Special topic of this week: 1) the growth rate of social zero in March was lower than expected, and the performance of household appliances was slightly weak. In March, China’s total social retail sales was 34233, a year-on-year increase of – 3.5%, and the growth rate in March turned negative compared with the previous two months. Among them, the retail sales of household appliances and audio equipment in March were – 4.3% year-on-year, and the consumption of household appliances was weak affected by the epidemic. 2) The shipment volume of household air conditioners increased in March. Overall, the output of domestic air conditioners in China fell slightly in March, and the sales volume increased. Among them, the shipment volume of China’s household air conditioner market increased in March, mainly because the traditional air conditioner sales season immediately entered in the second quarter, and downstream dealers began to prepare goods for the channel in advance; In March, the export demand of air conditioning also maintained a good growth.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances will accelerate the breakthrough. (1) White electricity: it is suggested to pay attention to the high-end leading of Casati, the Haier Smart Home Co.Ltd(600690) and the white electricity leader of diversified and global development Midea Group Co.Ltd(000333) ; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional business, the rapid development of dishwasher and other businesses Hangzhou Robam Appliances Co.Ltd(002508) and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the year-on-year weakening of superimposed cost pressure will bring strong performance flexibility. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc; Clean electrical appliances such as floor washer and floor sweeper Siasun Robot&Automation Co.Ltd(300024) benefit from consumption upgrading, and the demand is expected to grow steadily, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) , etc; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on the intensive cultivation of channels and products Gongniu Group Co.Ltd(603195) and the rapid development of business license business Opple Lighting Co.Ltd(603515) .
This week’s market: this week, the Shanghai Composite Index fell 3.87%, and the home appliance industry fell 2.28%, slightly outperforming the market. Among them, white electricity fell 1.91%, black electricity fell 2.4%, kitchen electricity fell 2.72%, small household appliances rose 0.27%, lighting electricians and other sectors fell 5.67%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 17.03%, down 0.04pct from last week Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 18.15%, up 0.23 PCT from last week Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.02%, up 0.23pct from last week Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 9.51%, unchanged from last week Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.36%, up 0.02pct from last week Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.01%, down 0.04pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Jiangsu Chunlan Refrigerating Equipment Stock Co.Ltd(600854) (23.35%), Shenzhen Crastal Technology Co.Ltd(300824) (8.78%), Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) (8.24%), Shenzhen Breo Technology Co.Ltd(688793) (7.88%), Bear Electric Appliance Co.Ltd(002959) (7.85%); The top five declines were Ningbo Sunlight Electrical Appliance Co.Ltd(002473) (- 22.52%), Inventronics (Hangzhou) Inc(300582) (- 17.5%), Xiamen Guang Pu Electronics Co.Ltd(300632) (- 14.01%), Wuxi Hodgen Technology Co.Ltd(300279) (- 12.95%), Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (- 10.53%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 6353 yuan / ton, up 2 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 6187 yuan / ton, down 3 yuan / ton from last week; The price of copper (1) this week was 75130 yuan / ton, down 340 yuan / ton from last week; The price of aluminum (A00) this week is 21800 yuan / ton, up 70 yuan / ton from last week; The price index of China plastic city was 1013.5 this week, down 6.5 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
