Main points
This week, the household appliance sector rose by – 1.2%, of which the white electricity / Black electricity / kitchen electricity / small household appliances sector rose by – 1.7% / – 1.1% / – 0.7% / – 0.6% respectively. The overall performance of individual stocks in the sector was weak, and the kitchen electricity sector Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) and Hangzhou Robam Appliances Co.Ltd(002508) performed well, with weekly increases of 2.8% and 0.9% respectively; The small household appliances sectors Ecovacs Robotics Co.Ltd(603486) , Shanghai Rongtai Health Technology Corporation Limited(603579) performed well, with weekly increases of 1.5% and 1.3%. In terms of raw materials, LME copper, LME aluminum, steel and plastic prices were – 0.2%, + 3.6%, – 0.9% and – 3.4% month on month, respectively.
The shipping situation has improved. In January, the container handling capacity of Los Angeles port reached a historical peak, and the operation efficiency has been significantly improved. According to the data on the official website of Los Angeles port, in January, Los Angeles port handled 865600 containers (TEU), with a year-on-year increase of 3.60%, including 338000 empty containers (+ 21.40%), 427000 cargo imports (- 2.38%) and 100000 cargo exports (- 16.04%); The total amount of treatment reached the peak in January of the port in recent 115 years. At present, the efficiency of port operation has been improved. This week, the number of ships in Los Angeles port has decreased month on month, and the average waiting time has been significantly reduced to 3 days. Sea freight rates have been lowered. This week, the CCFI composite index fell by 2.4% month on month, with the decline of about 4% for the US east route and the US west route.
Home appliance companies continued to promote new and upgraded products. This week Chengdu Xgimi Technology Co.Ltd(688696) released A3 panchromatic laser TV. Technological innovation pushed down the price, which was the same as that of the previous generation two years ago; Tianke intelligent cooking machine has launched 30000 food, and the intelligent experience has been upgraded.
Ovi data tracking
The channel performance of white electricity category has been differentiated. Offline pressure is obvious, online sales of Haier refrigerators and washing machines have achieved positive growth, and online sales of Midea air conditioners have increased by 40% year-on-year. In other categories, the volume and price of Haier dishwashers and Casati dishwashers increased simultaneously, and the growth rate of offline sales was more than 70%. The offline sales of Midea vacuum cleaners increased by 190% and the price increased by 102%.
The pressure on small household appliances has slowed down. Online and offline sales of most categories maintained negative growth year-on-year, but the online decline narrowed, Zhejiang Supor Co.Ltd(002032) , and some categories of little bear performed well. Offline, Xiaoxiong frying and baking machine performed well, with a high growth rate, and the sales volume of most other categories showed negative growth.
Kitchen electric growth subclass integrated stoves continued to grow. In addition to the year-on-year growth of shuaitian integration, most of the integration brands of shuaitian integration continued to show a year-on-year growth momentum, with a year-on-year decline of {8.94 billion. In other categories, the boss dishwasher grew brightly in all channels, and the range hood continued to be under pressure. Vantage range hood and dishwasher offline sales continued to decline year-on-year.
Investment advice
White electricity and kitchen electricity faucets have high turnover efficiency and strong ability to raise prices. 22q1 has strong certainty of performance improvement with the decline of raw material prices. It is recommended to make an active layout at the current time point. The small household appliance sector Shenzhen Crastal Technology Co.Ltd(300824) and other sectors have been subject to the pressure of high base in 21 years, and the performance of 22q1 is expected to improve with the recovery of demand; Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) and other goods preparation cycles are long, 21q4 and 22q1 correspond to high price inventory, and the export business is greatly affected by the sea price. It is expected that 21q4 and 22q1 may still be under certain pressure, and the stock price may face a callback before and after the annual report. It is suggested to choose the layout before and after the callback.
Risk tips
The risk of rising raw material prices, the risk of less than expected demand, the risk of repeated outbreaks, the impact of exchange rate fluctuations, and the risk of chip out of stock and rising prices.
