Core view
Special topic of this week: tracking the production and sales data of washing machines and color TV sets in January 2022: 1) the production and sales of washing machines decreased both, of which the domestic sales decreased significantly and the export was relatively stable. In terms of industry concentration, the offline market concentration of China’s washing machines increased in January, and the online market concentration decreased slightly. In January 2022, the retail sales CR3 of China’s offline market of washing machines increased by 5.8pct to 66.9% year-on-year. 2) In January, the production and sales of color TV sets increased, of which the export sales increased significantly and the domestic sales decreased. In terms of industry concentration, the concentration of China’s color TV offline market has increased slightly, and the concentration of online market is relatively stable. In January 2022, the retail sales of China’s color TV offline market CR3 increased by 0.9pct to 59.1% year-on-year.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of business license business Opple Lighting Co.Ltd(603515) .
This week’s market: this week, the Shanghai Composite Index fell 1.13%, and the home appliance industry fell 3.62%, underperforming the market. Among them, white electricity fell 5.38%, black electricity fell 2.18%, kitchen electricity fell 1.83%, small household appliances fell 0.75%, lighting electricians and other sectors rose 1.21%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 16.65%, down 0.03pct from last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.82%, unchanged from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.82%, down 0.06pct from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.05%, down 0.21pct from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.56%, unchanged from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.84%, down 0.05pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (5.67%), Changshu Tianyin Electromechanical Co.Ltd(300342) (3.49%), Guangdong Tonze Electric Co.Ltd(002759) (2.99%), Zhejiang Supor Co.Ltd(002032) (2.9%), Anhui Julong Transmission Technology Co.Ltd(300475) (2.57%); The top five declines were ST shenglai (- 10.86%), Joyoung Co.Ltd(002242) (- 7.99%), Kennede Electronics Mfg.Co.Ltd(002723) (- 7.25%), Midea Group Co.Ltd(000333) (- 6.68%) and Tailong lighting (- 6.46%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 5974 yuan / ton, down 6 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 5817 yuan / ton, up 1 yuan / ton from last week; The price of copper (1) this week was 71160 yuan / ton, down 460 yuan / ton from last week; The price of aluminum (A00) this week is 22820 yuan / ton, up 100 yuan / ton from last week; The price index of China plastic city was 984.7 this week, down 1.3 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
