Key investment points:
Market review: the home appliance (CITIC) industry index performed well this week, rising 3.93%. The weekly increase ranked seventh in the CITIC primary industry index, outperforming the CSI 300 index by 1.50 percentage points in the same period. In the subdivided industries, all segments of household appliances received red, among which the indexes of white electricity and kitchen electricity outperformed the CSI 300 index by 2.60 percentage points and 2.03 percentage points respectively. In terms of individual stocks: the performance of individual stocks in the home appliance (CITIC) industry continued to improve this week, with 35 stocks recording positive earnings, accounting for about 44%, 7 with a weekly increase of more than 5% and 1 with a weekly increase of more than 10%; 40 stocks recorded negative returns, accounting for about 51%. There were 6 stocks with a weekly decline of more than 5%, and none had a weekly decline of more than 10%. Valuation: as of April 1, 2022, the overall PE (TTM) of the home appliance (CITIC) industry was about 15.43 times, up 3.89% from last Friday. At present, it is lower than the average valuation level of the industry since 2017; The ratio of the overall PE (TTM) of the home appliance (CITIC) industry to the PE (TTM) of CSI 300 is 1.30 times, up 2.18% from the Fifth Ring ratio last week. At present, it is lower than the average relative valuation level of the industry since 2017.
Industry operation data: according to ovicloud, in the 13th week of 2022, the online performance of most household appliances was better than that of offline ones, and the online sales of freezer dryers increased year-on-year; The sales performance of kitchen power is average, the online growth of dishwasher is fast, and the offline performance of integrated stove is stronger; The Wuxi Online Offline Communication Information Technology Co.Ltd(300959) performance of small electric appliances in the kitchen is relatively poor, and only the online sales of electric steamers maintain a positive growth; The online performance of environmental health appliances is better than that of offline appliances, and the online sales of cleaning appliances, sweeping Siasun Robot&Automation Co.Ltd(300024) , electric fans and electric heating have increased year-on-year.
Industry perspective: maintain the recommended rating of the industry. In March, the home appliance sector index fell sharply, the valuation level was reasonably low, and the current valuation cost performance is high. According to the incomplete statistics of Zhuge Research Institute, as of March 30, 62 cities have relaxed the property market policies, including relaxing the purchase and loan restrictions, reducing the down payment ratio, reducing the mortgage interest rate, relaxing the provident fund loans, relaxing the sales and price restrictions, house purchase subsidies and other measures, which are expected to stimulate the demand side of real estate and stimulate the consumption of large household appliance industry in the post real estate cycle. Recently, the annual reports of many companies have been released gradually, and excellent enterprises in the household appliance industry have bucked the trend. It is suggested to continue to pay attention to all electric head enterprises, such as the comprehensive household appliance enterprise Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ) with parallel brand and technology, the Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ) with perfect channels at home and abroad, high-end brands and ecological scenes, the traditional kitchen electric faucet officially entering the local integrated stove Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) ), and the old offline integrated stove enterprise with continuously improved channels Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) ). In addition, China’s first laser TV industry standard issued by the Ministry of industry and information technology was officially implemented on April 1. The phenomenon of mixed fish and Dragons is expected to be standardized. Pay attention to excellent enterprises in the laser TV industry, such as Hisense Home Appliances Group Co.Ltd(000921) ( Hisense Home Appliances Group Co.Ltd(000921) ).
Risk tips: macroeconomic fluctuation risk, market risk caused by trade friction and tariff barriers, price war risk caused by intensified industry competition, epidemic risk, upstream raw material price fluctuation risk, policy change risk, etc.
