VIGA Faucet Moetsi 
Bathroom Business School
Tlaleho ea morao-rao ea selemo le selemo ea Huida Sanitary Ware Co., Ltd (603385.SH, ka morao ho mona ho thoeng ke “Huida Sanitary Ware”), setoko se etelletseng pele sebakeng sa bohloeki, e bontša hore tlas'a khatello e boima ea seoa ka 2020, matla a phaello ea chelete ea Huida Sanitary Ware lilemong tse 'maloa tse fetileng e felile ka tšohanyetso., empa maemo a tshebetso ka kakaretso a ntse a le matle. Ho tloha 2016 ho 2019, phaello ea chelete ea khampani e ile ea nyoloha ho tloha 210 limilione tse yuan ho 329 li-yuan tse limilione, ho fokotseha ha hoo e ka bang 6.58% selemo le selemo ka 2020.
Phaello e phahameng ea Huida Bathroom
Ho 2020, chelete ea ts'ebetso ea k'hamphani e ntse e eketseha, kakaretso mabapi 3.218 li-yuan tse libilione, holimo 0.24% selemo le selemo. Palo ea kakaretso ea 31.33%, tlase ho palo e felletseng ea hoo e ka bang 33% ho 2019. Le hoja mokhoa o akaretsang o tsitsitse, ho na le batsetedi ba tšoenyehile hore Huida bathroom “keketseho ea chelete ha e eketse phaello” boemo bo tla ata? Ho na le lihlahisoa tsa kantle ho naha tse kang Kohler Sanitary Ware ka pel'a sebaka sa ho emisa, ka morao ea lihlahisoa tsa lapeng tse kang Hai-O Sumitomo lelekisa. Huida sanitary ware, e tla sebetsana joang le bokamoso?
Khaello ea litsi, theko ea setoko ha e fokotsehe
Ware ea Huida ea bohloeki e ka hlalosoa e le setsebi sa 'maraka oa thepa ea ka tlung ea ho hlapela. Ho latela khoebo search, khampani e thehiloe ka 1982, ho fihlela joale 40 lilemo, empa ka hare feela 2017 e thathamisitsoeng ho SSE. IPO e hlahisitsoe ka 830 li-yuan tse limilione, nyehelo ea selemo se fetileng e seng ea sechaba ea likarolo e phahamisitsoe ho feta 80 li-yuan tse limilione. Bakeng sa letšoao le joalo le tsebahalang, eona “takatso ea lijo” ha e kholo, mme ntho ea peeletso ke mong'a k'hamphani ea molemo, lelapa la Wang.
Ka Hlakubele 12, khamphani e ile ea ntša leano la kabo ea phaello, 2.43 yuan bakeng sa 10 likarolo, kakaretso e fetang 92 li-yuan tse limilione. Tlhahiso ena ha ea ka ea fumana karabelo e ntle ho tsoa ho bo-ramatsete – theko ea kabelo e ne e 12.42 yuan/share ka Hlakubele 11, qoela ho 11.55 yuan/share letsatsing le hlahlamang. Ho tloha ka Hlakubele 30, theko ea kabelo ea khampani e koetsoe ka 11.6 yuan ka kabelo. Ho pholletsa le selemo se fetileng, theko ea kabelo ea k'hamphani e bile le metheo e meholo ho tloha ka Mots'eanong ho isa Phato, ka theko ea kabelo hang ha e fihla ho RMB19.38 kabelo e 'ngoe ka Phato. Esale e le hoo, ho wa ho tshoha, ha ho na rebound e kholo.
Ho tsoa ho ba nang le kabelo k'hamphaning, Huida bathroom stock price, ho tloha mafelong a selemo se fetileng, beng ba liabo ba leshome ba holimo, ho phaella ho molaoli oa sebele Wang Huiwen le lelapa la Wang, Litlhaloso tsa likarolo tse ling tsa Tangshan City Investment Co. 'Me Tangshan ke setsi sa lehae sa k'hamphani. Batseteli ba setseng ba setheo ke inshorense e le 'ngoe feela ea ICBC AXA Life Insurance, ka kabelo feela 0.9%.
Hangata litsi ke tsona tse “moea oa moea” lebaleng la matsete. Khaello ea litsi le litheko tsa share li khutlela morao, ho bonahala eka e bitsa kamore ea ho hlapela ea Huida ho fana ka ntlha e ncha ea kholo ea phaello.
Lihlahisoa tsa setso li hloka ho ntlafatsoa
Bakeng sa nako e telele, Huida sanitary ware ka lirafshoa tsa bohloeki le lihlahisoa tsa lithaele tsa ceramic ho bula 'maraka, eo hape e leng mohloli oa bohlokoa oa chelete. Ho 2020, tsa khampani “lihlahisoa tse se nang tšepe” lekeno le fete 2.2 li-yuan tse libilione. Ka papiso, chelete ea ho etsa thepa ea ka tlung ka bobeli, lihlahisoa tsa tšepe, ka ho latellana, li mabapi feela 200 limilione tsa yuan le 500 li-yuan tse limilione.
Nakong e tlang, lihlahisoa tsa ceramic li ntse li le bohlokoa haholo ho sireletsa phaello ea k'hamphani, mme selemong se fetileng lekeno la lihlahisoa tsa liminerale tsa khamphani e seng tsa tšepe le theohile ka 2.78% selemo le selemo. Litšenyehelo tsa ho sebetsa, leha ho le joalo, eketseha ka 1.58% selemo le selemo, le palo e felletseng e fokotsehile ka 2.93%.
Ka sehlahisoa, moeli oa kakaretso oa lirafshoa tsa bohloeki le lithaele tsa lebota le fatše li fokotsehile ka 2.91% le 3.99% ka ho latellana. Chelete ea lichelete tsa letsopa tsa bohloeki e fokotsehile ka 4% selemo le selemo, mme palo ya thekiso e ile ya feta 8 likotoana tse limilione. Ho fokotseha ha selemo le selemo ho bile teng 2.52%, ha thepa e ntse e phahama 5%. Ho na le matšoao a hore sehlahisoa sa feisi sa k'hamphani se tobane le mathata a itseng. Palo ea thekiso ea libate tsa bate ea k'hamphani e ile ea eketseha ka 15.27% selemo le selemo. Leha ho le joalo, tekanyo e akaretsang ha e kholo, le feela 62,400 lihlopha tse hlahisoang. Lihlahisoa tse joalo indastering li tsejoa e le “kamore eohle ea ho hlapela”. Karolong ena ea lihlahisoa, mabitso a tsoang kantle ho naha joalo ka Kohler, Panasonic ke tlholisano ho feta. Huida sanitary ware, haeba u batla ho ba le bona e le ntloana eohle, e tla tobana le khatello e khōloanyane.
Ka kakaretso, Huida bathroom setso lihlahisoa tsa ceramic, litebello tsa phaello ha lia hlaka haholo, e amanang le sehlahisoa “moat” sa tebang. Lihlahisoa tsa Ceramic, ha e bapisoa le thepa ea bohloeki e bohlale, ke litaba tse tlase tsa theknoloji, 'me moeli oa indasteri ha o phahame. Sena se etsa hore lithupelo tse ngata tse nyane le tsona li kenye letsoho tlhahisong, mme e ka nka monyetla ka theko e tlase ho hapa mmaraka o tlase. Lihlahisoa tsa Ceramic le kamore ea ho hlapela ka kakaretso ha e bapisoa le ea morao-rao e itšetlehile haholo ka moralo, ho hatisa ho kopanngoa le lisebelisoa tse ling ka tšebeliso ea ts'ebetso, mokhoa oa mokhabiso. Litaba tsa theknoloji e phahameng ka tlhaho li tlisa boleng bo phahameng bo ekelitsoeng.
Lihlahisoa tsa ceramic li itšetlehile ka bokhoni ba tlhahiso ea setso, bothata ba ho fokotseha ha boleng ba tlaleho ea selemo ea selemo ea ho hlapela ea Huida bo boetse bo bonahala. Litsenyehelo tsa mosebetsi oa lirafshoa tsa bohloeki, accounting for 17.5% ea litšenyehelo kaofela, matla a mafura a ikarabellang 3.57%. Le libate tsa ho hlapela, lishaoara le litšenyehelo tse ling tsa mosebetsi oa kamore ea ho hlapela li balletsoe 0.47%, matla a mafura a ikarabellang 0.08%. Kamore ea ho hlapela ea thepa ea ka tlung litefello tsa mosebetsi o ile a ba le hoo e ka bang 1.31%, matla a mafura a etsang hoo e ka bang 0.19%. Thepa ea ka tlung le libate tsa ho hlapela ke tsona “sebaka sa ho ba” mabapi le thekenoloji le moralo.
Khampani e boetse e bonahala e tseba karolo ena ea bothata, ho boletse tlalehong ea selemo, “tlhahiso ea lithaele tsa ceramic e ile ea oa 87.66%, ka lebaka la keketseho ea ts'ebetso e tsoang kantle.” Selemong se fetileng, khamphani e hlahisitse kakaretso ea 364,300 limithara tse lisekoere tsa lithaele tsa ceramic, thepa e fokotsehile ka ho feta 50% papisong le selemo se fetileng, empa palo ea thekiso e ile ea eketseha feela ka 0.88%. Kahoo, Kantle ho naha ke phetoho e kholo ts'ebetsong ea k'hamphani selemong se fetileng. Ka sebele ho falla hona ho boloka litšenyehelo tse ling, empa hape e hlahisa phephetso e ncha taolong ea boleng ba k'hamphani.
Ho tloha indastering ho ea tlase, ntlafatsa theknoloji ea lihlahisoa, moralo o ekelitsoeng boleng ke oa bohlokoa, ho seng joalo ho bonolo ho oela ntoeng ea theko le “workshop e nyane”. Thekiso ea lihlahisoa tsa kamore ea ho hlapela le 'maraka oa thekiso ea matlo o amana haufi-ufi. Le le “mela e meraro e mekgubedu” delineated, palo ea matlo a macha le theko ea thekiso e fokotsehile haholo, ho bolelang hape hore tlhokeho ya matlo a thepa ka kakaretso bakeng sa dihlahiswa tsa bohlweki e ba nyane.
'Maraka oa lihlahisoa tsa bohloeki o ka fetisetsoa mererong ea khale ea tokiso ea tikoloho le mek'huk'hu ka leano. Karolo ena ea 'maraka e fumaneha haholo metseng ea boraro le ea bone, beng ba tsona ba nahanela theko, 'me tlhoko ea lihlahisoa tse phahameng e fokotsehile. Libaka tsena tsa tikoloho tsa 'maraka oa ntlafatso ea lehae kapa li tla lula kapele ke lithupelo tse nyane. Haeba feela tsepamisa maikutlo holim'a lithaele tsa ceramic lihlahisoa tse tlaase tsa boleng bo eketsehileng, mefuta e meholo ha e na tlholisano e kholo. Phetoho ea litaba tsa theknoloji le moralo oa lihlahisoa li khona ho bula lekhalo ka lithupelo tse nyane.
Huida ntloana tlalehong ea lichelete e boetse e boletse, “Lik'hamphani tse ling li ka nka ho lahla theko e tlase ka nako e khuts'oane, maemo a tlase le maano a mang, ho fella ka ho theoha ha sekhahla sa phaello ea indasteri.”
Tlholisano e matla ea ho nts'etsapele likanale
Huida sanitary ware tšimong e bitsoa the “Leoatle le Lefubelu”, ho tobana le phephetso e matla haholo, ho phaella ho tikoloho ea indasteri ka kakaretso, empa hape le ho tsoa tlholisanong ea lithaka. Ho tloha ka data ea kotara ea boraro ea selemo se fetileng, ka mefuta e ka bapisoang, Kamore ea ho hlapela ea Huida e phahame ho feta lehae la Jianlin, le tlase ho feta Solux Technology, Litšobotsi tsa Dongpeng Holdings, Diou hae.
Lihlahisoa tse ka sehloohong tsa Solux Technology ke likhabinete tsa ho hlapela, lipula, lipompo, matloana, etc., 'me Huida sanitary ware e na le ho kopana ho itseng. Ha ho bapisoa le Huida sanitary ware, Solux Technology e kentse boiteko bo bongata boqaping, e boetse e etsa mokhoa oa eona oa khoebo bakeng sa IDM, e fapaneng le mohlala oa OBM oa Huida sanitary ware.
Seo ho thoeng ke OBM, kapa moetsi oa lebitso la pele, e sebetsa ka lebitso la eona mme e iketsetsa marang-rang a eona a ho bapatsa. IDM, ka hlakoreng le leng, e kenyelletsa lihlahisoa tse ncha ho latela maemo a 'maraka, mme ebe o itshetlehile ka dipatente le thepa ya mahlale ho etsa phaello.Sena ke hobane Solux Technologies e feta. “letlotlo-lebone”, e etsang hore phaello ya yona e bonahale “Ha bonolonyana”. Ho tloha kotara ea boraro ea selemo se fetileng, Moputso o felletseng oa Solux Technology o ne o 35.75%, holimo 4.56% selemo le selemo, e phahameng hofeta 31.33% ea Huida Sanitary selemong se fetileng. Solux Technology e na le boleng ba mmaraka bo fetang 6.6 limilione tse likete, eo hape e leng molemo ho feta Huida Sanitary mabapi le bophahamo ba modumo.
Lihlahisoa tsa Diou Home li kopana le thepa ea bohloeki ea Huida. Letlapa la eona la ceramic le na le letšoao “Ou Shennuo”. Lebaleng la ceramic ware sanitary hlōlisana le Huida sanitary ware. Empa ho ea ka pono ea molumo, kakaretso ea boleng ba 'maraka ba Diou Home e feta 7 li-yuan tse libilione, bapisoa le bophahamo ba modumo ea hoo e ka bang 4.3 bilione Yuan Huida thepa ea bohloeki ka ho hlakileng e phahametse.
Joalo ka ha lik'hamphani tse ling ha li so ka li hlahisa tlaleho ea selemo se fetileng, ha ho bapisoa le lintlha tsa kotara tse tharo tsa selemo se fetileng, Kamore ea ho hlapela ea Huida 2.23 limilione tse likete tsa liyuan chelete e fetang karolelano ea indasteri ea 1.007 li-yuan tse libilione, boemong ka mor'a Jianlin Home le Hai-O Sumitomo e sa tsoa thathamisoa, le pele ho likarolo tsa Lege le Solux Technology. Ho latela pono ea meputso ka karolo, Huida sanitary ware e mabapi 0.62 yuan, ho feta karolelano ea indasteri ea 0.26 yuan, maemo ka mor'a likarolo tsa Lege le Jianlin Home.
Mabapi le hore na k'hamphani e eketsa chelete ea eona nakong e tlang ho holisa molumo? Huida sanitary ware tlalehong ea selemo e boletse joalo, leha “ha ho na merero e khethehileng ea ho reka le ho kopanya”, empa hape o ka khetha monyetla oa ho fumana lik'hamphani tsa lithaka, ho thehoa ha melapo ea tlhahiso ea libaka ho atolosa karolo ea 'maraka. Ka March selemong sena, Guosheng Securities Huang Shitao o itse, Huida ntloana tebileng ho lema ntloana bakeng sa ho feta 30 lilemo, lets'oao la eona le na le tlhokomeliso e phahameng ea 'maraka. Ka mor'a ho thathamisa, potlakisa moralo oa ho bapatsa oa mecha eohle le kaho ea bokhoni. Qetello ea phepelo ea ntlafatso ea lebenkele ha u ntse u theoha ka matla ho koahela sebaka se se nang letho. Qetello ea boenjiniere e tsepamisitse maikutlo ho nts'etsopele ea bareki ba kholo ea thekiso ea matlo le liphetho tse kholo. Ho lebeletsoe hore ho tloha 2021 ho 2023, phaello ea chelete e hlahisoang ke 'm'e e ka fihla 370 li-yuan tse limilione, 428 limilione tsa yuan le 484 li-yuan tse limilione ka ho latellana.
Huacheng Securities Guo Qinglong o buile ka eona nakong ea seoa sena, Kamore ea ho hlapela ea Huida e khothaletsa nts'etsopele ea mabenkele a macha, ntlafatsa litokiso tsa mabenkele a kantle ho marang-rang, khoebo ea mabenkele ea inthaneteng, ho fihlela sebopeho sa marang-rang a mahlakore a mararo, khoebo ea nakong e tlang ea k'hamphani e molemo haholo.
Maikutlo ana a fapaneng a buile ka bohlokoa ba liteishene tsa ho ntlafatsa kamore ea ho hlapela ea Huida. Tlaleho ea selemo, hona joale “lithuso tsa barekisi” e mabapi le 37.88 li-yuan tse limilione, ha e le hantle e tšoana le ea nako e fetileng, ho atolosa mocha, haholo-holo thekiso ea marang-rang e ka boloka chelete haholo. Ntlafatsa moeli oa kakaretso, e leng tsela e sebetsang bakeng sa kamore ea ho hlapela ea Huida leoatleng le lefubelu la tlhōlisano.
Mokhoa oa ho eketsa phetoho ea thepa ea bohloeki ea Huida ka moralo le theknoloji ho ikahela mekoallo ea bona ea tlholisano? Ketsahalo ea ho eketseha ha lekeno ntle le ho eketsa phaello ke ea nakoana kapa mokhoa? Khamphani e ka phela joang tlholisanong e matla le lithaka tsa eona? Investors.com e ngoletse k'hamphani ka litaba tse amanang, empa ha a eso fumane karabo.