Home Appliance Industry Weekly: The change from single retail to home-based scenarios Emerging categories and the incremental demand for whole house design is good


Investment points: secondary market review: this week (2022.1.21-1.27) home appliance industry fell 6.68%, a significant correction last week, the comprehensive ranking ranked the 19th in citic first-class industry classification.This week, all subdivisions and related sectors of home appliances fell, among which the decline of white electricity and black electricity was relatively weak, down 5.37% and 6.28% respectively, about 0.5-1.2 percentage points higher than the overall level of the home appliance industry;Kitchen electric plate decline has expanded from last week, down 10.11% this week;The home appliance parts manufacturing sector remained relatively significant, down -14.53%, extending about 10 percentage points from last week.Under the influence of the market downward pressure, this week’s industry valuation significantly lower, but the segmentation of white electric plate valuation decline is relatively weak.In terms of individual stocks, among 84 a-share listed companies in the home appliance industry this week, 6 rose, 1 was unchanged and 77 fell.Retail market performance: In 2022W4(1.17-1.23), the sales volume of domestic offline home appliance market of all categories significantly decreased by 3.19% year-on-year, and the growth rate picked up by about 17 percentage points compared with the previous week;Online sales growth slowed to -7.81% this week from a year earlier.From the point of focus on category, this week each category product double the market average price year-on-year declines, including air conditioners, refrigerators, washing machines online market average year-on-year growth in all its negative levels, dishwasher online market average price fell to double-digit year-on-year growth, integrated kitchen double the market average year-on-year at high level,But the year-on-year growth rate of sales still continues to fluctuate slightly.Data tracking of raw materials and Marine real estate: This week, the prices of non-ferrous metals such as Copper and aluminum continue to fluctuate at a high level. As of January 26, the settlement price of Copper approached 10000 USD/ton again.In January, the prices of large panels fell further, among which 50 inch LCD panels fell relatively strongly, more than 10%;In terms of shipping costs, CCFI of China’s external routes increased by 3%-4% on a monthly basis in Australia and New Zealand, east America and Europe, while CCFI of east-West Africa and West America decreased slightly on a monthly basis this week.2022W4(1.17-1.23), the transaction area and number of commercial housing in the first, second and third-tier 30 large and medium-sized cities declined compared with the previous week, among which the first-tier cities saw a significant decline, the transaction area and number of commercial housing decreased 19.7% and 17.5% respectively.Views and Investment Advice:In continuously introduce new varieties, as well as mature electrical appliances category and upgrading of the upgrade, driven by electrical appliances demand from previous single category retail mode into the household scenario-based design scheme of residents gradually each separate scenario electrical appliances product preferences family unity, coordination, intelligent configuration, such as the current demand higher scene scene and sitting room, kitchenIts corresponding smart smoke stove, dishwasher, kitchen appliances, intelligent projection and other categories of market demand or long-term good.Therefore, we are optimistic about the development of home furnace-oriented and incremental contribution to the emerging market of household appliances. It is suggested to pay attention to the leading enterprises with channel sales advantages and strong product strength in kitchen appliances, small household appliances and white appliances.In addition, in the short term plate rotation and market switching, it is recommended to continue to pay attention to the investment opportunities of companies in the head of each subdivision of the industry.Risk warning: repeated outbreaks;Market demand is less than expected;Industry competition pattern intensifies;Raw material price, shipping cost and exchange rate continued volatility risk.(Article source: Zhongyuan Securities)

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