Main points
This week, the home appliance sector increased by 1.5%, of which the white electricity / Black electricity / kitchen electricity / small home appliance sectors increased by 2.4% / 0.6% / 1.3% / - 1.6% respectively. Individual stocks in the sector showed differentiation, led by Hisense Home Appliances Group Co.Ltd(000921) , Midea Group Co.Ltd(000333) in the white electricity sector, with weekly increases of 8.1% and 5.0%; Kitchen electricity sector Hangzhou Robam Appliances Co.Ltd(002508) , Zhejiang Meida Industrial Co.Ltd(002677) week rose 2.9%, 1.8%; The small household appliances sector Shanghai Flyco Electrical Appliance Co.Ltd(603868) , Kingclean Electric Co.Ltd(603355) rose 4.1% and 3.1% in the week. In terms of raw materials, the prices of main raw materials increased month on month, of which the price of aluminum increased significantly, and the price of LME aluminum increased by 5.72% month on month.
The suspension of super head broadcasting is good for the leader of small household appliances, and the trend of long-term brand self broadcasting is highly deterministic. Recently, viva, Sydney and other anchors have been banned from the live studio and multi platform social accounts for tax evasion. According to one side of the data, the proportion of household appliances in Weiya live broadcasting room is relatively small, about 3%, and the proportion of small household appliances is higher than that of household appliances. Super head anchor is essentially a discount e-commerce. Anchor has strong bargaining power and weak profit margin. Small household appliance brands often exchange price for quantity. Super head stops broadcasting, talent live broadcasting cools down, the trend of brand self broadcasting is highly deterministic, and the industry competition returns to the competition of products and brands. The head brands of small household appliances do not rely on the super head live broadcasting drainage, and the layout of self broadcasting is earlier. Some brands independently cultivate the anchor with goods. It is expected to take the lead in benefiting from this round of self broadcasting trend, and the industry concentration is expected to increase.
Investment advice
As the key beneficiary sector of the third consumer society, the field of small household appliances continues to be optimistic about the new opportunities brought by new consumption to the field of small household appliances. In the early stage, the kitchen small household appliances sector was subject to the pressure of the base, and the stock price was sharply corrected. At present, the value is undervalued, the safety margin is high, and there is sufficient growth space to continue to benefit from the new consumption concept for a long time. It is recommended to pay attention to Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) with the rapid growth of its own brand. While consolidating the advantages of kitchen appliances, Mofei actively arranges home environment categories with better growth, which is expected to further open the development space of domestic sales business and have strong certainty of marginal improvement of performance.
Portable massage apparatus, projectors, cleaning appliances and integrated stoves of emerging household appliances maintained a high boom, and the penetration promotion logic continued to be verified by data. Leading companies have a thorough understanding of consumers, strong marketing ability and outstanding brand strength, and are expected to fully enjoy the dividends of industry growth. It is recommended to pay attention to the domestic intelligent micro investment leader Chengdu Xgimi Technology Co.Ltd(688696) with leading technology and all-round barriers to consumer goods. Intelligent cleaning appliances are in line with consumers' pursuit of quality life and hands-free in the third consumption era. Floor sweeping and mopping products are expected to become the rigid needs of families. It is recommended to pay attention to accurately grasp the needs of consumers, adhere to independent research and development, hold high and fight high, and Ecovacs Robotics Co.Ltd(603486) with excellent product power and brand power. Continue to recommend Marssenger Kitchenware Co.Ltd(300894) with the vision of long-term leading strategic pattern, strong brand marketing and high-end product positioning.
Subject to weak terminal demand and rising raw material prices, the traditional household appliance sector has experienced a double kill of performance and valuation in the past 21 years. Looking forward to 2022, the marginal improvement space of the plate is clear, and it is expected to usher in an upward turning point. In addition, Baidian leader grasped the favorable opportunity of Baidian reshuffle period, accelerated channel reform, optimized intelligent manufacturing, improved terminal price, collectively repurchased shares in the capital market, strengthened employee incentive and demonstrated development confidence. It is recommended to pay attention to the Haier Smart Home Co.Ltd(600690) of Suite + scene sales driven by the accelerated layout of three winged birds, which conforms to the needs of consumption upgrading and has been preparing for high-end tracks for many years.
Risk statement
Risk of rising raw material prices, risk of less than expected demand, risk of repeated epidemic, impact of exchange rate fluctuations, risk of chip out of stock and rising prices
