Core view
Traditional categories continue to be under pressure, and the prosperity of emerging categories continues
According to the monitoring data of ovicloud.com, in November, the online sales of air conditioners, refrigerators, washing machines, range hoods, integrated stoves, dishwashers, small household appliances and floor sweeping robots were - 12.5% / + 4.6% / - 8.7% / - 12.3% / + 42.3% / + 4.7% / - 27.5% / + 35.1% year-on-year respectively, of which the two emerging categories of integrated stoves and floor sweeping Siasun Robot&Automation Co.Ltd(300024) continued a high boom, The growth rate of online sales in November was outstanding among the main household appliances.
In the offline market, in November, the offline sales of air conditioners, refrigerators, washing machines, range hoods, integrated stoves, dishwashers, small household appliances and floor sweeping robots were - 21.4% / - 9.1% / - 14.5% / - 20.8% / + 31% / + 1.3% / - 29% / - 11.7% year-on-year respectively. The offline sales of integrated stoves were resilient, and the growth rate of sales led the main household appliance categories.
Investment suggestion: it is suggested to pay attention to the integrated stove industry and sweeping Siasun Robot&Automation Co.Ltd(300024) industry with accelerated penetration, and the industry is expected to maintain rapid growth in the future. Beneficiary target: leading integrated stove enterprise Marssenger Kitchenware Co.Ltd(300894) with leading online layout, outstanding marketing ability and rapid growth; Integrated stove high-quality enterprise Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) with accelerated channel expansion and brand marketing upgrading; Double brand driven high growth, sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) accelerated layout at home and abroad; Deep research on technology creates leading product power, and product publicity is added to occupy the sweeping Siasun Robot&Automation Co.Ltd(300024) high-quality enterprise Beijing Roborock Technology Co.Ltd(688169) of consumers' mind.
Capital dynamics of going north
Last week (12.13-12.17), the shareholding ratio of funds going north increased by top 3: Zhejiang Meida Industrial Co.Ltd(002677) , Zhejiang Supor Co.Ltd(002032) , Haier Smart Home Co.Ltd(600690) ; the shareholding ratio decreased by top 3: Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Bear Electric Appliance Co.Ltd(002959) .
Industry valuation level
From the valuation level of the sector, as of December 17, 2021, the pe-ttm valuation of the household appliance sector was 19.82x.
Market and plate Market Review last week
Last week, the CSI 300 index was - 1.99%, the Shanghai index was - 0.93%, and the household appliance sector was - 3.98%. From the perspective of household appliance segments, the rise and fall of white electricity, black electricity and small household appliances were - 3.86%, - 0.85% and - 4.08% respectively.
Among the stocks, the top three gainers last week were st shenglai (+ 14.19%), Skyworth Digital Co.Ltd(000810) (+ 8.89%), Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (+ 6.45%); the top three gainers last week were * ST Zhongxin (- 12.59%), Marssenger Kitchenware Co.Ltd(300894) (- 8.29%) and Aucma Co.Ltd(600336) (- 8.17%).
Price change of raw materials
Last week, the copper price index was - 0.54%, the aluminum price index was + 2.82%, the cold rolled coil index was + 0.67%, the China plastic city price index was - 1.03%, the spot price of polymerized MDI was + 2.99%, and the price of polyether soft foam was - 3.96%; Since 2021, copper price index + 19.48%, aluminum price index + 26.29%, cold rolled coil index - 0.33%, China plastic city price index + 5.38%, polymerized MDI spot price + 6.37%, polyether soft bubble price - 32.58%.
Risk statement
Risk of price fluctuation of main raw materials; Macroeconomic impact; Market competition intensifies risks.
