Current investment tips:
This week, the home appliance sector outperformed the Shanghai and Shenzhen 300 index. This week, the Shenwan household appliances sector index rose 1.4%, while the Shanghai and Shenzhen 300 index fell 1.0% in the same period. For key companies, Haier Smart Home Co.Ltd(600690) (8.0%), Aucma Co.Ltd(600336) (6.5%), Aishida Co.Ltd(002403) (5.2%) led the rise, Zhejiang Dun’An Artificial Environment Co.Ltd(002011) (- 11.6%), Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) (- 9.6%), Hanyu Group Joint-Stock Co.Ltd(300403) (- 7.1%) led the decline.
Data observation: the sales boom of double-line air conditioners is low, and the average price of smoke stoves continues to increase. A. air conditioning data: Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales volume is declining in double digits, and the average price continues the growth trend. The sales volume of double-line air conditioners is declining, and the average price maintains positive growth. According to the data monitoring of ovicloud, the online sales volume of air conditioners reached 1.86 million units in March 2022, a year-on-year decrease of 26.8%; Offline sales reached 969000 units, down 32.4% year-on-year. In terms of average price, according to the monitoring of Aowei data, the average online price of air conditioner increased by 7.0% year-on-year in March 2022, reaching 3161 yuan / set; The average offline price increased by 14.1% year-on-year to 4077 yuan / set. Overall, the sales volume of air-conditioning double line terminals fell year-on-year, and the average market price continued to grow.
B. kitchen electricity data: the offline sales volume of emerging kitchen appliances continued to increase, the prices of kitchen appliances continued to increase, the offline sales of dishwashers continued to increase, and the average market price showed a double-digit increase. According to the monitoring of Ovi data, the online sales volume of dishwashers reached 84000 in March 2022, a year-on-year decrease of 4.2%; Offline sales reached 32000 units, up 11.0% year-on-year.
In terms of average price, according to the monitoring of Aowei data, the average online price of dishwasher increased by 15.5% year-on-year in March 2022, reaching 4211 yuan / set; The average offline price increased by 10.1% year-on-year to 7513 yuan / set. Overall, the online sales volume of dishwasher turned negative year-on-year, and the offline sales volume still maintained growth; The growth rate of online average price increased year-on-year, and the growth rate of offline average price still maintained double-digit growth.
The online sales volume of range hood turned negative year-on-year, and the average price continued to rise. According to the monitoring data of Aowei, the online sales volume of range hood reached 381000 units in March 2022, a year-on-year decrease of 11.7%; Offline sales reached 122000 units, a year-on-year decrease of 31.6%.
In terms of average price, according to the monitoring of Aowei data, the average online price of range hood increased by 12.9% year-on-year in March 2022, reaching 1325 yuan / set; The average offline price increased by 9.5% year-on-year to 4164 yuan / set. Overall, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales volume of range hood declined in double digits Wuxi Online Offline Communication Information Technology Co.Ltd(300959) average price growth continued to be high.
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: raw material price fluctuation risk; Exchange rate fluctuation risk; Insufficient international shipping capacity and freight fluctuation risk.
