The proportion of heavy household appliances in active partial equity funds rebounded month on month: Based on the classification of Anxin household appliances, we analyzed the situation of heavy household appliances in active partial equity funds. With the stabilization of raw material prices, the profitability of the home appliance sector is expected to bottom up, and the proportion of heavy positions of Q4 active partial equity funds in the home appliance sector rebounded month on month compared with Q3. The shareholding ratio of 2021q4 fund’s heavy warehouse household appliances was 2.00%, which increased by 0.25pct month on month (Q3), and the proportion of Q4 household appliances with low distribution was 0.24%, which narrowed by 0.24pct month on month (Q3). Among them, the proportion of heavy positions holding Midea (+ 0.06pct) and Gree (+ 0.01pct) increased month on month, while the proportion of heavy positions holding Haier remained the same month on month. In 2021, the rise of raw material prices and the decline of real estate boom suppressed the valuation of the household appliance sector and made the fund turn the household appliance sector into low allocation. With the gradual recovery of the household appliance boom and the gradual emergence of investment opportunities, the fund’s allocation to the household appliance sector is expected to recover.
White power regained over allocation: white power gained fund holdings, with over allocation of 0.07%. The number of funds with heavy positions in Midea (+ 27) held by Q4 increased month on month compared with Q3. The domestic sales boom of Q4 America has improved month on month. According to the industry online data, the sales volume of Q4 Midea air conditioner / refrigerator / washing machine is yoy + 11% / + 1% / – 1% (Q3 is + 3% / – 5% / – 6%). In terms of profitability, with the gradual stabilization of raw material prices, Midea’s performance is expected to gradually release flexibility. In the long run, Midea will gradually expand its b-end business, and Baima’s long-term space is expected to be further extended. The number of Haier (+ 27) funds with heavy positions in Q4 continued to increase month on month compared with Q3. In the long run, Haier has large income and profit growth space in China’s high-end market and overseas markets, and has long-term investment value. The stock option incentive scheme launched by Haier Q3 and the H-share placement launched in January 2022 have boosted investors’ confidence in the improvement of the company’s profitability. Q4 heavy position Gree’s number of funds decreased slightly, but the shareholding ratio of heavy position Gree increased slightly (+ 0.01pct).
Q4 kitchen electricity sector received additional fund allocation, but the performance of individual stocks was differentiated: the number of funds in Q4 heavy warehouse kitchen electricity sector was Q3 + 7 month on month, mainly because: 1) the penetration rate of integrated stove in kitchen electricity was increasing, and the integrated stove company still had good growth under the background of real estate boom and fluctuation; 2) The capital market is optimistic about the power of traditional kitchen electric faucets in new categories such as dishwashers and integrated stoves. The number of Q4 heavy position owners (+ 11) and Yitian (+ 1) funds increased month on month. In the context of pressure on the environment of the kitchen electricity industry, the fund favors valuation with high cost performance and existing problems α The individual stock subject of opportunity.
Q4 kitchen small appliances subject to fund holdings: the number of funds of Q4 heavy warehouse kitchen small appliances company is Q3 + 24 month on month, mainly because: 1) the pressure of high base of kitchen small appliances is expected to gradually weaken; 2) With the stabilization of raw material prices and the implementation of price increases by some small kitchen appliance companies, the profitability is expected to be gradually improved; 3) The valuation of small kitchen appliance companies has fallen to a low level. The number of funds with heavy positions in Q4 Xinbao (+ 8), Zhejiang Supor Co.Ltd(002032) (+ 11), Xiaoxiong (+ 4) and Beiding (+ 1) increased month on month, while the number of funds with heavy positions in Jiuyang was flat month on month.
Q4 cleaning appliance boom basically maintained Q3 trend, and individual stock positions were divided: the number of funds of Q4 heavy position cleaning small household appliance companies was Q3 + 9 month on month, mainly because: 1) many new products were listed in Q4, and the market expected the domestic sales of Q4 cleaning appliance to maintain a high boom; 2) Compared with Q3, the external environment such as shipping is expected to be marginal, and the sea view of independent brands is expected to be improved quarter by quarter. The number of funds with heavy positions in Q4 stone (+ 25) increased month on month, while the number of funds with heavy positions in Ecovacs Robotics Co.Ltd(603486) (- 7) and JS global (- 9) decreased month on month. The additional allocation of stone by the fund is mainly due to: 1) the introduction of new floor sweepers and floor washers at the end of stone Q3, which has rapidly increased China’s share. 2) In Q2 and Q3, affected by the epidemic and the shortage of shipping capacity, the export growth of stones is slow, and the export is expected to improve marginally in 2022.
Q4 No. 9 company has been paid more attention by the Fund: the number of funds of Q4 heavy warehouse No. 9 company is 22, with Q3 + 11 on a month on month basis. The market value of heavy warehouse accounts for 3.4% of the fund’s heavy warehouse household appliance sector, with Q3 + 2.2pct on a month on month basis. We believe that the main reasons are: 1) after the lifting of the ban on restricted shares, the stock liquidity has been significantly improved; 2) Driven by diversified business, the company has a large space for long-term growth.
Q4 panel factory was reduced by the fund, and the projector sector was paid more attention by the Fund: the positions of black power sector were divided, Q4 panel factory was reduced by the fund, and the positions of complete machine factory were basically flat compared with Q3; Due to the good sales of Q4 home projector terminal, projector manufacturers are supplemented. The number of Q4 heavy position Jimi / Guangfeng funds was + 3 / + 2 month on month.
Investment suggestion: the boom of household appliance industry is gradually coming out of the trough, especially the improvement of profit side is worth looking forward to. When various risk factors have gradually become pricein, the marginal improvement of the fundamentals of household appliances is expected to drive the valuation repair. It is suggested to focus on three main investment lines: industry leaders Haier Smart Home Co.Ltd(600690) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Meida Industrial Co.Ltd(002677) , Zhejiang Sanfer Electric Co.Ltd(605336) , Chengdu Xgimi Technology Co.Ltd(688696) , Shenzhen Breo Technology Co.Ltd(688793) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) benefiting from the accelerated upgrading of consumption; Fundamentals are expected to usher in Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Skyworth Digital Co.Ltd(000810) , Hisense Visual Technology Co.Ltd(600060) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Bear Electric Appliance Co.Ltd(002959) , Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) ; The barriers to competition are solid, and the moat is a deep long-term white horse Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Hangzhou Robam Appliances Co.Ltd(002508) , Gongniu Group Co.Ltd(603195) , Opple Lighting Co.Ltd(603515) , No. 9 company, Shenzhen Crastal Technology Co.Ltd(300824) .
Risk tip: public funds only disclose the top ten heavy positions, which may deviate from the actual statistics of all positions.
