Guotai Junan Securities Co.Ltd(601211) : the profit margin of air conditioning business is expected to be further improved

Guotai Junan Securities Co.Ltd(601211) believes that although the production and marketing of air conditioners are affected by the channel reform of leading enterprises, the overall recovery trend of weak domestic demand has not changed, and exports still maintain a small and stable growth. In the short term, the visibility of overseas demand is clear, and it is difficult to decline sharply. In addition, with the announcement of product price increase by enterprises in early 2022, The profit margin of air conditioning business is also expected to be further improved in the process of falling raw material prices. For individual stocks, Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Hisense Home Appliances Group Co.Ltd(000921) are recommended.