Main points:
Topic 1 of this week: Comments on industrial online washing machine data in January
In January, the data of washing machines were released, and the domestic and export sales were – 8.5% / – 3.8% year-on-year respectively. The domestic sales fell month on month, and the growth rate of export sales improved. In terms of domestic sales, Midea and Haier’s washing machines fell in January, mainly due to the advance of the Spring Festival. Midea sold 1.23 million units in January, a year-on-year decrease of 6.2%, and the growth rate decreased by 2.6pct month on month; Haier sold 1.53 million units domestically in January, a year-on-year decrease of 7.6%, and the growth rate decreased by 5.5pct month on month; In terms of exports, the boom in January improved month on month, Midea’s growth rate improved significantly, Haier’s growth rate was ahead year on year and fell month on month. Midea exported Shanghai Pudong Development Bank Co.Ltd(600000) units in January, with a year-on-year increase of 7.3%, and the growth rate increased by 15.7pct month on month; Haier exported 680000 units in January, with a year-on-year increase of 22%, and the growth rate decreased by 30.7pct month on month.
Plate view
White electricity sector: the main support for white electricity repair comes from: 1) the pressure on the high base caused by the epidemic is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China’s white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich experience in overseas operation has the opportunity to improve the penetration of overseas market, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is relatively weak, but the performance of sub sectors is differentiated. It is suggested to pay attention to the integrated stove sub sector with low penetration and high growth. We believe that the penetration rate of integrated stoves at this stage is still low, while the existing stock housing market is large and has sufficient penetration space. At the same time, after the early consumer education of integrated stoves (especially, after the four leading enterprises took the lead in listing in 2020, Pinxuan strengthened to further improve the popularity of integrated stoves), the vigorous development in recent two years has promoted some leading enterprises to complete the accumulation from one to ten. With the construction of channels and the increasing improvement of product categories, and referring to the development track of traditional kitchen electric faucets, the leapfrog development of integrated stoves from 10 to 100 can be expected.
Cleaning appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning floor sweeper U10 with mop and floor washer G10, Ecovacs Robotics Co.Ltd(603486) launched the new floor sweeper X1 with self-cleaning + self collecting + self drying, and Yunjing’s second-generation new floor sweeper J2 with self-cleaning + self changing + self drying. These new products have significantly improved product performance or industrial design compared with the past, which is in line with the current consumption upgrading trend, It is expected to further stimulate terminal sales. At the same time, the rapid and large-scale volume of floor washing machine has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises. More enterprises will launch relevant products in the first half of 22 years, and the high-profile and strong certainty of floor washing machine and other emerging clean electrical appliances.
Investment advice
It is suggested to pay attention to the white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) , which continue to optimize the competition pattern and whose profitability is expected to be repaired in the second half of the year.
It is suggested to pay attention to the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , which comprehensively promotes the improvement of multidimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) , which is expected to launch new integrated stove products in the first half of the year, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , which continuously optimizes the product structure and steadily expands multiple channels.
It is suggested to pay attention to the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) , which has deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; The severe regulation of real estate has a negative impact on the demand for downstream household appliances; The epidemic has repeatedly affected the resumption of production and work
