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>> 首创证券-家用电器行业周报:1月家电零售仍有承压,洗地机表现亮眼-230212
上传日期:   2023/2/14 大小:   1178KB
格式:   pdf  共17页 来源:   首创证券
评级:   看好 作者:   陈梦
行业名称:   家电
下载权限:   此报告为加密报告
本周专题:受春节错期影响,1月我国大家电消费衰现较弱,其中线下略优于线上。据奥维云网数据,1)1月家电线上市场中,彩电、扫地机、油烟机、洗碗机、集成灶等大厨电品类零售额降幅环比12月进一步扩大,空冰洗及小家电整体零售额增速环比转负,我们认为主要系1月春节错期影响(2022年春节为2月1日),家电线上消费受到一定抑制;2)1月家电线下市场中,彩电、冰洗、冰柜、油烟机、集成灶等大家电零售额增速虽仍呈负增长,但降幅环比12月有所收窄,空调、洗碗机零售额降幅环比进一步扩大,扫地机、洗地机等品类因具备较高的礼品属性,1月线下表现较为亮眼,同环比均有所改善。
  2023年度投资策略:寒意渐尽“否”已极,砥砺深耕迎“泰”来。我们认为家电板块近两年所经历的成本上涨、需求疲弱等不利局面均将明显改善,逆境中砥砺深耕的细分龙头领先优势扩大。(1)白电:重点推荐卡萨帝高端引领、“三翼鸟”流量前置及全球化提升竞争力的海尔智家和多元化、全球化发展的美的集团;(2)厨电:重点推荐传统业务稳健发展,新兴业务发力的老板电器,积极关注受益行业高景气且渠道加速拓展的火星人和亿田智能等;(3)电工照明:重点推荐渠道产品精耕细作的公牛集团与商照业务快发展的欧普照明;(4)小家电:推荐新宝股份、飞科电器,积极关注苏泊尔、九阳股份、小熊电器、荣泰健康等;清洁电器建议关注莱克电气、科沃斯、石头科技等;(5)视听:重点推荐极米科技与光峰科技;(6)零部件:建议关注产品格局稳定、梯队良好、汽零业务快速发展的三花智控。
  本周行情:本周上证综指下跌0.08%,家电行业下跌0.24%,小幅跑输大盘。其中,白电板块下跌1.61%,黑电板块上涨1.61%,厨电板块上涨1.18%,小家电板块上涨0.41%,照明电工及其他板块上涨5.23%。沪(深)股通持股占比方面,至本周五,美的集团沪深股通持股占比19.89%,较上周下降0.27pct;公牛集团沪深股通持股占比1.37%,较上周下降9.93pct;格力电器沪深股通持股占比12.73%,较上周提高0.15pct;九阳股份沪深股通持股占比5.61%,较上周下降0.31pct;老板电器沪深股通持股占比10.89%,较上周下降0.11pct;海尔智家沪深股通持股占比11.48%,较上周提高0.13pct。个股方面:本周家电行业涨幅前五为三花智控( 10.51%)、星帅尔(9.91%)、奥马电器(8.01%)、汉宇集团(7.38%)、ST雪莱(6.44%);跌幅前五为光峰科技(-4.81%)、得邦照明(-3.72%)、振邦智能(-3.52%)、美的集团(-3.17%)、春光科技(-2.23%)。
  一周重点数据跟踪:镀锌板卷(0.5mm)本周价格5105元/吨,较上周下跌5元/吨;镀锌板卷(1.0mm)本周价格4978元/吨,较上周下跌14元/吨;铜(1#)本周价格68310元/吨,较上周下跌150元/吨;铝(A00)本周价格18580元/吨,较上周下跌290元/吨;中国塑料城价格指数本周价格858.1,较上周下跌4.9。
  风险提示:原料价格大幅波动;终端需求萎靡风险;汇率波动风险。
  
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