Industry dynamics
Air conditioners: in November, the production and sales of air conditioners were 11.95 million and 9.78 million respectively, with a year-on-year change of + 7.6% / – 2.4% respectively. In terms of sales distribution, 4.6 million air conditioners were exported and 5.17 million were sold domestically, with a year-on-year change of + 0.1% / – 4.5% respectively. The enterprise inventory is 20.7 million units, yoy + 15%. From January to November, the output of air conditioners was 1424.78 million, yoy + 8%; Sales volume: 139.85 million units, yoy + 7.7%; Export sales of 62.1 million units, yoy + 11.5%; Domestic sales of 78.96 million units, yoy + 6.4%. Aowei pushed the total, and the average offline price of air conditioning was 4120 yuan, a year-on-year increase of + 13.4%; In the market share of 8000 +, the proportion of Gree Electric Appliances Inc.Of Zhuhai(000651) has expanded. The average price of online products was 2970 yuan, a year-on-year increase of + 3.1%. In the retail market share of 8000 +, Gree and Midea account for 34.4% and 20.3% respectively.
Refrigerators: in November, the production and sales of refrigerators were 7.71 million and 7.59 million respectively, with a year-on-year change of – 7.2% / – 10% respectively. In terms of sales distribution, 3.65 million refrigerators were exported, yoy-12%; Domestic sales of 3.94 million units, yoy-7.7%. From January to November, 78.58 million refrigerators were produced, yoy + 2.7%; Sales volume: 79.47 million units, yoy + 3.7%; Export 40.64 million units, yoy + 7.3%; Domestic sales of 38.83 million units, yoy + 0.3%. Aowei pushed the total price. The average price of offline products was 6600 yuan, a year-on-year increase of + 20.5%. The average price of multi door products was higher, and the cross and opposite doors accounted for the main market share. The average price of online products was 2940 yuan, a year-on-year increase of + 7.2%. Of the 10000 + market share, Haier Smart Home Co.Ltd(600690) reached 45.5%.
Washing machines: in November, the production and sales of washing machines were 6.84 million and 6.8 million respectively, with a year-on-year change of – 6% / – 5% respectively. In terms of sales distribution, 2.63 million units were exported, yoy-3%; Domestic sales are about 4.17 million units, yoy-6.4%. From January to November, the output of washing machines was 64.31 million, yoy + 11.4%; Sales volume: 64.63 million units, yoy + 13.5%; Export 24.275 million units, yoy + 32%; Domestic sales of 40.34 million units, yoy + 4.8%. Aowei pushed the total price of offline products, with an average price of 4200 yuan, a year-on-year increase of + 18%, and high-end machines are concentrated in rollers; The average online price was 1780 yuan, a year-on-year increase of + 2%; The average price of drum drying was 3556 yuan, a year-on-year increase of – 2.8%.
Color TV sets: in November, the production and sales of color TV sets were 12.32 million and 12.22 million respectively, with a year-on-year change of – 12.6% and – 11.5% respectively. 750 sets for export, yoy-11.6%; Domestic sales of 4.72 million units, yoy-11.3%. From January to November, the industrial output was 115.53 million units, yoy-16.5%; Sales volume: 114.6 million units, yoy-15.5%; Export 77.79 million units, yoy-16%; 36.8 million sets sold domestically, yoy-15.2%. Aowei pushed the total offline average price of 6130 yuan, a year-on-year increase of + 27.3%, and the market share of 65 inch + products was significantly expanded compared with last year. The average online price was 2810 yuan, a year-on-year increase of 8.3%; The market share of 75 inches and above changed by + 8.20ct / + 4.8pct respectively.
Raw materials: in December, the price index of cold rolled sheet was 117.5, yoy-5%, and the month on month ratio was – 1.6%; Plate price index 128.8, yoy + 2%, month on month – 1.4%; Galvanized sheet price index 116, yoy-3.3%, month on month – 2.4%; China Plastics PP index 817, yoy + 2%, Mom – 0.9%, ABS index 1155, yoy-1%, Mom – 5.3%. Copper price hovered high, 69940 yuan / ton, yoy + 21%, Mom – 0.4%; Aluminum price is 20385 yuan / ton, yoy + 30%, mom + 7.6%.
Investment advice
With the changes of consumers’ life concept and consumption mode, the consumer’s sensitivity to the price of household appliances becomes lower as a whole; The upgrading trend of supply side products is obvious, and the proportion of high-end products is increasing. The key tasks announced at the recent work conference of the Ministry of industry and information technology include expanding the consumption of green smart appliances in 2022. It is suggested to pay attention to the leading enterprises with high-end intelligent market leading ability, stable global operation, perfect employee incentive mechanism and good long-term investment value: Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) .
The global market scale of massage equipment shows a stable development trend, and China has become one of the regions with the fastest growth in the global massage equipment market demand. At present, the penetration rate of massage equipment in China is less than 2%, which is far lower than that in mature markets such as Japan and South Korea. There is a large room for penetration improvement. It is recommended to pay attention to: Xiamen Comfort Science & Technology Group Co.Ltd(002614) , Shanghai Rongtai Health Technology Corporation Limited(603579) , Shenzhen Breo Technology Co.Ltd(688793) .
Risk statement
1) Weak consumer demand;
2) The duration of covid-19 epidemic exceeded market expectations;
3) Substantial fluctuations in raw materials;
4) Real estate continues to be in the doldrums
