Last week, the CSI 300 index fell 4.22%, and the Changjiang household appliance index fell 7.79%, underperforming the CSI 300 index by 3.57pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -8.07% / – 8.04% / – 5.77% / – 5.12% / – 5.00% respectively.
Sub section core data tracking:
White appliances & color TV: according to the 10 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines increased by 18.18%, 21.11% and 16.08% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 30.28%, 21.38% and 11% respectively year-on-year; Color TV offline channels fell 9.15% year-on-year, and online channels fell 3.90% year-on-year.
Kitchen appliances: according to the 10 week data of ovicloud, the retail sales of range hood offline channels fell by 10.1% year-on-year, and the retail sales of online channels increased by 13.58% year-on-year; The offline retail sales of gas stoves decreased by 11.03% year-on-year, and the online retail sales increased by 2.89% year-on-year; The offline retail sales of integrated stoves increased by 60.46% year-on-year, and the online retail sales increased by 38.87% year-on-year; The offline retail sales of gas water heater decreased by 4.68% year-on-year, and the online retail sales increased by 12.34% year-on-year.
Small household appliances: according to the 10 week data of ovicloud, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) offline channels increased by 55.45%, 23.5%, 38.23%, 35.12%, 37.16% and 19.82% respectively year-on-year; Online channel retail sales increased by 11.96%, decreased by 29.79%, decreased by 23.09%, decreased by 29.48%, decreased by 15.73% and decreased by 29.15% respectively year-on-year.
Investment advice
Pay attention to the recent situation of lighting electrician sector Gongniu Group Co.Ltd(603195) released the performance express for 2021, and the company achieved revenue of 12.4 billion yuan in 2021, yoy + 23.6%; The net profit attributable to the parent company was 2.8 billion yuan, yoy + 21.6%. Among them, 2021q4 achieved a revenue of 3.4 billion yuan in a single quarter, yoy + 17.4%; Net profit attributable to parent company: 600 million yuan, yoy-15.1%; The company maintained a rapid growth on the revenue side, but it was affected by the rise of raw materials. Bull Q4 revenue maintained a rapid growth trend, and its performance was under pressure under cost pressure Hengdian Group Tospo Lighting Co.Ltd(603303) released the financial report of 2021, and the company achieved a revenue of 5.3 billion yuan, yoy + 17%; The net profit attributable to the parent company is 300 million yuan, yoy-4%; The export of LED lighting products increased significantly, and the company’s overall revenue met expectations, including the stable growth of vehicle business Opple Lighting Co.Ltd(603515) this week, the repurchase was launched. The company plans to use its own funds. The total amount of share repurchase funds is no less than 87 million yuan and no more than 173 million yuan. The shares repurchased this time will be used as treasury shares for equity incentive and employee stock ownership plan.
Pay attention to the current situation of home appliance head enterprises such as Gree Midea. Midea has released the latest repurchase plan, with a repurchase of no more than 5 billion yuan and no less than 2.5 billion yuan. The cumulative repurchase amount in 2021 is 13.6 billion yuan; On the one hand, it helps to stabilize the company’s stock price, on the other hand, it helps to reduce the company’s future equity incentive cost The phase I project of Gree Electric Appliances Inc.Of Zhuhai(000651) Industrial Park is expected to be completed in October this year and enter the trial production stage. It will mainly produce household air conditioning products with a total investment of about 15 billion yuan. After completion, it is expected to achieve an annual output value of about 18.1 billion yuan.
It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) .
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
