In the first three quarters of 2017, the revenue from main business of SWS household electrical appliance industry reached 789.028 billion yuan, up 32.17% over the same period of last year; the net profit of Guiyu came to 50.431 billion yuan, up 23.35% from the same period of last year. Structural optimization + overseas market expansion and good demand pattern, the industry as a whole showed rapid growth. However, with the concentration of brands and the display of scale advantages, the major contributors to the growth of performance were the leading companies of various sub-categories, 'Strong Hengqiang' is already the main theme of the home appliance industry in the medium to long term market preference from the point of view, under the safe haven, good performance, low valuations of the leading home appliances undoubtedly much attention, we believe cautious market sentiment in the short term Will continue.
2018 appliance industry ideas:
Steady, White Horse logic does not change long-term home appliances itself as a more defensive plate, the certainty of concern is still strong.
According to this main line, we recommend to continue to focus on the steady growth of the White Horse leader in 2018. Recommended Subject: Midea Group (000333), Qingdao Haier (600690).
The performance is king, concerned about the high growth merit target .Steady, hedging mood-driven, the market is more sensitive to performance, on the market space, profit expectations are expected to improve quarter by quarter, to enhance market confidence. Large (002677), Vantage shares (002035).
Ahead of the layout, concerned about the exchange rate implosion superscalar High-quality companies as a whole to provide a good valuation of the wrong time to provide admission opportunities We believe that the exchange rate impaired is a short-term impact, high-quality R & D, manufacturing, sales as a whole, not up to short-term performance Expected to cause the stock price oversold, just provide a chance to enter. Suggest attention Xinbao shares (002705), Lake Electric (603355).
Risk Warning: the risk of sharp fluctuations in raw materials, exchange rate fluctuations, real estate sales fluctuations in the risk of mergers and acquisitions less than the expected standard risk integration.