Market review: this week, the home appliance (CITIC) industry index rose 1.46% this week, with a good overall performance. The weekly increase ranked sixth in the CITIC primary industry index, outperforming the CSI 300 index by 2.14 percentage points over the same period. This week, the performance of the electronics industry has been differentiated, including white appliances, kitchen appliances and black appliances, outperforming the CSI 300 index. Stocks: home appliances this week The performance of individual stocks in the (CITIC) industry was average, with 25 stocks recording positive returns, accounting for about 32%, only 4 stocks with a weekly increase of more than 5%, and no stocks with a weekly increase of more than 10%; 52 stocks in the household appliance (CITIC) industry recorded negative returns this week, accounting for about 67%, 8 stocks with a weekly decrease of more than 5%, and 2 stocks with a weekly decrease of more than 10%. Valuation: as of December 24, 2021, household appliances The overall PE (TTM) of the (CITIC) industry was about 18.42 times, up 0.84% from last Friday, slightly lower than the average valuation of the industry since 2017. As of December 24, 2021, the ratio of the overall PE (TTM) of the home appliance (CITIC) industry to Shanghai and Shenzhen 300pe (TTM) was 1.38 times, lower than the average relative valuation of the industry since 2017.
Industry operation data: in November 2021, the performance of online retail sales of home appliance industry was better than that of offline retail sales, and a few categories performed well. According to the online and offline monitoring data of ovicloud network, November 2021: (1) Ice washing color: only the sales of freezers and clothes dryers in all channels are improving, and the performance of traditional ice washing is average. The offline / online sales of refrigerators are - 9.1% / + 4.6%, the offline / online sales of washing machines are - 14.5% / - 8.7%, the offline / online sales of air conditioners are - 21.4% / - 12.6%, the offline / online sales of freezers are + 20.1% / + 16.1% and the offline / online sales of clothes dryers are + 52% year-on-year . 0%/+95.5%。 (2) Kitchen power: the integrated stove performed well, and the retail sales of dishwashers maintained a positive year-on-year growth. The offline / online sales of dishwashers were + 1.3% / + 4.7% year-on-year, and the offline / online sales of integrated cookers were + 31.0% / + 42.3% year-on-year. (3) small household appliances: the overall performance was poor, with the offline retail sales down 29.0% year-on-year and the online retail sales down 27.5% year-on-year. (4) Environmental health appliances: the performance of most categories is average, and the performance of sweeping Siasun Robot&Automation Co.Ltd(300024) online is good. The offline / online sales volume of sweeping Siasun Robot&Automation Co.Ltd(300024) in November was - 11.7% / + 35.1% year-on-year.
Industry perspective: maintain the recommended rating of the industry. The domestic sales of household appliances are relatively low. It is suggested to pay attention to the head enterprises with perfect layout and improved profitability at home and abroad, such as the head household appliance companies with strong comprehensive strength and significant brand effect, Midea Group Co.Ltd(000333) (000333), Haier Smart Home Co.Ltd(600690) (600690). On the other hand, due to the low penetration rate of emerging categories of household appliances, the weak property cycle attribute, most products are in the growth stage of life cycle, and the growth is relatively high. It is recommended to pay attention to excellent enterprises entering the track of high growth emerging categories, such as Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (300911) with rapid scale expansion and Zhejiang Sanfer Electric Co.Ltd(605336) with gradual capacity release (605336), China's projection equipment industry leader Chengdu Xgimi Technology Co.Ltd(688696) (688696), laser display industry leader Appotronics Corporation Limited(688007) (688007), and Intelligent Portable Massager leader Shenzhen Breo Technology Co.Ltd(688793) (688793).
Risk tip: the impact of uncertainty in epidemic prevention and control on consumers and industries; The impact of real estate cycle fluctuation; Upstream raw material price fluctuation risk; RMB exchange rate fluctuation risk, etc.
