Among the sectors in the post real estate cycle this week, the sectors of white appliances and kitchen appliances showed relatively strong performance. The CSI 300 index rose 2.43% this week. Among the sectors in the post real estate cycle, the white household appliances and kitchen appliances rose 5.03% and 4.46% respectively this week, outperforming the market by 2.60pct and 2.03pct respectively. The furniture, black household appliances, lighting electricians and small household appliances rose 2.17%, 1.80%, 1.29% and 1.17% respectively this week. The service Siasun Robot&Automation Co.Ltd(300024) sector fell 0.36% this week, outperforming the market by 0.26pct, 0.63pct, 1.15pct, 1.26pct and 2.80pct respectively.
Domestic sales: in February, the opening volume of hardbound houses continued to grow negatively year-on-year. (1) Price of upstream raw materials: this week, the price of chemical raw materials for soft furniture fell, the price of copper rose, the price of aluminum and stainless steel fell, and the price trend of plastic raw materials was divided. (2) China’s real estate demand: from January to February 2022, the year-on-year decline in the sales area of new houses narrowed, and the completed area turned to a year-on-year negative growth; In February 2022, the transaction volume of second-hand houses continued to decline year-on-year. According to the real estate data released by the National Bureau of statistics, from January to February 2022, the national residential sales area decreased by 13.8% and the completed area decreased by 9.6% year-on-year; In terms of second-hand housing transactions, in February 2022, the transaction volume of second-hand housing in China’s top 10 cities was 23200 units, a year-on-year decrease of 46%; In terms of the opening of hardbound houses, according to the statistical data of ovicloud, the opening volume of hardbound houses nationwide was about 38000 in February 2022, a year-on-year decrease of 64.7%. (3) Retail tracking: from January to February 2022, the retail sales of furniture decreased by 6.0% year-on-year, and the retail sales of household appliances increased by 12.7% year-on-year. In terms of sub categories, according to the monitoring data of ovicloud, the online retail sales of kitchen appliances, dishwashers and integrated stoves in February 2022 increased by 39.5%, 22.7% and 175.3% year-on-year respectively, and the online sales of kitchen appliances, cleaning appliances and floor sweeping Siasun Robot&Automation Co.Ltd(300024) decreased by 8.5%, 13.0% and 13.8% year-on-year respectively.
Export: from January to February, the export volume of furniture increased by 2% year-on-year, and the export volume of household appliances decreased by 4% year-on-year. (1) Overseas real estate demand: in February 2022, the sales of existing homes in the United States decreased by 2% year-on-year, with continuous negative growth; In February 2022, the number of new construction projects increased by 22% year-on-year, with a positive year-on-year increase. (2) Export performance of sectors and sub categories: from January to February 2022, the export volume of furniture increased by 2% year-on-year, and the export volume of household appliances decreased by 4% year-on-year. According to the data disclosed by the General Administration of customs, the year-on-year growth rate of exports of electric kettle, toaster and other categories in January 2022 was significantly higher than that in December 2021, but the year-on-year growth rate of exports of electric frying pan, microwave oven and other categories decreased. In February 2022, the year-on-year growth rate of exports of microwave ovens increased compared with January, and the year-on-year growth rate of exports of other categories fell to varying degrees.
Investment proposal and investment object
The demand for domestic sales and export continued to grow rapidly in the post real estate cycle. It is suggested to pay attention to the leading customized home furnishings Suofeiya Home Collection Co.Ltd(002572) ( Suofeiya Home Collection Co.Ltd(002572) , buy), Oppein Home Group Inc(603833) ( Oppein Home Group Inc(603833) , overweight), Guangzhou Shangpin Home Collection Co.Ltd(300616) ( Guangzhou Shangpin Home Collection Co.Ltd(300616) , overweight), Zbom Home Collection Co.Ltd(603801) ( Zbom Home Collection Co.Ltd(603801) , Unrated), leading software furniture Jason Furniture (Hangzhou) Co.Ltd(603816) ( Jason Furniture (Hangzhou) Co.Ltd(603816) , Unrated); Benefiting from the high growth in emerging categories such as floor sweepers and small household appliances, which have benefited from the high growth in emerging categories such as floor sweepers and small household appliances. It is suggested to focus on China’s sweeping the floor Siasun Robot&Automation Co.Ltd(300024) \ \ Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) , overweight).
Risk tips
The risk of real estate sales and completion falling short of expectations and the risk of sharp rise in the price of raw materials
