This week’s special topic: the growth rate of raw material prices has fallen, and attention is paid to the “scissors difference” in the profits of household appliance enterprises. In 2021, the cost of raw materials for household appliances was high. Facing the impact of raw material price rise, household appliance enterprises increased the average price of products by optimizing product portfolio and adjusting marketing strategies. Recently, the inflection point of raw material price growth is down, and they are optimistic about the “scissors gap” of subsequent profits of household appliance manufacturing enterprises.
Investment strategy in 2022: clear the clouds and see the end of the day. Sometimes, the willow is dark and the flowers are bright and the spring is coming. We are firmly optimistic about raw materials and real estate. Under the background of marginal easing, the breakdown leader of household appliances has accelerated the breakthrough. (1) White power: it is suggested to pay attention to the Haier Smart Home Co.Ltd(600690) of Casati’s high-end leadership, “three winged bird” traffic front and globalization strategy to enhance competitiveness and the white power leader Midea Group Co.Ltd(000333) of diversified and global development; (2) Kitchen electricity: it is suggested to pay attention to the steady development of traditional businesses, the Hangzhou Robam Appliances Co.Ltd(002508) of dishwashers and other businesses that are rapidly developing, and Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that benefit from the high prosperity of the industry and the accelerated expansion of channels; (3) Small household appliances: the industry demand of kitchen small household appliances is expected to pick up in 2022, and the superimposed cost pressure is weakened year-on-year, resulting in strong performance elasticity. It is recommended to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) ; Clean electrical appliances such as floor washer and sweeping Siasun Robot&Automation Co.Ltd(300024) are expected to grow steadily due to consumption upgrading, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) ; Intelligent projection is recommended to focus on Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on Gongniu Group Co.Ltd(603195) intensive cultivation of channels and products and Opple Lighting Co.Ltd(603515) rapid development of commercial lighting business.
This week’s market: this week, the Shanghai Composite Index fell 1.63%, and the home appliance industry fell 5.6%, underperforming the market. Among them, white electricity fell 6.75%, black electricity fell 0.77%, kitchen electricity fell 6.39%, small household appliances fell 5.94%, lighting electricians and other sectors fell 2.19%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 17.1%, down 0.23pct from last week; Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 18.15%, down 0.33pct from last week; Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 11.02%, down 0.02pct from last week; Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.63%, down 0.12pct from last week; Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.77%, an increase of 0.42pct over last week; Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.95%, an increase of 0.02pct over last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Hengdian Group Tospo Lighting Co.Ltd(603303) (8.99%), Xiamen Guang Pu Electronics Co.Ltd(300632) (8.26%), Canature Health Technology Group Co.Ltd(300272) (7.61%), Youngy Health Co.Ltd(300247) (6.99%), Hisense Visual Technology Co.Ltd(600060) (6.55%); The top five declines were Kingclean Electric Co.Ltd(603355) (- 12.7%), Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) (- 11.83%), Guangdong Tonze Electric Co.Ltd(002759) (- 9.59%), Jinhua Chunguang Technology Co.Ltd(603657) (- 9.41%) and Marssenger Kitchenware Co.Ltd(300894) (- 9.13%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 5846 yuan / ton, an increase of 2 yuan / ton compared with last week; The price of galvanized sheet coil (1.0mm) this week is 5723 yuan / ton, the same as last week; The price of copper (1#) this week is 71520 yuan / ton, up 1690 yuan / ton from last week; The price of aluminum (A00) this week is 21160 yuan / ton, an increase of 110 yuan / ton compared with last week; The price index of China plastic city was 987.6 this week, down 4.4 from last week.
Risk warning: the price of raw materials fluctuates greatly; Risk of terminal demand slump; Exchange rate fluctuation risk.
