Core view
Investment strategy of household appliances in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about the investment opportunities in the household appliance sector in 2022. Under the expectation of relaxing the real estate policy, we first promote the kitchen electricity sector, followed by the white electricity sector, and finally the small household appliance sector. (1) Kitchen electricity: it is expected that the valuation of the real estate delivery sector is expected to be repaired with the recovery of real estate delivery. It is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and integrated stove business Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of integrated stove industry and accelerated channel expansion. (2) White power: China’s consumption upgrading has brought about an increase in the demand for medium and high-end products, channel changes have continued to release opportunities, and the brand going to sea has accelerated the improvement of the global competitiveness of Chinese enterprises. It is suggested to pay attention to Haier Smart Home Co.Ltd(600690) of Casati’s high-end leadership, “three winged bird” traffic front and globalization strategy to improve competitiveness and Midea Group Co.Ltd(000333) of diversified and globalized white power leaders. (3) Small household appliances: the competition in appearance, function and channel intensifies. Among them, kitchen small household appliances: it is expected that the industry demand will pick up in 2022, and the superimposed cost pressure will weaken year-on-year, resulting in strong performance flexibility. It is suggested to pay attention to the continuous improvement of channel efficiency and the Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) of multi category expansion. In addition, it is suggested to pay attention to the export small household appliances OEM leader Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) benefiting from the relief of shipping pressure 。 Clean electrical appliances: the demand for floor washers and floor sweepers Siasun Robot&Automation Co.Ltd(300024) is expected to grow steadily due to consumption upgrading. The chip and shipping problems in the early stage suppress the valuation of the sector to a certain extent. The recent decline in shipping prices is good for export-oriented companies. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) . Intelligent projection: the increase in penetration is expected to continue to drive the expansion of the industry, but there is still a certain suppression in the short-term supply chain, and the competitive advantages of long-term leading enterprises are prominent. It is recommended to pay attention to Chengdu Xgimi Technology Co.Ltd(688696) . (4) Lighting electrician and others: the subdivision leader is expected to continue to improve its expansion concentration by virtue of its original strong channel strength and tob business. It is recommended to pay attention to Gongniu Group Co.Ltd(603195) intensive cultivation of channels and products and Opple Lighting Co.Ltd(603515) rapid development of shangzhao business.
This week’s market: this week, the Shanghai Composite Index fell 0.39%, and the home appliance industry rose 1.16%, slightly outperforming the market. Among them, white electricity rose 2.45%, black electricity rose 0.57%, kitchen electricity rose 1.27%, small household appliances fell 1.6%, lighting electricians and other sectors fell 1.82%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 17.47%, down 0.05pct from last week; Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 18.2%, down 0.36pct from last week; Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 11.31%, down 0.04pct from last week; Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.7%, up 0.09pct from last week; Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 10.27%, down 0.19 PCT from last week; The shareholding of Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.86%, an increase of 0.26pct over last week. In terms of individual stocks, the top three increases in the household appliance industry this week were Hisense Home Appliances Group Co.Ltd(000921) (8.11%), Anhui Julong Transmission Technology Co.Ltd(300475) (7.33%), Xiamen Guang Pu Electronics Co.Ltd(300632) (6.61%); the top three decreases were Jiangsu Chunlan Refrigerating Equipment Stock Co.Ltd(600854) (- 12.31%), Hangzhou Star Shuaier Electric Appliance Co.Ltd(002860) (- 11.39%) and Canature Health Technology Group Co.Ltd(300272) (- 9.33%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 5951 yuan / ton, down 37 yuan / ton compared with last week; the price of galvanized sheet coil (1.0mm) this week is 5789 yuan / ton, down 26 yuan / ton compared with last week; the price of copper (1#) this week is 69980 yuan / ton, up 390 yuan / ton compared with last week; aluminum (A00) the price this week is 20080 yuan / ton, up 680 yuan / ton compared with last week; the price index of China plastic city this week is 993.9, down 7.1 compared with last week.
Risk warning: the price of raw materials fluctuates greatly; Risk of terminal demand slump; Exchange rate fluctuation risk.
