Market performance
This week (2.7-2.10), the CSI 300 index rose 1.67%, the home appliance (CITIC) sector rose 0.96%, and the industry underperformed the market by 0.71 percentage points, ranking 27th among the 30 CITIC first-class industries. In the fine molecule industry, 0.80% of kitchen appliances, 0.55% of white appliances, 1.26% of lighting electricians and others, 4.12% of small appliances and 1.73% of black appliances. In terms of individual stocks, in the past five trading days, Xiamen R&T Plumbing Technology Co.Ltd(002790) (+ 18.12%), Canature Health Technology Group Co.Ltd(300272) (15.31%) and Guangzhou Echom Sci.&Tech.Co.Ltd(002420) (+ 9.97%) increased the most, while Chengdu Xgimi Technology Co.Ltd(688696) (- 10.38%), Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (- 8.10%) and Shenzhen Breo Technology Co.Ltd(688793) (- 5.57%) decreased the most.
Industry related data
White electricity: according to AVC data statistics, in the sixth week of 2022 (2022.1.31-2022.2.6), the offline sales volume of air conditioning decreased by 41.91% year-on-year, and the sales volume decreased by 43.14% year-on-year; Online sales decreased by 63.4% year-on-year, and sales decreased by 65.21% year-on-year. The offline sales volume of refrigerator increased by 69% year-on-year, and the sales volume decreased by 72.57% year-on-year; Online sales decreased by 73.81% year-on-year, and sales decreased by 73.1% year-on-year. The offline sales volume of washing machines decreased by 60.92% year-on-year, and the sales volume decreased by 65.31% year-on-year; Online sales decreased by 57.79% year-on-year, and sales decreased by 55.55% year-on-year.
Black TV: according to AVC data statistics, in the sixth week of 2022 (2022.1.31-2022.2.6), the offline sales volume of color TV sets decreased by 70.14% year-on-year, the sales volume decreased by 73.08% year-on-year, and the average price of offline products was 4735 yuan, with an increase of 491 yuan year-on-year; The online sales volume decreased by 70.75% year-on-year, the sales volume decreased by 68.04% year-on-year, the average price of online products was 2329 yuan, and the average price decreased by 216 yuan year-on-year.
Kitchen appliances: according to AVC statistics, in the sixth week of 2022 (2022.1.31-2022.2.6), the offline sales of range hood, gas stove, integrated stove and kitchen electricity package decreased by 63.92%, 56.84%, 75.54% and 46.4% respectively year-on-year, and the sales decreased by 69.39%, 59.82%, 68.42% and 50.36% year-on-year respectively; Online sales decreased by 56.68%, 52.42%, 64.96% and 66.01% year-on-year respectively, and sales decreased by 60.47%, 53.71%, 68.71% and 68.42% year-on-year respectively.
In terms of small household appliances: according to AVC data statistics, in the sixth week of 2022 (2022.1.31-2022.2.6), the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine decreased by 48.34%, 58.98%, 55.2% and 55.42% year-on-year respectively, and the sales decreased by 49.25%, 68.18%, 58.13% and 56.63% year-on-year respectively; Online sales decreased by 47.15%, 59.13%, 59.96% and 61.18% year-on-year respectively, and sales decreased by 43.09%, 61.61%, 59.1% and 61.17% year-on-year respectively.
Household appliance industry highlights
Dazhong Electric Appliance plans to invest 10 million to subsidize household appliances
Gree Electric Appliances Inc.Of Zhuhai(000651) return to MSCI China Index
Three categories of products affected by the release of EMC standards in China
Key company dynamics
Shanghai Feilo Acoustics Co.Ltd(600651) : cumulative announcements involving litigation
Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) : Announcement on bid winning of wholly-owned subsidiary
Investment advice
During the Spring Festival, household appliance consumption data have been released one after another. According to the Spring Festival consumption data released by Suning.Com Co.Ltd(002024) , the sales volume of household appliances with red, national fashion and tiger elements increased by 125% year-on-year, and the sales share of 8K laser TV and large screen TV increased by 21% year-on-year during the Spring Festival last year. According to the data, during the Spring Festival this year, smart appliances and “lazy appliances” were sought after. The sales of dishwashers increased by 52% year-on-year, the sales of floor washers increased by 40% year-on-year, and the consulting volume of smart appliances increased by 113% year-on-year. At the same time, the return of migrant workers during the Spring Festival also led to the upsurge of household appliance consumption in counties, towns and villages. According to the data released by Suning.Com Co.Ltd(002024) , the sales of Midea, vantage and Zhejiang Supor Co.Ltd(002032) increased by more than 200%, 270% and 131% respectively. At present, the performance in 2021 has entered an intensive disclosure period. In terms of investment suggestions, we suggest to focus on the leader of underperformance exceeding expectations and underperformance 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; Risk of serious decline in industry terminal demand; The risk of declining prosperity of overseas exports.
