Key investment points:
Market performance
This week (2.25-3.3), the CSI 300 index rose 0.49%, the home appliance (CITIC) sector fell 1.60%, and the industry underperformed the market by 2.09 percentage points, ranking 29th among the 30 CITIC first-class industries. In the fine molecule industry, kitchen appliances – 3.10%, white appliances – 2.26%, lighting electricians and others 0.44%, small appliances 0.91% and black appliances 0.31%. In terms of individual stocks, Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (+ 15.60%), Jinhua Chunguang Technology Co.Ltd(603657) (+ 8.64%) and Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (+ 8.20%) rose the most, while Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (- 9.35%), Sichuan Huati Lighting Technology Co.Ltd(603679) (- 8.40%) and Guangdong Tonze Electric Co.Ltd(002759) (- 4.96%) fell the most.
Industry related data
White electricity: according to AVC data statistics, in the 9th week of 2022 (2022.2.212022.2.27), the offline sales volume of air conditioning increased by 110.54% year-on-year, and the sales volume increased by 79.74% year-on-year; The sales volume decreased by 27.25% year-on-year. The offline sales volume of refrigerator increased by 65.03% year-on-year, and the sales volume increased by 35.61% year-on-year; Online sales decreased by 38.98% year-on-year, and sales decreased by 30.19% year-on-year. The offline sales volume of washing machines increased by 70.47% year-on-year, and the sales volume increased by 38.78% year-on-year; Online sales decreased by 17.46% year-on-year, and sales decreased by 14.03% year-on-year.
Black TV: according to AVC data statistics, in the 9th week of 2022 (2022.2.212022.2.27), the offline sales volume of color TV sets increased by 67.36% year-on-year, the sales volume increased by 32.37% year-on-year, and the average price of offline products was 5311 yuan, an increase of 1133 yuan year-on-year; The online sales volume decreased by 8.88% year-on-year, the sales volume decreased by 0.53% year-on-year, the average price of online products was 2161 yuan, and the average price decreased by 198 yuan year-on-year.
Kitchen electricity: according to AVC statistics, in the 9th week of 2022 (2022.2.212022.2.27), the offline sales of range hood, gas stove, integrated stove and kitchen electricity package increased by 81.34%, 76.03%, 167.52% and 125.02% respectively year-on-year, and the sales increased by 52.05%, – 55.55%, 143.18% and 81.23% respectively year-on-year; Online sales increased by 19.7%, 16.63%, 36.19% and 28.33% year-on-year respectively, and sales increased by 9.88%, 8.82%, 8.99% and 15.89% year-on-year respectively.
In terms of small household appliances: according to the statistics of AVC, the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine increased by 7.47%, – 39.55%, – 16.37% and – 39.31% respectively year-on-year in the ninth week of 2022 (2022.2.212022.2.27), and the sales volume increased by 0.23%, – 39.35%, – 17.03% and 35.32% respectively year-on-year; Online sales decreased by 10.59%, 24.51%, 16.71% and 21.91% year-on-year respectively, and sales decreased by 5.43%, 30.71%, 21.91% and 12.09% year-on-year respectively.
Household appliance industry highlights
Egyptian Haier company is considering investing US $50 million to expand the Arab and African markets
E-commerce shall not refuse to return goods without reason for 7 days on the grounds of unpacking
The global “plastic restriction order” will be released in 2024
Key company dynamics
Zhejiang Meida Industrial Co.Ltd(002677) : 2021 annual performance express
Guangdong Pak Corporation Co.Ltd(300625) : 2021 annual performance express
Investment advice
The latest air conditioning production data have been released. According to the industry online data, the household air conditioning industry produced about 17.36 million units in March 2022, an increase of 3.1% over the same period last year. The production scheduling data in March increased slightly, mainly because air conditioning manufacturers began to prepare for the peak season and increased the stock since March. In terms of raw materials, the price is still in the high range, and has increased slightly due to multiple factors recently. The continuous rise of raw material prices will lead to cost side pressurization, and the optimization and adjustment of enterprise product structure will contribute to the improvement of profitability. In terms of investment suggestions, we suggest focusing on the underestimation of performance exceeding expectations and the turning point of performance. To sum up, the industry is temporarily given a “optimistic” rating. It is recommended to pay attention to Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ), Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ), Gree Electric Appliances Inc.Of Zhuhai(000651) ( Gree Electric Appliances Inc.Of Zhuhai(000651) ), Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) ) and Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) ).
Risk tips
The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; Risk of exchange loss caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.
