Key investment points:
Market performance
This week (2.18-2.24), the CSI 300 index fell 2.16%, the home appliance (CITIC) sector fell 3.67%, and the industry lost 1.51 percentage points to the market, ranking 26th among the 30 CITIC first-class industries. In the fine molecule industry, kitchen appliances – 3.58%, white appliances – 4.48%, lighting electricians and other 0.51%, small appliances – 3.18% and black appliances – 2.66%. In terms of individual stocks, in the past five trading days, Sichuan Huati Lighting Technology Co.Ltd(603679) (+ 8.28%), Guangdong Tonze Electric Co.Ltd(002759) (+ 4.42%) and Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (+ 4.01%) increased the most, while Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 14.15%), Joyoung Co.Ltd(002242) (- 9.09%) and Kennede Electronics Mfg.Co.Ltd(002723) (- 7.91%) decreased the most.
Industry related data
In terms of white electricity: according to AVC data statistics, in the 8th week of 2022 (2022.2.14-2022.2.20), the offline sales volume of air conditioning increased by 1.16% year-on-year and the sales volume decreased by 7.4% year-on-year; Online sales increased by 509.41% year-on-year, and sales increased by 418.69% year-on-year. The offline sales volume of refrigerator decreased by 33.87% year-on-year, and the sales volume decreased by 41.24% year-on-year; Online sales increased by 58.25% year-on-year, and sales increased by 59.15% year-on-year. The offline sales volume of washing machines decreased by 27.45% year-on-year, and the sales volume decreased by 29.62% year-on-year; Online sales increased by 93.6% and sales increased by 70.47% year-on-year.
In terms of black TV: according to AVC data statistics, in the 8th week of 2022 (2022.2.14-2022.2.20), the offline sales volume of color TV sets decreased by 22.14% year-on-year, the sales volume decreased by 29.07% year-on-year, and the average price of offline products was 4532 yuan, an increase of 449 yuan year-on-year; Online sales increased by 70.75% year-on-year, sales increased by 70.75% year-on-year, and the average price of online products was 2241 yuan, down 319 yuan year-on-year.
Kitchen appliances: according to AVC statistics, in the 8th week of 2022 (2022.2.14-2022.2.20), the offline sales volume of range hood, gas stove, integrated stove and kitchen appliances package increased by 0.62%, – 6.43%, 19% and 6.02% respectively year-on-year, and the sales volume increased by – 7.09%, – 14.2%, 35% and – 7.94% respectively year-on-year; Online sales increased by 122.04%, 86.61%, 511.7% and 117.28% year-on-year respectively, and sales increased by 78.24%, 45.38%, 260.53% and 86.61% year-on-year respectively.
In terms of small household appliances: according to AVC data statistics, in the 8th week of 2022 (2022.2.14-2022.2.20), the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine decreased by 26.36%, 53.37%, 27.51% and 53.66% year-on-year respectively, and the sales decreased by 9.18%, 51.15%, 24.95% and 53.66% year-on-year respectively; Online sales increased by 5.68%, 3.08%, 2.09% and 12.2% year-on-year respectively, and sales increased by 15.88%, 13.73%, 3.81% and 19.04% year-on-year respectively.
Household appliance industry highlights
Jiangxi will build a smart platform for cold chain logistics big data
Changhong TV launched the “battle” call of all staff: the 8K era has come in an all-round way
Deyang starts construction of Chengdu Europe cold chain operation center
Key company dynamics
Zhejiang Supor Co.Ltd(002032) : 2021 annual performance express
Hangzhou Robam Appliances Co.Ltd(002508) : 2021 annual performance express
Investment advice
In January, according to the statistics of ovicloud, the sales volume of online and offline full categories in the home appliance industry decreased by 7.23% and 18.03% respectively year-on-year, the sales volume decreased by 20.68% and 26.9% respectively year-on-year, and the terminal sales were slightly weak.. We believe that the terminal sales in the home appliance market in January were slightly weak, mainly due to the following reasons: 1. Affected by the move forward of the Spring Festival this year, and the base number in the same period last January was high; 2. Affected by the Omicron epidemic in many places this year, offline stores were closed and logistics could not operate normally, which affected terminal sales. In terms of raw materials, although the price of raw materials has fallen since May 2021, it is still in the high price range. The optimization and adjustment of enterprise product structure will contribute to the improvement of profitability. In terms of investment suggestions, we suggest focusing on the underestimation of performance exceeding expectations and the turning point of performance. To sum up, the industry is temporarily given a “optimistic” rating. It is recommended to pay attention to Midea Group Co.Ltd(000333) (000333), Haier Smart Home Co.Ltd(600690) (600690), Gree Electric Appliances Inc.Of Zhuhai(000651) (000651), Shenzhen Crastal Technology Co.Ltd(300824) (300824) and Zhejiang Meida Industrial Co.Ltd(002677) (002677).
Risk tips
The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; Exchange risk caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.
