From the perspective of domestic demand, the growth rate of the retail sales volume of all electric products in China is better than that of the overall market. According to zhongyikang, in 2021, the retail sales of China's household appliances reached 481.8 billion yuan, an increase of 8.5% year-on-year; In 2021, China's retail sales of kitchen appliances reached 231.9 billion yuan, a year-on-year increase of 8.7%. Among them, emerging categories such as integrated stove, dishwasher and clothes dryer performed better. In 2022, all localities in China will gradually introduce measures to "replace the old with the new" to stimulate the growth of the rural economy and gradually promote the "smart home appliances" in 2022. At the same time, the real estate policy continues to warm up, and the overall market is expected to warm up; The large household appliance industry has the post cyclical property of real estate, and the expectation of real estate repair is enhanced, which is expected to drive the consumption demand of white electricity, kitchen electricity and other household appliances.
From the perspective of export: the export of household appliances will continue to grow in 2021. According to the General Administration of customs, the export value of China's household appliances was 638243 billion yuan, a year-on-year increase of 14.1%; In the same period, China's export volume of household appliances was 387341 million units, an increase of 10.1% year-on-year. In 2022, China's home appliance exports will face both challenges and opportunities. On the one hand, rising global inflation expectations, the global energy supply tension caused by the geographical conflict between Russia and Ukraine, and the slowdown in the growth of global economic recovery have increased pressure on home appliance exports; On the other hand, RCEP officially came into force in 2022. As one of China's important export products, home appliances have obvious advantages in the industrial chain and are expected to enjoy RCEP dividends.
"Pushing up and selling new" has become the direction of all power bank owners. At present, the rising costs of raw materials and transportation and the uncertainty of epidemic prevention and control have disturbed the demand for household appliances. In the environment of consumption upgrading, the household electrical industry has moved to push up and sell new products. Intelligent, high-end and systematic products are the mainstream development direction. With the passage of time, the negative impact of product price rise will be gradually reduced due to the policy support of product upgrading, replacement of household appliances with old ones and going to the countryside of green smart household appliances.
Investment suggestion: hold the overall "recommended" rating of the power industry. Driven by the marginal improvement of real estate policy and the government's support for home appliances to the countryside, China's demand for home appliances is expected to be boosted. With the development of the market, pushing up and selling new products has become the main line of the power industry, and the leading enterprises with strong brand premium ability have more advantages. In conclusion, it is suggested to pay attention to the enterprises with continuous optimization of product structure, significant brand advantages, relatively perfect channels and increasing market share, such as the three white electricity leaders with strong comprehensive strength: 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) ), and the traditional kitchen electricity leaders entering the integrated stove industry Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) ), Online integrated stove leader with rapid expansion of scale Marssenger Kitchenware Co.Ltd(300894) ( Marssenger Kitchenware Co.Ltd(300894) ).
Risk tip: the risk that the slowdown of macroeconomic growth will lead to the decline of market demand; Risk of policy change; The risk of price war caused by the intensification of industry competition; Price fluctuation risk of raw materials; Epidemic risk; Overseas business operation risk; Exchange rate fluctuation risk.