Last week, the CSI 300 index fell 1.67%, and the Changjiang household appliance index fell 4.43%, underperforming the CSI 300 index by 2.76pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -5.39% / - 1.72% / 1.19% / - 1.40% / - 1.76% respectively.
Sub section core data tracking:
White goods & color TV: according to the data of ovicloud in 2008, the offline retail sales of air conditioners, refrigerators and washing machines increased by 1.16%, decreased by 33.87% and 27.45% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines increased by 509.51%, 58.25% and 93.6% respectively year-on-year; Color TV offline channels fell by 22.14% year-on-year, and online channels increased by 70.75% year-on-year.
Kitchen appliances: according to the 2008 week data of ovicloud, the retail sales of range hood offline channels increased by 0.62% year-on-year, and the retail sales of online channels increased by 122.04% year-on-year; The offline retail sales of gas stoves decreased by 6.43% year-on-year, and the online retail sales increased by 86.61% year-on-year; Online and offline retail sales increased by 19.7% year-on-year; The offline retail sales of gas water heater decreased by 0.18% year-on-year, and the online retail sales increased by 104.81% year-on-year.
Small household appliances: according to the data of Aowei cloud in 2008, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) offline channels increased by 18.58%, 28.72%, 53.37%, 27.51%, 53.66% and 41.46% respectively year-on-year; Online channel retail sales increased by 44.83%, 26.29%, 3.08%, 2.09%, 12.2% and 1.56% respectively year-on-year.
Investment advice
Pay attention to the performance express of home appliance companies. This week, household appliance companies intensively disclosed the performance express of fiscal year 2021, and the intelligent micro investment track continued to grow rapidly, including Chengdu Xgimi Technology Co.Ltd(688696) 2021fy revenue of 4 billion, year-on-year + 43%, and the net profit attributable to the parent company of 489 million, year-on-year + 82% Appotronics Corporation Limited(688007) 2021fy's revenue was 2.5 billion, a year-on-year increase of + 29%; The net profit attributable to the parent company was 222 million, a year-on-year increase of + 95%. In the kitchen electricity sector, Hangzhou Robam Appliances Co.Ltd(002508) company expects the revenue of 2021fy to be 10.2 billion, a year-on-year increase of + 25%, and the expected net profit attributable to the parent company to be 1.33 billion, a year-on-year increase of - 20%. The impairment risk is released, and the overall performance is in line with expectations. In the small household appliances sector, Zhejiang Supor Co.Ltd(002032) , the revenue of 2021fy reached 21.59 billion, a year-on-year increase of + 16%; The net profit attributable to the parent company was 1.94 billion, with a year-on-year increase of + 5%. The net profit attributable to the parent company was affected by the rise in the price of bulk raw materials and the slight increase in the year-on-year sales expense rate.
Light commercial refrigeration equipment grew steadily, and medical freezers increased significantly. According to the industry online data, since 2017, the sales CAGR of light commercial refrigeration equipment has been 12% in five years. Except that the growth rate was significantly narrowed due to the epidemic in 2020, it has maintained double-digit growth in other years. The sales volume growth in 2021 reached the peak in recent five years. In 2021, the total sales volume was 16.19 million units, a year-on-year increase of + 16%, of which 9.72 million units were sold domestically, a year-on-year increase of + 18%, and 6.47 million units were exported, a year-on-year increase of + 13%. In terms of subdivided products, the sales volume of medical freezer market in 2021 was + 58% year-on-year; In terms of beverage cabinets, the products are mainly based on the demand for upgrading. The demand for upgrading, coupled with the distribution of emerging beverage manufacturers such as Yuanqi forest and Dongpeng special beverage, has driven the growth rate of the beverage cabinet Market by more than 10 percentage points, reaching the peak in recent five years. It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) .
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
