Key recommended targets this week
Growth appliance portfolio: Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Ecovacs Robotics Co.Ltd(603486) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Breo Technology Co.Ltd(688793) , Marssenger Kitchenware Co.Ltd(300894) , JS global life, Anker Innovations Technology Co.Ltd(300866) white electricity portfolio: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651)
Under the expectation of policy relaxation, the real estate industry chain is optimistic about the rebound, and the growth of high growth categories continues to lead the industry
At the 2022 working meeting, the central bank mentioned that "we should steadily implement the prudent management system of real estate finance, better meet the reasonable housing needs of buyers, and promote the virtuous cycle and healthy development of the real estate industry". We believe that the real estate policy has relaxed expectations, and the white electricity and kitchen electricity sectors, as the real estate industry chain, are expected to ease the suppression of valuation.
(1) white electricity: the year-on-year retail sales of air conditioners / refrigerators / washing machines in 2022w1 are - 20.56% / - 3.36% / - 16.88% respectively, and the year-on-year retail sales since 2021q4 are - 8.91% / + 6.10% / + 0.15% respectively. In 2021 (w1-w52), the omni channel retail sales increased by + 6.85% / + 14.54% / + 13.00% respectively year-on-year, maintaining a steady growth.
(2) integrated stove: the year-on-year retail sales of all channels in 2022w1 is - 23.00%, and the year-on-year retail sales since 2021q4 is + 31.71%. Retail sales in 2021 (w1-w52) increased by + 30.94% year-on-year, maintaining a high growth trend throughout the year.
(3) cleaning appliances: the omni channel retail sales of 2022w1 floor sweeper / floor washer are + 1.16% / + 209.29% year on year respectively, and the retail sales since 2021q4 are + 34.97% / + 171.17% year on year respectively. In 2021 (w1-w52), the retail sales were + 28.51% / + 333.41% respectively year-on-year. The annual growth of floor sweepers / floor washers led the industry.
Focus on company updates this week
Beijing Roborock Technology Co.Ltd(688169) : domestic sales continued to exceed expectations, and the strength of overseas new products was strong. 2022w1 stone sweeper Ali channel Gmv + 116.51%, and the cumulative Gmv in 2021 (w1-w52) was + 105.05% year-on-year, which exceeded the expected performance and promoted the share of stone's online channel retail sales in 2021 to + 2.92pcts year-on-year. The company released the overseas new S7 maxv Series in 2022ces exhibition. Whether in navigation obstacle avoidance, cleaning ability, intelligent interaction or the omnipotence of base stations, S7 maxv ultra has strong product power. In addition, it is also expected to launch a more cost-effective Q7 MAX + sweeper and dyad in early 2022. Looking forward to 2022, the strong market demand for self-cleaning is expected to drive domestic sales to continue to exceed expectations; Driven by new overseas products, the company is expected to lead the development of LDS floor sweeper industry in the United States. Considering the problem of maritime transport capacity, the company's export sales are expected to improve quarter by quarter in 2022. Midea Group Co.Ltd(000333) : continue to focus on the b-end business, and Midea building technology releases the latest achievements of digital intelligence. On January 5, the company held 2021 building technology true conference to release the latest achievements in digital intelligence of building technology. Including Midea building technology digital platform ibuilding, which provides customers with customized services such as full stack comprehensive services from HVAC equipment, elevators, building automation, edge computing, cloud services, SaaS applications to vertical industry solutions, comprehensive carbon management based on digital platform, comprehensive and efficient operation and maintenance based on industry expertise + artificial intelligence technology. At the same time, the conference also released Midea's mdv8 unbounded multi online new products, equipped with the first multi online special communication chip MDV link and IP55 fully closed electric control box, which adapt to extreme environments and have strong product power. We believe that driven by high and new technology, the company's b-end business is expected to usher in all-round development and build a rapid growth point of revenue.
Risk tip: industry competition intensifies; Shortage of raw material supply; The risk of maritime transport capacity has increased.
