Market performance
This week (12.24-12.30), the CSI 300 index decreased by 0.55%, the home appliance (CITIC) sector rose by 2.71%, and the industry outperformed the market by 3.26 percentage points, ranking fifth among the 30 CITIC first-class industries. In the fine molecule industry, kitchen appliances accounted for 2.25%, white appliances for 2.47%, lighting electricians and others for 4.80%, small appliances for 4.66%, and black appliances for - 0.59%. In terms of individual stocks, in the past five trading days, Youngy Health Co.Ltd(300247) (+ 39.22%), Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (+ 12.55%) and Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (+ 10.64%) increased the most, while Zhe Jiang Kangsheng Co.Ltd(002418) (- 9.00%), Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 7.84%) and Omar electric (- 6.34%) decreased the most.
Industry related data
White electricity: according to AVC data statistics, in the 52nd week of 2021 (2021.12.20-2021.12.26), the offline sales volume of air conditioning decreased by 19.43% year-on-year, and the sales volume decreased by 24.86% year-on-year; Online sales decreased by 21.34% and sales decreased by 20.05% year-on-year. The offline sales volume of refrigerator increased by 2.79% year-on-year, and the sales volume decreased by 12.37% year-on-year; Online sales decreased by 7.83% and sales decreased by 10.66% year-on-year. The offline sales volume of washing machines decreased by 9.33% year-on-year, and the sales volume decreased by 21.50% year-on-year; Online sales decreased by 20.94% and sales decreased by 25.18% year-on-year.
Black TV: according to AVC data statistics, in the 52nd week of 2021 (2021.12.20-2021.12.26), the offline sales volume of color TV sets decreased by 8.83% year-on-year, the sales volume decreased by 27.71% year-on-year, and the average price of offline products was 6055 yuan, an increase of 1244 yuan year-on-year; Online sales increased by 0.44% year-on-year, sales increased by 2.15% year-on-year, and the average price of online products was 2596 yuan, down 44 yuan year-on-year.
Kitchen electricity: according to AVC data statistics, in the 52nd week of 2021 (2021.12.20-2021.12.26), the offline sales of range hood, gas stove, integrated stove and kitchen electricity package increased by - 1.71%, 4.06%, 44.41% and 5.51% respectively year-on-year, and the sales increased by - 11.25%, 5.49%, 29.12% and - 10.63% respectively year-on-year; Online sales increased by - 15.70%, - 24.39%, - 26.61% and - 26.34% respectively, and sales increased by - 23.95%, - 32.79%, - 38.32% and - 31.94% respectively.
In terms of small household appliances, according to AVC statistics, in the 52nd week of 2021 (2021.12.20-2021.12.26), the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine increased by 0.64%, - 18.80%, - 34.13% and - 16.74% respectively year-on-year, and the sales decreased by 3.63%, 34.37%, 36.09% and 20.60% year-on-year respectively; Online sales decreased by 30.89%, 19.30%, 14.10% and 18.79% year-on-year respectively, and sales decreased by 23.10%, 28.53%, 18.61% and 14.90% year-on-year respectively.
Household appliance industry highlights
China's manufacturing PMI in December was 50.3, rising for two consecutive months
The first dual numbering standard in the smart home interconnection industry has been implemented
China has become the world's largest industrial Siasun Robot&Automation Co.Ltd(300024) consumer for eight consecutive years
Key company dynamics
Guangdong Sunwill Precising Plastic Co.Ltd(002676) : Announcement on obtaining government subsidies
Kennede Electronics Mfg.Co.Ltd(002723) : progress announcement on providing guarantee for wholly-owned subsidiaries
Investment advice
In November, the overall market scale of hardbound commercial housing increased. According to the statistics of ovicloud, there are 379 hardbound opening projects of commercial housing, with a year-on-year increase of 21.1%. Throughout the year, from January to November, China's commercial housing hardbound projects opened a total of 3150, down 7.1% year-on-year; The cumulative number of opening rooms was 2.594 million, a year-on-year decrease of 11.7%. In terms of investment suggestions, we suggest paying attention to the following points: 1. Focus on grasping the leader of undervalued performance exceeding expectations and ushering in an inflection point; 2. The prosperity of emerging household appliances continues to improve. It is suggested to pay attention to the leaders of emerging household appliances industry who enjoy the high growth dividend of the industry. To sum up, the industry is temporarily given a "optimistic" rating. It is recommended to pay attention to Midea Group Co.Ltd(000333) (000333), Haier Smart Home Co.Ltd(600690) (600690), Gree Electric Appliances Inc.Of Zhuhai(000651) (000651), Shenzhen Crastal Technology Co.Ltd(300824) (300824) and Zhejiang Meida Industrial Co.Ltd(002677) (002677).
Risk statement
The risk of macroeconomic environment fluctuation; The risk of recurrent outbreaks; Risk of exchange loss caused by exchange rate fluctuation; Risk of serious decline in industry terminal demand; The risk of declining prosperity of overseas exports.
