Market performance
This week (1.21-1.27), the CSI 300 index fell by 4.22%, the home appliance (CITIC) sector fell by 6.68%, and the industry lost the market by 2.46 percentage points, ranking 21st among the 30 CITIC first-class industries. In the fine molecule industry, kitchen appliances – 10.11%, white appliances – 5.37%, lighting electricians and others – 12.40%, small appliances – 8.54% and black appliances – 6.28%. In terms of individual stocks, in the past five trading days, Chengdu Xgimi Technology Co.Ltd(688696) (+ 2.95%), Jinhua Chunguang Technology Co.Ltd(603657) (+ 2.53%) and Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (+ 0.46%) increased the most, while Bear Electric Appliance Co.Ltd(002959) (- 22.87%), Kennede Electronics Mfg.Co.Ltd(002723) (- 21.92%) and Xiamen Guang Pu Electronics Co.Ltd(300632) (- 19.78%) decreased the most.
Industry related data
White electricity: according to AVC data statistics, in the fourth week of 2022 (2022.1.17-2022.1.23), the offline sales volume of air conditioning decreased by 22.34% year-on-year, and the sales volume decreased by 30.38% year-on-year; Online sales increased by 23.63% and sales increased by 25.44% year-on-year. The offline sales volume of refrigerator increased by 2.62% year-on-year, and the sales volume decreased by 10.73% year-on-year; Online sales increased by 10.77% and sales increased by 11.44% year-on-year. The offline sales volume of washing machines decreased by 4.68% year-on-year, and the sales volume decreased by 12.26% year-on-year; Online sales increased by 7.58% year-on-year, and sales increased by 8.96% year-on-year.
Black TV: according to AVC data statistics, in the fourth week of 2022 (2022.1.17-2022.1.23), the offline sales volume of color TV sets increased by 3.45% year-on-year, the sales volume decreased by 14.77% year-on-year, and the average price of offline products was 5323 yuan, an increase of 925 yuan year-on-year; The online sales volume decreased by 13.92% year-on-year, and the sales volume decreased by 7.24% year-on-year. The average price of online products was 2349 yuan, and the average price decreased by 182 yuan year-on-year.
Kitchen electricity: according to AVC statistics, in the fourth week of 2022 (2022.1.17-2022.1.23), the offline sales of range hood, gas stove, integrated stove and kitchen electricity package increased by – 2.08%, 4.47%, 12.61% and – 10.15% respectively year-on-year, and the sales increased by – 7.07%, – 1.32%, 6.76% and – 21.58% year-on-year respectively; Online sales decreased by 13.52%, 13.73%, 47.91% and 46.77% year-on-year respectively, and sales decreased by 16.41%, 13.82%, 53.75% and 49.2% year-on-year respectively.
In terms of small household appliances: according to AVC data statistics, in the fourth week of 2022 (2022.1.17-2022.1.23), the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine increased by – 11.37%, – 7.64%, 5.41% and – 5.54% respectively year-on-year, and the sales increased by – 8.28%, – 16.45%, 6.74% and – 4.64% respectively year-on-year; Online sales decreased by 38.23%, 16.21%, 28.47% and 26.78% year-on-year respectively, and sales decreased by 35.02%, 18.66%, 28.32% and 28.67% year-on-year respectively.
Household appliance industry highlights
The IMF lowered its global economic growth forecast for 2022 to 4.4%
Haier water network releases three winged bird water cloud vision platform
Japan’s 2021 white goods shipments fell slightly year-on-year
Key company dynamics
Zhejiang Supor Co.Ltd(002032) : in the performance forecast of 2021, the operating revenue was 21585.44 million yuan, an increase of 16.07% over the same period of last year; The net profit attributable to the shareholders of listed companies ranged from 1877 million yuan to 2013 million yuan, an increase of 1.67% ~ 9.03% over the same period of last year
Marssenger Kitchenware Co.Ltd(300894) : in the performance forecast of 2021, the net profit attributable to the shareholders of the listed company was 370-430 million yuan, an increase of 34.45% – 56.25% over the same period of the previous year
Investment advice
According to industry online statistics, the total output of China’s household air conditioning industry was 160 million units in 2021, a year-on-year increase of 7%; The total sales volume was 150 million units, a year-on-year increase of 7.9%, an increase of 1.3% compared with 2019. Among them, domestic sales increased by 5.5% year-on-year and decreased by 8.1% compared with 2019; Exports increased by 11% year-on-year and 16.1% compared with 2019. It can be seen that the export of air conditioners in 2021 is better than domestic sales, and the domestic market is affected by multiple factors, which is lower than the market expectation. At present, the performance forecast of 2021 has entered an intensive disclosure period. In terms of investment suggestions, we suggest to focus on the leader of underestimation of performance exceeding expectations and performance ushering in an inflection point. To sum up, the industry is temporarily given a “optimistic” rating. It is recommended to pay attention to Midea Group Co.Ltd(000333) (000333), Haier Smart Home Co.Ltd(600690) (600690), Gree Electric Appliances Inc.Of Zhuhai(000651) (000651), Shenzhen Crastal Technology Co.Ltd(300824) (300824) and Zhejiang Meida Industrial Co.Ltd(002677) (002677).
Risk tips
The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; Risk of exchange loss caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.
