Market performance
This week (3.4-3.10), the CSI 300 index fell by 5.69%, the home appliance (CITIC) sector fell by 9.60%, and the industry underperformed the market by 3.91 percentage points, ranking 30th among the 30 CITIC first-class industries. In the fine molecule industry, the white appliance sector led the decline this week. White appliances – 10.12%, kitchen appliances – 8.81%, lighting electricians and others – 8.69%, small appliances – 6.89%, black appliances – 9.14%. In terms of individual stocks, Wuxi Hodgen Technology Co.Ltd(300279) (+ 9.34%), Canature Health Technology Group Co.Ltd(300272) (+ 5.44%) and Aishida Co.Ltd(002403) (+ 0.14%) rose the most in the past five trading days, while Chengdu Xgimi Technology Co.Ltd(688696) (- 19.29%), Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 14.44%) and Shenzhen Mtc Co.Ltd(002429) (- 14.16%) fell the most.
Industry related data
White electricity: according to AVC data statistics, in the 10th week of 2022 (2022.2.282022.3.6), the offline sales volume of air conditioning increased by 18.18% year-on-year, and the sales volume increased by 2.68% year-on-year; Online sales decreased by 30.28% year-on-year, and sales decreased by 38.96% year-on-year. The offline sales volume of refrigerator increased by 21.11% year-on-year, and the sales volume increased by 4.15% year-on-year; Online sales decreased by 21.38% year-on-year, and sales decreased by 15.97% year-on-year. The offline sales volume of washing machines increased by 16.08% year-on-year, and the sales volume decreased by 6.57% year-on-year; Online sales decreased by 11% year-on-year, and sales decreased by 17.22% year-on-year.
Black TV: according to AVC data statistics, in the 10th week of 2022 (2022.2.282022.3.6), the offline sales volume of color TV sets decreased by 9.15% year-on-year, the sales volume decreased by 23.55% year-on-year, and the average price of offline products was 5810 yuan, an increase of 965 yuan year-on-year; Online sales decreased by 3.9% year-on-year, and sales increased by 5.55% year-on-year. The average price of online products was 2410 yuan, and the average price decreased by 237 yuan year-on-year.
Kitchen electricity: according to AVC statistics, in the 10th week of 2022 (2022.2.282022.3.6), the offline sales of range hood, gas stove, integrated stove and kitchen electricity package increased by – 10.1%, – 11.03%, 60.46% and – 17.3% respectively, and the sales increased by – 16.62%, – 14.99%, 44.53% and – 22.98% respectively; Online sales increased by 13.58%, 2.89%, 38.87% and 16.19% year-on-year respectively, and sales increased by 1.98%, – 7.7%, 11.75% and 8.23% year-on-year respectively.
In terms of small household appliances: according to AVC data statistics, in the 10th week of 2022 (2022.2.282022.3.6), the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine decreased by 27.37%, 38.23%, 35.12% and 37.16% year-on-year respectively, and the sales decreased by 40.15%, 38.23%, 38.47% and 39.6% year-on-year respectively; Online sales increased by – 24.62%, – 23.09%, – 29.48% and – 15.73% year-on-year respectively, and sales increased by – 20.01%, – 31.81%, – 29.53% and – 11.66% year-on-year respectively.
Household appliance industry highlights
The added value of China’s manufacturing industry has ranked first in the world for 12 consecutive years
NPC deputy Xie Ziqing: establish and improve the privacy protection system for smart appliances
Redefining smart home Huawei’s whole house smart and full scene new product announcement
Key company dynamics
Midea Group Co.Ltd(000333) : Announcement on the scheme of repurchasing some public shares
Zhejiang Sanfer Electric Co.Ltd(605336) : Announcement on change of general manager
Investment advice
In the 2022 government work report, it is proposed to promote the sustained recovery of consumption. We will increase residents’ income through multiple channels, improve the income distribution system and enhance consumption capacity. Promote the deep integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) consumption, promote the recovery of life service consumption, and develop new consumption formats and models. We will continue to support the consumption of new energy vehicles and encourage local governments to carry out green smart appliances to the countryside and trade in the old for the new. We believe that encouraging local governments to carry out green smart appliances to the countryside and trade in the old for the new will further stimulate the Consumption Willingness of township and rural areas and release demand. At the same time, it will further enhance the penetration of green smart appliances in the sinking market. To sum up, the industry is temporarily given a “optimistic” rating. It is recommended to pay attention to Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ), Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ), Gree Electric Appliances Inc.Of Zhuhai(000651) ( Gree Electric Appliances Inc.Of Zhuhai(000651) ), Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) ) and Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) ).
Risk tips
The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; Risk of exchange loss caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.
