Market review: this week, the home appliance (CITIC) industry index rose 3.47% this week, with a good overall performance. The weekly increase ranked fifth in the CITIC primary industry index, outperforming the Shanghai and Shenzhen 300 index by 3.08 percentage points over the same period. This week, the electronics industry performed well, and all sub sections recorded positive earnings, outperforming the Shanghai and Shenzhen 300 index. In terms of individual stocks, 63 stocks in the home appliance (CITIC) industry performed well this week, accounting for about 80%, 22 with a weekly increase of more than 5% and 9 with a weekly increase of more than 10%; This week, only 15 stocks in the home appliance (CITIC) industry recorded negative returns, accounting for about 19%, including 2 stocks with a weekly decline of more than 5% and no stocks with a weekly decline of more than 10%. Valuation: as of December 31, 2021, the overall PE (TTM) of the home appliance (CITIC) industry was about 19.05 times, up 3.41% from last Friday, returning to the average valuation of the industry since 2017. As of December 31, 2021, the ratio of overall PE (TTM) of home appliance (CITIC) industry to Shanghai and Shenzhen 300pe (TTM) was 1.42 times, slightly lower than the average level of industry relative valuation since 2017.
Industry operation data: in 2021w52, the overall sales of the home appliance industry is poor, and the offline performance is better than the online performance. According to ovicloud, in the 52nd week of 2021: (1) ice washing color: the omni-channel sales of clothes dryers are excellent, the offline sales of freezers and refrigerators have achieved positive year-on-year growth, and the online sales of color televisions have achieved positive year-on-year growth. (2) Kitchen power: online sales of most categories fell year-on-year, and offline performance was better than online. Offline sales of kitchen power packages, gas stoves, integrated stoves and dishwashers increased year-on-year. (3) In terms of kitchen micro steaming and baking: the overall offline sales of embedded single function electric oven, embedded compound machine and embedded machine increased year-on-year, and the online sales of desktop compound machine increased year-on-year. (4) Kitchen small electricity: the overall performance is poor. The sales volume and sales volume of most categories Wuxi Online Offline Communication Information Technology Co.Ltd(300959) have declined year-on-year, of which the frying and baking machine performs better. (5) Environmental health appliances: the off-line sales of sweeping Siasun Robot&Automation Co.Ltd(300024) increased year-on-year, and clean appliances performed well.
Industry perspective: maintain the recommended rating of the industry. From the perspective of traditional household appliances, there are signs of marginal improvement in the adverse factors caused by China’s real estate industry on household appliance sales. The price of raw materials tends to stabilize or even decline. Combined with the price increase mechanism, the cost side of household appliances ushers in a marginal inflection point. This week, we continue to recommend Haier Smart Home Co.Ltd(600690) (600690) of the new smart home appliance industry platform, and it is recommended to pay attention to Gree Electric Appliances Inc.Of Zhuhai(000651) (000651) with prominent valuation cost performance. From the perspective of rapidly increasing the penetration of emerging categories, it is recommended to pay attention to dishwashers, integrated stoves, cleaning appliances and other categories. In terms of integrated stoves, the sales volume in the fourth quarter was better than that in the third quarter, and the growth rate increased. It is recommended to pay attention to the leader of online integrated stoves Marssenger Kitchenware Co.Ltd(300894) (300894) and the gradual release of production capacity Zhejiang Sanfer Electric Co.Ltd(605336) (605336). In terms of cleaning appliances, the concentration of sweeping Siasun Robot&Automation Co.Ltd(300024) industry continues to increase, which is mainly driven by the increase of price. It is recommended to pay attention to the head companies of cleaning appliances, such as sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) (603486) and floor washer Beijing Roborock Technology Co.Ltd(688169) (688169). In terms of smart micro investment, the products are favored by the younger generation, and also have a certain substitution effect on traditional TV. The penetration rate continues to improve, and the industry continues to maintain a high boom. It is suggested to pay attention to the first echelon brand of smart micro investment Chengdu Xgimi Technology Co.Ltd(688696) (688696).
Risk tip: the impact of uncertainty in epidemic prevention and control on consumers and industries; The impact of real estate cycle fluctuation; Upstream raw material price fluctuation risk; RMB exchange rate fluctuation risk, etc.
