Special topics of this week: (1) from January to February 2022, the retail sales of household appliances and audio equipment increased by + 12.7% year-on-year, and the performance of household appliance society exceeded expectations. We believe that first, the epidemic prevention policy will be more flexible this year, driving the recovery of consumption during the Spring Festival, and the demand for the renewal of large household appliances will be released to a certain extent; Second, home appliance enterprises successively issued price increase letters at the beginning of the year, raising the terminal retail price of products; Third, the online sales performance of emerging household appliances such as clean appliances and integrated stoves from January to February was relatively bright. (2) From January to February, the cumulative production and sales of household air conditioners were flat year-on-year. From January to February, China's cumulative output of household air conditioners decreased by 1.3% year-on-year; The sales volume increased by 0.8% year-on-year, of which the domestic sales volume decreased by 4.4% year-on-year, and the export sales volume increased by 4.7% year-on-year.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of business license business Opple Lighting Co.Ltd(603515) .
This week's market: this week, the Shanghai Composite Index fell 1.77%, and the home appliance industry fell 2.05%, slightly losing the market. Among them, white electricity fell 2.02%, black electricity fell 1.84%, kitchen electricity fell 1.01%, small household appliances rose 0.2%, lighting electricians and other sectors fell 2.23%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 16.65%, an increase of 0.45pct over last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.95%, up 0.17pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10%, down 0.53pct from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 10.98%, down 0.01pct from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.52%, down 0.17pct from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.67%, down 0.01pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Guangdong Tonze Electric Co.Ltd(002759) (11.04%), Shanghai Flyco Electrical Appliance Co.Ltd(603868) (10.73%), ST shenglai (10.35%), Wuxi Hodgen Technology Co.Ltd(300279) (8.2%), Kennede Electronics Mfg.Co.Ltd(002723) (5.29%); The top five declines were Anhui Julong Transmission Technology Co.Ltd(300475) (- 9.05%), Guangzhou Echom Sci.&Tech.Co.Ltd(002420) (- 8.46%), Changshu Tianyin Electromechanical Co.Ltd(300342) (- 8.16%), Hisense Home Appliances Group Co.Ltd(000921) (- 8.16%), Hengdian Group Tospo Lighting Co.Ltd(603303) (- 8.09%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6099 yuan / ton, down 41 yuan / ton from last week; The price of copper (1) this week is 73310 yuan / ton, up 1090 yuan / ton from last week; The price of aluminum (A00) this week is 22520 yuan / ton, an increase of 640 yuan / ton compared with last week; The price index of China plastic city was 1008.9 this week, down 26.1 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
