China SecuritiesPoint out that the current timeAppliance industryThere are opportunities for plate restoration, and investors are advised to pay attention to it. The increase in real estate in 2022 will still be slightly positively driven. The overall overseas demand is expected to be high and low. Leading companies will continue to grow steadily. Therefore, the overall demand for home appliances next year will continue to maintain a small and steady growth, while benefiting from the cost of raw materials. The pace of improvement, we thinkAppliance industryUnder the overall consumption encouragement policy and the real estate marginal relaxation policy, there will be opportunities for sectoral restoration. From an investment perspective, the over-provisioned home appliance sector will bring excess returns.
The full text is as follows
Similar to 2019Q1, focus on investment opportunities in the home appliance sector
Core View: CurrentAppliance industryThere is room for sectoral restoration, and attention is paid to investment opportunities
Resumption of the past: low stock price base + expected catalytic factors to promote the rise in the share price of the home appliance sector.We believe that the home appliance industry has a sectoral repair opportunity at this time, and investors are advised to pay attention to it. For details, you can refer to the sector investment opportunities in the first quarter of 2019. In 2018, the low stock price base, the loosening of real estate margins and the expected completion improvement expectations, and the release of home appliance consumption stimulus policies are expected to promote the increase in the share price of the home appliance sector. From the beginning of 2019 to April 19 , Shenwan Home Appliances Index rose from the bottom of 4757 to 7,600, an increase of more than 60%. Among them, the kitchen electronics industry has the most obvious flexibility. The home appliances sector has the largest increase in central air-conditioning and kitchen appliances.
Focus on the current: the external environment + industry expectations are very similar to 2019Q1.In 2021, the home appliance industry index ranked first in terms of increase and decrease, which was mainly dragged down by fundamentals. Real estate control policies continued. Data on sales, completion and start of commercial housing were gradually weakened. Partially dragged down; stock prices and fundamentals are at a trough, giving a favorable low base space for recovery and rebound. At the same time, there are policy factors that have brought the sector’s share price catalysis: 1) The central economic work plan is superimposed on the voice of multiple departments, and the margin of real estate policy is loosening; 2) The consumption stimulus policy is expected to be launched.
Looking ahead to next year: marginal recovery, costs and expenses are expected to improve significantly.The increase in real estate in 2022 will still be slightly positively driven. The overall overseas demand is expected to be high and low. Leading companies will continue to grow steadily. Therefore, the overall demand for home appliances next year will continue to maintain a small and steady growth, while benefiting from the cost of raw materials. The pace of improvement, we believe that under the overall consumption encouragement policy and the real estate marginal relaxation policy, the home appliance industry will have plate restoration opportunities. From an investment perspective, the over-provisioned home appliance sector will bring excess returns.
Investment Advice:Three main line layout companies in the home appliance sector:1) Grasp the flexible target,recommendYitian Intelligent(300911.SZ)、Boss Electric(002508.SZ)、Shuaifeng Electric(605336.SH)。2) Grasp the repair of low valuations,recommendMidea Group(000333.SZ)、Haier Zhijia(600690.SH)、Supor(002032.SZ)、Xinbao shares(002705.SZ)。3) Pay attention to the industry’s prosperity track and sweep the floorrobotAnd the projector,recommendRock Technology(688169.SH)。
risk warning
The risk of rising raw material prices, the risk of lower-than-expected demand, the risk of repeated epidemics, the risk of chip out of stock and the price increase, the risk of exchange rate fluctuations, etc.
(Article Source:SecuritiesTimes)
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