Zhou’s investment view:
1) on March 30, 2022, the boss launched the first high-performance integrated stove product, equipped with the function of steaming, baking and frying, customized Chinese cooking, built-in 64 automatic cooking recipes, and spared no effort to impact the high-end market competition pattern of the integrated stove industry. On April 1, Marssenger Kitchenware Co.Ltd(300894) also launched a new x50bc integrated stove for steaming, baking and frying. In addition to the brands of integrated stoves, vantage, Midea, Zhejiang Supor Co.Ltd(002032) and other Chinese household appliance leaders all have layout in the category of integrated stoves. As a leading enterprise of kitchen appliances in China, the boss’s layout of integrated stoves reflects the broad space of integrated stoves in the industry. In 2021, the sales of integrated stoves increased by 27.9% year-on-year, the penetration rate increased rapidly, and the market space was huge.
In addition to continuously launching new integrated kitchen products, all integrated kitchen brands also expand the product layout through other integrated kitchen categories to create a more perfect kitchen experience for consumers. On March 23, Midea launched an integrated dishwasher in cooperation with Panasonic; On April 2, Yitian released a new set of integrated cooking and washing center, integrating [intelligent cooking + fresh vegetable tableware washing] and other full functions within one square meter of the kitchen. Pay attention to the leading enterprises of integrated stoves in China Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Meida Industrial Co.Ltd(002677) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , and pay attention to the kitchen electric faucets of integrated categories Hangzhou Robam Appliances Co.Ltd(002508) , Vatti Corporation Limited(002035) .
2) after Midea launched the green recycling action of home appliances and explored the full link digital green recycling system on March 28, Midea launched the policy of “replacing repair with replacement” in the field of household electrical products. The content of the policy and supporting service measures were officially implemented on April 1. So far, six home appliance manufacturers including Midea, Haier, Gree, Changhong, Hisense and TCL have actively participated in the action of recycling target responsibility system.
We believe that at present, China’s top-level household appliance recycling system has been basically established, the specific subsidy policies and implementation rules have been continuously improved, and the economic value of recycling links and indirectly promoting the renewal demand of household appliances and saving electricity has exceeded 100 billion. Focus on Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , which have dismantling enterprises and plans. In addition to being beneficial to environmental protection and improving resource utilization efficiency, the policy of home appliance recycling and trade in can also effectively promote consumers’ demand for the renewal of household appliances, improve consumers’ consumption frequency of categories with fast product promotion, pay attention to the floor sweeping Siasun Robot&Automation Co.Ltd(300024) leaders Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , recommend intelligent projection leaders Chengdu Xgimi Technology Co.Ltd(688696) . Pay attention to the new life of second-hand electrical and electronic product sales enterprises.
Industry focus dynamic tracking:
On April 1, China’s first laser TV industry standard issued by the Ministry of industry and information technology was officially implemented. The standard was jointly drafted by China Institute of electronic technology standardization, Hisense, Guangfeng, Changhong, Xiaomi and other 25 units. According to the standard, laser TV display equipment refers to the display equipment that adopts laser projection display technology and is equipped with a special projection screen to display radio and television programs or Internet TV programs; At the same time, the standard specifies that the brightness unit of laser TV is nit, not lumen, so as to distinguish between “laser TV” and “projection”.
On March 28, initiated by Midea, the “turning green – 2022 Midea green recycling action” guided by China material recycling association, China Renewable Resources Recycling Association, China Circular Economy Association and China home appliance service and maintenance association was officially launched Midea Group Co.Ltd(000333) aims at four kinds of household electrical products, including air conditioners, refrigerators, washing machines and televisions, which are not limited to brands, and provides users with double benefits of “green recycling + renewal subsidy”. At the same time, it also introduces convenient services of disassembly, delivery and installation, so as to ensure users’ worry free renewal. On April 1, Midea launched the policy of “replacing repair with replacement” for household electrical products.
On March 29, Jimi launched a new projection z6x Pro ultra-thin projector, priced at 3699 yuan, which will be officially on sale on April 13. The new product is equipped with a Jimi self polishing machine, and the brightness can reach 1000ansi lumen, which is significantly improved compared with the old z6x (800ansi). While improving the performance, the new product maintains a light and thin shape with a thickness of only 5cm. At the same time, it also launched a new Chinese style color “Banshan daiqing”.
Risk factors: macroeconomic environment fluctuations, rising raw material prices, repeated outbreaks at home and abroad, exchange rate fluctuations, serious decline in market end demand, decline in export prosperity and other risks.
