Main points
This week, the household appliance sector rose by – 2.3%, of which the white electricity / Black electricity / kitchen electricity / small household appliances sector rose by – 1.9% / – 2.4% / – 2.7% / + 0.3% respectively. In terms of raw material prices, LME copper, LME aluminum, steel and plastic prices were – 0.5%, + 0.2%, + 0.6% and + 0.5% month on month respectively.
From the perspective of companies that have released annual reports / performance letters, the overall performance of the enterprise’s revenue end is better than that of the performance end. Among them, the emerging categories have a high outlook, and the performance of leading companies is bright. The growth rate of 21 year revenue / net profit attributable to parent company of integrated stove target is more than 20% Marssenger Kitchenware Co.Ltd(300894) revenue is in line with expectations, and the performance is under pressure for a short time. The growth rates of revenue and net profit attributable to the parent company in 21 years were 44% and 37% respectively, and the corresponding Q4 was 18% and – 14% respectively Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) revenue side performance exceeded expectations, and performance side was temporarily under pressure due to the rise in raw material prices.
Sweepers, projectors and massage machines are booming, and the income performance of leading companies is increasing Ecovacs Robotics Co.Ltd(603486) dual brands drive the company’s high revenue performance. 22q1 company continued its high growth, and the growth rates of revenue and net profit attributable to parent company were 44% and 27% respectively Beijing Roborock Technology Co.Ltd(688169) domestic sales continued to exceed the expected availability of new products. The revenue growth rate of 21q4 / 22q1 increased by 29.6% and 22.3% respectively, mainly driven by the high growth of domestic market. Affected by the increase of raw material prices and marketing investment, the performance is weaker than the income. 22q1’s profitability improved, with a net interest rate of 25.2%, a month on month increase of + 6pct Chengdu Xgimi Technology Co.Ltd(688696) performance significantly exceeded expectations, the leading position of projection continued to strengthen, and the profitability was further improved Shenzhen Breo Technology Co.Ltd(688793) new products emerge one after another and continue to promote channel optimization. The growth rates of revenue and net profit attributable to parent company in 21 years were 44% and 29% respectively, and the corresponding Q4 was 24% and – 34% respectively.
The Haier Smart Home Co.Ltd(600690) performance of the white power sector was beautiful and in line with expectations. The company’s revenue increased with high quality, with a year-on-year increase of + 8.5%, of which Casati’s revenue was 12.9 billion (YoY + 40%). In addition, the company digested the rising pressure of raw materials and shipping costs through structural improvement, cost reduction and efficiency improvement, and the growth rate of net profit attributable to the parent company was + 47%.
The kitchen small household appliances sector is subject to the pressure of high base, Zhejiang Supor Co.Ltd(002032) , Beiding perform well. Among them, Zhejiang Supor Co.Ltd(002032) benefited from the successful implementation of online channel transformation strategy and the transfer of export SEB orders; Beiding benefited from the continuous volume of independent brands driven by surrounding ingredients, and its performance was better than that of the sector. The revenue growth rate was 16% and 21% respectively, and the growth rate of net profit attributable to the parent was 5% and 8% respectively Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Bear Electric Appliance Co.Ltd(002959) affected by the price of raw materials, the profit is under pressure. 21q4 Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) and Bear Electric Appliance Co.Ltd(002959) net interest rates fell by 0.7pct and 1.5pct respectively, which has narrowed compared with the previous period.
Investment advice
At present, the household appliance sector is at the bottom of the valuation as a whole. It is suggested to grasp two main lines: 1) emerging household appliance tracks with both growth and certainty, including floor sweepers, integrated stoves and projectors; The performance of the first quarter continues to be verified, and it is recommended to actively layout at this stage. It is recommended to pay attention to the domestic intelligent micro investment leader with leading technology and all-round barriers to consumer goods Chengdu Xgimi Technology Co.Ltd(688696) . The logic of improving the penetration rate of integrated stoves has been continuously verified by data, and Marssenger Kitchenware Co.Ltd(300894) , which has long-term vision of leading strategic pattern, strong brand marketing and channel power and rapid expansion of scale, is recommended. It is recommended to pay attention to Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , which has strong product power and continuously reflects the effectiveness of the change of the few owners.
2) demand and profit continue to repair, and white electricity and small kitchen appliances are expected to usher in an inflection point in the second quarter. The epidemic situation has accelerated the demand for goods at home, and the data of refrigerators and freezers in March has been verified; There is also a logic of delayed consumption release in the small household appliance sector. White power recommends focusing on Haier Smart Home Co.Ltd(600690) , which complies with the demand of consumption upgrading, maintains high growth, improves efficiency and governance optimization, and continuously improves profitability. The epidemic catalysed the demand for home cooking, which is expected to benefit from the centralized release of Bear Electric Appliance Co.Ltd(002959) .
Risk tips
The risk of rising raw material prices, the risk of less than expected demand, the risk of repeated outbreaks, the impact of exchange rate fluctuations, and the risk of chip out of stock and rising prices.
