This week’s topic: analysis of supply and demand pattern of intelligent projection industry. After 2017, consumer smart projection has grown rapidly and has become the largest segment market of projectors in China. 1) The intelligent projector market is a typical supply and demand creation. The application of new technology has spawned the demand of consumers for intelligent projectors. At present, LED light source, 2000 + ANSI, DLP display technology, superimposed autofocus and trapezoidal correction technology have become the mainstream of consumer intelligent projection. 2) With the upgrading of consumption, the trend of large screen and high cost performance have become the main driving force for the development of intelligent micro investment. In addition, considering the mobility of rental groups and the decoration method of de living room, it also provides a new growth point for intelligent projection.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of business license business Opple Lighting Co.Ltd(603515) .
This week’s market: this week, the Shanghai Composite Index fell 0.94%, and the home appliance industry fell 2.48%, slightly losing the market. Among them, white electricity fell 1.67%, black electricity fell 0.91%, kitchen electricity rose 0.52%, small household appliances fell 4.43%, lighting electricians and other sectors fell 1.42%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 16.93%, an increase of 0.05pct over last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.99%, up 0.04pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 9.77%, down 0.12pct from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 9.95%, down 0.38pct from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.76%, up 0.02pct from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.19%, down 0.34pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (10.48%), Wuxi Hodgen Technology Co.Ltd(300279) (8.92%), Anhui Julong Transmission Technology Co.Ltd(300475) (6.68%), Leedarson Iot Technology Inc(605365) (3.97%), Zhejiang Meida Industrial Co.Ltd(002677) (3.18%); The top five declines were Tailong lighting (- 8.68%), Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 7.51%), Guangdong Tonze Electric Co.Ltd(002759) (- 7.21%), Bear Electric Appliance Co.Ltd(002959) (- 6.42%) and deppon lighting (- 5.84%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6389 yuan / ton, an increase of 90 yuan / ton compared with last week; The price of copper (1) this week is 73880 yuan / ton, down 60 yuan / ton from last week; The price of aluminum (A00) this week was 21790 yuan / ton, down 840 yuan / ton from last week; The price index of China plastic city was 1027.9 this week, up 5.9 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
