Core view
Special topics of this week: (1) the price rise of bulk raw materials has put pressure on the cost of household appliances, and household appliance enterprises have successively issued price rise letters. After March, Haier, oaks, TCL, Konka and other enterprises successively issued price increase notices to deal with the impact of raw material price increases. In addition, Midea, vantage, boss, Xinbao and other home appliance enterprises have said that they will further hedge the risk of raw material price increases by improving the hedging ratio, adjusting the product structure and optimizing manufacturing efficiency. (2) Subsidies for promotion fees of green household appliances have been launched one after another, which is optimistic about the resilience of offline household appliance retail repair. Recently, Hubei, Shanghai, Zhengzhou, Shandong and other places have successively launched green home appliance consumption promotion activities, mainly in the form of subsidies through the issuance of home appliance consumption vouchers. We believe that this round of provinces and cities have successively issued household appliance consumption vouchers for subsidies, which will further benefit the release of household appliance renewal demand, and offline household appliance retail and early order conversion are expected to usher in the repair period.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of business license business Opple Lighting Co.Ltd(603515) .
This week's market: this week, the Shanghai Composite Index fell 4%, and the home appliance industry fell 7.54%, underperforming the market. Among them, white electricity fell 8.09%, black electricity fell 6.27%, kitchen electricity fell 8.78%, small household appliances fell 4.26%, lighting electricians and other sectors fell 6.23%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 16.2%, down 0.37pct from last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.78%, down 0.08pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.53%, down 0.29pct from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 10.99%, down 0.04pct from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.69%, down 0.08pct from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.68%, down 0.19pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Wuxi Hodgen Technology Co.Ltd(300279) (11.71%), Guangdong Sunwill Precising Plastic Co.Ltd(002676) (4.72%), Canature Health Technology Group Co.Ltd(300272) (4.52%), Aishida Co.Ltd(002403) (4.22%), Guangdong Tonze Electric Co.Ltd(002759) (2.69%); The top five declines were Jinhua Chunguang Technology Co.Ltd(603657) (- 14.94%), Shenzhen Breo Technology Co.Ltd(688793) (- 12.91%), Chengdu Xgimi Technology Co.Ltd(688696) (- 12.43%), Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (- 12.21%), Hangzhou Robam Appliances Co.Ltd(002508) (- 11.67%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6140 yuan / ton, up 41 yuan / ton from last week; The price of copper (1) this week is 72220 yuan / ton, down 780 yuan / ton from last week; The price of aluminum (A00) this week was 21880 yuan / ton, down 1570 yuan / ton from last week; The price index of China plastic city was 1034.6 this week, up 27.6 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
