Basic disk
In 2022, Q1 air conditioner’s domestic production scheduling was + 2%, export production scheduling was + 12% and the overall industry production scheduling was + 4% year-on-year. Although the terminal demand was in the downturn, it entered the peak season of delivery through traditional channels in March; At the level of raw materials, the prices of copper, aluminum, stainless steel and oil have increased in different ways since the beginning of the year, and the average price of downstream factory and terminal retail (5-15%) has continued to increase under the price mechanism. It is suggested to focus on Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Hisense Home Appliances Group Co.Ltd(000921) white electric faucet undervaluation + performance repair, and pay attention to Zhejiang Supor Co.Ltd(002032) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) Kingclean Electric Co.Ltd(603355) and heat management leader of Xinneng vehicle Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) ;
New consumption of household appliances
High growth of integrated stove subdivision track: Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) ; Cleaning appliances represented by “floor sweeper + floor washer”: JS global life, Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) ; Upgrading of next generation display technology: Chengdu Xgimi Technology Co.Ltd(688696) ;
It is suggested to pay attention to: emerging leader of Xinneng vehicle thermal management Zhejiang Dun’An Artificial Environment Co.Ltd(002011) , leading enterprise in intelligent projection industry Appotronics Corporation Limited(688007) .
Risk tip: exchange rate fluctuation risk; Risk of continuous rise in raw material prices; Insufficient shipping capacity and risk of freight increase.
