White electricity: pay attention to the inflection point and grasp the leading
1) Affected by adverse factors such as rising prices of raw materials and sea freight, the white power sector weakened as a whole throughout the year. Since October, the prices of raw materials and sea freight have begun to fall. We believe that the market pessimism has bottomed out. At present, the relative valuation of white power is at a low level. With the decline of raw material prices, the valuation of white power sector is expected to be repaired. 2) The white power leader is expected to grasp the new trend of leading consumption flow, systematic sales and high-end demand, and the Matthew effect in the white power industry continues. Haier Smart Home Co.Ltd(600690) , Hisense Home Appliances Group Co.Ltd(000921) are recommended.
Small household appliances: grasp the high growth segment track
1) Small kitchen appliances are affected by high base and fierce online competition, resulting in pressure on performance and downward revision of valuation. We suggest waiting for the valuation inflection point. 2) Affected by the overall sales base of last year, the trend of cleaning appliances in 2021 showed a trend of high before and low after. The share of leading enterprises of floor sweepers increased. Floor sweepers enterprises increased their selling price through technical iterative upgrading to cope with the pressure of lack of core and raw material price. 3) The penetration rate of intelligent projectors continues to increase. We predict that the penetration rate will reach 17.5% (neutral conditions) in 2025, and the market scale of projectors in 21-25 years will be 15.11%.
Kitchen electricity: the leading advantages of traditional categories have been expanded, and emerging categories have entered the high growth track
1) The kitchen electricity sector as a whole is greatly affected by the real estate policy and the growth rate of the completed area of the real estate. At present, the marginal of the real estate has improved and the valuation has been slightly revised. 2) The competition pattern of kitchen appliances is further improved, the concentration of range hood industry is further improved, the domestic substitution in dishwasher market continues and the share of domestic leaders is increased. We think this trend will continue in 2022. 3) Hangzhou Robam Appliances Co.Ltd(002508) is recommended.
Parts: Transformation of new energy in the future
Air conditioners and vehicle heat management systems adopt similar structures, and traditional household appliance enterprises have enough foundation to transform to the field of vehicle heat management. It is recommended to continue to pay attention to Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Shanghai Highly (Group) Co.Ltd(600619) , Hisense Home Appliances Group Co.Ltd(000921) for the layout of new energy vehicles and the development of new growth curves.
Risk statement
The epidemic situation is repeated, the terminal demand is less than expected, and the relaxation of real estate policy is less than expected.
