Appliance sector continued strong plate, the biggest gainers
CITIC Home Appliances Index rose 4.39% last week, the Shanghai and Shenzhen 300 Index rose 2.68%, appliance sector continued the strong market for the previous year, the highest gainers. Valuation, the home appliance industry is currently at about 22.93 PE, at the level of relative The valuation premium of Shanghai and Shenzhen 300 Index is at the middle level at 56.4% .We think the current valuation of home appliance sector is moderate and the overall real estate sales volume in 17 years is good. The performance of home appliance sector in 18 years is expected to maintain steady growth and the appliance sector still has investment value.
Upgrade the promotion of consumer spending technology revolution, OLED usher in new opportunities for development
One of the high-end performance of the TV industry is the upgrading of TV products. From January to October 2017, the market share of 65-inch and above products was 6.5%, up 1.9 percentage points over the same period of last year. 4K TV has been popularized and its market share has reached 58.9% , An increase of 12.4% over the same period of last year. 8K TV is on the road and the layout of the upstream and downstream is improving. The market for process design products continues to escalate, the surface area, ultra-thin, borderless, and steady market share increase. , Panel yield increase, product price decline, a number of national policy support and a series of factors will promote OLED rapid development.
High-end home appliances to embrace electricity is imperative
Online shopping has been popular for many years, but the high-end appliances are always at arm's length, for the following reasons: 1) fake rampant e-commerce channels, consumer confidence in high-end online shopping declined; 2) e-commerce is difficult to meet the needs of high-end appliance service ; 3) For consumers, the offline experience is still not replaced, but from the perspective of future development, with the 90s becoming the backbone of China's consumer market, the rise of the new middle class consumption is expected in the next 3 years, China's online shopping high-end crowd Will exceed 61 million, the great potential of e-commerce in 2018. In 2018, consumer upgrades will continue to heat up, high-end consumer will become the mainstream, high-end home appliances and e-commerce to each other embrace imminent.In the future of e-commerce high-end layout and new consumer era Dual drive, high-end home appliances into the online shopping world.
Recent view:We believe that the white-electricity industry in the 18-year growth rate of air conditioning category a substantial decline in the rate of appreciation in the 17 years after the overall increase in valuation is limited, the plate will continue the differentiation of household appliances index 18 years may show a high before the after low In the first half is expected to rise in the valuation and performance driven by the continued upward trend in the second half may be subject to the impact of lower expectations for the coming year and we recommend investors to monitor the steady growth of white power, black-cycle improvement and Grow faster LED lighting, the specific target can be concerned about the Gree, Midea Group, Hisense Electric, TCL Group, Op lighting, three male Aurora.