\u3000\u30001. See the future development trend of household appliances from CES exhibition?
From January 5 to January 7, 2022, CES 2022 (International Consumer Electronics Exhibition) was held in Las Vegas, the United States. The new home appliances at the exhibition over the years represent the product trend of that year and even the next few years. There are also many highlights in the new home appliances displayed this year. We sorted out and summarized the new household appliances at this year’s exhibition, which mainly showed the following trends: the brand of Chinese floor sweeper appeared with new self-cleaning products, and the product structure in overseas markets was upgraded. On the one hand, the new products released by stone this time complement the price band layout of the company’s overseas high-end series, and the price of 1000 yuan surpasses the price of iRobot high-end models, the global leader of floor sweepers; On the other hand, at present, most overseas floor sweepers are in the form of products equipped with dust collection buckets. The models of self-cleaning + dust collection are new to the market. In addition to stone, other Chinese brands have also brought self-cleaning products in this CES exhibition. We believe that the joint efforts of Chinese enterprises to promote self-cleaning sweepers in overseas markets will promote the upgrading of the product structure of overseas sweepers market, and the overseas market is expected to achieve an increase in the average price in 22 years. Black electricity technology has diversified development paths, and product quality has evolved to higher definition and larger screen. It can be seen from CES 2022 that Ultra HD has become an indispensable part of future terminal products. Enabled by 4K / 8K technology, UHD display technology will enable more scene applications from TV to display. The categories of home intelligence are richer and more diversified. In recent years, home appliance products have been developing and expanding in the category of intelligent products, constantly expanding and enriching the scene of smart home.
\u3000\u30002. How to view Gree channel reform?
In the early era when offline channels were the king, with the rapid growth of air conditioning demand, Gree launched rebate policy and bound large dealers through joint agency mode. Since then, Gree further strengthened its control over channels by integrating national and regional sales channels. At that time, Gree’s channel network had a wide and deep coverage, superimposing the company’s brand premium, making Gree the leader in the air conditioning sales market. However, with the rapid growth of e-commerce channels, the flattening trend of offline logistics infrastructure, and the growth rate of air conditioning market gradually entering the mature stage, the existing Shengshi Xingxin system and rebate distribution model encounter bottlenecks, and the company’s channel reform is imperative. The company improves channel efficiency by streamlining channel levels; The sales mode has changed from rebate incentive oriented part to terminal price difference incentive; Vigorously promote the three ways of the new retail model to carry out channel reform for the company from many aspects. At present, from the market share of total sales volume and year-on-year data of sales volume in 2021, Gree’s competitiveness is gradually restored.
Investment suggestion: looking forward to 2022, the marginal improvement shown by 21q4 may continue in the first half of 22 years. At the same time, the individual stocks with sufficient stock price correction and determined profit improvement at the current time point deserve special attention. We believe that under the influence of demand and cost, the structural opportunities of the industry focus more on: 1) there is sufficient room for category penetration; 2) There is room for upgrading the product structure; 3) Domestic sales are dominant, and companies with such conditions. We are optimistic about the industry fundamentals of integrated stoves and clean appliances. We recommend Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Ecovacs Robotics Co.Ltd(603486) , and we recommend paying attention to Zhejiang Sanfer Electric Co.Ltd(605336) , Beijing Roborock Technology Co.Ltd(688169) , Hisense Visual Technology Co.Ltd(600060) . In terms of traditional household appliances, the correction in 2021 has been relatively sufficient, and the valuation has basically returned to the central position under the influence of cost. Under the background of maintaining stable growth of income and predictable repair of profitability, white electric faucet Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) and civil electrical faucet Gongniu Group Co.Ltd(603195) are recommended.
Risk tip: real estate market, exchange rate, raw material price fluctuation risk, new product sales are less than expected
