Air conditioners: in December, the production and sales of air conditioners were 12.53 million and 11.52 million respectively, with a year-on-year change of – 2.5% / – 0.3% respectively. In terms of sales distribution, 5.78 million air conditioners were exported and 5.74 million were sold domestically, with a year-on-year change of + 5.3% / – 5.4% respectively. The enterprise inventory was 21.71 million units, yoy + 12.5%. From January to December, the output of air conditioners was 155 million units, yoy + 7%; Sales volume: 151.37 million units, yoy + 7%; Export sales of 67.89 million units, yoy + 11%; Domestic sales of 84.7 million units, yoy + 5.5%. According to aoweitui, the Chinese market scale of air conditioner in the whole year was 152.7 billion yuan, a year-on-year increase of – 1.2%, and the average product price was 3257 yuan, a year-on-year increase of + 8.2%.
Refrigerators: in December, the production and sales of refrigerators were 7.5 million and 7.15 million respectively, with a year-on-year change of – 4.88% / – 8.9% respectively. In terms of sales distribution, 3.43 million refrigerators were exported, yoy-11.5%; Domestic sales of 3.716 million units, yoy-6.35%. From January to December, the output of refrigerators was 86.085 million units, yoy + 1.96%; 86.62 million units sold, yoy + 13%; Export 44.07 million units, yoy + 16.3%; Domestic sales of 42.55 million units, yoy + 9.86%. The market scale of refrigerators in China was 97.1 billion yuan, a year-on-year increase of + 8%, and the average price of refrigerators was 3046 yuan, a year-on-year increase of + 10.2%.
Washing machines: in December, the production and sales of washing machines were 6.48 million and 6.54 million respectively, with a year-on-year change of – 7.2% / – 5.8% respectively. In terms of sales distribution, 2.36 million units were exported, yoy-6.6%; Domestic sales of about 4.18 million units, yoy-5.4%. From January to December, the output of washing machines was 70.79 million, yoy + 10%; Sales volume: 71.17 million units, yoy + 12.5%; Export 26.64 million units, yoy + 31.2%; Domestic sales of 44.52 million units, yoy + 3.7%. In total, the scale of China’s washing machine market was 76.6 billion yuan, a year-on-year increase of + 7.3%, and that of clothes dryers was 5.7 billion yuan, a year-on-year increase of + 78.2%.
Raw materials: in January, the price index of cold rolled sheet was 117.6, yoy + 0.4%, and there was no change month on month; Plate price index 130.2, yoy + 5.6%, month on month + 1.1%; Galvanized sheet price index 116, yoy-0.4%, month on month – 0.2%; China Plastics PP index 835, yoy + 2%, mom + 2.1%, ABS index 1128.5, yoy-6%, Mom – 2.3%. Copper prices hovered high, 70450 yuan / ton, yoy + 22%, mom + 0.7%; Aluminum futures price was 21625 yuan / ton, yoy + 44.6%, mom + 6%.
In January, the price of 32 inch LCD TV panel was – 2.6% month on month; The price of 43 inch LCD TV panel was – 2.8% month on month; The price of 50 inch LCD TV panel was – 11.2% month on month; The price of 55 inch LCD TV panel was – 7.4% month on month, and the price of 65 inch LCD TV panel was – 4.7% month on month. At present, the price of small and medium-sized LCDTV panels in the world has maintained a slight downward trend of US $1-2, and the decline has narrowed after the substantial adjustment of large-sized panel prices in the early stage.
Investment advice
In 2021, China’s home appliance retail sales reached 760.3 billion yuan, a year-on-year increase of + 3.6%, a decrease of 7.4% compared with 2019. The fundamental marginal performance of the home appliance industry has improved, which is expected to drive the valuation repair. The performance of categories continued to differentiate, the growth of traditional household appliances was limited, and the emerging categories maintained a high boom. The retail sales of high-end products such as color TV sets, ice washing and cleaning appliances account for more than half. Suggestions: focus on Haier Smart Home Co.Ltd(600690) with share advantage in high-end market, good global operation and perfect supply chain system; Gradually improve the double line and intelligent retail system, and gradually restore the profitability of new products {0001}; Continue to promote channel reform, optimize product structure and increase gross profit margin Shanghai Flyco Electrical Appliance Co.Ltd(603868) ; The industry is booming Chengdu Xgimi Technology Co.Ltd(688696) , Shenzhen Breo Technology Co.Ltd(688793) .
Risk tips
1) weak consumer demand;
2) the duration of covid-19 epidemic exceeded market expectations;
3) large fluctuation of raw materials;
4) the real estate continues to be depressed
