Zhou’s investment view:
Hisense released the new l5g series laser TV products, and the price dropped to 7999 yuan. In recent years, the prices of new products of Jimi and fengmi have also shown a downward trend. While improving the product performance, the price will be further close to the market. We believe that laser TV has become a new trend of family viewing and learning. In 2021, Chinese mainland laser TV market shipped a lot, compared with +31.9%. With the price of laser TV more close to the people, its natural screen advantage is expected to promote the popularity of category wide, and the volume of rapid increase. It is suggested to pay attention to the leading layout enterprises of laser TV category: Hisense Visual Technology Co.Ltd(600060) , Appotronics Corporation Limited(688007) , Chengdu Xgimi Technology Co.Ltd(688696) .
Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Skyworth Group disclosed its annual performance, and the automotive thermal management and photovoltaic business sectors increased. In 2021, the photovoltaic business revenue of Skyworth Group reached RMB 4.077 billion Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) auto parts business amounted to RMB 4.802 billion, a year-on-year increase of + 94.50%. We believe that national policies firmly support the green and low-carbon transformation of energy, the prosperity of new energy vehicles and photovoltaic energy storage tracks continues to improve, the penetration of relevant products is expected to increase rapidly, and the whole industrial chain will benefit. Home appliance parts enterprises focusing on the transformation of new energy vehicles and photovoltaic energy storage track Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Dun’An Artificial Environment Co.Ltd(002011) , Hiconics Eco-Energy Technology Co.Ltd(300048) , Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) , Hangzhou Star Shuaier Electric Appliance Co.Ltd(002860) , as well as home appliance leaders Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) .
Midea invested 2 billion yuan to increase its holding of Beijing Wandong Medical Technology Co.Ltd(600055) shares to 45.46%, strengthen its holding position and further demonstrate its determination to transform its industry into science and technology. Referring to the development process of overseas leading household appliances, the industrialization of China’s household appliance industry is an inevitable trend. In addition to the fact that enterprises that have made layout in globalization and high-end in advance can still enjoy certain dividends, a considerable number of enterprises will accelerate the practice of industrialization. The logic behind the core lies in the obvious global comparative advantage of China’s household appliance manufacturing, with components leading the way and leading enterprises turning slowly. China’s household appliance industrialization and manufacturing value revaluation are the long-term logic of the sector, focusing on Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Dun’An Artificial Environment Co.Ltd(002011) , Hiconics Eco-Energy Technology Co.Ltd(300048) , Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) , Hangzhou Star Shuaier Electric Appliance Co.Ltd(002860) , and leading enterprises Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) .
Industry focus dynamic tracking:
Hiconics Eco-Energy Technology Co.Ltd(300048) help Midea industrial city realize full capacity grid connection. The total installed capacity of photovoltaic power generation system of Midea industrial city project is about 300kWp. Meanwhile, Hiconics Eco-Energy Technology Co.Ltd(300048) build a set of 50KW / 100kwh energy storage container for Midea industrial city to realize Park level microgrid Hiconics Eco-Energy Technology Co.Ltd(300048) undertook the overall planning and implementation of Midea Group Co.Ltd(000333) green strategy green power project, and will focus on photovoltaic and energy storage business. On the one hand, Midea will provide Hiconics Eco-Energy Technology Co.Ltd(300048) with orders for photovoltaic roof engineering projects within the group in the next two years; On the other hand, Midea’s sinking channels in China are fully distributed and its brand effect is prominent. Hiconics Eco-Energy Technology Co.Ltd(300048) is expected to realize the rapid expansion of the Chinese market through the cooperation of the group’s channels.
A number of household appliances have regained US tariff exemption. On March 23, the office of the US trade representative said that it would resume the tariff exemption of some Chinese imports. Previously, among the 549 pending products, the categories related to household appliances have basically obtained tariff exemption in the 352 tariff exemption list. We believe that this tariff exemption is consistent with the 2020 exemption period, and that the exemption period for 2020 will be the same. The tariff pressure on related export products will be marginal relieved. It is suggested to focus on the Beijing Roborock Technology Co.Ltd(688169) atthe same time, pay attention to the leading household appliance enterprises Midea Group Co.Ltd(000333) Haier Smart Home Co.Ltd(600690) 。
From January to February, the air conditioning outlet was stable, and the ice washing experienced withdrawal. According to the latest data from the General Administration of customs, from January to February, China’s air conditioning output was + 4.5%, washing machines were – 13.4% and refrigerators were – 10.9% year-on-year. Under the influence of high base pressure in the same period last year and the recent easing of overseas epidemic, the state of ice washing export end has declined this year. We believe that the current foreign trade environment is unstable, the price of raw materials is rising, the epidemic situation in China is repeated, and the short-term operation pressure of household appliance enterprises is increasing sharply. It is recommended that we continue to focus on the substantive marginal changes in the real estate market and the timing point when the demand for end appliances will pick up, and the timing point when the real estate market will continue to change and the demand for end appliances will pick up. We should also focus on the household appliance companies starting the second growth curve: Hongda Xingye Co.Ltd(002002) 011 93 , Xiamen R&T Plumbing Technology Co.Ltd(002790) .
