Last week, the CSI 300 index rose 2.43%, and the Changjiang household appliance index rose 4.42%, outperforming the CSI 300 index by 1.99pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were 5.00% / 3.89% / 0.99% / 0.18% / 0.61% respectively.
Sub section core data tracking:
White appliances & color TV: according to the 13 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 29.73%, 18.14% and 30.99% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 34.22%, 10.37% and 7.05% respectively year-on-year; Color TV offline channels fell 31.46% year-on-year, and online channels fell 27.44% year-on-year.
Kitchen appliances: according to the 13 week data of ovicloud, the retail sales of range hood offline channels fell by 35.65% year-on-year, and the retail sales of online channels fell by 17.73% year-on-year; The offline retail sales of gas stoves decreased by 35.58% year-on-year, and the online retail sales increased by 13.05% year-on-year; The offline retail sales of integrated stoves increased by 8.24% year-on-year, and the online retail sales decreased by 4.89% year-on-year; The offline retail sales of gas water heater decreased by 40.21% year-on-year, and the online retail sales increased by 3.03% year-on-year.
Small household appliances: according to the 13 week data of ovicloud, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) offline channels decreased by 4.30%, 39.51%, 48.03%, 36.33%, 47.07% and 13.08% respectively year-on-year; Online channel retail sales increased by 41.91%, decreased by 35.84%, decreased by 18.12%, decreased by 35.53%, decreased by 14.33% and increased by 69.49% respectively year-on-year.
Investment advice
The price of many household appliances has been raised. The continuous high price of raw materials since last year has significantly pushed up the cost of household appliances, and the prices of many kinds of household appliances have increased since March. After Haier and Midea, Gree and oaks also announced that they would raise prices from April. The price of Haier’s air-conditioning products has increased by about 15% since March, and the price of Haier’s air-conditioning products has increased by about 15% since May this year. This round of price increase of air ice washing electric appliances is close, about within 15%. This year’s round of price increases mainly occurred in white TV sets and small household appliances, while the price of color TV sets did not rise significantly this year after a wave of rise last year. Enterprises will strengthen the whole value chain to reduce costs and increase efficiency, promote the structural upgrading of products, and the evolution of the industry as a whole to the high-end trend, so as to alleviate the cost pressure. In addition, for export businesses, such as Zhejiang Supor Co.Ltd(002032) and other enterprises, foreign exchange hedging and other measures have been taken to protect profits.
Under the demand of renewal, it will bring recycling opportunities of waste household appliances and upgrading of consumer products. Haier’s first “lighthouse factory” project for dismantling waste household appliances will be put into operation in July. Haier is improving the recycling system of waste household appliances; Midea started the recycling of waste household appliances and joined the “green recycling responsibility list”; Gree Dong Mingzhu said at the two sessions that it would continue to promote the construction of waste household appliances recycling system. Under the guidance of the double carbon target, the industrialization of waste household appliance recycling industry is ushering in a high heat. With the overall growth rate of household appliance sales slowing down, trade in is an important driving force for growth. Innovation driven and differentiated products will continue to stimulate consumer demand in the future, such as projectors, dishwashers, floor washers, etc.
Suggestions for attention: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333)
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
