Key investment points:
Market performance
This week (4.8-4.14), the CSI 300 index fell by 0.42%, the home appliance (CITIC) sector rose by 1.26%, and the industry outperformed the market by 1.68 percentage points, ranking fifth among the 30 CITIC first-class industries. In terms of fine molecule industry, this week’s gains and losses were mixed, led by the white electricity sector. White appliances 2.83%, kitchen appliances – 0.54%, lighting electricians and others – 4.00%, small appliances – 0.34%, black appliances – 2.03%. In terms of individual stocks, in the past five trading days, Aucma Co.Ltd(600336) (+ 12.94%), Hisense Home Appliances Group Co.Ltd(000921) (+ 12.33%) and Bear Electric Appliance Co.Ltd(002959) (+ 9.33%) led the increase, while Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 22.58%), Cnlight Co.Ltd(002076) (- 12%) and Inventronics (Hangzhou) Inc(300582) (- 11.90%) led the decrease.
Household appliance industry highlights
The 131st Canton Fair will be held online from April 15 to 24
The State Council plans to encourage large-scale consumption of automobiles and household appliances
Five departments jointly promote the high-quality development of cold chain logistics and transportation
Investment advice
On April 13, Premier Li Keqiang chaired an executive meeting of the State Council to deploy policies and measures to promote consumption, help stabilize the economic fundamentals and ensure the improvement of people’s livelihood. The meeting pointed out the need to promote new consumption, accelerate the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) consumption, expand consumption in key areas, and encourage large consumption such as household appliances. Recently, the policy side has repeatedly mentioned the promotion of household appliance consumption. On April 12, the Beijing Municipal Bureau of Commerce issued the notice on the implementation of policies to promote green energy-saving consumption, pointing out that green energy-saving consumption vouchers are issued to consumers in Beijing to encourage consumers to buy and use green energy-saving commodities. We believe that the subsequent localities are also expected to release policies to promote household appliance consumption and boost household appliance consumption. At present, it is in the intensive publishing period of annual report and first quarterly report, so it is suggested to pay attention to the undervalued target whose performance exceeds expectations. To sum up, the industry is temporarily given a “optimistic” rating. 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) ), Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) ) 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; 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.
