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[real time news website] Views of the brokerage | Household Electric Study Double Weekly Research (52-53 Week 2023): The sector is stable as a whole, pays attention to the relevant target with strong fundamental toughness

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  2024-01-02, Everbright Securities released a research report in the home appliance industry. The report states that the sector is stable as a whole and pays attention to related targets with strong fundamental toughness.

  The specific content of the report is as follows:

  The sector is stable as a whole, and the performance level of the relevant target market with strong fundamental toughness: Since November (as of December 29, the same below) home appliance sector has continued to fall.In November, the home appliance sector was lost () all A5.9 percentage points, the industry showed a structural highlight, the border of the white electricity export continued to make a good trend, and the domestic sales achieved a positive growth of the year -on -year effect.Optional.In December, the home appliance sector ran to the fellow flowers A0.4 percentage points. The main performance of the high -prosperity sector was recovered+the "Double Eleven" overall performance was relatively dull.Fundamental perspective: (1) White home appliances are strong in continuity: 23H1 White Electric leader's performance increases significantly+heat -catalyzed boom continues, overseas demand stabilization in the second half of the year+corporate channel inventory water levels are low, and white electricity performance releases throughout the year.Strong certainty.(2) The recovery of the prosperity of some industries has not obviously arrived: the fundamental reversal of the kitchen appliances (high relationship with real estate) still needs to wait for the industry's prosperity to recover. It is expected that the 23Q4 low base number+early demand replenishment, and the performance growth rate is up.Life/kitchen small appliances (high correlation with residents' income) "Double Eleven" performed as a whole, and it is expected that the performance of 23Q4 is relatively stable as a whole.In terms of individual stock selection, it is recommended to pay attention to: (1) everyone with a stable fundamentals and high configuration value, recommend (), (), (), ();The configuration value of the sector is improved, and (), () is recommended (), (); (3) the cleaning products with long -term growth in emerging home appliances, recommending () and stone technology; (4) Hisense company has sufficient equity incentives and high performance.It is recommended to pay attention to (), ().Fundamental: Empty Ice washing Ganglin Category is strong, and optional categories are slightly pressured by large white power factory (empty ice): 1) Air conditioning: 10.67 million units in the house in November (YOY+12%), 1-Choy+14%in November.In terms of domestic sales, the sales volume of 5.23 million units (YOY+8%) in November. In November, the main growth was low in the same period last year.+Dealers to make up libraries+demand deferred resonance; in terms of export, the air -conditioning exports of air -conditioning 5.44 million units (YOY+17%) in November, the external demand continued to recover, with the price and exchange rate advantagesThe exports of the world's large population country have increased significantly. From January to November, YOY+6%, the high inventory of the European and American markets continues to improve, and the margins of exports are better;%, January-October refrigerator/washing machine cumulative +13%/+15%, of which in October/washing machine domestic sales were +7%/+10%, respectively.It is caused by multi -factors, including the low base of exports to Europe and the United States in the same period last year+channel supplement inventory+the sharp decline in international freight since this year+depreciation of the RMB conducive to exports.Grand appliance retail caliber (empty ice lottery kitchen): air-conditioning, refrigerator, washing machine, color TV, and kitchen appliances in November were +4%,+9%, -3%,+0%,+13%, respectively.From January to November, the omni-channel sales cumulatively +8%,+6%,+0%, -3%,+5%from January,+6%,+0%, -3%,+5%, respectively.The "Double Eleven" of home appliances has just performed well, driving retail sales year -on -year.Kitchen small home appliances: Kitchen small appliances in November were-14%year-on-year, and from January to November, the omni-channel sales cumulatively -9%year-on-year.Small appliances are available as a whole, and the economic recovery is slow+the overall performance of the performance in the higher base of last year is under pressure.Cleaning electrical appliances: Clean electrical appliances in November of the omni-channel sales of -3%year-on-year, and from January to November, the cumulative sales of omni-channels were+7%.Among them, the overall volume price of the floor sweepstake has shrunk year -on -year, and the amount of floor washing machine has slowed down.Risk reminder: Real estate sales are less than expected; the cost of raw materials has increased sharply; the local currency appreciates significantly.


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