Key investment points:
Investment suggestions: 1) white electricity: the peak sales season of white electricity is coming, the production and sales of air and ice washing are greatly improved, and the output of upstream component compressors and rollers is also good. It is suggested to pay attention to the representative brand of China's overseas Haier Smart Home Co.Ltd(600690) , the leading brand in the central air conditioning industry Hisense Home Appliances Group Co.Ltd(000921) , and actively layout the business of smart buildings and industrial motors Midea Group Co.Ltd(000333) . 2) Small kitchen appliances: with the normalization of the current epidemic, the demand for small kitchen appliances has tended to be flat, and the performance of just needed products in small kitchen appliances is better than that of optional consumer goods. It is suggested to pay attention to the large proportion of cookware business and the leading market share, and actively expand the market of kitchen appliances Zhejiang Supor Co.Ltd(002032) . Small household appliances: starting from the consumer demand side, small household appliances mainly focus on the innovation ability of products. It is suggested to pay attention to the main intelligent micro projector, the Chengdu Xgimi Technology Co.Ltd(688696) , the one with strong growth, and the Shanghai Flyco Electrical Appliance Co.Ltd(603868) , which expands online channels and opens up product business. Clean small appliances: according to the data of ovicloud, the omni-channel retail sales of clean appliances in 2021 was 30.9 billion yuan, with a year-on-year increase of 28.9%, and the retail sales of 29.8 million units, with a year-on-year increase of 2.6%. With the accelerated influx of players, it is suggested to pay attention to Ecovacs Robotics Co.Ltd(603486) and Beijing Roborock Technology Co.Ltd(688169) .
Market review: this month (March 12, 2022-april 12, 2022) the market of household appliances industry is as follows: Shenwan household appliances index fell 2.22%, ranking 18th among Shenwan's 31 primary industries, with changes of -1.31pct, -0.89pct, + 1.85pct and + 1.95pct compared with Shanghai and Shenzhen 300, Shanghai Composite Index, Shenzhen Composite Index and gem index respectively. Among the sub sectors, kitchen and bathroom appliances, white appliances, black appliances, small appliances, lighting equipment, other household appliances and home appliance parts rose or fell by 3.54%, - 0.73%, - 0.75%, - 2.57%, - 3.06%, - 7.04%, - 11.84% respectively.
Industry dynamic data: according to the industry online data, in February 2022, the output of household air conditioners was 9.621 million units, a year-on-year increase of + 10.39%, the sales volume was 9.6864 million units, a year-on-year increase of + 10.59%, the internal sales volume was 3.8397 million units, a year-on-year increase of + 4.06%, and the export volume was 5.8467 million units, a year-on-year increase of + 15.34%. The output of washing machines was 4.638 million units, a year-on-year increase of + 4.09%, the sales volume was 4.6194 million units, a year-on-year increase of - 1.57%, the internal sales volume was 2.5506 million units, a year-on-year increase of + 6.67%, and the export sales volume was 1.47 million units, a year-on-year increase of - 15.1%. The output of refrigerators was 5.324 million units, a year-on-year increase of + 15.74%, the sales volume was 5.5127 million units, a year-on-year increase of + 1.89%, the internal sales volume was 2.7925 million units, a year-on-year increase of + 16.52%, and the export sales volume was 4.27 million units, a year-on-year increase of - 12.8%. The output of rotor compressor was 17.734 million units, a year-on-year increase of + 4.3%, the sales volume was 18.053 million units, a year-on-year increase of + 10.61%, the output of drum was 2.2541 million units, a year-on-year increase of + 13.6%, and the sales volume was 2.2838 million units, a year-on-year increase of + 8.37%. As a whole, both the whole machine and upstream parts show a trend of double increase in production and sales, indicating a good production scheduling in the white power market.
Company dynamics: 1) Joyoung Co.Ltd(002242) : the annual total operating revenue was 10.54 billion yuan, a year-on-year increase of - 6.09%, and the net profit attributable to the parent company was 746 million yuan, a year-on-year increase of - 20.69%. 2) Haier Smart Home Co.Ltd(600690) : the total operating income of the whole year was 227556 billion yuan, a year-on-year increase of + 8.5% and + 13.3% compared with 2019, and the net profit attributable to the parent company was 13.067 billion yuan, a year-on-year increase of + 47.1% and + 59.2% compared with 2019. 3) Hisense Home Appliances Group Co.Ltd(000921) : the total operating income of the whole year was 67.563 billion yuan, a year-on-year increase of + 39.61%, and the net profit attributable to the parent company was 973 million yuan, a year-on-year increase of - 38.40%. 4) Zhejiang Supor Co.Ltd(002032) : the total operating revenue was 21.59 billion yuan, a year-on-year increase of + 16.1%; The net profit attributable to the parent company was 1.94 billion yuan, a year-on-year increase of + 5.3%.
Risk tip: the price of raw materials fluctuates sharply, the market competition intensifies, and the terminal demand is sluggish.
