According to the industry classification of CITIC, track the position of land stock link in the household appliance industry and sub sectors. The 22m2 home appliance industry accounted for 9.34% of the shares held by luchutong, with a month on month decrease of 0.13pct, and the shares held by luchutong in the white electricity sector ranked first.
Land stock link in 22m2 household appliance industry accounted for 9.34%, down 0.13pct month on month. The net outflow of 22m2 home appliance industry land stock link was 38 million yuan, ranking 15th in CITIC industry (15 / 22); The value of the stock market held by land stock connect was 153742 billion yuan, a month on month decrease of 10.57 billion yuan; Land stock connect accounted for 9.34%, down 0.13pct month on month. In terms of molecular industries, the stock market value of land shares held by white electricity / Black electricity / kitchen electricity / small household appliances / Lighting electricians and other sectors was 119759/3.17/34.74/99.79/20.213 billion yuan respectively, with a month on month ratio of -111.38 / + 0.09 / - 1.72 / - 12.26 / + 1.958 billion yuan; The shareholding ratio of land stock connect was 13.57% / 0.37% / 4.03% / 3.52% / 6.56% respectively, with a month on month ratio of -0.23pct / + 0.02pct / - 0.05pct / - 0.18pct / + 0.61pct. Recently, the price of raw materials is still at a high level, with copper and aluminum prices rising slightly month on month, putting some pressure on the profitability of the industry.
From the perspective of the position proportion of land stock connect, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (24.59%), Gongniu Group Co.Ltd(603195) (17.81%), Midea Group Co.Ltd(000333) (16.63%), Joyoung Co.Ltd(002242) (11.04%), Haier Smart Home Co.Ltd(600690) (10.84%) land stock connect ranks first. In terms of the position change of land stock connect, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (+ 1.7pct), Hisense Home Appliances Group Co.Ltd(000921) (+ 0.36pct), Beijing Roborock Technology Co.Ltd(688169) (+ 0.13pct), Opple Lighting Co.Ltd(603515) (+ 0.1pct), Haier Smart Home Co.Ltd(600690) (+ 0.01pct) increased the most Joyoung Co.Ltd(002242) (-0.67pct), Ecovacs Robotics Co.Ltd(603486) (-0.39pct), Zhejiang Meida Industrial Co.Ltd(002677) (-0.33pct), Bear Electric Appliance Co.Ltd(002959) (-0.32pct), Zhejiang Supor Co.Ltd(002032) (-0.27pct) has the largest reduction Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) ranks first in the position changes of land stock connect, and the high performance of new energy vehicles drives the high growth of auto zero performance; The recovery process of the overall consumption environment is relatively slow, which puts some pressure on the marginal improvement expectation of optional small household appliances.
Investment advice
In 2022, the demand for traditional categories is expected to continue to recover, and the upgrading of product structure and the mitigation of cost pressure will help improve profitability. Benefiting from the recent adjustment of credit policy, the funds in place of real estate enterprises show signs of improvement. The marginal change of policy is expected to be reflected in the recovery of completion data, and the domestic sales of household appliances are expected to benefit. Home appliance manufacturers continue to promote the high-end process. Home appliance manufacturers accelerate the integration and promotion of sets under multiple categories, from the profit of a single product to the profit of a complete set of multiple categories, push up the customer unit price and improve the overall competitiveness of services. The high-end and intelligent development of home appliance manufacturers is the general trend of development, which will effectively thicken the profit elasticity of the industry. The penetration rate of emerging household appliances is expected to continue to increase in 2022, and the catalytic industry will continue to expand. Leading brands have outstanding ability to create explosive products, and each category presents a large outbreak of single products. We have long been optimistic about the logic of improving the penetration rate of qingxinxing category, and the industry pattern shows that the strong is always strong.
It is suggested to pay attention to: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Meida Industrial Co.Ltd(002677) , Hangzhou Robam Appliances Co.Ltd(002508) , Chengdu Xgimi Technology Co.Ltd(688696) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) .
Risk tips
1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The second impact of overseas epidemic may affect the export of household appliances; 3) The price war in the household appliance industry has intensified; 4) Sluggish real estate performance; 5) Risk of rising raw material prices, etc.
