main points:
In the ten-year dimension, compared with the Shanghai and Shenzhen 300 index, the excess returns of food and beverage, social services and household appliances ranked among the top three, and the long-term investment deterministic consumption sector has obvious advantages.
Over the past year, the excess return of the whole household appliance industry ranked second from the bottom, at the bottom of the valuation. This is mainly due to the fact that household appliance enterprises are generally affected by the price of raw materials, the continuous rise of sea freight, the low exchange rate of the US dollar and the euro against the RMB, and the restricted profitability. With the gradual recovery of the epidemic, the profitability of household appliance enterprises is gradually improved, and the valuation of the household appliance industry is gradually repaired driven by performance.
We are optimistic about the high-quality growth sector and the deterministic investment opportunities of industry leaders:
In the high-quality growth sector, we mainly recommend:
[ Appotronics Corporation Limited(688007) ]: ALPD ® Display technology as the core to promote the industrialization of various application fields;
[ Loctek Ergonomic Technology Corp(300729) ]: create a leading brand of lifting table and coordinate the development of overseas warehouses;
[ Bear Electric Appliance Co.Ltd(002959) ]: the crowd, channels and products are highly consistent, and the profitability is leading in the industry. Among the deterministic investment opportunities in the industry, we mainly recommend:
[ Midea Group Co.Ltd(000333) ]: global brand strategic layout, prominent advantages of leading position in the industry;
[ Haier Smart Home Co.Ltd(600690) ]: pioneer of global brand strategy and leader of global smart home solutions;
[ Hangzhou Robam Appliances Co.Ltd(002508) ]: the position of traditional kitchen electrical appliances is stable, and the growth rate of emerging categories is fast.
