Key recommended targets this week
Growth appliance portfolio: Beijing Roborock Technology Co.Ltd(688169) , Anker Innovations Technology Co.Ltd(300866) , Chengdu Xgimi Technology Co.Ltd(688696) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Breo Technology Co.Ltd(688793) , Marssenger Kitchenware Co.Ltd(300894) , JS global life, Ecovacs Robotics Co.Ltd(603486)
White electricity combination: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651)
The sea freight rate rebounded briefly, and the downward trend of raw material prices continued
(1) Shipping end: 2021w49 US East Route / US West Route / China Europe route freight index were 2489.21/2438.17/5161.89 respectively, with a month on month ratio of -0.97pcts / + 4.16pcts / + 0.79pcts respectively, compared with the highest point of -7.39% / + 2.39% / – 6.82% respectively. (2) Raw material side: 2021w49 plastic city ABS price / comprehensive steel price / aluminum price / copper price index were – 0.43% / + 0.51% / – 1.17% / – 1.46% month on month, respectively, and – 9.12% / – 16.37% / – 5.65% / – 6.41% higher than the highest point in 2021. We continue to be optimistic about the cost improvement under the decline of raw material prices.
White power maintains relatively steady growth and continues to be optimistic about the development of high growth tracks such as integrated stoves and clean appliances
White electricity: the overall sales of air conditioners / washing machines / refrigerators in 2021w49 were – 24.80% / – 10.90% / – 5.50% year-on-year, respectively, narrower than that in 2021w48, and the cumulative sales in 2021q4 were – 2.41% / + 3.51% / + 7.93% year-on-year, respectively.
Integrated stove: 2021w49 online / offline retail sales were – 6.53% / + 57.09% year-on-year respectively, 2021q4 online / offline cumulative retail sales were + 38.25% / + 36.36% year-on-year respectively, and Q4 cumulative retail sales continued to grow relatively high.
Cleaning appliances: online sales of 2021w49 floor sweepers / floor washers were + 77.23% / + 10.96% year-on-year respectively, and the cumulative retail sales of 2021q4 were + 37.97% / + 3.67% year-on-year respectively. Floor sweepers / floor washers continued to lead the growth.
The cost and overseas consumption demand are expected to improve. It is suggested to pay attention to the investment opportunities of export-oriented and marginal improvement enterprises
Considering the mitigation of shipping, the continuation of the decline trend of raw materials, the improvement of domestic sales prosperity and the decline of overseas demand, it is suggested to pay attention to the investment opportunities of export-oriented and marginal improvement enterprises and continue to be optimistic about the growth home appliance portfolio; Taking into account the recent political bureau meetings, home appliances to the countryside and other positive frequent, the real estate policy is expected to be marginal relaxed and optimistic about the rebound of white power portfolio.
Beijing Roborock Technology Co.Ltd(688169) : in terms of domestic sales, the high growth trend in November continued, In 2021m11, the Gmv of Ali sweeper reached 340 million yuan (+ 137%), and in 2021w49, the Gmv of Ali sweeper reached 13.99 million yuan (+ 96%), and the domestic sales of Q4 is expected to increase by more than 100%. In terms of export sales, the growth rate in December under the low base is expected to improve month on month. Looking forward to 2022, we are optimistic about the launch of new export products in 2022q1, and the company’s performance will continue to improve when the domestic sales exceed the expectations.
Anker Innovations Technology Co.Ltd(300866) : according to Euromonitor data, Anker has become the world’s No. 1 Digital charging brand. The Gmv of charging category has increased by + 30% / 36% / 25% respectively year-on-year in September, October and November, maintaining a high growth, and the market share of America and Asia has maintained more than 20%, ranking first. The company has perfect channel layout and strong brand power. It is optimistic about the recovery of Q4 revenue growth under the elimination of capacity constraints, and the greater profit elasticity brought by the ease of shipping under the freight self payment mode.
Chengdu Xgimi Technology Co.Ltd(688696) : under the hot sales of high-end projectors, domestic sales continued to grow rapidly in November, In 2021m11, Alibaba Gmv reached 500 million yuan (+ 77%), and in 2021w49, Alibaba Gmv reached 18.04 million yuan (+ 39%). We expect that the company will have sufficient chip stock before the 2022 goods Festival. Under the favorable conditions of China’s control of quantity and price, promotion of new sales, replenishment of overseas product lines and gradual reduction of the impact of core shortage, we continue to be optimistic about the company’s domestic and foreign sales exceeding expectations and improvement of profitability.
Risk tip: industry competition intensifies; Shortage of raw material supply; The risk of maritime transport capacity has increased.
