Special topic 1 of this week: Comments on industrial online refrigerator data in December
In December, the industrial online refrigerator data was released. The domestic and export sales of refrigerators were – 6.3% / – 11.5% year-on-year respectively, and the domestic and foreign sales remained stable month on month. In terms of domestic sales, the growth rate of Midea and Haier fell, and the growth rate of Hisense improved significantly month on month. Haier sold 1.3 million units domestically in December, with a year-on-year increase of 1.6%, and the growth rate decreased by 2.0 PCT month on month. From January to December, Haier sold 14.54 million units domestically, with a year-on-year increase of 3.1%; Midea sold 720000 units domestically in December, with a year-on-year increase of 0.0%, and the growth rate decreased by 2.3pct month on month. From January to December, Midea sold 7.05 million units domestically, with a year-on-year increase of 2.9%; Hisense sold 490000 units domestically in December, with a year-on-year increase of 2.1%, and the growth rate increased by 9.0pct month on month. From January to December, Hisense sold 5.04 million units domestically, with a year-on-year increase of 5.1%; In terms of exports, Haier’s growth rate has improved significantly, while Midea and Hisense have grown steadily. Midea exported 500000 units in December, a year-on-year decrease of 28.3%, and the growth rate decreased by 1.4pct month on month. From January to December, it exported 7.35 million units, a year-on-year increase of 0.4%; Haier exported 90000 units in December, with a year-on-year increase of 1.0%, and the growth rate increased by 32.6pct month on month. From January to December, it exported 940000 units, with a year-on-year decrease of 8.9%; Hisense exported 620000 units in December, a year-on-year decrease of 11.6%, and the growth rate decreased by 4.7pct month on month. From January to December, Hisense exported 7.55 million units, a year-on-year increase of 7.4%.
Special topic 2 of this week: Comments on industrial online washing machine data in December
In December, the data of washing machines were released, and the domestic and export sales were – 5.4% / – 6.6% year-on-year respectively. The domestic sales improved month on month, and the growth rate of export sales slowed down. In terms of domestic sales, the growth rate of Midea fell and Haier improved month on month. Midea sold 1.31 million units domestically in December, a year-on-year decrease of 3.6%, and the growth rate decreased by 2.2pct month on month. From January to December, it sold 13.22 million units domestically, a year-on-year increase of 2.5%; Haier sold 1.52 million units domestically in December, a year-on-year decrease of 2.1%, and the growth rate increased by 1.2pct month on month. From January to December, Haier sold 16.29 million units domestically, a year-on-year increase of 3.5%; In terms of exports, Haier continued its high growth, while the growth rate of the United States slowed down. Midea exported 480000 units in December, a year-on-year decrease of 8.4%, and the growth rate decreased by 14.2pct month on month. From January to December, it exported 7.09 million units, a year-on-year increase of 14.8%; Haier exported 680000 units in December, with a year-on-year increase of 52.7%, and the growth rate increased by 12.3pct month on month. From January to December, Haier exported 7.21 million units, with a year-on-year increase of 35.3%.
Plate view
White electricity sector: the main support for white electricity restoration comes from: 1) the pressure on the high base caused by the epidemic in 2020 is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China’s white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich experience in overseas operation has the opportunity to improve the penetration of overseas market, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is relatively weak, but the performance of sub sectors is differentiated. In terms of traditional kitchen appliances, the overall sales of range hoods / gas stoves in December were – 7.3% / – 19.2% year-on-year respectively, continuing the downward trend since July, mainly due to the impact of high base effect in the same period last year and the drag of short-term real estate regulation; In terms of emerging kitchen appliances, the overall sales volume of integrated stoves in December was + 2.7% year-on-year, and the growth rate was slower than that of the previous month (year-on-year in November: + 41.9%), but looking forward to the whole year, the sales growth rate was 31.8%, and the high outlook remained.
Cleaning appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers. Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning floor sweeper U10 and floor washer G10 with mop on August 25, Ecovacs Robotics Co.Ltd(603486) launched the new floor sweeper Dibao X1 with self-cleaning + self dust collection + self drying on September 15, and Yunjing launched the second generation of new floor sweeper J2 with self-cleaning + self water change + self drying on September 25. These new products have significantly improved in product performance and industrial design compared with the past, In line with the current consumption upgrading trend, it is expected to further stimulate terminal sales. At the same time, the rapid volume of floor washing machine has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises. More enterprises will launch relevant products in the first half of 22 years, and the high-level atmosphere and certainty of emerging cleaning electrical appliances such as floor washing machine are strong.
Investment advice
It is suggested to pay attention to the white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year. It is suggested to pay attention to the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of multi-dimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) that is expected to launch new integrated stove products in the first half of the year, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) that continues to optimize the product structure and steadily expands multiple channels.
It is suggested to pay attention to the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) with deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; The severe regulation of real estate has a negative impact on the demand for downstream household appliances; The epidemic has repeatedly affected the resumption of production and work.
