Core view
Research tracking and investment thinking this week: since 2022, many home appliance enterprises have released heavy new products in the first quarter, which is expected to lay a good foundation for the growth of the whole year. This week, we focus on tracking the new products released by new consumer appliance enterprises:
Intelligent projection: the medium and high-end long focus market is stable and optimized, and ultra short focus laser opens a new pattern. In 2022q1, many projection head enterprises launched new products: 1) Jimi’s mid-range Z series products iteratively launched z6xpro. Z6xpro optimized brightness and memory on the basis of retaining z6x’s small volume and cost performance, which helps to consolidate Jimi’s leading advantage in the mid-range price segment. 2) Nuts further extended the high-end product line. The hardware of the new j10s changed little compared with J10, and the image quality was optimized in terms of highlights. 3) When the hardware parameters of Beixin F5 are strengthened, the highlight / resolution has reached the highest level in the industry. In terms of laser TV, Jimi launched full-color laser TV A3 in February and Hisense launched l5g laser TV in March. They all use three-color laser light source with brightness of 350 + nit. Among them, Hisense 75 inch l5g laser TV with screen costs only 7999 yuan / set, which once again lowers the lower price limit of laser TV products.
Integrated stove: traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) enters into integrated stove Hangzhou Robam Appliances Co.Ltd(002508) launched a new generation of heavy-duty high-performance integrated stoves at the end of March, with the concept of “creation, change, breakthrough, upgrading and integration”, upgrading in the aspects of control, fume exhaust and smoke suction. The boss is expected to launch a total of 10 new products in Yuangui and yuanmu series. At present, JD’s self operated flagship store has launched two models: 9yx03 disinfection cabinet and 9yc03 steaming, baking and frying. In terms of price, the new price of the boss’s integrated stove is positioned at the forefront of the industry, which is slightly higher than that of the other four integrated stoves by 10002000 yuan.
Sweeping Siasun Robot&Automation Co.Ltd(300024) : performance iterative upgrade and improve the layout of price segment. 2022q1 cleaning appliance leader Ecovacs Robotics Co.Ltd(603486) , stone and pursuit and other enterprises have launched sweeping Siasun Robot&Automation Co.Ltd(300024) new products: pursuit of new w10pro has upgraded and iterated in bacteriostatic technology and AI function; Stone g10spro is a high-end all-around new product of “self-cleaning + self dust collection”, equipped with AI structured light + LDS real-time detection system with millimeter ranging Ecovacs Robotics Co.Ltd(603486) launched a new cost-effective self-cleaning product T10, aiming at the middle end positioning of stone G10. In March, Tianke released a new floor washer, Fuwan 3.0, which continued to upgrade in terms of endurance, edge cleaning, efficient sterilization and so on. Generally speaking, when the number of models of self-cleaning sweepers is still small, leading enterprises are making up the blank price segment of new products in 2021, stone expands products in the high-end price segment, and Ecovacs Robotics Co.Ltd(603486) completes the supplement of medium and high-end product matrix.
Key data tracking: market performance: relative income of household appliances last week + 0.97%. Raw materials: the prices of copper and aluminum in LME3 months increased from – 0.5% and – 2.6% to US $10255 / 3497 / ton on a weekly basis respectively; The cold rolling price was flat to 5543 yuan / ton on a week-on-week basis. Container transportation index: the weekly ratio of West America / East America / Europe was – 3.32%, + 2.58% and – 2.31% respectively; Capital flow: the shareholding ratio of Midea / Gree / Haier land stock link changed by + 0.10%, + 0.08%, – 0.13% on a weekly basis.
Suggestions on core investment portfolio: white power recommends Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , efficiency improvement and continuous promotion of channel reform; Kitchen electricity recommends high growth and strong incentive integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , and second-line leader of all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Smart projection faucet Chengdu Xgimi Technology Co.Ltd(688696) , 2b and 2C go hand in hand Appotronics Corporation Limited(688007) .
Risk warning: the epidemic situation leads to fluctuations in production and marketing; Intensified market competition; Demand growth is less than expected; The price of raw materials has risen sharply
