Core view
This week’s special topic: looking at the new development trend of China’s household appliance industry through “Casati” and “three winged birds”. We believe that the development of China’s home appliance industry will show a high-end and scene development trend. Among them, Casati brand has built a moat for the company. With richer SKUs and expanding price band, Casati brand has maintained a leading share in the high-end white electricity market. As of 2021h1, Casati brand’s share in the ice washing Market of more than 10000 yuan has reached 37.9% / 78% respectively. In terms of scenario, in 2020, Haier launched the world’s first scenario brand “three winged bird”, which aims to provide users with full scenario solutions for Smart Life in the whole house. With high-quality and efficient home decoration delivery, Sanyi bird continuously promotes the upgrading of user experience, drives the sales of complete sets of products, and plays an obvious role in promoting the company’s customer unit price.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White power: it is suggested to pay attention to the Haier Smart Home Co.Ltd(600690) of Casati’s high-end leadership, “three winged bird” traffic front and the competitiveness improvement of globalization strategy, and the white power leader Midea Group Co.Ltd(000333) of diversified and global development; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the Hangzhou Robam Appliances Co.Ltd(002508) of dishwasher and other businesses with rapid development, as well as Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and accelerated channel expansion; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the superimposed cost pressure is weakened year-on-year, resulting in strong performance elasticity. It is suggested to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) ; Clean electrical appliances such as floor washer and sweeping Siasun Robot&Automation Co.Ltd(300024) are expected to grow steadily due to consumption upgrading, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) ; Intelligent projection is recommended to pay attention to Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on Gongniu Group Co.Ltd(603195) of intensive cultivation of channels and products and Opple Lighting Co.Ltd(603515) of rapid development of commercial lighting business.
This week’s market: this week, the Shanghai Composite Index rose 3.02%, and the home appliance industry rose 0.91%, underperforming the market. Among them, white electricity sector rose 1.59%, black electricity sector fell 0.18%, kitchen electricity sector rose 2.28%, small household appliances sector rose 1.71%, lighting electricians and other sectors fell 0.46%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 16.79%, down 0.11pct from last week; Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.87%, down 0.01pct from last week; Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.98%, an increase of 0.17pct over last week; Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.7%, down 0.01pct from last week; Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.49%, down 0.01pct from last week; The shareholding of Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.81%, down 0.02pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Canature Health Technology Group Co.Ltd(300272) (21.25%), Aucma Co.Ltd(600336) (14.1%), Xiamen R&T Plumbing Technology Co.Ltd(002790) (12.13%), Guangzhou Echom Sci.&Tech.Co.Ltd(002420) (9.84%), Changhong Huayi Compressor Co.Ltd(000404) (8.37%); The top five declines were Chengdu Xgimi Technology Co.Ltd(688696) (- 13.07%), Shenzhen Breo Technology Co.Ltd(688793) (- 10.79%), Jinhua Chunguang Technology Co.Ltd(603657) (- 10.31%), Tailong lighting (- 7.76%) and Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (- 7%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6027 yuan / ton, up 166 yuan / ton compared with last week; The price of galvanized sheet coil (1.0mm) this week is 5855 yuan / ton, up 129 yuan / ton from last week; The price of copper (1#) this week is 72600 yuan / ton, up 2000 yuan / ton from last week; The price of aluminum is 1280 yuan / ton last week, up from 9200 yuan / ton this week; The price index of China plastic city was 998.9 this week, up 4.9 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
