Key investment points:
Market review: the home appliance (CITIC) industry index fell 1.16% this week, with poor overall performance. The weekly increase ranked 27th in the CITIC primary industry index, beating the CSI 300 index by 2.24 percentage points in the same period. This week, the performance of the electronics industry was generally poor. Only lighting electricians and other indexes performed well, outperforming the CSI 300 index, and the other electronics sectors outperformed the CSI 300 index. Individual stocks: this week, individual stocks in the home appliance (CITIC) industry rose and fell. 43 stocks recorded positive earnings, accounting for about 54%, 10 rose more than 5% a week and 5 rose more than 10% a week; 35 stocks recorded negative returns, accounting for about 44%, including 2 stocks with a weekly decline of more than 5% and none with a weekly decline of more than 10%. Valuation: as of February 18, 2022, the overall PE (TTM) of the home appliance (CITIC) industry was about 17.80 times, down 1.04% 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 1.39 times, which is lower than the average relative valuation level of the industry since 2017.
Industry operation data: in 2022m1, the performance of most categories in China's home appliance market is poor. Emerging categories such as clothes dryers, integrated stoves and floor sweepers Siasun Robot&Automation Co.Ltd(300024) bucked the trend, and the online performance is better than the offline performance. According to the on-line and off-line monitoring data of Aowei cloud network, in January 2022: (1) traditional household appliances: the performance of ice washing empty color is general, and the retail sales of freezers in all channels are increasing year-on-year. (2) Emerging categories: the sales performance of clothes dryers is outstanding, the offline performance of integrated stoves is better than that of online, and the online performance of floor sweeping Siasun Robot&Automation Co.Ltd(300024) is much better than that of offline.
Industry perspective: maintain the recommended rating of the industry. According to the home appliance sales data for the first year of January 2022, the sales pressure of traditional home appliances such as ice washing, air color and so on is still large, while emerging home appliances such as clothes dryers, integrated stoves and floor sweepers Siasun Robot&Automation Co.Ltd(300024) go against the trend. In addition, the growth of the scale of the online home appliance market is better than that of the offline market, and the trend of offline high-end is more obvious. Among them, sweeping Siasun Robot&Automation Co.Ltd(300024) performed prominently in terms of average price and high-end proportion in January 2022, which was mainly due to the expansion and volume of floor washer. It is suggested to pay attention to Siasun Robot&Automation Co.Ltd(300024) tap Ecovacs Robotics Co.Ltd(603486) (603486), and Beijing Roborock Technology Co.Ltd(688169) (688169) of the new floor washer is expected to expand rapidly. Signs of real estate loosening continued. According to the credit source of Shandong Heze Agricultural Bank, the payment proportion of the local first house was recently reduced to 20%, and the loan interest rate of the first house and second house was lower than that at the end of last year. It is suggested to continue to pay attention to the leading enterprises of traditional household appliances benefiting from the loosening of real estate policies, and recommend the traditional kitchen leading Hangzhou Robam Appliances Co.Ltd(002508) (002508), the dual line of technology and products Midea Group Co.Ltd(000333) (000333), the gradual emergence of reform achievements Gree Electric Appliances Inc.Of Zhuhai(000651) (000651), and the high-end and ecological brand Haier Smart Home Co.Ltd(600690) (600690).
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.
