Main points
This week, the home appliance sector increased by 5.2%, of which the white electricity / Black electricity / kitchen electricity / small household appliances sectors increased by + 6.1% / + 1.7% / + 9.6% / + 4.2% respectively. Individual stocks in the sector generally rose, led by white power sector Hisense Home Appliances Group Co.Ltd(000921) , Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) ; Kitchen electricity sector Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Marssenger Kitchenware Co.Ltd(300894) led the rise; The small household appliance sector has been differentiated, among which Bear Electric Appliance Co.Ltd(002959) , Beijing Roborock Technology Co.Ltd(688169) , Shenzhen Breo Technology Co.Ltd(688793) performed well. In terms of raw materials, the prices of main raw materials aluminum and plastics decreased month on month, which is expected to help alleviate the subsequent cost side pressure.
A new round of subsidies for home appliances to the countryside is good for kitchen electricity (integrated stoves) demand. On December 8, the State Council Information Office held a regular policy briefing of the State Council. Wu Xiao, director of the rural economy Department of the national development and Reform Commission, said that areas with conditions were encouraged to carry out the renewal of rural household appliances, implement furniture and home decoration subsidies to the countryside and a new round of automobile to the countryside. At present, black-and-white appliances in rural areas have basically been popularized, and the ownership of kitchen appliances is still at a low level, It is expected that the demand for kitchen electricity in this round of subsidies is much higher than that of other large household appliances, range hoods and integrated stoves with obvious advantages in rural areas, and the rural penetration rate is expected to be further improved.
With the arrival of the 12th lunar new year, tmall flagship stores of all brands have launched promotional offers. Specifically, the white power brand encourages the purchase of sets, and the purchase of multiple pieces is highly preferential; Kitchen appliances and small household appliance brands are mainly free. In addition, the price reduction of popular products of various brands is obvious, which is expected to boost demand.
Investment advice
As the key beneficiary sector of the third consumer society, the field of small household appliances continues to be optimistic about the new opportunities brought by new consumption to the field of small household appliances. In the early stage, the kitchen small household appliances sector was subject to the pressure of the base, and the stock price was sharply corrected. At present, the value is undervalued, the safety margin is high, and there is sufficient growth space to continue to benefit from the new consumption concept for a long time. It is recommended to pay attention to Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) with the rapid growth of its own brand. While consolidating the advantages of kitchen appliances, Mofei actively arranges home environment categories with better growth, which is expected to further open the development space of domestic sales business and have strong certainty of marginal improvement of performance.
Portable massage apparatus, projectors, cleaning appliances and integrated stoves of emerging household appliances maintained a high boom, and the penetration promotion logic continued to be verified by data. Leading companies have a thorough understanding of consumers, strong marketing ability and outstanding brand strength, and are expected to fully enjoy the dividends of industry growth. It is recommended to focus on Shenzhen Breo Technology Co.Ltd(688793) with prominent R & D advantages, optimized marketing and strong offline channels. Intelligent cleaning appliances are in line with consumers' pursuit of quality life and hands-free in the third consumption era. Floor sweeping and mopping products are expected to become the rigid needs of families. It is recommended to pay attention to accurately grasp the needs of consumers, adhere to independent research and development, hold high and fight high, and Ecovacs Robotics Co.Ltd(603486) with excellent product power and brand power. Continue to recommend Marssenger Kitchenware Co.Ltd(300894) with the vision of long-term leading strategic pattern, strong brand marketing and high-end product positioning.
Subject to weak terminal demand and rising raw material prices, the traditional household appliance sector has experienced a double kill of performance and valuation in the past 21 years. Looking forward to 2022, the marginal improvement space of the plate is clear, and it is expected to usher in an upward turning point. In addition, Baidian leader grasped the favorable opportunity of Baidian reshuffle period, accelerated channel reform, optimized intelligent manufacturing, improved terminal price, collectively repurchased shares in the capital market, strengthened employee incentive and demonstrated development confidence. It is recommended to pay attention to the Haier Smart Home Co.Ltd(600690) of Suite + scene sales driven by the accelerated layout of three winged birds, which conforms to the needs of consumption upgrading and has been preparing for high-end tracks for many years.
Risk statement
Risk of rising raw material prices, risk of less than expected demand, risk of repeated epidemic, impact of exchange rate fluctuations, risk of chip shortage and price rise.
