Market performance
This week (3.18-3.24), the CSI 300 index rose by 0.32%, the home appliance (CITIC) sector fell by 0.29%, and the industry underperformed the market by 0.61 percentage points, ranking 21st among the 30 CITIC first-class industries. In terms of fine molecule industry, the trend of white appliance sector is weak this week. White appliances – 0.82%, kitchen appliances – 0.01%, lighting electricians and others 0.21%, small appliances 2.56%, black appliances 1.14%. In terms of individual stocks, Shenzhen Crastal Technology Co.Ltd(300824) (+ 11.43%), Omar electric (+ 9.76%) and Youngy Health Co.Ltd(300247) (+ 9.12%) led the gains in the past five trading days, while Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 6.69%), Canature Health Technology Group Co.Ltd(300272) (- 6.51%) and Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (- 6.08%) led the declines. Among them, Shenzhen Crastal Technology Co.Ltd(300824) released the annual report of 2021 this week. The growth rate of independent brands accelerated and was recognized by the market.
Industry related data
White electricity: according to AVC data statistics, in the 12th week of 2022 (2022.3.142022.3.20), the offline sales volume of air conditioning increased by 29.23% year-on-year, and the sales volume decreased by 34.25% year-on-year; Online sales decreased by 10.23% and sales decreased by 13.46% year-on-year. The offline sales volume of refrigerator decreased by 5.01% year-on-year, and the sales volume decreased by 17.09% year-on-year; Online sales increased by 30.91% and sales increased by 22.72% year-on-year. The offline sales volume of washing machines decreased by 14.95% year-on-year, and the sales volume decreased by 19.64% year-on-year; Online sales increased by 10.23% year-on-year, and sales decreased by 3.17% year-on-year.
Black TV: according to AVC data statistics, in the 12th week of 2022 (2022.3.142022.3.20), the offline sales volume of color TV sets decreased by 4.85% year-on-year, the sales volume decreased by 19.96% year-on-year, and the average price of offline products was 5896 yuan, an increase of 990 yuan year-on-year; Online sales decreased by 4.5% year-on-year, sales increased by 1.77% year-on-year, and the average price of online products was 2440 yuan, down 160 yuan year-on-year.
Kitchen appliances: according to AVC statistics, in the 12th week of 2022 (from March 14, 2022 to March 20, 2022), the offline sales of range hood, gas stove, integrated stove and kitchen appliances package increased by – 6.59%, – 4.45%, 28.88% and – 7.86% respectively year-on-year, and the sales volume increased by – 16.08%, – 11.11%, 22.81% and – 19.9% year-on-year respectively; Online sales increased by 9.19%, 3.51%, 24.16% and 6.58% year-on-year respectively, and sales increased by 2%, – 13.77%, – 9.82% and – 9.22% year-on-year respectively.
In terms of small household appliances: according to the statistics of AVC, the offline sales of soybean milk machine, cooking machine, health pot and wall breaking machine decreased by 44.17%, 33.73%, 28.22% and 32.88% year-on-year respectively in the 12th week of 2022 (2022.3.142022.3.20), and the sales decreased by 22.1%, 36.5%, 26.39% and 29.28% year-on-year respectively; Online sales decreased by 39.48%, 33.87%, 33.4% and 26.38% year-on-year respectively, and sales decreased by 34.59%, 43.04%, 34.68% and 26.44% year-on-year respectively.
Household appliance industry highlights
Several cities cut mortgage interest rates, and the market continues to pick up
The logistics operation data in the first two months of this year were released, and the operation was generally stable
The United States announced a new exemption from 352 tariffs on Chinese imports
Key company dynamics
Shenzhen Crastal Technology Co.Ltd(300824) : in 2021, the company achieved double growth in operating revenue and profit, with a year-on-year increase of 20.84% and 8.11% respectively
Midea Group Co.Ltd(000333) : release the record form of investor relations activities
Investment advice
The Ministry of industry and information technology held a special meeting to further expand the consumption of bulk industrial products such as new energy vehicles and smart appliances, and expand green consumption and digital consumption. We can see that the recent policy side has repeatedly mentioned the promotion of green smart home appliance consumption, which we believe further defines the new trend of transformation and upgrading of the home appliance industry, is expected to promote the optimization and adjustment of home appliance product structure and help improve the profitability of enterprises. To sum up, the industry is temporarily given a “optimistic” rating. It is recommended to pay attention to 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) ), Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) ) and Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) ).
Risk tips
The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; Risk of exchange loss caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.
