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bulk raw material prices will reduce the production costs of home appliance companies, and institutions predict that the home appliance industry will see a turning point in the second half of the year.
Upstream raw materials for home appliances, copper and aluminum prices continue to fall
Upstream bulk materials, which once gave many home appliance companies a "headache" is falling. As the "leader" copper price continues to decline.
Securities Times ·Databao statistics, on July 6, London LME copper price once fell below $7,300/ton, hitting a new low in a year . Compared with the year's high, the decline reached 32.77%. In the second quarter, the average aluminum price fell by 7.1% month-on-month, and the cold-rolled plate fell by 2.18% month-on-month.
Industry insiders said that the decline in the above-mentioned bulk raw materials prices will reduce the production costs of home appliance companies. Copper price has fallen the fastest, and air conditioning industry chain companies that use more copper materials are expected to benefit from first. Against the backdrop of the continuous increase in average prices, white electricity is also the sub-sector that benefits the most.
The home appliance industry is expected to show a turning point in the second half of the year
Since May, my country's home appliance industry has gradually emerged from the previous downturn, especially driven by the promotions of retail platform merchants during the May Day holiday and the "6.18" shopping festival, the market data in the second quarter of 2022 has stabilized and improved compared with the first quarter. , the total sales of home appliances during the "6.18" promotion period reached 87.9 billion yuan, ranking first in the industry.
Looking ahead to the second half of the year, real estate sales in the domestic market will gradually improve, and epidemic prevention policies will better respond to the new virus; although overseas markets are still facing demand pressure, the high growth base last year has passed, and the pressure will be reduced, and independent brands can still actively respond by strengthening new promotions and moderate promotions; on the profit side, the continuous decline in prices of major raw materials will also improve the profit level of home appliance companies. Tianfeng Securities believes that the resonance between may cause the home appliance industry to show a turning point.
The price-to-earnings ratio of the three home appliance giants is lower than 20 times
Databao statistics. As of the close of July 7, the market value of home appliance stocks A shares has a total market value of 1.6 trillion yuan. Since the beginning of this year, the household appliance index has fallen by 12.69%, underperforming the same period of , Shanghai and Shenzhen 300 Index . Among the home appliance stocks, there are 39 with rolling price-to-earnings ratios below 30 times, accounting for more than 40%.
The three home appliance giants with a market value of over 100 billion Midea Group , Gree Electric Appliances , and Haier Smart Home rolling price-to-earnings ratios are less than 20 times; among them, Gree Electric Appliances ranks at the lowest level.
Databao statistics. According to the average transaction price in the range, there are 4 stocks that have increased their holdings of more than 100 million yuan since June, namely Haier Smart Home, Midea Group, Stone Technology , and Hisense Home Appliance .
Compared with the high point this year, the average drawdown of the above 39 home appliance stocks with price-to-earnings ratios below 30 times reached 19.62%; Chunguang Technology, Stone Technology, Aojiahua , Biyi Co., Ltd. and other four stocks had a drawdown of more than 30%.
Chunguang Technology is the most obvious drawdown. The latest closing price of the stock is in the historical bottom range, 47.9% from the year's high. In the first quarter of this year, Chunguang Technology's sales revenue of vacuum cleaner hoses and accessories decreased, resulting in a year-on-year decline of 53.56%.
Gree Electric Appliances provides all categories of home appliances including household air conditioners, HVAC , refrigerators, washing machines, environmental appliances, kitchen appliances and household appliances. The company announced on the evening of July 6 that as of July 5, the company had repurchased a total of 108 million shares of the company, with a cumulative repurchase amount of nearly 6 billion yuan. The share repurchase plan has been implemented.
Hisense Video 2021 TV products (including laser TV ) have a market share of 20.92%, ranking first in the country. The company has developed and mass-produced five-generation display image quality processing chips, and has won the national "China Chip" product awards many times.
Joyang Co., Ltd. 's soy milk machine, wall breaker , air fryer , noodles , and juicer firmly occupy the first place in the market, and most other categories are also ranked in the top three in the industry. The company announced on the evening of July 4 that the total number of shares repurchased reached 8 million shares, accounting for 1.04% of the company's total share capital, and the total transaction amount exceeded 136 million yuan.
Lec Electric is an enterprise engaged in the research and development, manufacturing and sales of small household appliances for environmental cleaning and healthy living with high-speed motors as its core technology. The market share of vacuum cleaner , air purifier, water purifier and other products continues to maintain a leading level. On December 8, 2021, the company announced that Di Lieba will become the spokesperson for the company's cleaning appliances, focusing on the company's flagship new Sirius S680 three-in-one whole-house vacuum cleaner and floor cleaning machine.
Statement: All information content of Databao does not constitute investment advice. The stock market is risky, so be cautious when investing.
Editor in charge: He Yu
Databao
Databao (shujubao2015): Securities Times Intelligent Original Innovation Media.
