This week, the home appliance sector increased by 3.5%, of which the white electricity / Black electricity / kitchen electricity / small household appliances sector increased by 2.9% / 1.3% / 4.0% / 6.2% respectively. Individual stocks in the sector generally rose, led by Hisense Home Appliances Group Co.Ltd(000921) and Gree Electric Appliances Inc.Of Zhuhai(000651) in the white power sector, with weekly increases of 6.2% and 4.0%; Kitchen electricity sector Zhejiang Meida Industrial Co.Ltd(002677) , Hangzhou Robam Appliances Co.Ltd(002508) , Vatti Corporation Limited(002035) performed well, with weekly increases of 7.1%, 4.4% and 4.4%; The small household appliances sector Shenzhen Breo Technology Co.Ltd(688793) , Shanghai Rongtai Health Technology Corporation Limited(603579) performed well, with weekly increases of 13.0% and 12.1%. In terms of raw materials, the prices of main raw materials aluminum, steel and plastics decreased month on month, which is expected to help alleviate the subsequent cost side pressure.
Industry online data review in November: the domestic sales of ice washing continued to focus on the leader, and the export sales of Haier washing machines performed well. In November, the production and sales of ice washing continued to decline year-on-year, including 7.71 million refrigerators and 7.59 million refrigerators, down 7% and 10% year-on-year; The output and sales volume of washing machines were 6.84 million and 6.8 million respectively, a year-on-year decrease of 6% and 5%. In terms of competition pattern, the domestic market share continued to concentrate on Haier and Midea. In November, the total domestic sales of refrigerators and washing machines accounted for 55% and 66% respectively. In terms of export sales, Haier washing machines maintained a high growth rate under the high base, and the market share of foreign sales reached 30.2%, with a year-on-year increase of 9.3pct.
Investment advice
As the key beneficiary sector of the third consumer society, the field of small household appliances continues to be optimistic about the new opportunities brought by new consumption to the field of small household appliances. In the early stage, the kitchen small household appliances sector was subject to the pressure of the base, and the stock price was sharply corrected. At present, the value is undervalued, the safety margin is high, and there is sufficient growth space to continue to benefit from the new consumption concept for a long time. It is recommended to pay attention to Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) with the rapid growth of its own brand. While consolidating the advantages of kitchen appliances, Mofei actively arranges home environment categories with better growth, which is expected to further open the development space of domestic sales business and have strong certainty of marginal improvement of performance.
Portable massage apparatus, projectors, cleaning appliances and integrated stoves of emerging household appliances maintained a high boom, and the penetration promotion logic continued to be verified by data. Leading companies have a thorough understanding of consumers, strong marketing ability and outstanding brand strength, and are expected to fully enjoy the dividends of industry growth. It is recommended to pay attention to the domestic intelligent micro investment leader Chengdu Xgimi Technology Co.Ltd(688696) with leading technology and all-round barriers to consumer goods. Intelligent cleaning appliances are in line with consumers' pursuit of quality life and hands-free in the third consumption era. Floor sweeping and mopping products are expected to become the rigid needs of families. It is recommended to pay attention to accurately grasp the needs of consumers, adhere to independent research and development, hold high and fight high, and Ecovacs Robotics Co.Ltd(603486) with excellent product power and brand power. Continue to recommend Marssenger Kitchenware Co.Ltd(300894) with the vision of long-term leading strategic pattern, strong brand marketing and high-end product positioning.
Subject to weak terminal demand and rising raw material prices, the traditional household appliance sector has experienced a double kill of performance and valuation in the past 21 years. Looking forward to 2022, the marginal improvement space of the plate is clear, and it is expected to usher in an upward turning point. In addition, Baidian leader grasped the favorable opportunity of Baidian reshuffle period, accelerated channel reform, optimized intelligent manufacturing, improved terminal price, collectively repurchased shares in the capital market, strengthened employee incentive and demonstrated development confidence. It is recommended to pay attention to the Haier Smart Home Co.Ltd(600690) of Suite + scene sales driven by the accelerated layout of three winged birds, which conforms to the needs of consumption upgrading and has been preparing for high-end tracks for many years.
Risk statement
Risk of rising raw material prices, risk of less than expected demand, risk of repeated epidemic, impact of exchange rate fluctuations, risk of chip shortage and price rise.
