Core view
The sales of integrated stoves increased sharply in November. According to the ovicloud data (w45-w48), the online sales of integrated stoves increased by 77% year-on-year in November, the cumulative sales in the first 11 months increased by 33% year-on-year, and the online average price increased by 23% year-on-year in November. In terms of offline channels, the offline sales of integrated stoves increased by 21% year-on-year in November, the cumulative sales in the first 11 months increased by 43% year-on-year, and the offline average price increased by 16% year-on-year.
In terms of branches, Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) November online sales increased by 154% year-on-year, and offline KA sales decreased by – 30% year-on-year. Marssenger Kitchenware Co.Ltd(300894) in November, the online sales increased by 89% year-on-year, and the offline KA sales increased by 58% year-on-year. Zhejiang Meida Industrial Co.Ltd(002677) in November, the online sales increased by 234% year-on-year, and the offline KA sales increased by 16% year-on-year. Zhejiang Sanfer Electric Co.Ltd(605336) online sales in November increased by 125% year-on-year.
Investment suggestion: it is suggested to pay attention to the integrated stove industry with accelerated penetration, and the industry is expected to maintain rapid growth in the future. Benefit target: integrated stove leader Zhejiang Meida Industrial Co.Ltd(002677) with offline channel advantages and product advantages; The online king of integrated stove with leading online layout, outstanding marketing ability and rapid growth Marssenger Kitchenware Co.Ltd(300894) ; An integrated stove high-quality enterprise with accelerated channel expansion and brand marketing upgrading Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) .
Capital dynamics of going north
Last week (12.06-12.10), the shareholding ratio of funds going north increased by top 3: Beijing Roborock Technology Co.Ltd(688169) , Bear Electric Appliance Co.Ltd(002959) , Zhejiang Meida Industrial Co.Ltd(002677) ; the shareholding ratio decreased by top 3: Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Vatti Corporation Limited(002035) , Joyoung Co.Ltd(002242) .
Industry valuation level
From the valuation level of the sector, as of December 10, 2021, the pe-ttm valuation of the household appliance sector was 20.08x.
Market and plate Market Review last week
Last week, the CSI 300 index was + 3.14%, the Shanghai composite index was + 1.63%, and the home appliance sector was + 5.43%. In terms of household appliance segments, white electricity, black electricity and small household appliances rose or fell by + 6.08%, + 1.74% and + 4.18% respectively.
Among the stocks, the top three gainers last week were Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (+ 22.85%), Hisense Home Appliances Group Co.Ltd(000921) (+ 17.01%), Hangzhou Robam Appliances Co.Ltd(002508) (+ 12.69%); the top three gainers last week were Aucma Co.Ltd(600336) (- 16.96%), Zhejiang Dun’An Artificial Environment Co.Ltd(002011) (- 10.82%) and Changshu Tianyin Electromechanical Co.Ltd(300342) (- 7.4%).
Price change of raw materials
Last week, the copper price index was + 0.36%, the aluminum price index was + 0.21%, the cold rolled coil index was + 0%, the China plastic city price index was – 0.26%, the spot price of polymerized MDI was – 1.78%, and the price of polyether soft foam was – 3.08%; Since 2021, copper price index + 20.1%, aluminum price index + 20.85%, cold rolled coil index – 1.33%, China plastic city price index + 6.87%, polymerized MDI spot price + 3.28%, polyether soft bubble price – 28.54%.
Risk statement
Risk of price fluctuation of main raw materials; Macroeconomic impact; Risk of intensified market competition
