Core view
Big market review. Since March, the top five companies in the A-share light industry sector have been Shandong Hiking International Co.Ltd(600735) , Sichuan Jinshi Technology Co.Ltd(002951) , Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) , Shanghai Shunho New Materials Technology Co.Ltd(002565) , Shifeng Cultural Development Co.Ltd(002862) . Since March, the top five companies in the light industry sector of Hong Kong stocks have been Casa Tianjiao, Shandong Chenming Paper Holdings Limited(000488) , imperial home, Qijia holding and shengnuo group.
Industry data: Furniture PPI growth picked up. In January, the year-on-year growth rate of PPI in furniture manufacturing industry increased slightly; The year-on-year growth rate of PPI in papermaking and paper products industry slowed down: from November to January, the PPI of papermaking and paper products increased by 6.6% / 6.3% / 4.9% year-on-year respectively, and the growth rate in January was – 1.4% higher than that of the previous month; From November to January, the PPI of furniture manufacturing industry increased by 1.0% / 1.5% / 1.6% year-on-year respectively, and the growth rate in January was + 0.1% higher than that of the previous month.
Industry data: pulp and paper prices continued to rise. As of March 3, the price of pulp and paper rose slightly. The specific prices of various types: the quotation of coniferous pulp / broad-leaved pulp this week was 6857 yuan / ton (mom + 2.0%) and 5814 yuan / ton (mom + 3.3%). In terms of cultural paper, coated paper will give priority to the implementation of growth this week. In early March, the price of coated paper in mainstream paper enterprises increased by 300 yuan / ton; The price of double offset paper is stable, medium and strong. The mainstream paper enterprises of double offset paper give priority to the increase. The price of orders received in March rose by 200300 yuan / ton. At the beginning of this month, mainstream paper enterprises raised the price of white cardboard by 200 yuan / ton. The household paper market maintained stable operation.
Online data: the growth rate of the industry has dropped, and the official flag of tmall, some household enterprises, has performed well. Focus on the significant growth of sales volume of tmall flagship stores in some household households of the company in February. The top five tmall flagship stores in the light industry sector are Red Star Red Star Macalline Group Corporation Ltd(601828) , Easyhome New Retail Group Corporation Limited(000785) , freepoint, Healthcare Co.Ltd(603313) , and blue moon, with sales of 11525 / 1415 / 737 / 1958 / 22130 yuan respectively, up + 634% / 330% / 309% / 164% / 145% year-on-year respectively. Compared with January, the year-on-year growth rate was further accelerated.
Company announcement and industry news in light industry sector. On March 3, Skyworth, a color TV giant, released three job requirements: ID designer, structural engineer and foreign trade business manager, with special emphasis on “those with experience in e-cigarette can be preferentially admitted”. On March 1, China Central Television’s special program “smart maker, rising Chinese School” deeply revealed Oppein Home Group Inc(603833) ‘s intelligent manufacturing, and solved the industry pain point of “fast quotation, one click order and on schedule delivery” The cooperative stores of Guangzhou Shangpin Home Collection Co.Ltd(300616) and jd.com in Beijing are expected to open in April, and SaaS technical service cooperation will be implemented soon. ” Gu family’s whole house customization released the “new generation of whole house customization +”.
Investment suggestion: be optimistic about the growth of the home sector and wait for the cost pressure to improve. Focus on recommending high-quality leading enterprises with strong performance support and strong long-term growth certainty. Household is optimistic about the opportunity of valuation recovery after the policy risk stabilizes, with emphasis on Oppein Home Group Inc(603833) ; The tobacco sector is optimistic about medium – and long-term growth opportunities, with emphasis on smore International; The household goods sector is optimistic about the marginal improvement opportunities of consumption recovery and cost pressure in the medium and long term, with emphasis on Shanghai M&G Stationery Inc(603899) , C&S Paper Co.Ltd(002511) ; The paper packaging sector is optimistic about the opportunity of stabilizing the cost pressure and improving the concentration of the leading enterprises. It is recommended that Shandong Sun Paper Co.Ltd(002078) .
Risk warning: repeated impact of epidemic situation; Real estate construction continued to decline; The competition pattern of the industry has deteriorated.
