Main points:
Topic 1 of this week: Comments on industrial online air conditioning data in January
In January, the industrial online air conditioning data was released. The domestic / export sales of air conditioners were – 2.1% / – 9.4% year-on-year respectively, and the growth rate of domestic and foreign sales slowed down month on month. In terms of domestic sales, Gree’s growth rate improved significantly month on month in January, Midea’s growth rate fell more, and Haier was basically the same as last month. Gree sold 1.85 million units domestically in January, a year-on-year decrease of 15.9%, and the growth rate increased by 8.7 PCT month on month. In January, Gree sold 1.85 million units domestically, a year-on-year decrease of 15.9%; Midea sold 2.2 million units domestically in January, a year-on-year decrease of 2.2%, and the growth rate decreased by 16.2pct month on month. In January, Midea sold 2.2 million units domestically, a year-on-year decrease of 2.2%; Haier sold 630000 units domestically in January, with a year-on-year increase of + 0.0%, and the growth rate decreased by 16.4pct month on month. In January, it sold 630000 units domestically, with a year-on-year increase of + 0.0%; In terms of exports, Haier’s growth rate absolutely leads, Gree’s growth rate increases month on month, and Midea’s growth rate decreases month on month. Gree exported 1.2 million units in January, with a year-on-year increase of 9.1%, and the growth rate increased by 4.5pct month on month. In January, Gree exported 1.2 million units, with a year-on-year increase of + 9.1%; Midea exported 2.7 million units in January, a year-on-year decrease of 1.5%, and the growth rate decreased by 12.4pct month on month. In January, it exported 2.7 million units, a year-on-year decrease of 1.5%; Haier exported 650000 units in January, with a year-on-year increase of 71.1%, and the growth rate decreased by 7.5pct month on month. In January, it exported 650000 units, with a year-on-year increase of 71.1%.
Plate view
White electricity sector: the main support for white electricity repair comes from: 1) the pressure on the high base caused by the epidemic is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China’s white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich experience in overseas operation has the opportunity to improve the penetration of overseas market, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is relatively weak, but the performance of sub sectors is differentiated. In terms of traditional kitchen appliances, the overall sales of range hoods / gas stoves in December 21 were – 7.3% / – 19.2% year-on-year respectively, continuing the downward trend since July, mainly due to the high base effect caused by the epidemic and the drag of short-term real estate regulation; In terms of emerging kitchen appliances, the overall sales volume of integrated stoves in December was + 2.7% year-on-year, and the growth rate slowed down month on month (January year-on-year: + 41.9%), but looking forward to the whole year, the sales growth rate was 31.8%, and the high outlook remained.
Cleaning appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers. Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning sweeper U10 and washer G10 with mop on August 25, 2001, Ecovacs Robotics Co.Ltd(603486) launched the new sweeper Dibao X1 with self-cleaning + self dust collection + self drying on September 15, and Yunjing launched the second generation of new sweeper J2 with self-cleaning + self changing + self drying on September 25, Compared with the past, these new products have significantly improved in product performance or industrial design, which is in line with the current consumption upgrading trend and is expected to further stimulate terminal sales. At the same time, the rapid volume of floor washing machine has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises. More enterprises will launch relevant products in the first half of 22 years, and the high-level atmosphere and certainty of emerging cleaning electrical appliances such as floor washing machine are strong.
Investment advice
It is suggested to pay attention to the white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year.
It is suggested to pay attention to the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of multi-dimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) that is expected to launch new integrated stove products in the first half of the year, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) that continues to optimize the product structure and steadily expands multiple channels.
It is suggested to pay attention to the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) with deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; The severe regulation of real estate has a negative impact on the demand for downstream household appliances; The epidemic has repeatedly affected the resumption of production and work.
