Recently, the "White Horse Unit" Electric boss two consecutive harvest limit popular market attention, after all, for the boss appliances, this is the first time。  From the date of the first limit, as of March 2 closing, the boss appliances market value in four days has fallen by 98.700 million yuan。  How the boss appliances?  February 26 evening, the owner of Electric released results of Letters in 2017, during the reporting period, the company's operating income was 69.9.9 billion yuan, an increase of 20.78%; net profit attributable to owners 14.500 million yuan, an increase of 20.18%。  In addition, the company expects 2018 net profit for the first quarter of his maternal 2.7.7 billion yuan -3.2.7 billion yuan, an increase of 10% -30%。  Generally speaking, earnings growth mostly good news, however, because the boss electrical performance growth below market expectations, investors ushered in the "abandoned"。  In addition, as the owner of electrical appliances decreased growth performance, internal and external problems is gradually revealed。  The growth rate plummeted since listing in 2010, has maintained a revenue boss appliances, high-profit growth unbeaten myth。  Based on historical earnings, owner of electrical appliances revenue from 2010 12.3.2 billion yuan in 2016 to grow to 57.$ 9.5 billion over the years and the growth rate is higher than 25%。The company owned by the parent net profit from January 2010.3.4 billion yuan in 2016 to grow to 12.0.7 billion yuan, an annual growth rate was higher than 40% of the basic。  2017, although the boss appliances still maintain revenue and net profit growth, but revenue growth was 20.78%, net profit growth rate of only 20.18%, only half of previous years。  In addition, more strikingly, the company grew revenue in the fourth quarter by mid-2017 only 11.2%, single-quarter net profit fell for the first time 3.3%。  Boss Electric Deputy General Manager relevant parties to accept the "International Finance News" reporter, said that the growth rate of operating income and normalized net profit of the parent slowdown in the following main reasons: First, the online prices led to sales slowdown : company online product prices in 2017, mainly want to solve the problem spreads electricity supplier online sales and offline sales dealers, but online consumers are more sensitive to price increases, sales or by a more significant impact, last year 10 From January to "double 11" almost no growth year on year。  Second, channel, brand and other expenses increased investment: Although the 2017 "double 11" an increase of volume, but increased investment channels, so lower profits; moreover, for the reality show title "youth hostel" big boss appliances pen invested about 40 million yuan advertising costs。  Third, Jingdong, Suning channel costs recorded adjustments: 8,500 million cost by the original method should be taking into account the income and expenses, but there are changes in the fourth quarter, deducted from income in。  Fourth, the tax return factors fourth quarter of 2016 46 million yuan of tax rebates, and no financial assistance in mid-2017, but the boss appliances in the past is not a financial assistance every year。  Deputy General Manager Office pointed out above, the performance of mid-2017 fourth quarter pulled down the company's full-year performance。  Control costs "elixir" is not working?  Performance slowdown is not the owner of electrical appliances without warning。  According to the annual report boss appliances over the years, 2013-2016, the company kitchen appliances sales were 2.95 million units, 3.56 million units, 4.74 million units, 5.4 million units, an increase of 33%, 21%, 33%, 14% ; production of 314 million units were 412 million units 502 million units, 5.7 million, an increase of 40%, 31%, 22%, 13%。  Liang Zhenpeng appliance industry in an interview with the "International Finance" reporters, also said that with the entry of kitchen area appliance giant Haier, Midea, kitchen appliance industry increasingly fierce competition, but also the whole industry down hair。  But in 2016, revenue growth was 28% owner of electrical appliances, the net profit growth rate is still 46%。  "International Finance News" reporter combing the annual report found that over the years, mainly to benefit from the current corporate expenses decreased significantly。2013-2016 years, the cost (selling expenses + administrative expenses) gross profit ratio was 70%, 68%, 65%, 60%, showing a declining trend。  In fact, the boss appliances over the years has maintained a high growth performance and net profit growth greater than revenue growth, a major reason is that the company strictly control costs。  However, in the case of raw material prices, the boss appliances in the future can continue to maintain high growth by controlling costs in a number of industry opinion, the difficulty will increase。  Three or four lines of "worry" the boss electrical deep-end kitchen electric market, about 65% of company revenue comes from a second-tier cities。However, since the second half of 2016 real estate regulation, a second-tier cities kitchen electric industry growth rate decreased significantly, owner of Electric performance slowdown can be imagined。  For the owner of electrical appliances, the leakage rate in recent years, the main battlefield of a second-tier cities become saturated, aware of the importance of the four-tier cities, the past two years the boss appliances pushing its sub-brand "reputation", and strive to master without dilution offensive tier cities under the premise of brand value。  In 2012, Hangzhou famous Electric Co., Ltd. (hereinafter referred to as "fame Electric") was formally established as the owner of Electric subsidiary, to operate independently of the company "fame" brand。  For the reputation of "fame" brand reputation, fame Electric signed singer Na Ying as its Brand Ambassador and cast broadcast the Arts section, "The Voice of China"。  After the high-speed rail, CCTV advertising, but one only to enhance their brand exposure amount。  At the same time, known in the country is increasing electrical network coverage。In addition to the store's model, known appliances also trying to enter Suning, Gome appliance chain stores these。  As of the end of June 2017, a total of fame appliances agents 88, stores 2467, 2727 township outlets。Electric boss store is only 2864, both almost the same。  However, after repeatedly operation, compared to the "well-known" boss appliances, carrying great expectations of fame appliances did not expect such a reputation in。  "International Finance" correspondent interviewed a number of residents in the four-tier cities, the vast majority of respondents said they never heard of the fame appliances。  According revenue boss appliances in mid-2017 mid-year report, known electrical, net profit of 1.1.8 billion, 647.2 million, accounting for the company's overall revenue and net profit were the proportion of 3.69% 1.08%。  Established five years ago, is still known electrical spare no effort to contribute their "modest"。  In addition, only 5 net electrical fame.47%, much lower than the company's overall net profit margin 18.69%。  It is worth mentioning that the boss appliances price adjustment was conducted online in July 2017, but online consumers are more sensitive to price increases, sales or by a more significant impact, in October last year to "double 11" almost no growth year on year。Therefore forcing them online in December year-end promotional activities, we had substantially lower price。  In this gap, the US boss hood hood to almost half the price rounded out the market, to seize the low-end market, the development momentum is very fierce。  Boss Electric responsible person to accept the "International Finance News" reporter, said that for the four-tier cities, the future will be affected by the impact of consumption upgrade, but requires a certain transition period。On the other hand, the large incremental four-tier cities, the company is also actively sinking channels, and high-end kitchen electric firm, the quality of life of goods and services, and industry distance。  Near the threat of home appliance giant has internal problems, there are far foreign aggression。  In addition to controlling costs "elixir" gradual failure, three or four lines penetration rate is not high, the boss appliances also facing the threat of home appliance giant。  According to results of Letters, at the end of 2017, owner of electrical appliances in the range hood, gas stoves, disinfecting cabinet sales, market share, respectively 26.53%, 23.92%, 23.72% are living in the industry first, year on year increased by 1.88, points。  The first half of 2017, Gree, Midea Group's gross profit margin was 32 percent, respectively, 25%, boss appliances gross margin was 57%。  Confusingly, the income scale, brand influence the Group's Gree and beauty appliances were more than the boss, the boss why the gross margin but far more than the Gree Electric Appliance beauty?  An electrical industry sources, electric kitchen appliance industry where the boss does not go through full competition, competitors less the same location, so firmly occupy the high-end market pricing, and there is sufficient market capacity。  "The boss appliances can be said to be a windfall。"In the face of huge profits hood market, naturally there are many companies want a share。In addition, the white goods industry, sluggish growth, home appliance giants are eager to expand diversity can bring new growth point。  Insiders believe that the next kitchen electric company real opponent is not each other, but like the United States, Haier such a world-class enterprise。  With the home appliance giant Haier, Midea into the kitchen area, the kitchen appliance industry increasingly fierce competition, but also pulled down the overall gross profit margin of the industry。  Liang Zhenpeng pointed out that, in the face of competition with the home appliance giant, owner of electrical appliances advantage is not obvious。Midea, Haier's revenues were 100 billion level, into the kitchen industry, the manufacturing cost of the dilutive effect stronger, and the boss electrical product structure is relatively simple, innovation capability is not strong。  In terms of financial resources, technology research and development, sales channels, etc., are not inferior even better than home appliance giant, owner of electrical appliances, the most direct competition will start with the boss back into the kitchen electric appliance market, the kitchen electric industry will greatly changed the pattern of the future。  The face of the United States and other decisions based on the posture to seize kitchen electric market, whether there is electrical responses boss?In this regard, "International Finance" Reporters interview outline sent to the owner Appliance relevant responsible person, but as of press time No reply。  This regard, the official said boss appliances, integrated kitchen appliances enterprises to enter the electricity market indeed make more competitive, but it emphasizes the boss appliances focused enough, and has a high-end brand heritage。  Into the bottleneck investors more concerned about is whether the owner of Electric can restore high growth story?  In Liang Zhenpeng view, the current performance of growth is slowing down the owner of electrical appliances has entered the bottleneck。  Above Deputy General Manager admitted that the company's 30% + 40% + revenue growth and net profit growth has "gone", the next five years the company's revenue and profit growth target of 20%。  Liang Zhenpeng said that in the case of the consumption structure, the future will be to the general household electrical appliance enterprises "Blue Ocean market" smart home development。  The smart home not only need more products to achieve synergies, but also need the support of big data, cloud computing, while the income scale boss appliances only about 70 billion yuan, difficult to meet these requirements, the future might be weak successor。