Last week, the CSI 300 index fell 1.68%, and the Changjiang household appliance index fell 3.95%, underperforming the CSI 300 index by 2.27pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -3.67% / – 5.14% / – 5.35% / – 0.65% / – 2.50% respectively.
Sub section core data tracking:
White goods & color TV: according to the data of Aowei cloud in 2009, the offline retail sales of air conditioners, refrigerators and washing machines increased by 110.54%, 65.03% and 70.47% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 30.25%, 38.98% and 17.46% respectively year-on-year; Color TV offline channels increased by 67.36% year-on-year, and online channels decreased by 8.88% year-on-year.
Kitchen appliances: according to the data of Aowei cloud in 2009, the retail sales of range hood offline channels increased by 81.34% year-on-year, and the retail sales of online channels increased by 19.7% year-on-year; The retail sales of gas stove offline channels increased by 76.03% year-on-year, and the retail sales of online channels increased by 16.63% year-on-year; The offline retail sales of integrated stoves increased by 167.52% year-on-year, and the online retail sales increased by 16.63% year-on-year; The offline retail sales of gas water heater increased by 78.97% year-on-year, and the online retail sales increased by 6.46% year-on-year.
Small household appliances: according to the data of Aowei cloud in 2009, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) offline channels increased by 215%, 14.2%, 39.5%, 16.37%, 39.31% and 28.36% respectively year-on-year; Online channel retail sales increased by 11.76%, decreased by 19.77%, decreased by 24.51%, decreased by 16.71%, decreased by 21.91% and decreased by 16.59% respectively year-on-year.
Investment advice
Air conditioning production in March increased slightly year-on-year, and Dong Mingzhu was re elected. According to industry online data, in March 2022, the output of household air conditioning industry was about 17.36 million units, a year-on-year increase of + 3.1%. Among them, domestic sales increased by 4.9% over the same period last year; Export output increased by 13.7% over the same period last year, reaching a new high under the high base of last year. March is the peak season of traditional channel shipment. Manufacturers begin to prepare goods for the peak season. At the same time, as an important window period, enterprises will carry out a series of promotional activities in that month. Therefore, there are also factors to prepare goods for promotion. Since the beginning of this year, the actual production performance from January to February has increased by 4.8% over the same period last year, and the overall growth has maintained a steady growth in the first quarter of 2022. This week, Dong Mingzhu was re elected by Gree Electric Appliances Inc.Of Zhuhai(000651) chairman for three years. In the future, he will consider splitting some equipment and industrial core components for listing. In addition, in terms of mobile phone business, Gree said it should stick to it. The mobile phone business is not just to grab the mobile phone market, but according to the planning of home appliance business.
The decline in panel prices drives the price reduction of color TV sets. The panel price began to decline since June last year. In February 2022, the price of 32 / 43 / 55 inch panel decreased by 57% / 51% / 52% respectively compared with the high point in June last year to $38 / 68 / 109 / piece. According to Aowei data, the average price of color TV online channels in February 2022 was 2222 yuan, a decrease of 13.9% compared with December 2021. At present, the panel inventory is high and the supply is sufficient. The decline of panel price eases the overall cost of color TV sets, and the price of color TV sets has entered a downward channel; According to zhongyikang, generally, the price of the whole machine will be slightly delayed by about three months compared with the price change of the LCD panel. Suggestions for attention: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333)
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
