In the post real estate cycle this week, the performance of furniture and small household appliances was relatively strong. The CSI 300 index fell by 1.67% this week. Among the sectors in the post real estate cycle, furniture and small household appliances fell by 1.22% and 0.75% respectively this week, outperforming the market by 0.45pct and 0.93pct respectively. White household appliances, services Siasun Robot&Automation Co.Ltd(300024) , black household appliances, lighting electricians and kitchen appliances fell by 5.38%, 4.38%, 2.18%, 1.99% and 1.83% respectively this week, outperforming the market by 3.71pct, 2.70pct, 0.51pct respectively 0.32pct、0.15pct。
Domestic sales: in January, the online retail sales of clean appliances continued to grow year-on-year. (1) Upstream raw material prices: this week, the price trend of chemical raw materials for soft furniture was divided, with copper prices falling, aluminum prices rising, stainless steel prices flat, and plastic raw material prices falling. (2) China’s real estate demand: in December 2021, the year-on-year negative growth rate of new house sales area expanded, and the year-on-year positive growth rate of completed area narrowed; In January 2022, the transaction volume of second-hand houses continued to decline year-on-year. According to the real estate data released by the National Bureau of statistics, the national residential sales area decreased by 19.4% year-on-year in December 2021 and 10.2% year-on-year in December 2019; In terms of second-hand housing transactions, in January 2022, the transaction volume of second-hand housing in China’s top 10 cities was 39200 units, a year-on-year decrease of 44%; In terms of the opening of hardbound houses, according to the statistics of ovicloud, the opening volume of hardbound houses in China was about 299000 units in December 2021, a year-on-year decrease of 5.2%. (3) Retail tracking: in December 2021, the retail sales of furniture decreased by 3.1% year-on-year, and the retail sales of household appliances decreased by 6% year-on-year. By category, according to the monitoring data of ovicloud, in January 2022, the online retail sales of dishwashers and integrated stoves decreased by 6.1% and 8.7% year-on-year respectively, the online sales of kitchen power and small household appliances decreased by 9.3% and 13.6% year-on-year respectively, and the online retail sales of cleaning appliances and sweeping Siasun Robot&Automation Co.Ltd(300024) increased by 7.1% and 20.5% year-on-year respectively. According to the statistics of Amoy data platform, in January 2022, the sales of key brands of integrated stoves and small kitchen appliances continued to grow negatively year-on-year, and the sales of key brands of clean appliances fluctuated year-on-year.
Export: in January, the sales of existing homes in the United States continued to decline year-on-year, and the year-on-year growth rate of new construction fell. (1) Overseas real estate demand: in January 2022, the sales of existing homes in the United States decreased by 2% year-on-year, with continuous negative growth; In January 2022, the number of new construction projects increased by 1% year-on-year, and the year-on-year growth rate decreased. (2) Export performance of sectors and sub categories: in December 2021, the export volume of furniture industry turned to negative year-on-year growth, and the export volume of home appliance industry maintained positive year-on-year growth, with year-on-year growth rates of – 4% and 18% respectively. According to the data disclosed by the General Administration of customs, in December 2021, the year-on-year growth rate of exports of electric ovens, toasters, electric frying pans and other categories increased significantly compared with the previous month, and the year-on-year growth rate of exports of range hoods and other categories decreased.
Investment proposal and investment object
The demand for domestic sales and export continued to grow rapidly in the post real estate cycle. It is suggested to pay attention to the leading customized home furnishings Suofeiya Home Collection Co.Ltd(002572) ( Suofeiya Home Collection Co.Ltd(002572) , buy), Oppein Home Group Inc(603833) ( Oppein Home Group Inc(603833) , overweight), Guangzhou Shangpin Home Collection Co.Ltd(300616) ( Guangzhou Shangpin Home Collection Co.Ltd(300616) , overweight), Zbom Home Collection Co.Ltd(603801) ( Zbom Home Collection Co.Ltd(603801) , Unrated), leading software furniture Jason Furniture (Hangzhou) Co.Ltd(603816) ( Jason Furniture (Hangzhou) Co.Ltd(603816) , Unrated); Benefiting from the high growth in emerging categories such as floor sweepers and small household appliances, which have benefited from the high growth in emerging categories such as floor sweepers and small household appliances. It is suggested to focus on China’s sweeping the floor Siasun Robot&Automation Co.Ltd(300024) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) , overweight). Risk statement
The risk of substantial rise in the price of raw materials and completed real estate is lower than expected
