Key investment points:
Market review: the home appliance (CITIC) industry index performed well this week, rising 1.28%. The weekly increase ranked fifth in the CITIC primary industry index, outperforming the CSI 300 index by 2.28 percentage points in the same period. Subdivided industries rose and fell, and white electricity, kitchen electricity and small household appliances outperformed the Shanghai and Shenzhen 300 index. In terms of individual stocks: this week, only 23 stocks in the home appliance (CITIC) industry recorded positive earnings, accounting for about 29%, 7 with a weekly increase of more than 5% and 3 with a weekly increase of more than 10%; 53 stocks recorded negative returns, accounting for about 67%. There were 20 stocks with a weekly decline of more than 5% and 4 stocks with a weekly decline of more than 10%. Valuation: as of April 15, 2022, the overall PE (TTM) of the home appliance (CITIC) industry was about 15.37 times, up 1.90% from last Friday. At present, it is lower than the average valuation level of the industry since 2017; The ratio of the overall PE (TTM) of the home appliance (CITIC) industry to the PE (TTM) of CSI 300 is 1.32 times, down 2.85% from last Friday. At present, it is lower than the average relative valuation level of the industry since 2017.
Industry operation data: according to ovicloud, in March 2022, white electricity: clothes dryers and air conditioners performed better offline; Kitchen appliances: Dishwasher integrated stoves achieved year-on-year growth in all channel sales; Small household appliances: offline sales performance is better than online; Environmental health appliances: sweeping Siasun Robot&Automation Co.Ltd(300024) all channel retail sales fell year-on-year.
Industry perspective: maintain the recommended rating of the industry. On April 13, the executive meeting of the State Council deployed policies and measures to promote consumption, and once again mentioned encouraging large-scale consumption such as automobiles and household appliances. Since March, all localities have successively launched consumption promotion measures: Zhengzhou issued 30 million yuan of green household appliance consumption vouchers to consumers in the city, Wuhan fully launched the 2022 green consumption season, and Beijing Municipal Bureau of Commerce issued more than 300 million yuan of green energy-saving consumption vouchers to consumers in Beijing from April to September 2022. On the basis of steady growth, the policy has repeatedly mentioned the consumption of green smart home appliances, home appliances to the countryside and trade in. With the recent deregulation of the national multi City real estate policy, it is expected that the domestic demand for home appliances will be stimulated in 2022. In addition, after eight weeks of continuous decline, there are signs of stopping the decline; At the same time, the Shanghai Municipal Commission of economy and information technology issued the guidelines for the prevention and control of the epidemic situation of industrial enterprises returning to work and production in Shanghai (the first edition) on the evening of March 16, which aims to effectively promote the resumption of work and production of enterprises in an orderly and effective manner and ensure the safety and stability of the supply chain of the industrial chain. It is expected that the impact of China's epidemic on logistics and supply chain is expected to be gradually alleviated, and the import and export of household appliances in the Yangtze River Delta will be improved. It is suggested to pay attention to the leading household appliance enterprises with strong comprehensive strength, the Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ) with parallel technology and products, the Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ) with perfect channels at home and abroad and continuous high-end brand, the Gree Electric Appliances Inc.Of Zhuhai(000651) ( Gree Electric Appliances Inc.Of Zhuhai(000651) ) with continuous deepening of channel reform, and the traditional kitchen electric faucet entering the integrated stove Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) ).
Risk tips: macroeconomic fluctuation risk, market risk caused by trade friction and tariff barriers, price war risk caused by intensified industry competition, epidemic risk, upstream raw material price fluctuation risk, policy change risk, etc.
