Key investment points:
Market performance
This week (5.13-5.19), the CSI 300 index increased by 1.03%, the home appliance (CITIC) sector increased by 0.03%, and the industry underperformed the market by 1.00 percentage points, ranking 24th among the 30 CITIC first-class industries. In the fine molecule industry, white household appliances – 0.56%, small household appliances 0.33%, kitchen appliances – 0.75%, lighting electricians and others 2.19%, and black household appliances 2.77%. In terms of individual stocks, Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (+ 18.88%), Kennede Electronics Mfg.Co.Ltd(002723) (+ 17.53%) and Guangzhou Echom Sci.&Tech.Co.Ltd(002420) (+ 13.35%) rose the most, while Dea General Aviation Holding Co.Ltd(002260) (- 40.72%), Shenzhen Breo Technology Co.Ltd(688793) (- 7.80%) and Aishida Co.Ltd(002403) (- 7.76%) fell the most
Household appliance industry highlights
Revision of IEC standard: the maximum R290 filling capacity of household air conditioner is increased to 988G
15 days 36 City deregulation and purchase restrictions and other property market policies
The growth rate of global chip market slowed down in the first quarter of 2022
Investment advice
Entering may, with the gradual increase of temperature, it has ushered in the traditional peak demand season of white electricity market. According to the data released online by the industry, the output of household air conditioning industry was about 16.58 million units in May 2022, an increase of 7.2% over the same period last year. Among them, domestic sales increased by 12.4% over the same period last year; Exports fell by 5.5% over the same period last year. Since March, the production scheduling data has increased slightly for three consecutive months, mainly because the air conditioning manufacturers began to prepare for the peak season in March and increased production scheduling to prepare goods for the channel. On the export side, the recent devaluation of RMB is good for home 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.
