Investment suggestions: 1) the conflict between Russia and Ukraine intensifies the price fluctuation of bulk commodities, and the cost side of household appliances is expected to be under pressure in the first quarter. It is suggested to pay appropriate attention to the clean electrical appliances and intelligent toilet industry with strong growth and low penetration rate, with relevant targets of Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) and Haier Smart Home Co.Ltd(600690) ; 2) In the government work report this year, specific measures and policies for the household appliance industry were defined, focusing on green household appliances and smart household appliances, taking household appliances to the countryside and replacing old ones with new ones as the main means, and expanding domestic demand and promoting consumption as the goal. It is suggested to pay attention to leading household appliance enterprises Midea Group Co.Ltd(000333) and Gree Electric Appliances Inc.Of Zhuhai(000651) .
Market review: this month (202202.13202203.13, the same below) the market of household appliances industry is as follows: Shenwan household appliances index fell 11.60%, ranking 26th among Shenwan’s 28 primary industries, with changes of – 6.12pct, – 6.88pct, – 8.10pct and – 10.29pct respectively compared with Shanghai and Shenzhen 300, Shenzhen Composite Index, Shanghai Composite Index and gem index. In the sub sector, the rise and fall of household appliance parts, lighting equipment, other household appliances, black household appliances, small household appliances, kitchen and bathroom appliances and white household appliances were 2.87%, – 7.22%, – 7.55%, – 10.52%, – 12.57%, – 15.23% and – 17.25% respectively.
Industry dynamic data: industry online data show that in January 2022, the output of household air conditioners was 130695 million units, a year-on-year increase of – 8.44%, the sales volume was 133144 million units, a year-on-year increase of – 5.31%, and the inventory was 214662 million units, a year-on-year increase of + 10.02%; The output of washing machines was 6.699 million units, a year-on-year increase of – 8.62%, and the sales volume was 6.726 million units, a year-on-year increase of – 6.67%. The inventory was 2.6853 million units, a year-on-year increase of – 12.17%; The output of refrigerators was 6.871 million units, a year-on-year increase of – 14.47%, the sales volume was 7.1226 million units, a year-on-year increase of – 7.31%, and the inventory was 3.7998 million units, a year-on-year increase of – 19.79%. According to the data of Aowei cloud, the offline sales volume of clothes dryers was 208 million yuan, a year-on-year increase of + 30.24%, the average price was 799562 yuan, a year-on-year increase of + 0.45%, and the sales volume was 26000 units, a year-on-year increase of + 29.65%; The online sales volume was 431 million yuan, a year-on-year increase of + 153.75%, the average price was 618 yuan, a year-on-year increase of + 6.89%, and the sales volume was 697500 units, a year-on-year increase of 137.39%; The offline sales volume of frying and baking machines was 13 million yuan, a year-on-year increase of – 8.96%, the average price was 365 yuan, a year-on-year increase of + 3.22%, and the sales volume was 34700 units, a year-on-year increase of – 11.8%; The online sales volume was 226 million yuan, a year-on-year increase of + 8.84%, the average price was 209 yuan, a year-on-year increase of + 15.65%, and the sales volume was 1.08 million units, a year-on-year increase of – 5.89%. The offline sales volume of clean appliances was 129 million yuan, a year-on-year increase of – 5.17%, the average price was 2901 yuan, a year-on-year increase of + 20.2%, and the sales volume was 44000 units, a year-on-year increase of – 21.65%; The online sales volume was 2.161 billion yuan, a year-on-year increase of + 7.17%, the average price was 1118 yuan, a year-on-year increase of + 23.12%, and the sales volume was 1.934 million units, a year-on-year increase of – 12.96%.
Industry trends: 1) the home appliance market is gradually recovering, and the sinking market still has the greatest potential; 2) The education base sponsored by China Consumer Association settled in Jingdong Mall to provide strong guarantee for consumers’ after-sales service; 3) Focus on smart appliances and green appliances, and take home appliances to the countryside and trade in old ones as the main means
Risk tip: the price of raw materials fluctuates greatly, the consumption growth is less than expected, and the risk of epidemic aggravation
