1, the world's largest market-oriented industrial supporting output value.
In recent years, with the rapid development and continuous growth of China's electric power, petroleum, chemical industry, urban rail transit, automobile and shipbuilding industries, especially the acceleration of power grid transformation, the construction of UHV projects, and the transfer of global wire and cable products to the Asia-Pacific region dominated by China, the market scale of China's wire and cable industry has grown rapidly, and the wire and cable manufacturing industry has become the largest industry in more than 20 sub-sectors of the household appliance industry, accounting for a quarter of the total.
Wind data shows that in recent years, the scale expansion of wire and cable industry in China has slowed down, and the sales revenue of wire and cable in China has generally fluctuated from 2065438 to 2020. In recent years, due to the weak macroeconomic and manufacturing capacity in China, the scale of the wire and cable industry once declined, reaching a low point in 20 18 years, reaching 0.99 trillion yuan. With the acceleration of China's investment in new energy, the wire and cable industry began to recover slowly. In 2020, the sales revenue of wire and cable will reach 1.08 trillion yuan, up by 5.02% year-on-year.
In the wire and cable market segment, the market demand for power cables and electrical equipment cables is in the forefront. In 20 18, the market size of power cables accounted for 36%, electrical equipment cables accounted for 20%, and bare wires accounted for 3 1%. Due to China's subsidies for offshore wind power installation in 20 19 and 2020, the rising demand for new energy vehicles, and the rapid development of rail transit, power cables, electrical equipment cables and other infrastructure, the demand side has greatly increased.
According to the preliminary forecast, in 2020, power cables will account for 39% of the total size of wires and cables, electrical equipment will account for 22% of the total size, bare wires and windings will account for 28% of the total size, and communication cables will decrease by 65,438+0 percentage points compared with 2065,438+08, accounting for 8%.
2. Broad market space. Foreign capital competes with domestic enterprises on the same stage.
Judging from the competition pattern, the wire and cable industry can be divided into three camps: the first camp is an internationally renowned enterprise represented by Japan's Nexen, Birelli, Furukawa and Sumitomo Electric, with large scale, advanced technology and obvious competitive advantages in the high-end market; The second camp is the leading enterprises in the domestic cable industry and enterprises with certain monopoly advantages in some product fields, such as Baosheng, Hengtong Optoelectronics, Zhongtian Technology, Qingdao Hanlan, Zhejiang Wanma and so on. The third camp is a large number of other smaller regional SMEs. Generally speaking, the rapid development of China market and low manufacturing cost have attracted Chinese and foreign cable manufacturers, and now they have formed a competitive situation.
At the same time, in the competition of domestic local enterprises, in recent years, local enterprises have shown a trend of "the strong are always strong and the weak are weaker". Some key enterprises, such as Hengtong, Baosheng and Zhongtian, have maintained a very strong growth momentum in recent years, and have been selected as the top 20 most competitive cable companies in China for a new year. According to the list of "Top 20 Most Competitive Enterprises in China Cable Industry in 2020" issued by China Electrical Apparatus Industry Association, Hengtong Group, Baosheng and Zhongtian Technology rank in the top three respectively.
3. The market concentration is low, and the fierce competition will continue in the future.
After years of development, especially in the face of the fluctuation of raw material prices, the wire and cable industry in developed countries has gradually withdrawn from the market, and the industrial concentration has been greatly improved. The top 65,438+00 cable manufacturers in the United States (such as General Motors, Belden, Corning, Southern Line, etc.). ) accounts for about 70% of the market share; Seven cable companies in Japan (such as Furukawa, Sumitomo, Fujikura, Hitachi and Showa). ) accounts for more than 65% of the market share; France's five major cable TV companies (Nixon, Xinte, etc. ) has taken over the turnover of the French market, accounting for more than 90% of the French market share. However, the concentration of the whole wire and cable industry in China is extremely low, and CR 10 is about 18%.
Prospect According to the sales scale of wire and cable industry in China and the sales revenue of wire and cable products of local enterprises in the industry, in 2020, the CR5 of wire and cable industry in China will be 12%, the CR 10 will be about 18%, and the CR20 will be only 23%, so the industry market concentration is low.
4. The main business scale of cable enterprises has formed different echelons.
By analyzing the operation of listed companies in the wire and cable industry, we can spy out the operation of the whole industry. At present, there are more than 20 listed companies in China's wire and cable industry. The representative listed companies with wire and cable revenue accounting for more than 80% of operating income in 2020 are prospectively selected from the two listed companies in China's wire and cable industry/KLOC-0. According to the different wire and cable revenue scales, the listed companies are divided into four echelons, and each echelon selects three representative enterprises.
As shown in the following figure, at present, China's wire and cable enterprises have begun to differentiate in revenue scale, forming different competitive echelons. 12 the basic situation of listed enterprises in the household wire and cable industry is as follows:
The income of cable TV company keeps increasing, and the profit begins to decline.
In terms of operating income, the total operating income of the above-mentioned 12 listed companies in the home wire and cable industry continued to rise from 2065438 to 2020. In 2020, the total operating income of the above-mentioned 12 listed companies was123.2 billion yuan, up 7.37% year-on-year, and the growth rate was faster than 20 19. In terms of total profits, the total profits of the above-mentioned 12 listed companies in the household wire and cable industry fluctuated from 2065438 to 2020, and decreased to some extent after 20 18 years. In 2020, the total profit of the above-mentioned 12 listed companies was 2.933 billion yuan, a year-on-year decrease of 28.06%.
Generally speaking, due to the epidemic in 2020, the industry's operating income maintained a positive growth, indicating that the industry has recovered to a certain extent, but the total profit has dropped significantly, mainly because of the company's operating reasons, the industry lost a lot. On the whole, the operating efficiency of the industry has begun to recover and the situation is improving.
6. The gross profit margin of cable enterprises is relatively stable and the overall performance is good.
From the perspective of gross profit margin, the gross profit margins of the above-mentioned 12 representative listed companies are basically above 10% except for Baosheng and Tongda. On the whole, 20 17 to 20 19 is 12.
Overall, the gross profit margin of the industry is not too high, especially in recent years, the increase in the number of industry participants has led to intensified price competition and the industry profit margin has been continuously depressed. In addition, the market price of raw materials fluctuates greatly, and the gross profit margin has also been affected accordingly. In 2020, affected by the epidemic, the average gross profit margin dropped to 17.25%. Overall, the profitability of this industry needs to be improved.
-For more data, please refer to the Analysis Report on Market Foresight and Investment Strategic Planning of China Wire and Cable Industry by Forward-looking Industry Research Institute.