Nine-yang performance less than expected or take defensive strategic detour

Nine Yang Fire even camp: 17% occupancy rout, the United States air raids, myths disillusionment beauty of the soy-bean milk machine Force again Killema; the Times make heroes.　　The 2008 melamine event made the legend of the nine-yang soya bean-milk machine.　　Two years, the legend of the nine Yang can continue to write? March 29, the annual report of nine Yang shares announced the end of the previous high growth myth. 2009, the company realized operating income of 4.63 billion, only 7.24% year-on-year growth, excluding non-recurrent profit and loss after the net profit rose only 6.23%.　　At this point, from 2005 to 2008, the annual growth rate of operating income was as high as 179%, ending with the screeching of fairy tales. "This is the biggest challenge of the nine-Yang 1994-year venture since its inception." Future competition will only be more intense, the competition has been normalized.　　At the show, the company's executives said it was only the beginning. A number of securities companies issued research reports, have said that "performance is lower than expected." "Ultra-high growth ended, the company's shares performance below market expectations." Everbright Securities analysts said so, and the rating to neutral. "After 2008 years of rapid growth, 2009 growth was lower than market expectations."　　Qilu Securities, Northeast Securities also cut the nine-Yang rating to "prudent rating." The fairy tale shook off the nine-yang nine-yang performance of the turning point in the Four seasons of 2009 years. In the fourth quarter of last year, nine-Yang share revenue fell 20% Year-on-year, this is the first time the company shares a quarterly decline in the situation.　　And it happened in the fourth quarter. "After last year's report, I did not follow the nine-Yang, because passable." In fact, the nine-Yang is already a very good company, but the next breakthrough is more difficult. Before everyone to the nine-yang expectations are relatively high, one is the domestic soybean milk machine market space is huge, the second is the commercial soybean milk machine to achieve zero breakthrough. But for now, none of this is up to expectations.　　"An analyst based in Shenzhen said he sniffed at the slowing of the nine-yang rate as early as last year. Now, nine Yang exclusive soya-bean milk machine Market 87% of the heyday of the past. 2009, nine Yang soybean milk machine sales growth rate is significantly lower than the industry growth rate, the market share fell to 76%, of which nine-Yang brand 73.52%, its Ounando brand 2.14%.　　Moreover, the downward trend continues.　　In January 2010, the competition for market share was even more pronounced, with the market share of nine yang falling to 67.85%, plus the Ounando total of 70.09%, while the U.S. soybean milk machine's share reached 23.84%. "There is no doubt that the market share of the nine Yang is declining." Of course, the company also has its own advantages, brand advantages and technical advantages, but these advantages and there is no unbreakable barriers.　　"said a beijing-based brokerage analyst. In addition, the nine-Yang turning point of another signal is the product gross margin decline. 2009, nine Yang three business gross profit margin fell, especially in the four quarter gross profit margin of 36.6%. 2009, the nine-yang soybean milk machine gross profit margin from 43.7% to 42.4%;The induction cooker gross margin reduced from 23.4% to 22.1%; "Increased competition in the industry to make the nine-yang 2010 soybean milk Machine Gross profit margin has a further decline trend."　　"Credit securities analysts said. A beautiful and nine-yang battle "in general, the nine Yang to the soy milk machine culture is contributing." "The Shenzhen analysts believe that the advantages of the nine-Yang is more as a" pioneer "has been established brand and quality advantages.　　However, the intensity of the soybean milk machine market competition is far beyond the imagination of nine Yang. "The management pressure of the nine Yang is also very big, also thinking how to do." Soybean milk machine Profit is higher, entry threshold is not high, from the original blue Sea into the Red Sea is inevitable. For example, the United States has been doing soy milk machine this piece, the two-year force is to kill another engagement.　　The Shenzhen analyst said. This time, the confrontation with the nine Yang is beautiful.　　As early as September 2008, the United States began to enter the soybean milk machine market, building an annual output of 30 million units of the industrial park, and plans in 2010 to occupy 35% of the market share, the next level can be imagined. "The offensive ability of the United States is very strong, very radical, you can even say it is very extreme." Beauty is a touchstone, if the United States want to enter a market, in two or three years, if the leader of that field has not been defeated, then verify the company's strong strength, such as Gree. Whether the nine-Yang can pass this test waits for the examination of time.　　The Shenzhen analyst summed up the rules of the U.S. market scramble. It is reported that the United States within the "one" of the unwritten rules, that is, a market if not to do the first three strong, would rather quit. "In accordance with the past practice of the United States, this product should be done very quickly." Because, the United States in the brand, product systems and marketing Network has a comparative advantage.　　Xiaoming, vice president of the United States, said to the weekly financial report. "The future of the nine-Yang will face the United States for a long time the competitive pressure, this pressure in the soybean milk machine industry growth will be more prominent."　　Everbright Securities analyst Zhao also believes that the two sides will further increase competition. "Whether the United States can surpass the nine Yang is not easy to say." Even beyond, it takes a long time.　　The Shenzhen analyst said. Nine Yang's transformation 15 wholeheartedly make soya-bean milk machine. Nine Yang has been the specialization of the road to the ultimate success of the typical.　　Now, go to the extreme of the nine-Yang point where the next exerting force? Now, the nine-Yang faced with the choice of subversion of the path of the past.　　In its 2009 annual report, the company first mentioned that it would "actively explore the development of mergers and acquisitions, to soybean milk machine series as the core products, and gradually realize the diversification of healthy eating small appliances." In the performance of the meeting, nine YangGao tube also mentioned several times, in the past 15 years, especially last year, the nine Yang will focus on domestic soybean milk machine, the other small electricity not enough attention, through mergers and acquisitions compensation Short board. Nine Yang plans to tilt the resources to small electricity this year, put more resources on the small electricity. Mergers and acquisitions in the area of small household electrical appliances, mainly kitchen small appliances, but also not limited to small kitchen appliances, to seek "beans" "Electricity" balanced development.　　"Diversification strategy will be the future development direction of the nine Yang." A single product focused on the development of a certain degree will be to diversify the strategy, which is also home appliances enterprises bigger and stronger inevitable mode. The diversification of the operation of the nine-yang to avoid relying on the risk of a single product.　　Xiang Wealth Securities analyst Liu Fei that diversification is the next inevitable choice for the nine-Yang. "It will take 2-3 years for the company to grow its business into a new development period," said Yang. Prior to this, the nine-Yang business to adjust and defense-oriented, the nine-Yang needs to rely on brand and technical barriers, as far as possible to delay the soybean milk machine industry return to the general manufacturing progress. As a result, performance will continue to grow at a low rate for the next year or two. "Everbright Securities analyst Zhao that the next two or three years is nine Yang to buy time to adjust the strategy of defense time." (Chulin/Wen)