Main points:
Special topic of this week: new display technology appears in ces2022, and a new round of technology iteration of blackpower is expected to accelerate
Event: from January 5 to 7, ces2022 was held in Las Vegas, USA. This exhibition takes the form of Online + offline combination. Although the exhibition scale is reduced compared with previous years, the popularity remains high, and many display manufacturers participate in the exhibition.
The new display technology “let a hundred flowers bloom”, high-definition and large screen “competing for the best”. In this exhibition, well-known display manufacturers at home and abroad competed to show their own characteristics from different technical routes or new products, setting off a new round of competition in new display technology. High definition and large screen have become key points of competition, and the iteration of black power industry is expected to accelerate.
The innovation on the supply side is accelerated, the consumption upgrading in line with the viewing demand, and the resonance between supply and demand promotes the recovery of the industry prosperity. From the perspective of supply and demand, in terms of supply, domestic screen display technology has advanced by leaps and bounds, and the shipment volume is the world leader. According to Lotu data, in October 2021, BOE and csot TV panel shipments ranked second in the world with 5.5 million and 3.5 million respectively. In the new round of capacity planning for 80 + inch high generation line TV panels, it is expected that by 2025, the monthly capacity of BOE, csot and HKC will reach 70, 60 and 60 thousand pieces respectively, and the total capacity of the three companies will exceed more than 60% of the world. The upstream has sufficient production capacity and leading technology, providing good soil for the development of downstream super large screen products; In terms of demand, under the background of consumption upgrading, people’s demand for immersive large screen viewing and entertainment is increasing day by day. According to the data of ovicloud, from January to November 2021, the proportion of offline sales of TVs above 65 inches / 70 inches increased by 4.9/7.3pct to 26.2% / 15.8% year-on-year respectively, and the proportion of online sales increased by 4.0/5.1pct to 19.7% / 11.2% year-on-year respectively, The consumption trend of large screen TV has gradually become. Supply and demand resonated, and the prosperity of black power industry rebounded.
In terms of individual stocks, it is suggested to pay attention to the laser TV leader Hisense Visual Technology Co.Ltd(600060) , which benefits from the large screen consumption trend and the continuous optimization of product structure.
Plate view
1) the upward trend of electricity prices in the high-end sector will be gradually eased in 2020; 2) the upward trend of electricity prices in the high-end sector will be gradually eased; 4) the upward trend of electricity prices in the shipping sector will be mainly due to the gradual easing of the upward trend of electricity prices in 2020. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China’s white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich overseas operation experience has the opportunity to improve the overseas market penetration, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is weak, but there is differentiation among sub sectors: in terms of traditional kitchen electricity, the overall sales of range hood / gas stove in November were – 14.2% / – 9.8% year-on-year respectively, continuing the downward trend since July, mainly due to the impact of high base effect in the same period last year and the drag of short-term real estate regulation; In terms of emerging kitchen appliances, the overall sales volume of integrated stoves in November was + 42.1% year-on-year, continuing the high growth trend of last month (year-on-year in October: + 41.9%), highlighting the attributes of low permeability and high growth, and the high outlook continued to be verified.
Clean electrical appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers. Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning sweeper U10 and washer G10 with mop on August 25, Ecovacs Robotics Co.Ltd(603486) launched the new sweeper Dibao X1 with self-cleaning + self dust collection + self drying on September 15, and Yunjing launched the second generation of new sweeper J2 with self-cleaning + self changing + self drying on September 25. These new products have significantly improved in product performance and industrial design compared with the past, In line with the current consumption upgrading trend, it is expected to further stimulate terminal sales. At the same time, the rapid volume of the floor washer has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises. More enterprises will launch relevant products in the second half of the year and the first half of the year 22. The high outlook and certainty of emerging cleaning electrical appliances such as the floor washer are strong.
Investment advice
It is recommended to pay attention to white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year.
It is recommended to focus on the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of multi-dimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) that is expected to launch new integrated stoves in the first half of 22, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) that continuously optimizes the product structure and steadily expands multiple channels.
It is recommended to pay attention to the Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) of sweeping with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) of sweeping with deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents’ purchasing power; Severe real estate regulation has a negative impact on the demand for downstream household appliances; The epidemic situation has repeatedly affected the resumption of production and work.
