Special topic of this week: Hisense promotes new products with 98 inch super large screen and speeds up the process of TV large screen
Event: on December 21, at the BOE display technology brand press conference, Hisense 98 inch uled super large screen TV appeared in the exhibition area, on the same stage as the first technology brand in China’s semiconductor display field. Considering that Hisense has previously launched large screen products such as 85 and 90 inches, the launch of this 98 inch new product has completed Hisense’s coverage on the large screen size section of LCD TV. At present, the product has been opened for pre-sale on Jingdong, tmall, Suning.Com Co.Ltd(002024) and other platforms, with a price of 19999 yuan.
Supply and demand resonate, and the trend of large screen consumption is gradually becoming. From the perspective of supply and demand, in terms of supply, domestic screen display technology has advanced by leaps and bounds, and the shipment volume is the world leader. According to Lotu data, In October 2021, BOE and csot TV panel shipments ranked second in the world with 5.5 million and 3.5 million respectively. In the new round of 80 + inch high generation line TV panel capacity planning, it is expected that BOE, csot and HKC will (Huike) the monthly production capacity will reach 70, 60 and 60 thousand pieces respectively, and the total production capacity of the three companies exceeds 60% of the global production capacity. The upstream production capacity is sufficient and the technology is leading, which provides a good soil for the development of downstream super large screen products; on the demand side, under the background of consumption upgrading, people’s demand for immersive large screen viewing and entertainment experience is rising day by day. According to the data of ovicloud, January 1, 2021 In January, the proportion of offline sales of 65 inch / 70 inch TVs increased by 4.9/7.3pct to 26.2% / 15.8% year-on-year respectively, and the proportion of online sales increased by 4.0/5.1pct to 19.7% / 11.2% year-on-year respectively, all of which rose against the trend, and the consumption trend of large screen TV has gradually become.
The high panel price fell, and the pressure on the cost side was relieved. After July 21, the high price of TV panel, which has been rising for more than a year, has fallen back, and has now fallen to the price level before rising. The cost pressure of black power enterprises has been relieved, and the profitability is expected to be repaired. It is recommended to pay attention to the laser TV leader Hisense Visual Technology Co.Ltd(600060) , which benefits from the large screen consumption trend and the continuous optimization of product structure.
Plate view
White electricity sector: the main support for white electricity repair comes from: 1) the pressure on the high base caused by the epidemic in 2020 is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China’s white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich overseas operation experience has the opportunity to improve the overseas market penetration, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is weak, but there is differentiation among sub sectors: in terms of traditional kitchen electricity, the overall sales of range hood / gas stove in November were – 14.2% / – 9.8% year-on-year respectively, continuing the downward trend since July, mainly due to the impact of high base effect in the same period last year and the drag of short-term real estate regulation; In terms of emerging kitchen appliances, the overall sales volume of integrated stoves in November was + 42.1% year-on-year, continuing the high growth trend of last month (year-on-year in October: + 41.9%), highlighting the attributes of low permeability and high growth, and the high outlook continued to be verified.
Clean electrical appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers. Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning sweeper U10 and washer G10 with mop on August 25, Ecovacs Robotics Co.Ltd(603486) launched the new sweeper Dibao X1 with self-cleaning + self dust collection + self drying on September 15, and Yunjing launched the second generation of new sweeper J2 with self-cleaning + self changing + self drying on September 25, Compared with the past, these new products have significantly improved in product performance or industrial design, which is in line with the current consumption upgrading trend and is expected to further stimulate terminal sales. At the same time, the rapid volume of the floor washer has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises. More enterprises will launch relevant products in the second half of the year and the first half of the year 22. The high outlook and certainty of emerging cleaning electrical appliances such as the floor washer are strong.
Investment advice
It is recommended to pay attention to white power leaders Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year.
It is recommended to focus on the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) with continuous optimization of product structure and steady expansion of multiple channels, as well as the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of products, brands, channels and management.
It is recommended to pay attention to the Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) of sweeping with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) of sweeping with deep technical barriers and rapid expansion of overseas channels.
Risk statement
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; Severe real estate regulation has a negative impact on the demand for downstream household appliances.
