Core view
Special topic of this week: 1) domestic demand for household appliances was relatively weak in March, and 618 promotion is expected to bring marginal improvement. On the whole, the performance of China's home appliance retail market in March was still relatively weak. Among the main categories, except dishwashers and integrated stoves, they still maintained positive year-on-year growth, and the retail sales of other categories showed a decline in varying degrees. 2) Beijing issued green energy-saving consumption vouchers, which is conducive to the release of domestic demand for household appliances. The Beijing Municipal Bureau of Commerce issued a notice on April 12 that it will issue six green energy-saving consumption vouchers to encourage consumers in Beijing to buy and use green energy-saving appliances. The subsidy involves an increase in household appliances, an expansion in the range of beneficiaries and a more flexible way of subsidy, which is expected to stimulate the recovery of short-term consumer demand.
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 1.25%, and the home appliance industry rose 1.35%, outperforming the market. Among them, white electricity sector rose 2.81%, black electricity sector fell 3.6%, kitchen electricity sector rose 1.36%, small household appliances sector rose 0.49%, lighting electricians and other sectors fell 4.03%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Thursday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 17.07%, an increase of 0.16pct over last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 17.92%, down 0.01pct from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 9.79%, unchanged from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 9.51%, down 0.61 PCT from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.34%, down 0.36 PCT from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.05%, down 0.22pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Bear Electric Appliance Co.Ltd(002959) (16.12%), Hisense Home Appliances Group Co.Ltd(000921) (13.24%), Haier Smart Home Co.Ltd(600690) (7.97%), Aucma Co.Ltd(600336) (6.54%), Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (6.16%); The top five declines were Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 22.68%), Inventronics (Hangzhou) Inc(300582) (- 15.32%), Genbyte Technology Inc(003028) (- 13.33%), Wuxi Hodgen Technology Co.Ltd(300279) (- 11.25%), Youngy Health Co.Ltd(300247) (- 9.74%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6351 yuan / ton, down 38 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 6190 yuan / ton, down 8 yuan / ton from last week; The price of copper (1) this week is 75470 yuan / ton, up 1590 yuan / ton from last week; The price of aluminum (A00) this week was 21730 yuan / ton, down 60 yuan / ton from last week; The price index of China plastic city was 1019.9 this week, down 8.1 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
