Author | Shijie Wang Chunxiao
Editor | Langming
The third quarter report of the two big appliance giants is a big PK, Midea is also super Gree, and Dong Mingzhu still loses.
On the evening of October 30, Midea Group and Gree Electric Appliances released their third quarter reports.
Midea Group's financial report shows that in the first three quarters, it achieved revenue of 216.761 billion yuan, a year-on-year decrease of 1.88%; net profit of 22.018 billion yuan, a year-on-year increase of 3.29%. Among them, revenue in the third quarter was 77.694 billion yuan, a year-on-year increase of 15.71%; net profit was 8.09 billion yuan, a year-on-year increase of 32%.
(Midii Group Financial Report)
Compared with Gree Electric 's performance is far from each other. In the first three quarters, Gree Electric achieved revenue of 125.889 billion yuan, a year-on-year decline of 18.8%; net profit of 13.699 billion yuan, a year-on-year decrease of 38.06%. Among them, revenue in the third quarter was 56.38 billion yuan, a year-on-year decrease of 2.35%; net profit was 7.337 billion yuan, a year-on-year decrease of 12.32%.
(Gree Electric Appliances Third Quarter Report)
In the semi-annual report, the net profits of Midea Group and Gree Electric Appliances both declined year-on-year, among which Midea Group fell 8.29% year-on-year, and Gree Group fell 53.73% year-on-year.
In the third quarter, Midea Group not only made more than 700 million more than Gree Electric , but also made up for the year-on-year decline in the first half of the year, resulting in a slight increase in net profit in the first three quarters, and earned 8.319 billion yuan more than Gree Electric ; while Gree Electric 's performance in the third quarter continued to maintain a year-on-year decline.
In the third quarter of last year, the net profit of Gree Electric Appliances reached 22.117 billion yuan, which is 800 million yuan more than Midea Group 's 21.316 billion yuan in the same period.
In terms of operating profit margin, in the first three quarters, the gross profit margin and net profit margin of Midea Group were 25.29% and 10.24% respectively; Gree Electric was 23.37% and 10.96% respectively. During the same period last year, the gross profit margin of Gree Electric Appliances was as high as 30.16%, exceeding 29.09% of Midea Group .
To the end of the third quarter of 2020, the total assets of Midea Group increased by 16.06% year-on-year to 350.443 billion yuan, the net assets increased by 1.03% year-on-year to 112.878 billion yuan, the total liabilities were 230.314 billion yuan, and the debt-to-asset ratio was 65.72%;
and Gree Electric Appliances total assets fell by 3.09% year-on-year to 274.222 billion yuan, the net assets increased by 4.17% year-on-year to 114.752 billion yuan, the total liabilities were 157.882 billion yuan, and the debt-to-asset ratio was 57.57%.
In other words, the total assets of Midea Group are higher than those of Gree Electric Appliances , but at the same time the debt-to-asset ratio is also higher than that of the other party.
to the close of October 30, the share price of Midea Group was 77.87 yuan per share, down 4.08%, with a total market value of 546.9 billion yuan; the share price of Gree Electric Appliances was 58.43 yuan per share, up 1.39%, with a total market value of 351.5 billion yuan. The market value of the two companies is 195.4 billion yuan different.
