Current investment tips:
The growth rate of domestic sales of the three major white electric appliances returned to positive, and the exemption of US tariff was good for the export of small household appliances. According to the industry online data, from January to February 2022, the air conditioning industry achieved a cumulative output of 22.69 million units, a year-on-year decrease of 1.3%, and achieved a sales volume of 23 million units, a slight increase of 0.8% year-on-year. Affected by factors such as sluggish consumption, the internal sales volume decreased by 4.4% year-on-year, and the overall production scheduling plan of Q1 industry increased by 4% year-on-year. From January to February in 2022, the sales volume of refrigerators increased by 0.5% year-on-year and 16.5% year-on-year in February; From January to February 2022, the sales volume of washing machines decreased by 3.2% year-on-year, and increased by 6.7% year-on-year in a single month in February. In terms of export, from January to February 2022, the export volume of air conditioners increased by 4.7% year-on-year, and the sales volume of ice washing decreased by 11.1% / 6.6% year-on-year respectively, which was mainly affected by the high base in the same period of 2021, but the overall absolute value remained at a high level.
White electricity and parts: terminal sales picked up in February, and the average market price continued to rise. In February, the average price of the overall air conditioning market was 4059 yuan / set, a year-on-year increase of + 15.4%, continuing the upward trend in the previous 17 months Midea Group Co.Ltd(000333) : from January to February, the market share of America’s cumulative shipments fell by 1.2 PCTs to 36.1% year-on-year, still ranking first in the industry, of which the share of domestic sales increased by + 1.7 PCTs to 38.2% year-on-year. It is estimated that the company’s 2022q1 revenue performance is about + 8% year-on-year Gree Electric Appliances Inc.Of Zhuhai(000651) : the market share of cumulative shipments from January to February was – 0.7pcts to 22.3% year-on-year, of which the share of domestic shipments was – 3.2pcts to 31.3% year-on-year. The company’s 22q1 revenue performance is expected to be about + 5% year-on-year Haier Smart Home Co.Ltd(600690) : from January to February, the total domestic and foreign sales of air conditioners increased by 23%, of which the domestic / export sales increased by 5% / 47% respectively year-on-year. It is estimated that the company’s 22q1 revenue is + 10%, and the net profit attributable to the parent company is + 15%.
Chef electricity: e-commerce channels are growing rapidly, and emerging categories are performing well. According to the data of ovicloud, from January to February, the retail volume / volume of online cigarette machines increased by 8.0% and 22.3% year-on-year respectively, and the online / offline retail volume of dishwashers increased by 3.9% and 24.8% year-on-year respectively.
Hangzhou Robam Appliances Co.Ltd(002508) dishwasher, embedded micro steaming and baking and other new products have a good sales performance. According to ovicloud data, from January to February, the company’s offline / online cumulative retail sales of dishwashers increased by 77.1% / 94.9% year-on-year. The company’s 22q1 revenue / performance is expected to be + 8% / + 15% year-on-year. It is estimated that the revenue / performance of Zhejiang Meida Industrial Co.Ltd(002677) of 22q1 is + 20% / + 10% year-on-year respectively, Marssenger Kitchenware Co.Ltd(300894) revenue performance is + 30% year-on-year, and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) revenue performance is + 35% year-on-year.
Small household appliances: Transform online channels and accelerate the pace of product iteration. We expect 22q1 Zhejiang Supor Co.Ltd(002032) performance to be + 8% / 13% year-on-year Beijing Roborock Technology Co.Ltd(688169) revenue + 20% year-on-year, performance flat year-on-year Ecovacs Robotics Co.Ltd(603486) revenue performance + 35% / + 30% respectively Performance + 20% / income respectively.
Black electricity and lighting: emerging shows high prosperity. Strengthening channel construction and lighting improvement can be expected. We expect that the performance of Hisense Visual Technology Co.Ltd(600060) in 2022q1 will be + 5% / + 10% respectively year-on-year Chengdu Xgimi Technology Co.Ltd(688696) revenue performance + 40% / + 35% respectively Opple Lighting Co.Ltd(603515) revenue performance – 15% / – 20% respectively.
Key investment points: in 2022, Q1 air conditioner’s domestic production scheduling was + 2%, export production scheduling was + 12% and the overall industry production scheduling was + 4% year-on-year. Although the terminal demand was in the downturn, it entered the peak season of delivery through traditional channels in March; At the level of raw materials, the prices of copper, aluminum, stainless steel and oil have increased differently since the beginning of the year. The average prices of copper, aluminum and cold rolled steel increased by 5.4%, 11.2% and 16.6% respectively in 2022 Q1. The average price of downstream factory and terminal retail (5-15%) continued to increase under the price mechanism. It is suggested to focus on 1) Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Hisense Home Appliances Group Co.Ltd(000921) white power tap undervalued + performance repair, and pay attention to the recovery of demand leading industries Zhejiang Supor Co.Ltd(002032) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Kingclean Electric Co.Ltd(603355) and heat management leaders of Xinneng vehicle Zhejiang Dun’An Artificial Environment Co.Ltd(002011) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) ; 2) High growth of integrated stove subdivision track: Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) ; 3) With “floor sweeper + floor washer”
Clean electrical appliances represented by: JS global life, Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) . 4) Next generation display technology upgrade:
\u3000\u3 Guocheng Mining Co.Ltd(000688) 696。 It is suggested to pay attention to: Shanxi Huaxiang Group Co.Ltd(603112) , Appotronics Corporation Limited(688007) .
Risk warning: price fluctuation of raw materials; Fluctuation of RMB exchange rate; Fluctuations in international logistics capacity and freight costs.
