Core view
Among the Shenwan sub industries, the home appliance sector fell by – 1.8% last week and the yield ranked 6 / 31. Last week (4.18-4.22), the Shanghai Composite Index rose – 1.25% to close at 308692; The Shenzhen Composite Index rose – 3.21% to close at 191411; The gem index rose – 4.75% to close at 256928.
From the recent performance of kitchen electricity, the traditional kitchen electricity in 2022q1 shows a downward trend as a whole. Q1 online and offline sales of range hoods in China were – 14% / – 6.6% year-on-year respectively, and online and offline sales of range hoods for gas stoves were – 12.5% / – 4.6% year-on-year respectively. In terms of the overall retail sales of kitchen appliances, emerging kitchen appliances such as dishwashers, integrated stoves and embedded compound machines have played a certain role in boosting the overall performance of kitchen appliances, and the third and fourth tier cities that are relatively less affected by the epidemic generally perform better than the first and second tier markets. According to ovicloud, the retail sales of the new kitchen electric appliance 2022q1 reached 8.02 billion yuan, a year-on-year increase of 15.5%. Although the penetration rate of integrated stoves has gradually increased, especially in 2021 with the continuous emergence of new products and the gradual penetration of consumer education, under the condition of weak market incremental power, there is a certain competitive relationship between integrated stoves and split smoke stoves and other products in the stock market.
In March, the growth rate of sales volume and sales volume of large household appliances such as air conditioners, refrigerators, washing machines and range hoods was negative year-on-year. In terms of price, the four major electrical appliances have raised their prices to varying degrees compared with the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) average price of the same period last year. From the weekly data, w16 (4.18-4.22) benefited from the demand for stocking goods due to the epidemic, w16 (4.18-4.22) freezers performed well, and the offline / online sales increased significantly year-on-year. Offline / online sales of air conditioners, refrigerators and washing machines fell by more than double digits year-on-year, but prices rose month on month. Under the influence of the spread of the epidemic and the obstruction of logistics, the Consumption Willingness of residents is weak, and the household appliance industry as a whole is obviously under pressure on the demand side.
Industry news and important announcements
The Ministry of Commerce held a briefing on the special online shopping festival and the African good things Festival; The cbcirc held the Party committee and emphasized the continuous improvement of the effective real estate mechanism of “stabilizing land prices, house prices and expectations”; In order to alleviate the energy crisis, Italy has issued rules for the use of air conditioners; Leading enterprises have declared the recycling target of about 17 million sets of four major household appliances.
Last week, companies such as Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Beijing Roborock Technology Co.Ltd(688169) and others released their annual reports for 2021 and the first quarter of 2022.
Investment advice
It is suggested to pay attention to the leading enterprises that benefit from the recovery of fundamentals and have an obvious moat, as well as the emerging categories of household appliances with high landscape. Related objects: Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Hangzhou Robam Appliances Co.Ltd(002508) , Joyoung Co.Ltd(002242) , Zhejiang Supor Co.Ltd(002032) , Ecovacs Robotics Co.Ltd(603486) , Marssenger Kitchenware Co.Ltd(300894) , etc.
Risk tips
The real estate policy is not as expected; Raw materials rose sharply; Changes in tariff policies; The consumer demand side is less than expected; Exchange rate rise, etc.
