Special topic of this week: home appliance data tracking in January 2022. (1) Retail end: according to the data of ovicloud, the online and offline retail scale of China's home appliance market decreased year-on-year in January. We believe that the main reason is that the Spring Festival is ahead of schedule and the "covid-19" epidemic in some areas repeatedly suppresses consumer demand. The cumulative year-on-year data in January and February may be more referential. The average online and offline prices of major household appliances rose year-on-year in January. (2) Production and marketing: in January, the production and marketing of household air conditioners in China declined to varying degrees, mainly due to the influence of the Spring Festival and the continuous reform of domestic sales channels of leading enterprises. From the perspective of sub enterprises, the performance of the three leading enterprises has been differentiated, and Haier's sales share has increased significantly.
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 0.8%, and the home appliance industry fell 0.9%, slightly losing the market. Among them, white electricity fell 1.68%, black electricity fell 1.05%, kitchen electricity fell 0.71%, small household appliances fell 0.65%, lighting electricians and other sectors rose 1.62%. 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 16.68%, down 0.11pct from last week; Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.82%, down 0.05pct from last week; Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.88%, down 0.1pct from last week; Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.26%, down 0.44 PCT from last week; Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.56%, an increase of 0.07pct over last week; Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.89%, an increase of 0.08pct over last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Sichuan Huati Lighting Technology Co.Ltd(603679) (26.56%), Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (14.68%), Aupu Home Style Corporation Limited(603551) (11.56%), Tailong lighting (10.88%) and Youngy Health Co.Ltd(300247) (10.61%); The top five declines were Canature Health Technology Group Co.Ltd(300272) (- 7.35%), Joyoung Co.Ltd(002242) (- 5.37%), Aucma Co.Ltd(600336) (- 4.83%), Jinhua Chunguang Technology Co.Ltd(603657) (- 4.69%) and Marssenger Kitchenware Co.Ltd(300894) (- 4.14%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 5980 yuan / ton, down 47 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 5816 yuan / ton, down 39 yuan / ton from last week; The price of copper (1#) this week was 71620 yuan / ton, down 980 yuan / ton from last week; The price of aluminum (A00) this week is 22720 yuan / ton, down 200 yuan / ton from last week; The price index of China plastic city was 985.9 this week, down 13.1 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
