Summary of this issue:
Zhou’s investment view:
The frequent outbreaks in many places across the country have boosted the sales of freezers and small household appliances, and cultivated residents’ consumption habits. According to Aowei data, from April 11 to 17, the online sales of freezers were + 57.02% year-on-year, and the online sales of electric steamers were + 23.32% year-on-year; In March, the online sales of air fryer reached 172.18%. We are optimistic about the performance rebound space of small household appliances and freezers after this round of epidemic. Focus on emerging small household appliance leaders Bear Electric Appliance Co.Ltd(002959) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Crastal Technology Co.Ltd(300824) , and China’s kitchen appliances and kitchenware leaders Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) ; Improve the cleaning needs of residents at home, and pay attention to the cleaning appliance faucets Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) ; It is recommended to pay attention to the intelligent micro investment faucet Chengdu Xgimi Technology Co.Ltd(688696) and Portable Massager faucet Shenzhen Breo Technology Co.Ltd(688793) , which can effectively improve the home office experience.
In the year of 22, the year-on-year growth of 3C household appliances in Q1 was more than 7 times. Among them, the growth rate of ice washing, kitchen and bathroom and air conditioning is the most obvious. In addition, subsidies for green household appliances have been introduced throughout the country to accelerate the process of trade in. At present, China’s top-level household appliance recycling system has been basically established, and the specific subsidy policies and implementation rules have been continuously improved. The economic value of recycling links and indirectly promoted household appliance renewal demand and power saving has exceeded 100 billion. Pay attention to Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , sweepers with their own old for new channels Siasun Robot&Automation Co.Ltd(300024) and intelligent projection leaders Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) .
Hangzhou Star Shuaier Electric Appliance Co.Ltd(002860) increased the acquisition of 39.2% equity of Fuller new energy, with a total shareholding ratio of 90.2%. At the same time, the company plans to invest an additional 200 million yuan into fule, which will be included in the capital reserve to invest in the construction of 2gw high power generation Cecep Solar Energy Co.Ltd(000591) photovoltaic module project, and continue to accelerate the pace of entering the photovoltaic field. Referring to the development process of overseas leading household appliances, the industrialization of China’s household appliance industry is an inevitable trend. We believe that in addition to the enterprises that have made layout in globalization and high-end in advance, they can still enjoy certain dividends, and a considerable number of enterprises will accelerate the practice of industrialization. The logic behind the core lies in the obvious global comparative advantage of China’s household appliance manufacturing, with components leading the way and leading enterprises turning slowly. China’s household appliance industrialization and manufacturing value revaluation are the long-term logic of the sector, focusing on Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Dun’An Artificial Environment Co.Ltd(002011) , Hiconics Eco-Energy Technology Co.Ltd(300048) , Zhenjiang Dongfang Electric Heating Technology Co.Ltd(300217) , Hangzhou Star Shuaier Electric Appliance Co.Ltd(002860) , and leading enterprises Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) .
Industry focus dynamic tracking:
Q1 intelligent projection sales + 19.5% year-on-year. Market growth slowed year-on-year, but increased slightly compared with Q4, and the overall growth trend remained unchanged. From the perspective of market share, the leading position of Chengdu Xgimi Technology Co.Ltd(688696) industry is still stable, with Q1 sales and sales accounting for about 16% and 40% respectively. After the Kwai tiktok channel is fragmented, the intelligent projection industry is paying more and more attention to the construction of new channels. In 2022, Q1 has a total of 14.6% channels, such as shaking, fast acting and spelling. The multi platform coverage of customers is broader and the company creates incremental space for enterprises. At present, the number of intelligent projection is low. It is suggested to focus on the leading household intelligent enterprise with continuous high revenue growth in 21 years: Chengdu Xgimi Technology Co.Ltd(688696) , and the leading enterprise of laser display Hisense Visual Technology Co.Ltd(600060) , Appotronics Corporation Limited(688007) .
Q1 retail sales of integrated stoves and dishwashers increased by about 20%. In 2022, the retail sales of Q1 integrated stoves reached 4.75 billion yuan, a year-on-year increase of + 19.5%. At present, the sales volume of integrated stoves accounts for only about 10% in the kitchen electricity market, and there is broad room for improvement in the future. In terms of dishwashers, the retail sales of Q1 dishwashers in 2022 was 1.91 billion yuan, a year-on-year increase of + 20.6%. At present, the penetration rate of dishwashers in China is only about 2%, with great long-term growth potential. Integrated Dishwasher Q1 online market retail sales + 77% year-on-year, far exceeding the overall growth rate of dishwashers. Under the policy of “steady growth” this year, the real estate market is expected to usher in a substantial recovery, and kitchen appliances are expected to benefit first. It is suggested to pay attention to the main market competitors of integrated stove + Integrated Dishwasher category: Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Meida Industrial Co.Ltd(002677) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , and pay attention to the leading enterprises that enter the integrated stove and actively launch various new kitchen appliances Hangzhou Robam Appliances Co.Ltd(002508) .
