Weekly report of home appliance industry: the sales performance of 2022w6 is weak, and the home appliance industry is expected to benefit from the improvement of real estate margin

Market review: the home appliance (CITIC) industry index rose 1.29% this week, with a general performance. The weekly increase ranked 21st in the CITIC primary industry index, outperforming the CSI 300 index by 0.47 percentage points in the same period. This week, the performance of the electronics industry was mixed, including kitchen electricity, small household appliances and white electricity, which outperformed the Shanghai and Shenzhen 300 index. In terms of individual stocks: individual stocks in the home appliance (CITIC) industry performed well this week, with 50 stocks recording positive returns, accounting for about 63%, 16 with weekly increases of more than 5% and 3 with weekly increases of more than 10%; 28 stocks recorded negative returns, accounting for about 35%, including 6 with a weekly decline of more than 5% and 3 with a weekly decline of more than 10%. Valuation: as of February 11, 2022, the overall PE (TTM) of the home appliance (CITIC) industry was about 17.98 times, up 0.35% from last Friday, lower than the average valuation level of the industry since 2017; The ratio of overall PE (TTM) of home appliance (CITIC) industry to Shanghai and Shenzhen 300pe (TTM) is 1.41 times, which is lower than the average relative valuation level of the industry since 2017.

Data of 2022w6 household appliance industry is weak. According to the ovicloud data compass, in the sixth week of 2022, the sales volume of offline / online air conditioning was - 41.91% / - 63.40% year-on-year; The sales volume of kitchen electric package offline / online was - 46.40% / - 66.01% year-on-year; The offline / online sales of integrated stoves were - 75.54% / - 64.96% year-on-year; The sales volume of dishwasher offline / online was - 0.69% / - 45.80% year-on-year. In kitchen electricity, the performance of integrated stove is weak, and the offline performance of dishwasher is better than that of other categories. In terms of air conditioning category, Gree's market share has improved better in 2022w6, with the city ranking first.

Industry perspective: maintain the recommended rating of the industry. On the periphery, the year-on-year growth rate of us CPI in January hit a new high since February 1982, further strengthening the Fed's expectation of raising interest rates; However, from the perspective of China, the scale of social finance in China hit a record high in January, and the effect of steady growth is beginning to show. There are still expectations of further easing of monetary policy in the first quarter, and the release of liquidity may continue to increase. According to Baker Research Institute, in January, many cities in China continued the policy trend at the end of last year, mainly including reducing the settlement threshold, increasing house purchase subsidies, reducing the threshold of provident fund loans and regulatory incentives for pre-sale funds. In addition, according to the data of Shell Research Institute, in January 2022, the price index of second-hand houses in shell 50 cities decreased by 0.3% month on month, narrowed by 0.5 percentage points compared with the previous month, and the overall market of second-hand houses basically came out of the downturn. Under the strategy of steady growth, the home appliance industry, as the post cycle industry of real estate, will benefit, and the sales volume is expected to improve marginally. It is suggested to continue to pay attention to the leading home appliance enterprises with strong brand effect, such as Midea Group Co.Ltd(000333) (000333) of technology and products, Haier Smart Home Co.Ltd(600690) (600690) of adhering to the high-end and ecological brand, and Gree Electric Appliances Inc.Of Zhuhai(000651) (000651) of gradually emerging reform achievements Traditional kitchen faucet Hangzhou Robam Appliances Co.Ltd(002508) (002508). In terms of emerging categories, it is suggested to pay attention to Beijing Roborock Technology Co.Ltd(688169) (688169) with the expected rapid expansion of the scale of new floor washing machines, Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (300911) with the rapid expansion of the scale of integrated stoves, Zhejiang Sanfer Electric Co.Ltd(605336) (605336) with the gradual release of integrated stoves' production capacity, and Chengdu Xgimi Technology Co.Ltd(688696) (688696), a leading enterprise of intelligent micro investment.

Risk tip: the impact of uncertainty in epidemic prevention and control on consumers and industries; The impact of real estate cycle fluctuation; Upstream raw material price fluctuation risk; RMB exchange rate fluctuation risk, etc.

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