Core view
Special topic of this week: Prospect of the first quarterly report of key companies. Under the background of repeated “epidemic” and high raw material prices, it is expected that the revenue performance of the household appliance sector in the first quarter is under pressure, and the leaders of the subdivided sectors are expected to show strong business resilience. Looking forward to the second quarter, it is suggested to grasp two main investment lines: first, under the background of accelerating the stability maintenance of real estate policy, the valuation of subdivided sectors with relatively strong post cyclical attributes of real estate is expected to be repaired, and it is mainly recommended that they have their own characteristics α Attribute and strong performance certainty, such as Hangzhou Robam Appliances Co.Ltd(002508) ; Second, pay attention to the traditional subdivided tracks that are expected to cross the cycle through differentiated competition and mode innovation in the domestic market, such as Haier Smart Home Co.Ltd(600690) , which is led by Casati’s high-end and preceded by the flow of “three winged birds”.
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 raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (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 business license business Opple Lighting Co.Ltd(603515) .
This week’s market: this week, the Shanghai Composite Index rose 2.19%, and the home appliance industry rose 3.41%, slightly outperforming the market. Among them, white electricity rose 5.03%, black electricity rose 1.8%, kitchen electricity rose 4.46%, small household appliances rose 1.17%, lighting electricians and other sectors rose 0.66%. 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 16.88%, an increase of 0.1pct over last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.95%, up 0.2pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Hushen stock connect accounted for 9.89%, up 0.08pct from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 10.33%, down 0.33pct from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.74%, down 0.03pct from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.53%, down 0.13pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Xiamen Guang Pu Electronics Co.Ltd(300632) (11.22%), Haier Smart Home Co.Ltd(600690) (8.45%), Zhejiang Supor Co.Ltd(002032) (8.12%), Hangzhou Robam Appliances Co.Ltd(002508) (7.36%), Chengdu Xgimi Technology Co.Ltd(688696) (6.58%); The top five declines were Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (- 5.62%), Shenzhen Breo Technology Co.Ltd(688793) (- 5.61%), Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) (- 5.57%), Guangzhou Echom Sci.&Tech.Co.Ltd(002420) (- 5.54%), Guangdong Sunwill Precising Plastic Co.Ltd(002676) (- 5.39%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6309 yuan / ton, up 128 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 6123 yuan / ton, an increase of 89 yuan / ton compared with last week; The price of copper (1) this week is 73790 yuan / ton, down 90 yuan / ton from last week; The price of aluminum (A00) this week was 22720 yuan / ton, down 270 yuan / ton from last week; The price index of China plastic city was 1021.7 this week, up 2.7 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk
