Air-conditioned domestic sales performance eye-catching

Air-conditioning production and sales data for April showed that the total output was 13.45 million units, an increase of 6.35%; the total sales volume was 13.6 million units, an increase of 4.25%. Among them, domestic sales of 7.32 million units, an increase of 19.04%; exports of 6.28 million units, down 8.94%; inventory of 7.05 million units, an increase of 5.40%. At the listed company level, Gree's sales increased by 3.63% (domestic sales increased by 18.30%, exports fell by 16.67%); sales of America's electrical appliances increased by 2.41% (increased domestic sales by 19.86%, exports fell by 11.29%); sales of Qingdao Haier increased by 18.18% (increased domestic sales) 17.65%, exports increased 19.35%).

The above production and sales data show that the domestic sales of the domestic appliance industry continue to be eye-catching, and the growth rate of exports is still sluggish. First of all, the domestic sales growth of air conditioners in the month was still strong, resulting in a better overall performance of the home appliance industry. Secondly, the performance of export growth in April was low, but taking into account the stabilization of the overseas market economy and the gradual release of demand from emerging markets, the future growth rate of exports or stabilized recovery.

The three home appliances leading domestic sales go hand in hand and exports have their merits. On the whole, Gree depends on the industry leading effect, the United States depends on product improvement, Haier rely on marketing strategy adjustment, the next three leading domestic sales growth is expected to remain at a good level. However, the export growth of the three companies has been divided. Haier continued to grow steadily in the low base, while Gree and Midea declined. The overall performance of the second-tier brands is relatively stable but inferior to the leading brands.

The “scissor difference” logic was fulfilled and it is expected that profitability will continue to increase. We believe that there is no upward momentum for the bulk price for the whole year, and there is still expectation of pressure on raw material cost reduction; the industry structure upgrade trend is obvious, and the average price of the product will continue to increase steadily; the household electrical appliance industry will have a clear expectation of full-year profitability improvement. “Performance growth” revenue The pattern of growth > sales growth remains the same.

Therefore, maintain the "appeal" rating of the home appliance industry. The air-conditioning industry is still the white electronics industry with the most certain growth rate. The growth rate of performance is determined and the valuation has a strong safety margin. It is the best safe haven for investors and continues to recommend Midea Group and Gree Electric Appliances.