买买买的同时，美的也着手在海外自建分支机构、研发中心和生产基地，推动自身组织形态从“中国出口”向“本地运营”转变。扩大产品品类、实施制造本地化与供应链本地化、持续提升海外工厂产品品质，为美的的海外扩张迎来了极高的认可度。\n经过53年的努力，当前的美的已经成为了一家优秀的大型跨国集团。截至2019年，其业务覆盖消费电器、暖通空调、机器人与自动化系统、数字化业务四大板块，提供包括暖通空调、洗衣机、冰箱、厨房家电及各类小家电等多元化的产品种类与服务。\n与此同时，美的业务覆盖超过200个国家和地区，拥有34个主要生产基地（包括17个海外生产基地）和28个研发中心（包括18个海外研发中心），海外员工约3万名。\n2019年，美的集团实现总营收2794亿元，毛利率稳定在30%左右，净利率接近10%。其中海外市场业务营收的贡献率为42%，扩张势头迅猛。\n美的的控制性投资战略对于其掌握技术、快速进入细分市场，提升市占率意义重大。同时也为美的带来了强大的规模效应。\n根据近5年美的母公司和合并报表的对比，控制性投资战略为美的带来了可观的扩张效应。近5年，其通过控制性投资撬动总资源的效率始终超过2倍。\n\n图4：美的集团的扩张效应        数据来源：wind，36氪\n规模优势的不断扩大，让美的在上游原材料和下游渠道上具备了强势的话语权。极强的上游占款能力和下游回款能力，优化了企业资金结构和资产负债情况，保证了美的在较低的财务风险下可以实现自有资金的稳步增长；强大的上下游议价权，则在产品定价和原材料成本上形成优势，保证了毛利润的稳定扩张，在激烈的家电市场竞争中实现马太效应。\n\n图5：美的的上下游话语权         数据来源：wind，36氪\n美的的护城河：研发和效率\n经过数十年的高速发展，随着地产市场的降温，我国家电行业进入存量时代。2019年，家电行业出口+内销总规模为11066亿元，同比下滑1.35%。\n从增量市场到存量市场，家电企业的生存逻辑也由吸收增量份额向蚕食对手的市占率转变，价格战成为2019年的主题。\n以空调为例，2019年2月，美的率先降价10%，挑起新一轮价格战。降价促销一方面是为了打压以奥克斯为首的二、三线企业扩张；另一方面则是借助低库存优势围堵格力出货，抢夺先发优势。\n6月格力加入战局、双十一后反守为攻，发动了历史级“30 亿大让利”、“百亿大让利”活动，均价下探超30%。\n在龙头竞争策略叠加疫情影响下，2019年的价格战持续近20个月，最激烈的时期行业均价降幅高达20-30%之间，全年行业均价低于2015年价格战时期，为近十年最低。\n最终结果以美的的大获全胜而告终。美的不仅凭借先发优势实现了份额反超格力；同时，在售价低出格力15%的情况下，净利水平拉平甚至略超格力，在与海尔、奥克斯售价相近下，两家企业的净利均出现亏损，美的对其实现8-10个点的领先。\n\n图6：2019年价格战期间空调厂商净利率对比        数据来源：中泰证券，36氪\n能在这一轮残酷的价格战中胜出，除了美的多元化的产品结构可以天然抵御风险外，美的的护城河还有什么？\n优秀的产品力是美的的第一道护城河。\n2013年后，随着家电下乡、以旧换新、节能补贴政策利好的退出，家电行业陷入需求透支。此时的美的开始由规模导向向利润导向转型。\n在产品品类上，美的大做减法。从最初的64个品类缩减至32个，子品类如果做不到行业数一数二，就面临被砍的风险；在产品布局上，美的加快智能家居系统的打造，美的LOT平台通过AI技术、安全技术、大数据打造了200多个精品智能场景，为消费者提供个性化、定制化的套购选择。\n这种调整使得美的减少了大量中低端、低毛利的产品，向精品化、智能化转变。通过聚焦核心品类，提升产品品质和智能化体验，理顺了子品牌线条，提升了品牌的综合竞争力。\n以空调为例，目前，美的不仅形成了从压缩机、电机到整机制造的垂直化布局；同时，还覆盖了高、中、低档的全品类品牌矩阵。\n聚焦高端市场的COLMO，搭载了自研的第三代AI智慧眼，智能化技术和体验远超格力和海尔，向三菱、大金靠拢；聚焦中高端市场的美的主品牌，对标格力大部分机型，在性能相近下，以更低的售价分食格力份额；2019年，被重新定义的子品牌华凌，被改造成依靠互联网，针对年轻用户、主打性价比、个性化定制的品牌，对标小米、奥克斯等网红二、三线品牌，凭借性能、技术和成本优势，强化了低端市场的市占率。\n优秀的产品力背后是多年持续研发投入的结果。\n目前美的实施的是“两层四级”的研发架构。所谓两层四级是指，组织结构上实施以中央研究院为核心，各事业部研发平台为辅的两层研发体系；研发内容上实施从先行研究、共性技术、个性技术到产品开发的四级研发体系。\n其中，中央研究院负责开展颠覆性研究、前沿技术研究，及共性技术；事业部平台则负责个性化技术研究和产品开发。两层技术研究协同发展，为美的构建全球顶尖研发能力，提供中长期技术储备，实现产品力领先奠定基础。\n\n图7：美的研发体系         数据来源：互联网，36氪\n在研发投入上，美的的研发费用常年大于另两家白电企业。过去5年，美的研发投入近400亿元，年费用率稳定在3%以上，2019年当年更是超过100亿。\n巨额的研发投入保证了美的在发明授权专利数上的厚积薄发，2020 年上半年，美的在全球范围内专利申请6162件，获得发明专利授权1649件，居家电行业之首，为公司多业务、多品牌发展保驾护航。\n截至2019年，美的共有海内外研发人员13727名，硕博人员合计超过3500人，其中中央研究院硕博人才占比更是超过了75%。尽管10.18%的总研发人员占比低于另两家巨头，但若以人均授权专利数衡量，美的研发效率更高。\n\n图8：三家企业研发人员占比         数据来源：信达证券，36氪\n研发人员的高效离不开美的对一线研究人员完备的激励机制。自 2014 年以来，美的推出股权激励、限制性股票激励、事业合伙人、全球合伙人计划，分不同批次对业务骨干人员进行全方位覆盖，尤其是在研发人员的倾斜方面，7 次股权激励计划中研发人员平均占比接近40%。\n\n图9：美的人才激励政策占比        数据来源：申万宏源，36氪\n积极变革带来的降本增效是美的的第二道护城河。\n在生产端，2014年美的率先在小天鹅提出“T+3”变革，2017年开始向全品类普及，打开了以销定产的柔性生产模式。\n“T+3”的内涵是将接收用户订单、原料备货、工厂生产、发货销售四个周期(T)中每个周期的时间由7天压缩至3天，提升整体供货效率。\nT+3模式下，企业可以对原材料价格变动做出快速反应，降低原材料价格波动和高库存对成本的影响。\n以2019年价格战为例，当2018年底原材料价格进入下行周期后，美的凭借T+3模式进行合理排产，避免了高库存模式下原材料价格变动对成本的影响，促使美的以低成本优势率先降价，抢占市场份额。\n在渠道端，美的前瞻性的线上布局和后来的“网批模式”，大幅提升了对下游渠道的掌控力。\n2008年，美的开始尝试线上渠道布局，2014年成立电商公司，大力推动线上直营。前瞻性的线上布局，使其较早掌握了终端零售趋势，成为在细分领域追赶格力和海尔的重要阵地。\n截至2019 年，美的线上渠道占比超30%，居全网第一，线上收入增速达40%，显著高于线下。\n\n图10：美的各品类产品线上线下市场排名        数据源：财报，36氪\n线上化布局的成熟推进，使得美的在渠道端推广“网批模式”成为可能。\n与格力销司、代理商、经销商的多级渠道体系相比，网批模式削弱了销司的作用，下游经销商可以跳过销司层级，直接通过美云销 APP 向厂商下单。\n\n图11：两种渠道对比        数据来源：中泰证券，36氪\n由于销司在整个渠道加价较高（留存5%-8%的净利润率），因此对销司依赖的降低，为美的带来了成本集约及加价率压缩。\n根据光大证券的测算，网批模式推广后，2019年，美的相比于格力的单台空调的终端价差从500元扩大至700元，其中销司毛利是美的形成价格优势的关键。\n\n图12：格力贺美的定价对比          数据来源：光大证券，36氪\n在物流端，数字化转型下安得智联“全国一盘货”物流体系的搭建，实现了美的运输过程中的降本提效。\n2015年，安得智联开始承接美的集团T+3一盘货战略。2017年开始深入推动物流体系变革，把此前散落在全国各地代理商的货仓集中到安得物流中心仓，由安得物流进行统仓统配，构建起“共用仓储、统一调度、快速响应、快速配送”的供应链物流体系。\n统仓统配的核心是公司通过数字化信息系统的应用，实现多渠道库存数据一体化管控，将信息流、资金流及实物流完全打通，提高全渠道的周转效率，降低物流仓储成本。\n截至2020年上半年，安得智联在全国有140个区域配送中心，覆盖全国2875个区县、39862个乡镇，24小时配送覆盖率51%，48小时覆盖率高达87%。\n美的的星辰大海：成为跨国科技集团\n成为全面数智化的全球科技集团是美的未来的星辰大海。\n2020年末，美的将沿用10年的“产品领先、效率驱动、全球经营”三大战略，升级为“科技领先、用户直达、数智驱动、全球突破”四大战略主轴，标志着美的从产品领先到科技领先战略路径的进一步明确。\n美的的科技转型之路最早起源于2013年的“632”战略。\n“632”即构建“六大运营平台”、“三大管理平台”以及“两大门户和集成技术平台”。其内涵是构建面向企业全产业链的信息化平台。以硬件和业务端的配合升级，实现业务流程优化及公司数据体系的标准化，为后来的产业数字化和智能化转型提供数据与底层运营基础。\n随着“632”战略的推进，美的的数智化进程加速。\n2015年，美的与安川电机合资成立安川美的工业机器人和服务机器人两家公司（2020年停止合作），标志着美的进入机器人领域。\n在2016年入股国内机器人公司埃夫特之后，2017年，美的以292亿元、48倍市盈率完成了对机器人四大家族的另一个明星企业—德国库卡的收购，为自主掌握智能制造提供基础。\n在科技转型的早期，美的主要的目标是将数智化用于对内业务的赋能提效以及针对C端的智慧生活体验，也就是实现集团的“双智”战略（智慧家居+智能制造）。\n通过数据和技术赋能，在智能制造上美的最终落地了智慧工厂、C2M、数字营销、智能客服、智慧物流等多场景应用，助力公司实现从采购到生产再到销售运输的全价值链效率提升。\n从财务数据来看，2013-2017年期间，美的在员工人数优化的同时，人均创收和创利均保持正向增长，尤其是反映产出端的人均创收较竞争对手提升更加明显；同时，若以人均产量的同比增速来衡量生产的自动化程度，美的的表现也同样优于对手。\n\n图13：美的的自动化衡量         数据来源：信达证券，36氪\n在智慧家居方面，美的不仅将先进技术运用到自身产品的智能化上，推出了旗下主打AI智能的子品牌COLMO等智能家电产品，而且为了解决设备兼容问题，还设立了生态合作战略目标，搭建了全开放平台美的美居，优化了C端用户的智慧生活体验。\n\n图14：美的美居生态        数据来源：美的官网，36氪\n2018年，美的工业互联网平台M.loT发布，标志着美的科技转型新阶段的到来。转型重心从面向C端、对内赋能向打通B端、对外输出转变。\n2020年底，美的工业互联网2.0版本美擎对外发布。相比1.0版本“咨询+产品+实施”的全流程数字化解决方案，美擎深化了数字化与机器人自动化的融合，凭借核心部件、机器人本体、机器人单元、完全自动化的系统，向各个行业的客户提供从产品到服务的一整套解决方案。\n美擎的推出是美的自身能力边界的拓展，是产业资源平台化的入口，为美的B端智能制造方案解决商角色的加速演绎提供支持。\n相比于2C业务，2B业务的竞争壁垒更高，当前中国在这一领域仍处于起步阶段，未来在5G技术的催化下，成长空间广阔。根据国信证券测算，2021年工业互联网的市场空间在7800亿元左右，年化增速13%。\n在2B业务上，美的的野心远不止在工业制造环节。2020年底，美的收购菱王电梯，融合自身在中央空调领域的优势，进一步深化在智慧楼宇、智慧园区领域的布局；2021年初，美的以23亿收购万东医疗，运用其在医疗器械领域的布局结合自身机器人自动化的优势，向智慧医疗扩展。\n相比其他平台，美的现阶段的优势在于能力边界的不断拓宽，以及数字化与机器人自动化的深度融合。并且美擎已经在美的内部产生了非常可观的成效，对各行业客户更有说服力。\n截至2020年底，美擎服务的客户已涵盖 40多个行业、超过200家公司，产品和服务的形态进一步丰富，服务的对象扩大到汽车、日化、家纺、地产等多个领域，逐步体现出了生态化的雏形。\n巨额商誉：机遇还是隐雷\n目前，市场对于美的最大的担忧在于其巨额商誉背后隐含的业绩滑坡风险。\n2019年底，美的财报中商誉总额共计282亿，其中近80%产生于高价收购德国库卡。\n自2017年收购完成后，在全球汽车需求下降、疫情爆发的影响下，库卡的业绩一路下滑，股价也从巅峰的246欧元下滑至37欧元左右，市值缩水超80%。\n库卡业绩变脸叠加美的不得干预库卡经营的附加条件，加大了美的计提商誉减值的概率，引发市场对其业绩滑坡的担忧。\n但正如前文所言，美的收购库卡是长期战略规划的结果。库卡的加入令美的掌握了机器人自动化的能力，在工业互联网平台方面形成了领先的数字化和智能化的协同效应，而这种协同在短期内很难在财务上有所体现。\n与此同时，美的也在加快工业机器人业务的垂直整合，弥补库卡上游核心零部件的成本短板。\n2017年，美的先是收购了运动控制驱动器和电机生产商以色列高创传动，2020年初，美的间接控股合康新能，除了强化自身在2B中央空调业务上的核心竞争力以外，这家公司核心业务工业变频器、伺服系统等也是工业机器人上游的重要零部件。\n从机器人四大家族的营收和业务结构看，库卡的优势在于机器人本体的控制端，上游核心零部件自产率较低，导致毛利润空间低于其他三家。而未来美的在机器人业务上的垂直整合，有望降低库卡的上游成本，提升整体盈利能力。\n从另一个角度看，近3年美的集团的平均营收为2595亿元，增速在7.5%左右；平均净利润为218亿，增速16.5%；经营活动产生的现金流量净额平均值为303亿元。\n\n图15：美的近年营收和净利       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