Special topic of this week: the government work report is conducive to the release of demand for household appliances. (1) In terms of consumption: we will promote the continuous recovery of consumption and encourage local governments to carry out green smart appliances in the countryside and trade in the old for the new. We expect that the implementation of the policy will be conducive to the release of the demand for home appliances, in which the demand for home appliances replacement is greater than the new demand, and the demand for rural replacement is expected to be refrigerator washing machine air conditioner; In the new demand for rural household appliances, range hood and stove air conditioner. (2) In terms of real estate: continue to ensure the housing demand of the people. We believe that this goal proposes to continue the marginal easing trend of real estate policy, and the real estate industry chain is expected to be marginal to improve, so as to promote the household appliance sector β End recovery. At present, the valuation of the home appliance sector is at a low level, and the leaders of the subdivided track are in the medium and long-term configuration window. Recommend Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Hangzhou Robam Appliances Co.Ltd(002508) , Gongniu Group Co.Ltd(603195) , etc.
Investment strategy 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 raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses 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 the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of business license business Opple Lighting Co.Ltd(603515) .
This week's market: this week, the Shanghai Composite Index fell 0.11%, and the home appliance industry fell 3.41%, underperforming the market. Among them, white electricity fell 3.68%, black electricity fell 3.35%, kitchen electricity fell 5.5%, small household appliances fell 2.4%, lighting electricians and other sectors fell 2.46%. 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 16.57%, down 0.08pct from last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.86%, up 0.04pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.82%, unchanged from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.03%, down 0.02pct from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.77%, up 0.21pct from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.87%, up 0.03pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (7.84%), Changhong Meiling Co.Ltd(000521) (5.92%), Jinhua Chunguang Technology Co.Ltd(603657) (4.62%), Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) (3.93%), Canature Health Technology Group Co.Ltd(300272) (3.87%); The top five declines were Chengdu Xgimi Technology Co.Ltd(688696) (- 14.06%), Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (- 12.63%), Hangzhou Robam Appliances Co.Ltd(002508) (- 8.27%), Guangzhou Echom Sci.&Tech.Co.Ltd(002420) (- 7.77%), Guangdong Tonze Electric Co.Ltd(002759) (- 7.67%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6099 yuan / ton, up 125 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 5912 yuan / ton, an increase of 95 yuan / ton compared with last week; The price of copper (1) this week is 73000 yuan / ton, up 1840 yuan / ton from last week; The price of aluminum (A00) this week is 23450 yuan / ton, an increase of 630 yuan / ton compared with last week; The price index of China plastic city was 1006.7 this week, up 21.7 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk
