The proportion of heavy household appliances in active partial equity funds decreased month on month: We analyzed the situation of heavy household appliances in active partial equity funds based on the classification of Anxin household appliances. Q1 the epidemic situation in some parts of China has been repeated, the logistics distribution has been blocked, the residents’ Consumption Willingness is weak, and the proportion of active partial equity funds in the heavy position household appliance sector has decreased month on month. The shareholding ratio of Q1 fund’s heavy positions in household appliances was 1.73%, down 0.27pct month on month; The proportion of low distribution of household appliances was 0.22%, narrowed by 0.03pct month on month. Among them, the proportion of heavy positions holding Midea Group Co.Ltd(000333) (+ 0.02pct) and Gree Electric Appliances Inc.Of Zhuhai(000651) (+ 0.01pct) increased month on month, and the proportion of heavy positions holding Haier Smart Home Co.Ltd(600690) decreased by 0.02pct month on month. In the follow-up, the anti epidemic in various regions is gradually achieving results, and various regions have issued consumption subsidy policies to promote consumption. The consumption demand of household appliances delayed in the early stage is expected to be gradually released. The real estate policy is expected to pick up marginally, and the consumption of white electricity and kitchen electricity will be boosted. In addition, the recent devaluation of RMB will also benefit export-oriented household appliance enterprises and enhance their long-term international competitiveness. In terms of profitability, the price of raw materials gradually stabilized, the price of household appliances was raised smoothly, and the gross profit margin was the first to recover. The fundamentals of the home appliance sector will continue to improve, and the valuation is expected to be gradually repaired.
White electricity continued to be oversubscribed: the proportion of Q1 fund’s heavy positions in the white electricity sector was 1.15%, with a month on month ratio of -0.01pct; However, in combination with the fluctuation of market value, the white power sector is still over allocated by the fund, and the proportion of Q1 over allocation is 0.17% (the previous value is 0.06%). Q1 increased the proportion of heavy positions in the United States. Midea’s domestic and foreign sales shipments were stable, the b-end business grew rapidly, and Q1 revenue maintained a rapid growth rate. In terms of profitability, Midea hedged some negative impacts by raising product prices and improving operational efficiency, showing the business resilience of white power leaders. With the gradual stabilization of raw material prices, Midea’s performance is expected to gradually release elasticity. Q1 fund heavy position Gree increased slightly. Domestic shipments of Gree air conditioners decreased and prices increased, and the growth rate of domestic sales revenue rebounded quarter by quarter; In addition, the company vigorously developed its own brand to go to sea, and its export business recovered steadily. Q1 Gree’s revenue was yoy + 6%. The company responded to the cost pressure by raising product prices and strengthening expense control, and the Q1 net interest rate was + 1.0pct year-on-year. Gree continued to build a new retail system, with low valuation and high dividend yield. The capital market paid more attention to Gree. The proportion of heavy positions of Q1 funds in Haier decreased, mainly due to market concerns about the pressure of high base and the decline of overseas demand. However, Haier’s operating capacity outside China continues to improve, with Q1 company’s revenue yoy + 10%; In addition, the company’s Q1 net interest rate was + 0.1pct year-on-year through high-end and operation efficiency improvement. In the long run, Haier has large income and profit growth space in China’s high-end market and overseas markets, and has long-term investment value.
Q1 kitchen electricity sector received fund allocation reduction: the number of funds in Q1 heavy warehouse kitchen electricity sector was – 9 month on month, and the proportion of fund heavy warehouse kitchen electricity sector was -0.01pct month on month. The concern of Q1 kitchen electricity fund decreased, mainly because: 1) affected by the epidemic in March, the terminal sales of kitchen electricity enterprises were under pressure. 2) In order to reduce the operational risks from real estate enterprises, kitchen and electricity enterprises reduced engineering orders, and the revenue of this channel decreased. As the epidemic subsides, demand rebounds, and the real estate policy is expected to pick up marginally, the industry sales boom will recover in the future.
Only Zhejiang Supor Co.Ltd(002032) received additional fund allocation in Q1 kitchen small household appliances sector: the proportion of heavy positions of funds in Q1 kitchen small household appliances industry was basically the same month on month, and the number of funds of heavy positions of kitchen small household appliances companies was – 4 month on month. The Zhejiang Supor Co.Ltd(002032) proportion of Q1 fund’s heavy position was + 0.02pct month on month, and the other targets were reduced by the fund. Affected by the epidemic since March and the obstruction of logistics distribution and other factors, the consumption of small household appliances in the kitchen is sluggish, and the attention of major companies has decreased. However, the proportion of Zhejiang Supor Co.Ltd(002032) heavy positions increased against the trend, mainly due to the continuous performance of the company’s online channel transformation, direct marketing transformation and product structure optimization, and the continuous increase of domestic market share; Moreover, after the company and the major shareholder SEB redefine the pricing of export related party transactions, the export gross profit margin is expected to continue to rise.
Q1 fund reduced the distribution of clean appliances: the heavy position shareholding ratio of Q1 fund to clean appliances was 0.29%, with a month on month ratio of -0.04pct. The attention of the clean electrical appliance sector decreased, mainly due to the decline in the sales growth rate of Q1 floor sweeper and floor washer industry. The number of Q1 heavy positions Beijing Roborock Technology Co.Ltd(688169) (- 10), Ecovacs Robotics Co.Ltd(603486) (- 3), Ningbo Dechang Electrical Machinery Made Co.Ltd(605555) (- 2) funds decreased month on month, and the number of heavy positions JS global life (+ 5) funds increased month on month. The additional allocation of JS global life by the fund is mainly benefited by the tariff exemption policy of the United States, and the company continues to expand the European market, with the market share gradually increasing. Looking forward to the whole year, the new products of Ecovacs Robotics Co.Ltd(603486) stone are upgraded iteratively, and new e-commerce channels such as Tiktok are expanded. New products and new channels are expected to help improve sales performance.
Q1 panel factory and complete machine factory are increased by the fund, and the projector sector is reduced by the Fund: the price of Q1 panel tends to be stable, and the fund pays more attention to the panel factory. The panel price remains low, which is conducive to the repair of the profitability of the whole machine factory, and the proportion of the whole machine factory with heavy fund positions is increased. The projector sector was affected by the tight supply of chips, and the fund’s attention decreased. The number of funds with heavy positions of Jimi / Guangfeng in Q1 was – 1 / – 7 month on month.
Investment suggestion: the prosperity of the household appliance industry is gradually coming out of the trough, the margin of enterprise profitability is improved, and the current valuation and position are at the bottom of the stage. The subsequent fundamental improvement is expected to drive the continuous repair of valuation. Give priority to recommending Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) , which benefit from the accelerated upgrading of high-end consumption and have the ability to raise prices; Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Fenda Technology Co.Ltd(002681) , benefiting from the depreciation of RMB; The improvement of fundamentals is expected to usher in the reversal of adversity Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Skyworth Digital Co.Ltd(000810) ; There are opportunities to improve the valuation of the real estate chain, including Hangzhou Robam Appliances Co.Ltd(002508) , Zhejiang Meida Industrial Co.Ltd(002677) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , etc; In the long term, we are optimistic about emerging product leaders benefiting from consumption upgrading Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Hisense Visual Technology Co.Ltd(600060) , Shenzhen Breo Technology Co.Ltd(688793) , Bear Electric Appliance Co.Ltd(002959) , Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) .
Risk tip: public funds only disclose the top ten heavy positions, which may deviate from the actual statistics of all positions.
