Key investment points:
Market performance
This week (4.22-4.28), the CSI 300 index fell by 1.87%, the home appliance (CITIC) sector fell by 3.53%, and the industry underperformed the market by 1.66 percentage points, ranking 11th among the 30 CITIC first-class industries In terms of fine molecule industry, all sub sectors of household appliances fell to varying degrees this week. Among them, small household appliances led the decline, down 6.40%, white appliances – 3.06%, kitchen appliances – 4.67%, lighting electricians and others – 2.91% and black appliances – 5.59%. In terms of individual stocks, in the past five trading days, Aishida Co.Ltd(002403) (+ 26.79%), Jiangsu Chunlan Refrigerating Equipment Stock Co.Ltd(600854) (+ 15.48%) and Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (+ 11.49%) increased the most, while Tailong lighting (- 29.83%), Jinhua Chunguang Technology Co.Ltd(603657) (- 24.83%) and Shenzhen Longtech Smart Control Co.Ltd(300916) (- 22.69%) decreased the most.
Household appliance industry highlights
In the first quarter, home appliance 3C traded in old for new, with a year-on-year increase of 70%
Shenzhen issued 500 million yuan of consumer vouchers, and home appliances and other industries are expected to benefit
Gree Electric Appliances Inc.Of Zhuhai(000651) signed strategic cooperation agreement with public transport group
Investment advice
Recently, affected by the epidemic in China, the sales of home appliance terminals continued to be depressed. According to the total data pushed by ovicloud, the retail sales of household appliances in China in the first quarter was 143 billion yuan, a year-on-year decrease of 11.1%, of which the online market decreased by 7.5%.
Among them, the integrated stove industry continued to have a high outlook. In the first quarter, the retail sales of integrated stoves reached 4.75 billion yuan, a year-on-year increase of 19.5%, the online market increased by 24.3% and the offline market increased by 18.4% year-on-year. On the export side, the export volume of China’s household appliances decreased slightly from January to February this year, but the recent continuous depreciation of RMB is good for household appliance export-oriented enterprises, which is expected to improve the profitability of enterprises and increase exchange earnings. To sum up, the industry is temporarily given a “optimistic” rating. It is recommended to pay attention to 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) ), Shenzhen Crastal Technology Co.Ltd(300824) ( Shenzhen Crastal Technology Co.Ltd(300824) ), Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) ) and Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) ( Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) ).
Risk tips
The risk of macroeconomic environment fluctuation; The risk of repeated outbreaks; Risk of exchange loss caused by exchange rate fluctuation; The risk of serious decline in the end demand of the industry; The risk of declining prosperity of overseas exports.
