Last week, the CSI 300 index rose 1.08%, while the Changjiang household appliance index fell 0.69%, underperforming the CSI 300 index by 1.78pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -1.68% / - 1.32% / - 0.59% / - 1.83% / 0.39% respectively. Sub section core data tracking:
White goods & color TV: according to the data of Aowei cloud network in 2007, the offline retail sales of air conditioners, refrigerators and washing machines increased by 155.65%, 15.14% and 30.76% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines increased by 1375.61%, 75.67% and 176.58% respectively year-on-year; Color TV offline channels fell by 30.18% year-on-year, and online channels increased by 37.1% year-on-year.
Kitchen appliances: according to the 2007 week data of ovicloud, the retail sales of range hood offline channels increased by 90.28% year-on-year, and the retail sales of online channels increased by 370.74% year-on-year; The retail sales of offline channels of gas stoves increased by 30.35% year-on-year, and the retail sales of online channels increased by 203.1% year-on-year; The offline retail sales of integrated stoves increased by 37.39% year-on-year, and the online retail sales increased by 437.61% year-on-year; The offline retail sales of gas water heater increased by 117.15% year-on-year, and the online retail sales increased by 347.84% year-on-year.
Small household appliances: according to the 2007 week data of ovicloud, the offline retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) increased by 141.23%, 33.93%, 41.49%, 36.35%, 37.28% and 1.5% respectively year-on-year; Online channel retail sales increased by 136.99%, 91.67%, 56.84%, 125.56%, 48.99% and 11.37% respectively year-on-year.
Investment advice
Air conditioning sales were stable in January, with exports accounting for nearly 60%. According to the industry online data, the total sales volume of household air conditioners in January 2022 was 13.31 million units, a year-on-year increase of - 5.3%; Domestic sales of 5.59 million units were - 9.4% year-on-year, a decrease of - 24.8% compared with January 2019, and domestic sales were still weak; 7.73 million units were exported, with a year-on-year increase of - 2.1%, of which the export of air conditioners increased by + 10.7% compared with January 2019 and + 53.3% compared with January 2020. Meanwhile, the air conditioning inventory reached 21.47 million units, maintaining a high inventory. On the news of real estate this week, Heze, Chongqing and other cities liberalized the proportion of down payment to 20%, which is expected to drive the white electricity sector in the post real estate cycle. In terms of consumption data, according to the VAT invoice data released by the State Administration of Taxation, the physical consumption during the Spring Festival in 2022 is 20% higher than that in 2021.
Pay attention to the new trends of white power giants. 1) This week, Gree released the interim profit distribution plan for 2021, distributing cash dividends of 10 yuan for every 10 shares to all shareholders, with a total cash dividend of about 5.537 billion yuan. According to the current performance, Gree used 70% of the net profit in the 2021h1 profit distribution plan. 2) Haier accelerated the layout of overseas production lines. The opening ceremony of Haier Smart Home Co.Ltd(600690) South Asia freezer factory was held this week. After five new factories were added overseas in 2021 to expand production capacity and further expand the global territory, another new factory of Haier was put into operation. 3) Midea continued to lay out the supply chain of new energy vehicle enterprises. This week, it held a foundation laying ceremony for a new strategic base of new energy vehicle parts in Anqing, Anhui Province. It mainly produces power steering motors, electric compressors for new energy vehicles, drive motors and other products. After being put into operation, it can form an annual production capacity of 60 million sets and realize an annual output value of 40 billion yuan.
It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) .
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
