Among the sectors in the post real estate cycle this week, the performance of small household appliances was relatively strong. The CSI 300 index fell 0.94% this week. Among the sectors in the post real estate cycle, the small household appliance sector rose 0.20% this week, outperforming the market by 1.14pct, while the service Siasun Robot&Automation Co.Ltd(300024) , lighting electrician, white household appliance, black household appliance, furniture and kitchen appliance sectors fell 3.51%, 2.30%, 2.02%, 1.84%, 1.79% and 1.01% respectively this week, outperforming the market by 2.57pct, 1.35pct, 1.08pct, 0.90pct, 0.85pct and 0.07pct respectively.
Domestic sales: from January to February, the year-on-year decline in the sales area of new houses narrowed, and the completed area turned to a year-on-year negative growth. (1) Price of upstream raw materials: this week, the price of chemical raw materials for soft furniture fell, the price of copper and aluminum fell, the price of stainless steel rose, and the price trend of plastic raw materials was divided. (2) China’s real estate demand: from January to February 2022, the year-on-year decline in the sales area of new houses narrowed, and the completed area turned to a year-on-year negative growth; In February 2022, the transaction volume of second-hand houses continued to decline year-on-year. According to the real estate data released by the National Bureau of statistics, from January to February 2022, the national residential sales area decreased by 13.8% and the completed area decreased by 9.6% year-on-year; In terms of second-hand housing transactions, in February 2022, the transaction volume of second-hand housing in China’s top 10 cities was 23200 units, a year-on-year decrease of 46%; In terms of the opening of hardbound houses, according to the statistical data of ovicloud, the opening volume of hardbound houses nationwide was about 89000 in January 2022, a year-on-year decrease of 64.2%. (3) Retail tracking: in December 2021, the retail sales of furniture decreased by 3.1% year-on-year, and the retail sales of household appliances decreased by 6% year-on-year. In terms of sub categories, according to the monitoring data of ovicloud, the online retail sales of kitchen appliances, dishwashers and integrated stoves in February 2022 increased by 39.5%, 22.7% and 175.3% year-on-year respectively, and the online sales of kitchen appliances, cleaning appliances and floor sweeping Siasun Robot&Automation Co.Ltd(300024) decreased by 8.5%, 13.0% and 13.8% year-on-year respectively. According to the statistics of Amoy data platform, in February 2022, the sales of key brands of integrated stoves turned to positive year-on-year growth, and the sales of key brands of kitchen appliances and cleaning appliances fluctuated year-on-year.
Export: in February, the sales volume of existing houses in the United States continued to grow negatively year-on-year, and the year-on-year growth of new construction volume of private houses expanded. (1) Overseas real estate demand: in February 2022, the sales of existing homes in the United States decreased by 2% year-on-year, with continuous negative growth; In February 2022, the number of new construction projects increased by 22% year-on-year, with a positive year-on-year increase. (2) Export performance of sectors and sub categories: in December 2021, the export volume of furniture industry turned to negative year-on-year growth, and the export volume of home appliance industry maintained positive year-on-year growth, with year-on-year growth rates of – 4% and 18% respectively. According to the data disclosed by the General Administration of customs, in December 2021, the year-on-year growth rate of exports of electric ovens, toasters, electric frying pans and other categories increased significantly compared with the previous month, and the year-on-year growth rate of exports of range hoods and other categories decreased.
Investment proposal and investment object
The demand for domestic sales and export continued to grow rapidly in the post real estate cycle. It is suggested to pay attention to the leading customized home furnishings Suofeiya Home Collection Co.Ltd(002572) ( Suofeiya Home Collection Co.Ltd(002572) , buy), Oppein Home Group Inc(603833) ( Oppein Home Group Inc(603833) , overweight), Guangzhou Shangpin Home Collection Co.Ltd(300616) ( Guangzhou Shangpin Home Collection Co.Ltd(300616) , overweight), Zbom Home Collection Co.Ltd(603801) ( Zbom Home Collection Co.Ltd(603801) , Unrated), leading software furniture Jason Furniture (Hangzhou) Co.Ltd(603816) ( Jason Furniture (Hangzhou) Co.Ltd(603816) , Unrated); Benefiting from the high growth in emerging categories such as floor sweepers and small household appliances, which have benefited from the high growth in emerging categories such as floor sweepers and small household appliances. It is suggested to focus on China’s sweeping the floor Siasun Robot&Automation Co.Ltd(300024) \ \ Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) , overweight).
Risk tips
The risk of real estate sales and completion falling short of expectations, and the risk of sharp rise in the price of raw materials
