Market review: home appliances this week The (CITIC) industry index rose 5.16% this week, and its overall performance was relatively excellent. The weekly increase ranked third in the CITIC primary industry index, outperforming the Shanghai and Shenzhen 300 index by 2.01 percentage points over the same period. This week, the electronics industry performed well, and all sub sectors recorded positive earnings, of which the kitchen electricity, white electricity and small household appliances sectors outperformed the Shanghai and Shenzhen 300 index. Individual stocks: household appliances this week Individual stocks in the (CITIC) industry performed well, with 51 stocks recording positive returns, accounting for about 65%, 22 stocks with weekly increases of more than 5% and 8 stocks with weekly increases of more than 10%. This week, 24 stocks in the home appliance (CITIC) industry recorded negative returns, including 5 stocks with weekly decreases of more than 5% and 1 stock with weekly decreases of more than 10%. Valuation: as of December 10, 2021, the overall performance of the home appliance (CITIC) industry was negative (TTM) was about 18.93 times, up 5.39% from last Friday, slightly lower than the average valuation of the industry since 2017. As of December 10, 2021, the ratio of overall PE (TTM) to Shanghai and Shenzhen 300pe (TTM) in the home appliance (CITIC) industry was 1.48 times, returning to the average level of relative valuation of the industry since 2017.
Industry operation data: in 2021w49, the sales of kitchen micro steaming and baking and environmental health appliances have improved compared with last week. According to Ovi cloud, Week 49 of 2021: (1) ice washing color: offline, the sales of freezers continued to improve. Online, freezers, clothes dryers and color TVs performed better, while the performance of traditional categories of ice washing was average. (2) kitchen TV: the sales of most categories fell year-on-year, and the performance of integrated stoves and dishwashers was better. (3) Kitchen micro steaming and baking: the overall performance of embedded single function electric oven, embedded compound machine and embedded has improved significantly. (4) kitchen small electricity: the overall performance is poor, most categories are Wuxi Online Offline Communication Information Technology Co.Ltd(300959) Both sales volume and sales volume decreased year-on-year. In the offline market, the sales of electric steamers and Juicers increased year-on-year; In the online market, the sales of electric steamers, cooking machines and frying and baking machines increased year-on-year. (5) Environmental health appliances: the off-line sales of most categories were better than last week, among which cleaning appliances and sweeping Siasun Robot&Automation Co.Ltd(300024) performed relatively well.
Industry perspective: maintain the recommended rating of the industry. On December 6, in order to support the development of the real economy and promote the steady decline of comprehensive financing costs, the central bank decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15, 2021. On the same day, the Political Bureau of the CPC Central Committee held a meeting to emphasize the need to promote the construction of affordable housing, support the commercial housing market to better meet the reasonable housing needs of buyers, and promote the healthy development and virtuous cycle of the real estate industry. This means that the real estate regulation policy is expected to usher in an inflection point, the reduction of reserve requirement is expected to improve market liquidity, the real estate market will usher in repair, and the demand for just needed and improved house purchase will be met, which will help to promote the improvement of sales in the home appliance market. It is suggested that we should continue to pay attention to the electric faucets with strong comprehensive strength and significant brand effect, For example, Midea Group Co.Ltd(000333) (000333), Haier Smart Home Co.Ltd(600690) (600690), Gree Electric Appliances Inc.Of Zhuhai(000651) (000651). On the other hand, the penetration rate of emerging categories is low and the scale increases rapidly. It is suggested to pay attention to emerging household appliances with high prosperity, such as Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) (603486), floor washer Beijing Roborock Technology Co.Ltd(688169) (688169), and laser display industry leader Appotronics Corporation Limited(688007) (688007).
Risk tip: the impact of uncertainty in epidemic prevention and control on consumers and industries; The impact of real estate cycle fluctuation; Upstream raw material price fluctuation risk; RMB exchange rate fluctuation risk, etc.
