Main points:
This week’s view:
On March 30, kitchen faucet Hangzhou Robam Appliances Co.Ltd(002508) launched its first new high-performance integrated stove. The boss integrated stove takes “two breakthroughs (no oil accumulation, no disassembly and cleaning, 23 ° central control window)” and “four upgrades (78l professional steaming, baking and frying, 125L full cavity disinfection, 20m3 / min high suction, 5.0kw high firepower)” as the main product highlights, inheriting the technical advantages of the boss’s high suction and fierce firepower range hood. Compared with the products of its peers in the market, the company’s new products have added the “frying” function, which meets the vigorous air frying demand in the past two years; In terms of product industrial design, the simple and mellow appearance design is in line with the current mainstream aesthetics and traditional Chinese philosophy. The 23 ° central control window design also highlights humanization considerations and creates a non bending operation experience. In our opinion, Hangzhou Robam Appliances Co.Ltd(002508) from mainly relying on channel drive in the past to mainly relying on product drive now, to accommodate new categories of integrated stoves mutually exclusive with traditional range hoods may be regarded as a new 0-1 process, but in this process, we need to focus on overcoming, not from the technical level, but mainly on the sorting of channel interest relations, including adjusting the original pricing system and interest segmentation rules, It involves a wide range and complexity. It is gratifying that the launch of the two new integrated stoves marks that the above problems have been solved to a certain extent. We are optimistic about the far-reaching significance of this transformation to the improvement of corporate governance ability.
Loose real estate policies have been announced in many places across the country, and the certainty of marginal recovery of real estate has increased. Since the introduction of the State Council’s policy of reducing the expected down payment of real estate loans and the special meeting of the State Council on the 27th, the State Council has continuously reduced the down payment of real estate loans, but not limited to the down payment of real estate. Since the introduction of the policy of restricting the down payment of real estate loans, the State Council has continuously strengthened the policy of restricting the growth of real estate loans, including the reduction of the proportion of down payment of real estate loans and the holding of the special meeting on the 27th. Among them, Qinhuangdao, Hebei, Quzhou, Zhejiang and other places took the lead in canceling the purchase restriction policy, Zhengzhou, Harbin, Fuzhou and other places successively relaxed the purchase and sales restriction conditions, and the certainty of marginal recovery of real estate is increasing. We believe that in the post cycle industrial chain of real estate, white electricity and kitchen electricity have the strongest correlation with real estate, and the valuation repression caused by the current round of real estate downturn is the worst. Among them, Hangzhou Robam Appliances Co.Ltd(002508) , Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) short-term valuations have dropped to 16, 13, 16 and 8 times PE respectively, which are at the bottom of historical valuations. With the gradual relaxation of the real estate policy, the expectation of the valuation repair of white electricity and kitchen electricity has increased and responded recently, but the determination of the performance inflection point still needs to continue to track the annual report of 21 and the financial report of 22q1.
Plate view
White electricity sector: the main support for white electricity repair comes from: 1) the pressure on the high base caused by the epidemic is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China’s white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich experience in overseas operation has the opportunity to improve the penetration of overseas market, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is relatively weak, but the performance of sub sectors is differentiated. It is suggested to pay attention to the integrated stove sub sector with low penetration and high growth. We believe that the penetration rate of integrated stoves at this stage is still low, while the existing stock housing market is large and has sufficient penetration space. At the same time, after the early consumer education of integrated stoves (especially, after the four leading enterprises took the lead in listing in 2020, Pinxuan strengthened to further improve the popularity of integrated stoves), the vigorous development in recent two years has promoted some leading enterprises to complete the accumulation from one to ten. With the construction of channels and the increasing improvement of product categories, and referring to the development track of traditional kitchen electric faucets, the leapfrog development of integrated stoves from 10 to 100 can be expected.
Cleaning appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning floor sweeper U10 with mop and floor washer G10, Ecovacs Robotics Co.Ltd(603486) launched the new floor sweeper X1 with self-cleaning + self dust collection + self drying, and Yunjing’s second-generation new floor sweeper J2 with self-cleaning + self changing + self drying. These new products are significantly improved in product performance or industrial design compared with the past, in line with the current consumption upgrading trend, and are expected to further stimulate terminal sales. At the same time, the rapid volume of floor washing machine has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) , Xinbao and other enterprises. In the first half of 22, more enterprises will launch relevant products, and the high-profile atmosphere and certainty of floor washing machine and other emerging clean electrical appliances are strong.
Investment advice
It is suggested to pay attention to the white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) , which continue to optimize the competition pattern and whose profitability is expected to be repaired in the second half of the year.
It is suggested to pay attention to the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , which comprehensively promotes the improvement of multidimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) , which is expected to launch new integrated stove products in the first half of the year, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , which continuously optimizes the product structure and steadily expands multiple channels.
It is suggested to pay attention to the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) , which has deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; The severe regulation of real estate has a negative impact on the demand for downstream household appliances; The epidemic has repeatedly affected the resumption of production and work
