Comments on events in the household appliance industry: Beijing issued green energy-saving consumption vouchers, and the categories of household appliance subsidies increased

Event:

On April 12, the Beijing Municipal Bureau of Commerce issued the notice on implementing the policy of promoting green and energy-saving consumption. The notice points out that in order to accelerate the release of green energy-saving consumption potential and promote consumption upgrading, green energy-saving consumption vouchers are issued to consumers in Beijing to encourage consumers to buy and use green energy-saving commodities. The implementation time is from April 18 to September 30, 2022.

Comments:

The categories of subsidies have increased, covering a wider range of consumers

Compared with the notice on the implementation of energy conservation, emission reduction and consumption promotion policies jointly issued by the four departments in Beijing in 2019, the applicable commodity categories of green energy-saving consumption vouchers are expanded to 20 categories. In addition to 3C electronic products and traditional household appliances, emerging household appliances such as projectors, dishwashers and water purifiers are also added. In addition to the increase of subsidy categories, the distribution object is also broader. The subsidy policy for the energy conservation and emission reduction has just been completed, requiring the registered residence of Beijing Municipality. Or active servicemen and armed police of the troops stationed in Beijing; Or non registered residence holders who hold valid "Beijing work residence permit" or "Beijing work residence confirmation sheet"; Or the registered residence holders who have valid "Beijing residence permit" or "Beijing residence registration card"; Or other people who enjoy the same treatment as registered residence in the city. The target of this subsidy is consumers in Beijing, and the final distribution address of purchased goods can be within the scope of Beijing, which makes the income consumers covered by the subsidy policy wider, and is expected to further promote household appliance consumption.

The use standard of consumer vouchers is more flexible

The green energy-saving consumption coupons were issued for six periods from April to September, and were issued on the participating enterprises' own online platforms on the 18th of each month. Consumers in Beijing can receive one coupon package every month on the online platform of the same participating enterprise, with a total amount of 900 yuan, including six consumption coupons, including two 50 yuan coupons (available for consumption over 500 yuan), two 100 yuan coupons (available for consumption over 1000 yuan), one 200 yuan coupon (available for consumption over 2000 yuan) and one 400 yuan coupon (available for consumption over 4000 yuan). The consumption coupons received in the current month are valid for the current month. This time, the green energy-saving consumption coupon contains many types of subsidies, which are more flexible to use. Consumers can buy it for many times and enjoy discounts.

Frequent favorable policies are expected to boost household appliance consumption

Since the beginning of the year, favorable policies have occurred frequently. In the 2022 government work report, it is proposed to continue to support the consumption of new energy vehicles and encourage local governments to carry out green smart appliances to the countryside and trade in the old for the new. On March 17, the Ministry of industry and information technology held a special meeting, proposing to further expand the consumption of bulk industrial products such as new energy vehicles and smart appliances, and expand green consumption and digital consumption. It can be seen that the policy side encourages local governments to carry out green smart appliances to the countryside and trade in the old for the new, and has repeatedly mentioned promoting the consumption of green smart appliances. We believe that this will further enhance the penetration of green smart appliances and is expected to boost the end consumption of home appliances. It can also reflect that low-carbon, green and intelligent will become a new trend in the transformation and upgrading of the household appliance industry, promote the optimization and adjustment of the household appliance product structure, and help to improve the profitability of enterprises.

Investment advice

At present, affected by the epidemic, the sales of home appliance terminals are relatively low. The green and energy-saving consumption policy issued by Beijing this time has more complete categories of subsidies, covers a wider range of consumers, and the use standard of consumption vouchers is more flexible. We believe that the follow-up localities are also expected to successively release policies to promote household appliance consumption and boost the terminal sales market. To sum up, we continue to maintain the "optimistic" rating of the industry. It is recommended to pay attention to the leading targets of each fine molecule industry with relatively low valuation and relatively strong competitiveness. It is recommended to pay attention to Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ), Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ), Gree Electric Appliances Inc.Of Zhuhai(000651) ( Gree Electric Appliances Inc.Of Zhuhai(000651) ), Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) ) and Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) ).

Risk tips

The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; The risk of exchange loss caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.

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