Last week, the CSI 300 index fell 0.94%, and the Changjiang household appliance index fell 2.09%, underperforming the CSI 300 index by 1.15pct. In terms of segments, last week, the Yangtze River white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -2.04% / – 0.64% / – 3.08% / – 0.85% / – 1.62% respectively.
Sub section core data tracking:
White appliances & color TV: according to the 11 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 29.27%, 25.63% and 29.88% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines increased by 10.25%, 0.03% and 14.04% respectively year-on-year; Color TV offline channels fell 34.13% year-on-year, and online channels fell 28.68% year-on-year.
Kitchen appliances: according to the 11 week data of ovicloud, the retail sales of range hood offline channels decreased by 32.85% year-on-year, and the retail sales of online channels decreased by 3.45% year-on-year; The retail sales of gas stoves in offline channels decreased by 32.64% year-on-year, and the retail sales of online channels decreased by 3.65% year-on-year; The offline retail sales of integrated stoves decreased by 23.58% year-on-year, and the online retail sales increased by 46.67% year-on-year; The offline retail sales of gas water heater decreased by 37.35% year-on-year, and the online retail sales decreased by 29.09% year-on-year.
Small household appliances: according to the 11 week data of ovicloud, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) offline channels increased by 3.85%, 30.14%, 46.20%, 35.19%, 45.27% and 17.73% respectively year-on-year; Online channel retail sales fell by 15.77%, 7.56%, 27.40%, 34.08%, 21.77% and 11.47% respectively year-on-year.
Investment advice
Recently, a number of home appliance listed companies started to increase their holdings and repurchase. Last week, a number of Listed Companies in the home appliance sector started to increase their holdings and repurchase. Among them, Haier Smart Home Co.Ltd(600690) shareholder haichuangzhi increased its holdings of A-Shares of the company by 157.1 million shares, accounting for 0.17% of the total share capital. The average price of the increase was 22.13 yuan / share, with an increase of about 348 million yuan. Haier Group accounts for 34.10% of the total share capital of the company Whirlpool (China) Co.Ltd(600983) shareholder Galanz increased its holdings of 3788400 shares of the listed company from March 8 to March 17, accounting for about 0.49% of the total share capital. Galanz has accumulatively increased its holdings of 7674400 shares, and the amount of increased holdings has reached 1.00% of the total share capital; Midea repurchased the company’s shares through centralized bidding for the first time through the special securities repurchase account on March 14, 2022. The number of shares repurchased was 2.9868 million, accounting for 0.0427% of the total share capital, and the total amount paid was 174 million yuan Opple Lighting Co.Ltd(603515) as of March 14, 431700 shares had been repurchased, accounting for about 0.06% of the total share capital, and the total amount paid was 7.8389 million yuan. Listed companies choose to buy back and increase their holdings, which can improve investor confidence, stabilize the market and support the company’s share price.
Pay attention to the opportunity of home appliances going to sea after RCEP takes effect. RCEP came into effect this year, covering about 30% of the world’s population and GDP. In addition, China is also actively considering joining the cptpp and continuing to expand its scope to Latin America. The process of Chinese household appliance brands going to sea is expected to speed up by taking advantage of RCEP. According to GfK, more than 70% of the sales of Chinese home appliance brands come from the local market. In the market development in the Asia Pacific region, Chinese brands have more imagination. Asian developing countries account for more than 20% of the income of Japanese home appliance brands, nearly 17% of the income of Korean brands, and only 3% of the income of Chinese brands.
It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) .
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
