Market performance
This week (3.25-3.31), the CSI 300 index fell by 0.68%, the home appliance (CITIC) sector rose by 0.13%, and the industry outperformed the market by 0.81 percentage points, ranking 13th among the 30 CITIC first-class industries. In terms of the fine molecule industry, this week’s gains and losses were mixed, with the kitchen appliance sector leading the rise. White appliances 0.17%, kitchen appliances 1.33%, lighting electricians and others – 0.10%, small appliances – 0.69%, black appliances 0.35%. In terms of individual stocks, in the past five trading days, Inventronics (Hangzhou) Inc(300582) (+ 27.50%), Shenzhen Crastal Technology Co.Ltd(300824) (+ 14.87%) and Changhong Huayi Compressor Co.Ltd(000404) (+ 10.47%) led the increase, while Wuxi Hodgen Technology Co.Ltd(300279) (- 9.08%), Guangdong Tonze Electric Co.Ltd(002759) (- 7.79%) and Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 7.09%) led the decline. Among them, the top gainers Inventronics (Hangzhou) Inc(300582) , Shenzhen Crastal Technology Co.Ltd(300824) and Changhong Huayi Compressor Co.Ltd(000404) were recognized by the market due to their outstanding performance announced recently.
Household appliance industry highlights
In 2022, the target responsibility action for recycling waste household appliances was launched, and 6 leading enterprises have joined
Dyson has entered the audio field and will release air purification headphones this year
Midea adds two more “lighthouse factories”! In the future, all factories will reach the level of Lighthouse factory
Investment advice
According to the latest production and sales data released by industry online, air conditioning sales achieved double-digit growth in February, with a year-on-year increase of 10.59%. Among them, exports increased by 15.34% and domestic sales increased by 4.06% year-on-year. In March, the output of household air conditioning industry increased by 3.1% compared with the actual production performance of the same period last year. The production scheduling data in March increased slightly, mainly because air conditioning manufacturers began to prepare for the peak season and increased the stock since March. In terms of raw materials, it is still operating in the high price range, resulting in the pressurization of the cost side of enterprises. In addition, we can also see that the recent policy side has repeatedly mentioned the promotion of green smart home appliance consumption. We believe that this also further defines the new trend of transformation and upgrading of the home appliance industry, which is expected to promote the optimization and adjustment of home appliance product structure and further help to improve the profitability of enterprises. At present, it is in the intensive publishing period of annual report and first quarterly report, so it is suggested to pay attention to the undervalued target whose performance exceeds expectations. 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.
