“The price/performance ratio of the leading household appliances is undoubtedly very high, but it may still need a fundamental turning point to form a more deterministic opportunity.”fundThe manager speaks bluntly.Although since JulyInstitutional researchAmong the varieties, home appliance companies do not account for a large proportion, but at the moment when the valuation of growth sectors such as new energy is getting higher and higher, nearly 200 institutions have quietly cast their sights on the home appliance sector where valuation is friction on the floor.
Nearly 200 institutions quietly follow
Choice dataIt shows that as of August 6, the Shenwan Household Appliances Index has fallen by more than 19% this year, making it the top three decliners in Shenwan’s 28 first-level industry indexes.
The Shenwan First-Class Industry Index, which has fallen the most since the beginning of this year
According to statistics from Tianxiang Investment Consulting, leading home appliance companies were sold by public funds to varying degrees in the second quarter.
in,Midea GroupThe market value of the stocks reduced by the fund ranked second. The share of the fund’s shares in its outstanding shares decreased from 7.05% at the end of the first quarter to 3.82% at the end of the second quarter. The number of funds holding this stock plummeted by 293 Only;Haier ZhijiaIn the second quarter, the fund was also withdrawn. In the second quarter, the number of funds holding this stock decreased by 171, and the proportion of fund holdings in its outstanding shares also decreased by more than 1%.
However, as the valuation of this type of target continues to drop, the implied rate of return has gradually increased. Many fund managers said that recently they have begun to pay attention to the opportunities on the left side of the home appliance sector.
Although the agency has recentlyResearchOf companies are still focusing on technology. Computer software, electronic equipment manufacturing, biomedicine, automotive, medical equipment and other industries are the most popular, but some institutions have paid attention to the home appliance sector.
ChoiceAccording to the data, from July till now, a total of 8 companies in the home appliance sector have been investigated by institutions, includingMidea Group、Skyline shares、Sanhua Intelligent Control、JoyoungEtc., a total of nearly 198 institutions are involved.byMidea GroupTake the survey on July 30 as an example. Many well-known public funds such as E Fund, Harvest, China, and Guangfa, as well as private equity funds such as Ningquan Investment where Yang Dong is located, have participated in the survey.
Survey of home appliance sector institutions in July
“Smart Money” also expressed its concern over the low-valued home appliance sector with real money.From Shanghai and ShenzhenHong Kong Stock ConnectAccording to CCDC’s shareholding records, Midea Group,Sanhua Intelligent Control、Haier ZhijiaThe home appliance company has also received northbound funds since JulyNet inflow。
Opportunities on the left side of the home appliance sector gradually appear
Quam FundFund manager Yin Peijun believes that in addition to opportunities in high-growth tracks, industries with relatively low valuations and continuous adjustments in the early stage are also worthy of attention. The typical representative is big consumption. In his view, although big consumption has not yet reached the time for large-scale purchases, some opportunities have gradually emerged. Among them, the valuation level of some high-quality white horse stocks in the home appliance sector has been more appropriate.
last yearStock baseChampion Lu Bin also said recently that in addition to high-growth new energy and other fields, he has begun to pay attention to the opportunities of some low-value blue chip stocks, with both offensive and defensive positions.
Since JulyLonghubangIn view of the situation, institutional funds show a certain divergence in the operation of the home appliance sector.for exampleSkyline sharesIn July, it was listed on the Dragon and Tiger list 4 times, and institutions appeared in the top five lists for net purchases and net sales each time, showing long and short competition;Shuaifeng Electric、Deye sharesLonghuban data also showed similar divergence.
An equity fund manager in Shanghai believes that the stock prices of leading white appliances companies are already very cheap. The reason why some funds are still on the sidelines is that, in addition to popular tracks such as new energy, which are more attractive, it is mainly because the current inflection point of the fundamentals of home appliances has not yet been reached. Appears, the funds that enter the market first may need to wait for a certain period of time. The current opportunity is on the left, but once an inflection point is formed, the opportunity for home appliances becomes more certain, and thus becomes an opportunity on the right.
Changjiang SecuritiesYaResearch reportAccording to the Chinese analysis, in the short term,Appliance industryDue to the high base of explosive growth during the epidemic last year, valuations have generally encountered certain pressures this year. Among them, the enterprises that mainly export to foreign countries have superimposed the interference of foreign exchange fluctuations, and the impact is particularly obvious.But from a long-term perspective, smallAppliance industryThe high demand for the economy still exists. With the aftermath of the epidemic, disturbances such as raw materials and exchange rates have gradually subsided.PerformanceIt is expected to gradually return to the right track.
ShouldBrokeragethink,Appliance industryThe later logical interpretation is expected to continue the trend of differentiation. Despite short-term disturbances in the white power sector, the pattern dividend and scale advantages are still strong, and the current valuation is extremely cost-effective, which can be focused on from a defensive perspective.
(Source: Shanghai Securities News)
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