Appliances sector continued strong, gaining the top spot
The CITIC Household Appliances Index rose by 4.39% last week. The Shanghai and Shenzhen 300 Index rose by 2.68% over the same period. The appliance sector continued its strong market for the previous year and was the highest gainer. In terms of valuation, the household electrical appliances industry currently has a PE of approximately 22.93, which is in the medium-to-upper level, and the relative valuation premium of the Shanghai and Shenzhen 300 Index is 56.4%, which is at a medium level. We believe that the current valuation of the home appliance segment is moderate and that the overall sales of real estate in the past 17 years are relatively good. In the 18 years, the performance of the home appliance segment is expected to maintain stable growth, and the home appliance segment still has investment value.
Consumer upgrade promotes color TV technology revolution, OLED welcomes new development opportunities
One of the high-end performances of the color TV industry is the upgrading of TV products. The market share of 65-inch or higher products from January to October 2017 was 6.5%, an increase of 1.9 percentage points over the same period of the previous year; 4K television has been popularized, and the market share It has reached 58.9%, an increase of 12.4 percentage points over the same period of previous years. 8K TVs are already on the road, and the upstream and downstream layouts are being improved; process design products continue to be upgraded, with curved, ultra-thin, borderless, and split markets occupying Than steady increase. Increased market acceptance, improved panel yield, decreased product prices, and national policy support will jointly promote the rapid development of OLED.
High-end home appliances embrace electricity supplier is imperative
Online shopping has been popular for many years, but high-end home appliances have always been respected because of the following: 1) e-commerce channels rampant, consumer confidence in online shopping high-end products decline; 2) e-commerce is difficult to meet the needs of high-end home appliances after-sales service 3) For consumers, the offline experience still cannot be replaced. However, judging from the future development space, with the post-90s becoming the backbone of the Chinese consumer market and the rising consumption of the new middle class, it is expected that the number of online high-end consumers in China will exceed 61 million in the next three years, and the future potential of e-commerce is huge. In 2018, consumption upgrade will continue to heat up, and high-end consumption will become the mainstream. High-end home appliances and e-commerce companies are eager to embrace each other. Under the dual drive of e-commerce's future high-end layout and new consumption era, high-end home appliances are bound to enter the online shopping world.
The recent view: We believe that the 18-year growth rate of air-conditioner categories in the white power industry will fall sharply. After the 17-year valuation increase, the overall valuation will have limited room for improvement, and the sector's differentiation will continue. The home appliances index may appear to be in a pattern of highs and lows in the past 18 years. It is expected to continue rising in the first half of the year under the influence of valuation enhancement and performance growth. In the second half of the year, it may be affected by low expectations for the coming year. We recommend that investors pay attention to steady growth in white electricity, black power with better cycle times, and faster-growing LED lighting. Specific targets include Gree Electric Appliances, Midea Group, Hisense Electric, TCL Group, Op Lighting, and Sanxi Aurora.
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