Topic 1 of this week: Comments on industrial online refrigerator data in November
In November, the industrial online refrigerator data was released. The domestic and export sales of refrigerators were - 7.7% / - 12.5% year-on-year respectively. The domestic sales remained stable and the export sales declined. In terms of domestic sales, Midea and Haier continued the improvement trend since April, and the growth rate of Hisense stabilized and rebounded. Midea sold 720000 units domestically in November, with a year-on-year increase of 2.3%, and the growth rate increased by 0.7pct month on month. From January to November, Midea sold 6.33 million units domestically, with a year-on-year increase of 3.2%; Haier sold 1.45 million units domestically in November, with a year-on-year increase of 3.6%, and the growth rate increased by 2.0 PCT month on month. From January to November, Haier sold 13.24 million units domestically, with a year-on-year increase of 3.3%; Hisense sold 480000 units domestically in November, a year-on-year decrease of 6.9%, and the growth rate increased by 1.3pct month on month. From January to November, Hisense sold 4.55 million units domestically, a year-on-year increase of 5.5%; In terms of exports, last year's high base effect was still in effect. The growth rates of Midea, Haier and Hisense improved month on month, and Hisense improved significantly. Midea exported 530000 units in November, a year-on-year decrease of 26.9%, and the growth rate increased by 2.2pct month on month. From January to November, it exported 6.85 million units, a year-on-year increase of 3.4%; Haier exported 80000 units in November, a year-on-year decrease of - 31.6%, and the growth rate increased by 8.4pct month on month. From January to November, it exported 850000 units, a year-on-year decrease of 9.9%; Hisense exported 660000 units in November, a year-on-year decrease of 6.9%, and the growth rate increased by 9.4pct month on month. From January to November, Hisense exported 6.93 million units, a year-on-year increase of 9.5%.
Special topic 2 of this week: Comments on industrial online washing machine data in November
In November, the data of washing machines were released, and the domestic and export sales were - 6.4% / - 2.8% year-on-year respectively. The chain comparison of export sales improved, and the growth rate of domestic sales slowed down. In terms of domestic sales, Midea and Haier slowed down month on month and turned negative year-on-year. Midea sold 1.33 million units domestically in November, a year-on-year decrease of 1.4%, and the growth rate decreased by 2.1pct month on month. From January to November, Midea sold 11.9 million units domestically, a year-on-year increase of 3.2%; Haier sold 1.43 million units domestically in November, a year-on-year decrease of 3.3%, and the growth rate decreased by 4.3 PCT month on month. From January to November, Haier sold 14.78 million units domestically, a year-on-year increase of 4.1%; In terms of exports, Haier continued its high growth last month, while the growth rate of the United States slowed down. Midea exported 550000 units in November, with a year-on-year increase of 5.8%, and the growth rate decreased by 6.1pct month on month. From January to November, it exported 6.61 million units, with a year-on-year increase of + 17.0%; Haier exported 790000 units in January, with a year-on-year increase of 40.4%, and the growth rate increased by 8.8pct month on month. From January to November, Haier exported 6.52 million units, with a year-on-year increase of 33.7%.
Plate view
White electricity sector: the main support for white electricity repair comes from: 1) the pressure on the high base caused by the epidemic in 2020 is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China's white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich overseas operation experience has the opportunity to improve the overseas market penetration, and the overseas market space is broad. Kitchen electricity sector: the overall demand of kitchen electricity sector is weak, but the performance among sub sectors is differentiated: in terms of traditional kitchen electricity, the overall sales of range hood / gas stove in October were - 11.0% / - 10.6% year-on-year respectively, continuing the downward trend since July, mainly due to the impact of high base effect and the decline of real estate sales in the same period last year; Emerging kitchen appliances mainly benefited from the low penetration rate and consumption upgrading trend, and still maintained a good growth momentum. Among them, the overall sales of integrated stoves / dishwashers in October were + 41.9% / + 23.2% year-on-year respectively, significantly improved month on month, and increased by 39.4/17.7pct respectively, highlighting the high growth and maintaining the high outlook.
Clean electrical appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers. Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning sweeper U10 and washer G10 with mop on August 25, Ecovacs Robotics Co.Ltd(603486) launched the new sweeper Dibao X1 with self-cleaning + self dust collection + self drying on September 15, and Yunjing launched the second generation of new sweeper J2 with self-cleaning + self changing + self drying on September 25, Compared with the past, these new products have significantly improved in product performance or industrial design, which is in line with the current consumption upgrading trend and is expected to further stimulate terminal sales. At the same time, the rapid volume of the floor washing machine also attracted Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises to follow up quickly. In the second half of the year, more enterprises may launch relevant products, and the high-profile and strong certainty of the emerging clean electrical appliance sector such as the floor washing machine.
Investment advice
It is recommended to pay attention to white power leaders Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year.
It is recommended to focus on the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) with continuous optimization of product structure and steady expansion of multiple channels, as well as the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of products, brands, channels and management.
It is recommended to pay attention to the Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) of sweeping with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) of sweeping with deep technical barriers and rapid expansion of overseas channels.
Risk statement
Macroeconomic growth is less than expected, resulting in the decline of residents' purchasing power; Severe real estate regulation has a negative impact on the demand for downstream household appliances; The epidemic situation has repeatedly affected the resumption of production and work.
