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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
男女艹逼软件 - 的历史与演变
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男女艹逼软件 - 的历史与演变

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南方财经全媒体记者吴立洋实习生隆欣玲上海报道

存量竞争压力下,中国小家电市场的惨烈竞争仍在持续。

近日,A股小家电龙头九阳股份、小熊电器、新宝股份与苏泊尔先后发布2024年财报或业绩快报。其中苏泊尔与新宝股份2024财年营收、利润均出现增长;小熊电器营收微增,但归母净利润下滑超三成;九阳股份交出的成绩单则最为惨淡:公司2024年营收同比减少7.94%,归母净利润同比减少68.55%。

细分到地区来看,尽管业绩增减各有不同,但小熊、新宝与苏泊尔均出现国内营收下滑或微增、海外收入增长的情况,这也与2024年整体小家电市场的发展趋势相符——据中国机电产品进出口商会数据,2024年中国厨房小家电与个护小家电累计出口金额分别同比增长9.1%与16.9%;但在内销方面,据奥维云网(AVC)数据,2024年国内市场厨房小家电与个护小家电均同比下降0.8%,少数增长的细分品类如电吹风,增长速度也较2023年有明显回落。

在海外收入成为中国小家电龙头增长支撑的背景下,九阳股份2024年海外营收则同比大跌27.97%,海外市场开拓显著受阻。在新任董事长杨宁宁掌舵九阳的第二个财年,未能扭转公司经营持续走低的局面,2024年也成为九阳自2021年起营收与归母净利润连续双降的情况下,下滑幅度最大的一年。

价格战加大内销压力

社交平台流量趋近饱和,国内市场增量见顶,是2024年小家电产业对内销情况的基本共识,在愈加激烈的存量市场竞争下,价格战成为小家电龙头们不得不面对的现实问题。

这一趋势也反映了各大厂商的财报数据中,从已发布完整财报的小家电企业来看,苏泊尔、小熊和九阳的国内市场毛利率分别从28.70%、37.13%和31.10%下滑至27.69%、35.92%和29.80%。

“厂商为争夺市场份额,竞相压价,导致利润空间压缩,是小家电龙头毛利率下滑的重要原因。”天使投资人、人工智能专家郭涛在接受南方财经全媒体记者采访时表示,经过多年发展,部分小家电品类普及率高,增长空间有限,由此导致的价格战可能仍会持续一段时间。

在这样的背景下,产品单价降低、厂商利润摊薄是必然趋势,部分竞争力弱的企业也可能就此被淘汰;但另一方面,这也促使企业更加注重产品差异化和创新,以应对价格竞争。

奥维云网报告指出,虽然小家电市场2024年整体感受上是消费降级,但体现在厨房小家电品类上仍存在“K型”分化的趋势:2024年线上渠道中,300元以下厨房小家电产品零售额占比59.2%,同比增长2.2%;同时千元以上厨房小家电零售额占比14.8%,同比增长1.7%。换言之,在低价产品销售占比扩张的同时,市场对高端小家电的需求也并未减缓,具备竞争力的高价产品依然拥有增长潜力。

产业在线分析师王娟在接受南方财经全媒体记者采访时指出,2024年整个国内消费环境较为疲软,企业面临成本上升与渠道变革的双重压力,同时消费者的需求也从基础功能向智能化和健康化升级,多数传统产品未及时迭代且同质化严重,这让消费者难以感知不同品牌产品的功能价值差异,最终多数企业只能通过以价换量策略来拉升销量。

“预计未来短时间内价格战或仍将持续,特别是在一些实用性不足、设计感略差的产品方面,而长期看智能化、个性化、创新兼具实用以及融合智慧家庭一体化的产品或能突破重围。”她进一步表示。

结合2024年小家电企业的财报内容也可以看出,品类拓展和高端化升级是龙头厂商寻找新增量的重要方向:在烹饪电器收入下滑的情况下,苏泊尔依靠炊具与食品料理电器的增长稳住了营收,同时上述三类产品均实现毛利率上升;小电器则依靠2024年收购的罗曼智能,实现个护小家电业务的快速增长。

相比较而言,九阳股份在2024年的产品革新并未给公司经营带来起色,2024年11月,在收购清洁电器厂商深圳甲壳虫智能有限公司不到一年后,九阳股份就以1.69亿元转让后者68.4517%股权,同时失去其控股权并不再将其纳入公司合并报表范围,这也宣告着九阳这项涉足扫地机器人等清洁电视领域的尝试宣告失败。

业务多元化受阻的同时,九阳并非放松在营销领域的持续加码。财报数据显示,2024年九阳股份销售费用15.06亿元,同比增长13.43%,也是上述三家小家电龙头中唯一2024年加大营销投入的公司。虽然销售费用的增长一定程度上帮助九阳减缓了国内市场的下滑趋势(2024年国内收入下滑1.86%,幅度高于苏泊尔低于小熊电器),但显然未能挽救公司业绩的整体下滑。

与之对应的是,2024年苏泊尔与小熊电器研发支出均有所增长,而九阳股份报告期内的研发投入为3.61亿元,同比下滑7.19%。

出海拓展受阻

除了国内市场价格战压力下的品类拓展不顺外,出海市场的萎缩也是九阳2024年落后于其他家电龙头的重要因素。

如前文所言,在其他小家电龙头海外市场增长加速的背景下,九阳的出海营收却迎来近三成的下滑。

值得注意的是,相较于其他小家电厂商,即便是以承接母公司法国炊具巨头SEB集团代工业务为主的苏泊尔,以及同样以OEM/ODM代工为主的新宝股份,其海外毛利率均能保持在20%上下,而九阳电器自2022年开始,海外市场毛利率均低于10%,2024财年更是下滑至6.24%,远低于其国内29.80%的毛利率水平。

值得注意的是,今年年初九阳股份在回复投资者提问时表示,公司境外业务收入的主要目的地是欧美市场,并且外销业务专注于厨房小家电品类,出口目的地非常集中。

近期,随着关税冲突愈演愈烈,以欧美为主要出口市场,且2017年开始与美国小家电龙头品牌sharkninja高度绑定的九阳,无疑也将面临更严峻的海外市场挑战。

王娟指出,当前贸易形势复杂多变,特别是美国大幅加征关税之下,小家电产业将会面临美国出口成本激增、订单流失等情况,甚至部分抗风险能力较弱的或者以出口美国为主的企业严重的或面临淘汰的风险。除此之外,关税还将加剧全球产业链重构,欧美等主要需求市场对绿色、节能产品需求的提升也将倒逼企业加大研发、升级技术。

“对于小家电厂商而言,需要拓展多元化国际市场,降低对单一市场的依赖;加强供应链管理,保障原材料供应安全;提升产品附加值,增强议价能力,以应对贸易政策变化带来的挑战。”郭涛表示。

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