战略性并购重组(英文版)(ppt 79页)

战略性并购重组内容摘要：
Market environment
China is a promising market for Geberit. We have an achievable business target of RMB 200 million revenue by year 2005, from which, 130 million comes from sanitary products and 70 million is generated by piping business. Among all the product lines, tank fittings, Pluvia and concealed cistern are the top 3 product lines with the potential of RMB 140 million or 70% of the total
Overall Chinese macro economic development is undergoing a strong momentum. In the next 5 years, it is estimated that GDP will grow at 7% annually, the growth of fixed asset investment will increase by 8%, and housing construction will also grow by 8% p.a.
Chinese sanitary market is mostly a ceramic market, with an annual demand of 43 million units of sanitary ceramic products in China in 1999 which means the potential market of nearly 2 million sets for tank fittings as well as 2 million units of medium to high end cisterns sold in the market. With the growth in the housing market, Chinese sanitary market will continue an annual growth of 6~8%. Furthermore, due to the rapid increase of bathroom decoration, the medium to high end segment of sanitary products will definitely lead the industry growth. By 2005, the share of medium to high end segment will rise from current 20% to 35%
As the largest construction industry in the world, China presents an immense potential for Geberit’s piping products. Both HDPE and Mepla possess significant product advantages over the currently used Chinese products. However, the significant price gap could be a serious barrier for a deep market penetration. For Pluvia, the opportunities are very attractive. Presently more than 15 roof projects, altogether 700,000 sqm are in different phases of the process of bidding
Both Geberit’s concealed cistern and Pluvia roof drainage system are mismatched with Chinese traditional industry habits, this can only be solved by a long-term commitment in the China market and effective marketing. Due to the Chinese consumers traditional mindset that plastic product are lower priced, Chantier doesn’t have an optimistic market perspective
Right now, for most of Geberit’s products, the competition is not so tough, which means a golden opportunity for Geberit to become a market leader in China. It also means time pressure for Geberit. Currently competitors (e.g. Grohe DAL, Caroma) are gearing up and will become aggressive very soon
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