Special topics of this week: (1) in December 2021, China’s household appliances and audio equipment reached 93.3 billion yuan, a year-on-year decrease of 6.0%, and the growth rate turned negative month on month, with a month on month decrease of 12.6pct. From January to December 2021, the total retail sales of household appliances and audio equipment reached 934 billion yuan, a year-on-year increase of 10.0%. (2) Tracking the production and sales data of household air conditioners in December: according to the industry online data, the output of household air conditioners in China in December 2021 was 12.53 million units, a year-on-year increase of – 2.5%; The sales volume was 11.52 million units, a year-on-year increase of – 0.3%; The export volume was 5.78 million units, a year-on-year increase of + 5.3%; The domestic sales volume was 5.74 million units, a year-on-year increase of – 5.4%; The inventory was 21.71 million units, a year-on-year increase of + 12.5%. The performance of the three leading enterprises showed certain differentiation, and the share of Midea and Haier increased.
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 will accelerate 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 the competitiveness improvement of globalization strategy, 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 business, the Hangzhou Robam Appliances Co.Ltd(002508) of dishwasher and other businesses with rapid development, as well as Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and accelerated channel expansion; (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 suggested 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 pay attention to Chengdu Xgimi Technology Co.Ltd(688696) . (4) Electrician lighting: focus on Gongniu Group Co.Ltd(603195) of intensive cultivation of channels and products and Opple Lighting Co.Ltd(603515) of rapid development of commercial lighting business.
This week’s market: this week, the Shanghai Composite Index rose 0.04%, and the home appliance industry rose 2.71%, outperforming the market. Among them, white electricity sector rose 5.44%, black electricity sector fell 2.65%, kitchen electricity sector rose 1%, small household appliances sector fell 4.01%, lighting electricians and other sectors fell 4.09%. 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 17.01%, down 0.09pct from last week; Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 18%, down 0.15pct from last week; Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 10.83%, down 0.19 PCT from last week; Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.77%, an increase of 0.14 PCT over last week; Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 9.65%, down 0.12pct from last week; The shareholding of Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.93%, down 0.02pct from last week. In terms of individual stocks, the top five gainers in the household appliance industry this week were Chengdu Xgimi Technology Co.Ltd(688696) (9.03%), Midea Group Co.Ltd(000333) (7.51%), Guangdong Sunwill Precising Plastic Co.Ltd(002676) (5.64%), Haier Smart Home Co.Ltd(600690) (5.19%), Shenzhen Longtech Smart Control Co.Ltd(300916) (4.9%); The top five declines were Canature Health Technology Group Co.Ltd(300272) (- 12.57%), Shanghai Highly (Group) Co.Ltd(600619) (- 12.5%), Youngy Health Co.Ltd(300247) (- 11.04%), Zhejiang Goldensea Hi-Tech Co.Ltd(603311) (- 10.22%) and Tailong lighting (- 9.33%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 5857 yuan / ton, up 11 yuan / ton from last week; The price of galvanized sheet coil (1.0mm) this week is 5726 yuan / ton, up 3 yuan / ton from last week; The price of copper (1#) this week was 71150 yuan / ton, down 370 yuan / ton from last week; The price of aluminum (A00) this week is 21340 yuan / ton, up 180 yuan / ton from last week; The price index of China plastic city was 990.9 this week, up 2.9 from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
