key points of investment
In spring, the new products of household appliances are released intensively. This paper combs the mainstream new products of 2022q1 in the categories of integrated stove and dishwasher, small kitchen appliances, cleaning appliances, projector and laser TV:
Integrated stove & dishwasher: the new products of integrated stove are launched intensively, and the dishwasher industry continues to heat up. In terms of integrated stoves, a number of integrated stoves enterprises held the annual meeting of franchisees in March to release new integrated stoves. In addition to the improvement of cooking and safety performance, steaming and baking independent integrated stoves has gradually become a trend.
In terms of dishwashers, Hangzhou Robam Appliances Co.Ltd(002508) continues to promote high-capacity products, and several integrated stove enterprises have launched new integrated dishwashers, and the industry competition continues to heat up.
kitchen appliances: new products of the main business are replaced, and diversified categories continue to expand. In 2022q1, the main categories of kitchen appliances brands have started product iteration one after another. Tianke launched a new generation of intelligent cooking machine food 30000, creating a full link cooking solution from food preparation to intelligent cooking and automatic cleaning. Zhejiang Supor Co.Ltd(002032) , Jiuyang, Xiaoxiong and Beiding updated their voltage cooker, soybean milk cooking machine, steaming stew pot, health pot and other products respectively. At the same time, they continued to expand diversified categories, and Jiuyang launched new products of air fryer, Xiaoxiong updated the auxiliary food pot, deepened the layout of maternal and infant electrical appliances, and Zhejiang Supor Co.Ltd(002032) and Mofei launched food material processing appliances such as vacuum fresh-keeping machine and food material purifier respectively to further meet the needs of cooking health. In March, the epidemic situation was repeated in many places in China, and the increase in cooking demand during home is expected to drive the sales of small household appliances in the kitchen.
cleaning appliances: stone launched a new type of integrated floor sweeper with self-cleaning + self dust collection function, and Haier and Mofei layout floor washing machines. January Ecovacs Robotics Co.Ltd(603486) launched Tibao T10 series, February Midea launched M9 sweeping mop Siasun Robot&Automation Co.Ltd(300024) , March stone launched sweeping mop Siasun Robot&Automation Co.Ltd(300024) series integrating multiple functions such as self dust collection, self-cleaning and automatic water replenishment, and advanced g10s Pro added real-time video call function to enhance the intelligent attribute of the product. G10s and g10s Pro were priced at 4799 yuan / 5699 yuan respectively, and JD sold more than 10000 units in advance. Haier, Mofei and other brands of floor washing machines have launched new products, and the subsequent industry competition may heat up.
projector: when Bei F5 improves the projection brightness, nut J10 series continues to iterate. In January, fengmi launched P1 pocket laser projector. In February, dangbei launched a new F5 household projection, priced at 5699 yuan, which adopts OSRAM's new generation RGB + Pb four channel high-power LED lamp set, and the brightness is increased to 2800ansi lumens. Nut launched j10s projector, which has improved the sound quality, memory and other performance compared with J10.
laser TV: Jimi launched panchromatic laser TV, and Hisense l5g series launched a new one to further expand the mass price band. On February 17, Jimi launched 100 inch 4K full-color laser TV A3, priced at 20999 yuan; On March 25, Hisense launched l5g series new products, of which 75l5g was priced at 7999 yuan and 80l5g at 10999 yuan, so as to improve the cost performance of products and accelerate the penetration of laser TV categories.
investment suggestion: sector leader has high cost transfer and cycle crossing ability, and the profit is expected to maintain a stable level. Recommend the leading white horse with oversold and good fundamentals in the early stage. White electricity sector: recommend traditional leaders Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , with high pricing power in the industrial chain; Kitchen electricity: it is recommended to gradually open the kitchen electricity faucet with the second growth curve Hangzhou Robam Appliances Co.Ltd(002508) ; Small household appliances: recommended management reform, operation optimization, fundamentals reversal Zhejiang Supor Co.Ltd(002032) and export profit improvement Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , high valuation safety margin, and the epidemic situation boosted demand. It is suggested to pay attention to Chengdu Xgimi Technology Co.Ltd(688696) , Hisense Visual Technology Co.Ltd(600060) .
risk warning: terminal demand is lower than expected, raw material costs continue to rise, and industry competition intensifies.
