Main points:
Special topic of this week: Comments on industrial online air conditioning data in February
According to the industry online data, the domestic / export sales of air conditioners in February were + 4.1% / + 15.3% year-on-year respectively, and the growth rate of domestic and foreign sales increased significantly month on month. In terms of domestic sales, Haier led the double-digit growth rate in a single month in February, Midea’s growth rate became positive, and Gree improved month on month. Gree sold 110000 units domestically in February, a year-on-year decrease of 8.3%, and the growth rate increased by 7.6pct month on month. From January to February, Gree sold 2.95 million units domestically, a year-on-year decrease of 13.2%; Midea sold 1.4 million units domestically in February, with a year-on-year increase of 3.7%, and the growth rate increased by 5.9 PCT month on month. From January to February, it sold 3.6 million units domestically, with a year-on-year increase of 0%; Haier sold 430000 units domestically in February, with a year-on-year increase of + 13.2%, and the growth rate increased by 13.2pct month on month. From January to February, Haier sold 1.06 million units domestically, with a year-on-year increase of + 5.0%. In terms of exports, Gree led the growth rate in February, Haier continued high growth, and the United States grew steadily under the high base. Gree exported 990000 units in February, with a year-on-year increase of 32.0%, and the growth rate increased by 22.9 PCT month on month. From January to February, Gree exported 2.19 million units, with a year-on-year increase of + 18.4%; Midea exported 2 million units in February, with a year-on-year increase of + 8.1%, and the growth rate increased by 19.6pct month on month. From January to February, it exported 4.7 million units, with a year-on-year decrease of 4.1%; Haier exported 450000 units in February, with a year-on-year increase of 21.6%, and the growth rate decreased by 49.5pct month on month. From January to February, Haier exported 1.1 million units, with a year-on-year increase of + 46.7%.
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 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 experience in overseas operation has the opportunity to improve the penetration of overseas market, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is relatively weak, but the performance of sub sectors is differentiated. It is suggested to pay attention to the integrated stove sub sector with low penetration and high growth. We believe that the penetration rate of integrated stoves at this stage is still low, while the existing stock housing market is large and has sufficient penetration space. At the same time, after the early consumer education of integrated stoves (especially, after the four leading enterprises took the lead in listing in 2020, Pinxuan strengthened to further improve the popularity of integrated stoves), the vigorous development in recent two years has promoted some leading enterprises to complete the accumulation from one to ten. With the construction of channels and the increasing improvement of product categories, and referring to the development track of traditional kitchen electric faucets, the leapfrog development of integrated stoves from 10 to 100 can be expected.
Cleaning 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 floor sweeper U10 with mop and floor washer G10, Ecovacs Robotics Co.Ltd(603486) launched the new floor sweeper X1 with self-cleaning + self dust collection + self drying, and Yunjing’s second-generation new floor sweeper J2 with self-cleaning + self changing + self drying. These new products are significantly improved in product performance or industrial design compared with the past, in line with the current consumption upgrading trend, and are expected to further stimulate terminal sales. At the same time, the rapid volume of floor washing machine has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) , Xinbao and other enterprises. In the first half of 22, more enterprises will launch relevant products, and the high-profile atmosphere and certainty of floor washing machine and other emerging clean electrical appliances are strong.
Sector investment suggestions
It is suggested to pay attention to the white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) , which continue to optimize the competition pattern and whose profitability is expected to be repaired in the second half of the year. It is suggested to pay attention to the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , which comprehensively promotes the improvement of multidimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) , which is expected to launch new integrated stove products in the first half of the year, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , which continuously optimizes the product structure and steadily expands multiple channels.
It is suggested to pay attention to the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) , which has deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; The severe regulation of real estate has a negative impact on the demand for downstream household appliances; The epidemic has repeatedly affected the resumption of production and work.
