Key investment points:
The labeled “generation Z” consumer group has set off a new wave of consumption. Starting from the demand, grasp the unified logic behind the seemingly contradictory consumption behavior of generation Z. We believe that the consumption behavior of generation Z can not be simply understood as the upgrading from survival type to enjoyment type consumption. Its contradictory consumption view is the result of the joint operation of rational left brain and perceptual right brain. The right brain leads to “love to spend”, while the left brain leads to “save to save”. At the same time, stimulate the left and right brain of generation Z, so as to attract generation Z consumers.
Returning to the supply side, the rise of generation Z is also stimulating the rapid transformation of household appliance enterprises in terms of products, brands and channels. 1) Product side: from the perspective of Z world agency, further develop to high “quality price ratio” and intelligence; 2) Brand side: starting from the sensibility of generation Z, infiltrate all kinds of circles and establish emotional connection with generation Z; 3) Channel side: from offline to Wuxi Online Offline Communication Information Technology Co.Ltd(300959) concerted efforts, it is suitable for the indigenous identity of generation Z Internet.
In view of the fact that the companies in the home appliance industry are in line with the new consumer group of generation Z in many aspects, they cover it for the first time and give the “recommended” rating to the home appliance industry. It is recommended to have an insight into the characteristics of generation Z, the main force of new consumption, adapt to the intergenerational transformation of the main force of consumption and accelerate the transformation of the home appliance industry, and grasp the home electronics track that can better take into account the rational and perceptual needs of generation Z. 1) White electricity: the advantages of the whole category lead the smart home, and the “light of domestic goods” captures the heart of generation z from point to area; 2) Black electricity and intelligent projection: hard core technology breaks the boundary between virtual and real, and fashion + technology makes generation Z no longer lonely;
3) kitchen electricity and lighting: integrated kitchen has become a trend, and lighting is becoming intelligent + healthy; 4) Kitchen small electricity: happiness + high appearance, committed to creating a high-quality life scene for generation Z; 5) Clean electrical appliances: a “lazy artifact” that naturally fits the preference of generation Z; 6) Personal care and massage appliances: delicate and healthy, generation Z is willing to pay for personality expression and healthy body; 7) Intelligent short-distance transportation: walking + environmental protection + entertainment, creating a new short-distance travel mode for generation Z.
Focus on individual stocks: 1) white electricity: Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) , etc; 2) Black electricity and intelligent projection: Chengdu Xgimi Technology Co.Ltd(688696) , Appotronics Corporation Limited(688007) , Hisense Visual Technology Co.Ltd(600060) , TCL electronics; 3) Kitchen electricity and lighting: Hangzhou Robam Appliances Co.Ltd(002508) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Meida Industrial Co.Ltd(002677) , Zhejiang Sanfer Electric Co.Ltd(605336) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; 4) Kitchen small electricity: Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Crastal Technology Co.Ltd(300824) , Bear Electric Appliance Co.Ltd(002959) , Joyoung Co.Ltd(002242) , Zhejiang Supor Co.Ltd(002032) etc; 5) Clean electrical appliances: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Kingclean Electric Co.Ltd(603355) ; 6) , ; 7) Intelligent short transportation: No. 9 company.
Risk tips: fluctuations in real estate policies, repeated covid-19 epidemic, rising raw material prices, tight shipping capacity, limited survey sample data, focusing on the company’s performance less than expected, etc.
