Market review: this week, the home appliance (CITIC) industry index continued to decline by 1.83%, and the decline narrowed. The weekly increase ranked 17th in the first-class industry index of CITIC, losing 0.88 percentage points to the CSI 300 index in the same period. In the subdivided industries, the small household appliance sector performed better, outperforming the CSI 300 index, and the other sub sectors outperformed the CSI 300 index. In terms of individual stocks: the number of individual stocks rising in the home appliance (CITIC) industry this week is small, but it has improved compared with last week. 15 stocks recorded positive earnings, accounting for about 19%, 5 stocks increased by more than 5% this week and 3 stocks increased by more than 10% this week; 61 stocks recorded negative returns, accounting for about 77%. There were 11 stocks with a weekly decline of more than 5%, and none had a weekly decline of more than 10%. Valuation: as of March 18, 2022, the overall PE (TTM) of the home appliance (CITIC) industry was about 15.21 times, down 0.82% from last Friday, lower than the average valuation level of the industry since 2017; The valuation ratio of CITIC’s home appliance industry (ttpe) is 19.0% lower than that of Shanghai Shenzhen’s (ttpe) industry since last week, which is 1.28% lower than that of Shanghai Shenzhen’s (ttpe) industry as a whole.
Industry operation data: in the 11th week of 2022, everyone performed better on the wire than offline, and the sales of clothes dryers decreased year-on-year under the high base, but the sales of online washing and drying suits still increased year-on-year. The offline performance of large kitchen wires is general. The sales volume of online integrated stoves only has a positive year-on-year growth, and the sales volume of offline dishwashers only has a year-on-year growth. The Wuxi Online Offline Communication Information Technology Co.Ltd(300959) performance of kitchen small electric appliances is relatively poor. In the online market, the online sales of electric steamers and electric pressure cookers maintain a positive growth. The omni-channel performance of most categories of environmental health appliances was poor. The offline sales of water purifiers increased year-on-year, the online sales of electric fans increased year-on-year, and the floor sweeping Siasun Robot&Automation Co.Ltd(300024) omni-channel sales decreased year-on-year.
Industry perspective: maintain the recommended rating of the industry. At present, the overall valuation level of the home appliance industry is reasonably low. On March 18, the pe-ttm quantile of the home appliance (CITIC) industry index was 0.68% in recent three years. On the one hand, the overall sales data of household appliances in the 11th week of 2022 was poor, and the secondary market sentiment fell to the freezing point. On the other hand, ① on March 16, the relevant departments of financial supervision made a heavy voice and proposed to jointly maintain the smooth operation of the capital market and boost confidence; ② Since April, home appliance sales have gradually entered the peak season, and home appliance enterprises will usher in price adjustment. Midea, Haier and Hisense plan to start raising prices on March 16, and TCL, York air conditioner, Toshiba and Mitsubishi will also start raising prices in April. Based on the positive signal of the overall market, the industry is about to enter the peak sales season, the current industry valuation level and other factors, we believe that the current layout of the home appliance industry has high cost performance, or is expected to usher in an oversold rebound. It is suggested to continue to pay attention to the three major white electricity faucets with strong comprehensive strength: Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ), Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ), Gree Electric Appliances Inc.Of Zhuhai(000651) ( Gree Electric Appliances Inc.Of Zhuhai(000651) ), kitchen electricity faucet Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) ); It is recommended to pay attention to relevant excellent head companies of emerging household appliances such as integrated stove, dishwasher and intelligent micro investment, such as Marssenger Kitchenware Co.Ltd(300894) ( Marssenger Kitchenware Co.Ltd(300894) ), Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ( Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ), Zhejiang Sanfer Electric Co.Ltd(605336) ( Zhejiang Sanfer Electric Co.Ltd(605336) ), Chengdu Xgimi Technology Co.Ltd(688696) ( Chengdu Xgimi Technology Co.Ltd(688696) ).
Risk tips: macroeconomic fluctuation risk, price war risk caused by intensified industry competition, epidemic risk, upstream raw material price fluctuation risk, policy change risk, etc.
