Core view
Multiple external factors are expected to work towards good + internal products, and underestimated value appliances show more configuration value. Last week, the home appliance sector stabilized periodically, benefiting from factors such as the mitigation of expectations on the cost side, the relaxation of real estate policy under the main line of steady growth, and the exemption of tariffs between China and the United States, the elasticity of the home appliance industry with low valuation was further highlighted. With the subsequent terminal price rise further digesting the cost pressure, the policy underpinning the continuous repair of the completion prosperity of the real estate, and the accelerated iteration speed of some new electrical appliances, or usher in the opportunity of double-click valuation and performance. However, the current epidemic situation is repeated, the pressure of shipping and other adverse factors still exist.
From the terminal data, the overall sales performance of w13 (3.21-3.25) white electricity fell year-on-year. Compared with W12 data, there was no improvement trend, and the overall export volume of white electricity continued to decline in February; In terms of average price, the average price of the main categories concerned last week has increased since March due to the rise in the cost of upstream raw materials and the upgrading of product structure; From the perspective of production scheduling, air conditioning manufacturers were in the peak season of shipment through traditional channels in March, and the production scheduling increased slightly year-on-year.
From the perspective of fundamentals, the overall transaction volume of the real estate market rose in March, but the year-on-year decline expanded. From January to February, the sales area of commercial housing decreased by 9.6% year-on-year, and the overall sales recovery was slow; From January to February, the overall logistics operation maintained a stable recovery trend. The e-commerce logistics index showed that the year-on-year growth rate of e-commerce logistics business in the first two months exceeded 25%; Affected by the continuous rise of bulk raw materials, the import logistics volume decreased for five consecutive months from January to February, with a year-on-year decrease of – 3.5%.
Increase the public equity allocation ratio of household appliances Q4. W14 (3.28-4.1) home appliance sector increased by 3.41%, ranking 10 / 31 in the rate of return of Shenwan sub industry.
Industry news and important announcements
A new round of negotiations between Russia and Ukraine has released positive signals; EU “carbon tariff” will indirectly affect the export of household appliances; The interest rate of individual housing loans in many cities has been reduced, and the lending cycle has been shortened; The target responsibility action for recycling waste household appliances was launched, and six leading enterprises have joined.
Last week, several listed companies such as Haier Smart Home Co.Ltd(600690) , Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Hisense Home Appliances Group Co.Ltd(000921) , etc. released annual reports Hangzhou Robam Appliances Co.Ltd(002508) issued the 2022 equity incentive plan.
Investment advice
It is suggested to pay attention to the traditional leaders who benefit from the recovery of fundamentals and the emerging categories of household appliances with high landscape. , , .
Risk tips
Real estate fell short of expectations, raw materials rose sharply, tariff policies changed, consumer demand fell short of expectations, and the exchange rate rose.
