Core view
This week's special topic: 1. Industry online data tracking: on the whole, the export of ice washing in the first two months was under pressure. From January to February 2022, the export end of China's refrigerators and washing machines was affected by many factors such as the high base in the same period, weak overseas demand, high fluctuation of raw material prices, shipping pressure and so on. 2. On March 24, the United States announced that it would resume the exemption from tariffs on 352 commodities. According to incomplete statistics, the main beneficiaries from the tariff exemption are some small household appliances and related upstream categories of household appliances. Home appliance companies with a high proportion of business exported to the United States are expected to benefit, including Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , whose main business is sweeping Siasun Robot&Automation Co.Ltd(300024) ; Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , vesync and JS global account for a large proportion of small kitchen appliances; Kingclean Electric Co.Ltd(603355) , Fujia shares, Ningbo Dechang Electrical Machinery Made Co.Ltd(605555) etc. account for a large proportion of vacuum cleaner business exports.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about the breakout of marginal household appliances under the background of real estate subdivision and easing. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of commercial lighting business Opple Lighting Co.Ltd(603515) .
This week's market: this week, the Shanghai Composite Index fell 1.19%, and the home appliance industry fell 2.51%, slightly losing the market. Among them, white electricity fell 3.36%, black electricity fell 1.24%, kitchen electricity fell 0.75%, small household appliances rose 0.79%, lighting electricians and other sectors fell 0.46%.
As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 16.78%, an increase of 0.13pct over last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.75%, down 0.2pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 9.81%, down 0.19 PCT from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 10.66%, down 0.32 PCT from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.77%, up 0.25 PCT from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.66%, down 0.01pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Shenzhen Crastal Technology Co.Ltd(300824) (24.66%), Inventronics (Hangzhou) Inc(300582) (17.23%), Bear Electric Appliance Co.Ltd(002959) (8.13%), Changhong Huayi Compressor Co.Ltd(000404) (7.19%), Youngy Health Co.Ltd(300247) (5.96%); The top five declines were Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (- 10.1%), Canature Health Technology Group Co.Ltd(300272) (- 9.52%), ST shenglai (- 8.93%), Guangdong Tonze Electric Co.Ltd(002759) (- 5.52%), Shenzhen Mtc Co.Ltd(002429) (- 5.18%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6181 yuan / ton, an increase of 82 yuan / ton compared with last week; The price of copper (1) this week is 73880 yuan / ton, up 570 yuan / ton from last week; The price of aluminum (A00) this week is 22990 yuan / ton, an increase of 470 yuan / ton compared with last week; The price index of China plastic city was 1019.3 this week, up 10.3 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
