Looking at the new consumption trend from the semi-annual report
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Catering consumption is growing rapidly, the number of flights continues to rise, and the sales of smart home appliances are improving … … The warmth of consumption is not only reflected in macro data, but also in micro performance. Recently, a number of listed companies have successively disclosed their half-year transcripts. From the overall performance, while the income of consumer listed companies increased, the profit level also improved significantly, reflecting the vigorous vitality of consumer demand growth and continuous market expansion in the first half of the year.
The tourist attractions are crowded, the movie box office has set a new record, and the railway summer vacation has reached a new high … … This summer, the consumption vitality continued to be released. Statistics from the National Bureau of Statistics show that in the first half of this year, the total retail sales of social consumer goods exceeded 20 trillion yuan, reaching 22.8 trillion yuan, up 8.2% year-on-year, and the growth rate was significantly faster than last year. In the first seven months of this year, retail sales of services increased by 20.3% year-on-year.
The warmth of consumption is not only reflected in macro data, but also in micro performance. Recently, a number of listed companies have successively disclosed their half-year transcripts. Observing the consumer market through the semi-annual report of listed companies, what new ideas are surging in the warmth? What about the consumption expectation in the second half of the year? The reporter interviewed relevant departments, relevant listed companies and industry experts.
Demand for service consumption is strong, and corporate profits are significantly improved.
Lingnan fragrant crispy chicken and Cantonese crispy meat are attractive in aroma, and the dining environment is full of characteristics … … In May this year, the first store of Guangzhou Restaurant, an old brand of Cantonese cuisine, opened its doors to welcome guests, attracting diners from East China to try Cantonese cuisine.
"The rapid growth of catering consumption has driven us to speed up the layout of stores and expand the catering market." Chen Yang, the director of Guangzhou Restaurant, said that since the beginning of this year, the consumption scene has gradually recovered and the consumption policy has been promoted. The company has realized the synergy of the two main businesses of "catering+food", expanding the market and enhancing brand awareness. The "time-honored brand" glows with new brilliance. In the first half of the year, Guangzhou Restaurant is expected to achieve a year-on-year increase in revenue of 22.57% and a year-on-year increase in net profit of 39.86%.
On the one hand, the overall recovery of catering consumption, on the other hand, the centralized release of tourism demand.
"Free tickets for anniversary" and "Hot air tickets kill" … … Recently, Spring Airlines’ 10,000-ticket special promotion activities set off a wave of ticket purchase. "The passenger load factor continues to rise, turning losses into profits in the first half of the year!" Zhang Wu’ an, spokesperson of Spring Airlines, said that in the first half of this year, the number of domestic flights exceeded the same period in 2019, and international routes also accelerated their recovery. More than 100 countries and regions resumed group tours, and tourists’ willingness to travel was fully released, which greatly improved the company’s main business.
Zhang Wuan introduced that in the first half of the year, the net profit of Spring Airlines is expected to be 650 million — 850 million yuan. "Judging from the current booking situation, the demand for tourism in the Mid-Autumn Festival and Golden Week of the National Day is even stronger. In the second half of the year, with the further recovery of international routes, in addition to the explosive growth of holidays, daily travel will also accelerate. " Zhang Wuan analyzed.
According to the statistics of Shanghai Stock Exchange, in the first half of the year, the listed companies in the hotel and catering industry in Shanghai accelerated their recovery. As of August 15, 13 such listed companies have released interim performance data, and it is estimated that a total net profit of 1.6 billion yuan will be realized, and a substantial turnaround will be realized in an all-round way.
"As of August 18, the disclosure rate of performance reports and profit forecasts of listed companies in the first half of the year was close to 50%. From the performance of the disclosed companies, the recovery of the service consumer industry in the first half of the year was relatively elastic. With the recovery of offline passenger flow and travel activities, there was a certain shortage of supply in some areas, which also brought some support to the price increase." Li Qiusuo, chief domestic strategist of CICC’s research department, said that the service consumption areas such as catering, tourism, hotels, offline retail and cinema lines have recovered rapidly, showing that China’s consumption pattern has gradually changed from commodity consumption to both commodity and service consumption.
From the overall performance, while the income of consumer listed companies has increased, the profit level has also improved significantly. As of August 15th, the data of 38 retail and wholesale listed companies that have disclosed interim results in Shanghai Stock Exchange show that the total net profit is expected to reach 13.2 billion yuan, up 36% year-on-year.
As of August 23, a total of 38 daily consumer listed companies in Shenzhen disclosed the 2023 semi-annual report, achieving a total operating income of 291.861 billion yuan, an increase of 11.57% year-on-year; The net profit was 8.614 billion yuan, a year-on-year increase of 348.09%. Among them, the revenue of 36 companies increased year-on-year, and the revenue of 18 companies increased by more than 20% year-on-year; A total of 34 companies achieved profitability.
Sales of upgraded goods increased, and online and offline integration developed.
"Look, this is the overhead constant temperature fresh freezing system of the refrigerator, which makes the temperature fluctuation of frozen ingredients less than 0.2 degrees Celsius, greatly improving the umami retention rate and reducing bacterial growth." On August 22nd, in Hefei Department Store, citizen Zhang Shaohua bought Changhong Meiling’s "frozen fresh" refrigerator after careful comparison under the introduction of the staff. "We have many families, and there is a great demand for frozen fresh-keeping of ingredients. There are special activities in the summer shopping mall to try new high-tech products. " Zhang Shaohua said.
"The domestic home appliance market has entered a mature stage, and the competition for stock in the industry is fierce, but the escalating consumer demand of consumers has opened up new market increments for us." Zhong Ming, president of Changhong Meiling Co., Ltd., said that in response to consumers’ higher requirements for refrigerator preservation, enterprises increased their research and development efforts and accelerated the upgrading of product structure. In the first half of the year, the company’s refrigerator and freezer business revenue increased by 22.54% year-on-year.
"Not only the upgrading of traditional household appliances such as refrigerators, air conditioners and washing machines has brought strong support to performance, but also new products such as small household appliances have brought new growth momentum." According to Zhong Ming’s analysis, in the first half of the year, the company’s smart tea machine and other small household appliances and kitchen and bathroom businesses realized revenue of about 853 million yuan, a year-on-year increase of 17.21%.
"From the performance of commodity sales listed companies in the first half of the year, some sub-sectors of automobiles and household appliances achieved good profit growth, and some companies maintained resilience in overseas exports to support their performance; At the same time, the sales of upgraded goods grew rapidly, and the growth trend of new consumption related to young people was good, including the sales growth rate of new consumption such as small household appliances, medical beauty, cosmetics and trendy play was better than the overall growth of consumption. " Li Qiusuo said.
According to the analysis of Shanghai Stock Exchange, from the semi-annual report of listed companies in Shanghai stock market, consumer groups and consumer demand are diversified and upgraded, with many highlights: the performance of household appliances industry keeps growing, and smart appliances are loved by young consumer groups; With the rise of domestic beauty products, four listed companies in Shanghai, such as Polaiya and shanghai jahwa, are expected to achieve a net profit of 800 million yuan, an increase of 83% year-on-year; With the upgrading of product structure in the food industry, prefabricated dishes have become new consumer products, and 35 food and beverage companies are expected to achieve a net profit of 47.5 billion yuan, up 20% year-on-year & hellip; …
With the steady growth of commodity sales, the profitability of commodity sales listed companies has also improved. Li Qiusuo’s analysis: "With the decline in the cost of upstream raw materials, the cost pressure of the consumer industry has eased compared with the past two years, and the gross profit margin has generally improved, especially in the manufacturing industry where raw materials such as automobiles and household appliances account for a relatively high proportion."
According to Tian Lihui, dean of the Institute of Financial Development of Nankai University, there is another distinctive feature in the half-year performance of the consumer sector — — Online consumption continued to grow, and the sales revenue of e-commerce enterprises and traditional retail enterprises in e-commerce channels increased significantly.
"In the first half of this year, the company achieved a year-on-year increase in revenue of 32.58% and a year-on-year increase in net profit of 47.41%. As the main entrance for new consumers, online channels provided strong support for performance growth." The relevant person in charge of Tomson Bianjian Co., Ltd. said that the online channel revenue of Tomson Bianjian’s main brand increased by over 60% in the first half of the year.
"Many listed companies have strengthened the integration of online and offline development and gradually formed a new retail model to meet the dual needs of consumers for shopping experience and convenience. In addition, branding has become an important means for listed companies to cope with consumption upgrading. Some companies improve their added value and premium ability by enhancing their brand image and strengthening brand marketing. " Tian Lihui analyzed.
Optimize the supply of products and services and promote the upgrading of consumption.
"While grasping the key competitiveness of taste, Guangzhou Restaurant is committed to combining traditional diet, regional culture and emerging consumption concepts to meet more levels of catering needs." Chen Yang said.
"On the basis of keeping the safety bottom line, Spring Airlines strengthens data mining analysis, continuously improves the punctuality rate of flights, and optimizes product mix and travel services by using its own channels to further stimulate travel demand." Zhang Wuan said.
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Listed companies are not only an important window to observe the consumer market, but also a strong driving force to promote high-quality development.
"The retail and consumer goods listed companies in Shanghai represent the leading domestic production technology and marketing concept. From the perspective of half-year performance, they have played a more obvious leading role in the recovery of consumption." Yang Delong, chief economist of Qianhai Open Source Fund, analyzed that on the one hand, listed companies have stronger resource allocation ability, can respond to the latest consumption hotspots and changes in the first time, and cultivate new consumption habits by continuously strengthening product innovation and exploring consumption patterns; On the other hand, leading enterprises can cultivate and incubate more new consumer industry chain companies and expand the consumer industry circle through foreign investment and mergers and acquisitions.
Li Qiusuo believes that the high-quality development of consumer listed companies not only ensures the stability of the supply side, but also meets the new consumption demand of residents for a better life through continuous innovation and upgrading, which helps to expand domestic demand, promote consumption upgrading and accelerate the formation of a higher level of dynamic balance between demand traction supply and supply creation demand.
Since the beginning of this year, various departments have successively introduced policies to promote the consumption of household and electronic products and support new energy vehicles. With the effective implementation of policies and the gradual stabilization of economic development and residents’ income, experts believe that there is still great potential for consumption expansion and upgrading in the next stage, and listed companies should continue to be "locomotives" and lead the industry to upgrade and upgrade.
"China’s industrial upgrading will continue to be an important foundation for consumption upgrading, and the continued recovery of service consumption is still an important trend. Listed companies should actively increase investment in research and development, closely integrate products with new technology applications, and further improve the quality of supply." Li Qiusuo believes that with the help of innovative technology, all kinds of consumption are expected to continue to develop in a more comfortable, convenient, cleaner, more beautiful and healthier direction.
Tian Lihui suggested that listed companies should optimize the supply of products and services by strengthening technological innovation and research and development, improving supply chain efficiency, improving product quality and strengthening brand building, and continue to promote the high-quality development momentum of the consumer market.