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May dynamic reporting household appliances industry- the epidemic influence weakened, May appliance

 时间:2020-06-12 23:12:29 来源: 

sales improved significantly, consumer appliances accelerate the warming. 2020W18 (4.27-5.3) air conditioners, refrigerators, washing machines online sales growth were 58.43%, 18.82% and 39.7%, sales volume increased by 99.73%, 24.26% and 49.05%, we believe that the main reason for the pre-repressed demand rebounds, vacation time increases, the hotter the weather, issuing coupons, etc., the latter with the gradual weakening impact of the epidemic, domestic appliances will gradually return to normal.

2) the performance of the industry in the first quarter significantly affected by the epidemic. Affected by the new crown epidemic, 2020Q1 appliance industry revenue and owned by the parent net profit fell sharply, as companies have rigid cost a quarter less affected by overseas income and low profits and other factors, net profit decline was much larger than his maternal income. Industry net profit margin in the first quarter ROE declined by more influence, down from 4.01 percent last year to 1.80%.

3) improve the waste home appliances recycling program release. May 15, the National Development and Reform Commission and other departments issued "on the implementation of programs to improve waste home appliances recycling system to promote the consumption of appliances update", the program proposes to further improve the recycling system of waste household appliances, household appliances updated to promote consumption. In about three years time, to further improve the industry standards, policy system, basically built an orderly, smooth operation, coordinated and efficient waste home appliances recycling system. In the short term, the program can stimulate the upgrading appliances, thereby promoting consumer appliances. 4) May industry performed better. May SWS appliances rose 7.4%, ranked No. 3 SW 28 an industry. So far this year, home appliance sector fell 5.14 percent, slightly better than the performance of the Shanghai and Shenzhen 300 index (-5.86%), the industry price-earnings ratio (TTM) 19.12, lower than the historical average since 2006, 21.54, in the lower-middle position. Home appliances valuation premium rate (A share after excluding banks) was -12.58% -11.13% historical average for the industry valuation premium rate dropped 8.67PCT than average since 2005, is located in a relatively low position.

Recommendation

affected by the epidemic, the appliance industry in the first quarter results fell significantly, with the weakening of the impact of the epidemic and the gradual fall of pro-consumer policy, consumer appliances is expected to be suppressed marginal improvement. Overseas spread of the disease affecting the industry in the second quarter is expected to be bodyNow, we propose a focus on adequate cash reserves, strong anti-risk ability, strong earnings visibility white leading enterprise of Midea Group (000333), Gree Electric Appliances (000 651) and Chi Haier home (600,690).

(Source: Flush official website, invasion deleted)