Zhitong Financial APP learned thatFishinggearnearmeAccording to the open source securities release research report, from a short-term perspective, the demand for two-wheelers previously suppressed by national inspection + rain and snow weather is expected to be gradually released in 2024Q2, the superimposed product structure continues to upgrade, and is optimistic about the leading income inflection point and profit improvement of 2024Q2. From a long-term perspective, the new national standard is about to be revised, the standardized management of the industry is enhanced, and the leading share of the tail continues to increase + the competitive pattern is improved to increase profits.
In terms of individual stocks, the bank focuses on recommending Stone Technology (688169FishinggearnearmeSH), No. 9 company, Haier Zhijia (600690.SH), Hisense Video (600060.SH), TCL Electronics (01070), Yadi Holdings (01585), Emma Technology (603529.SH), Dechang shares (605555.SH), Taotao Automobile Industry (301345.SZ), Hisense Home Appliances (000921.SZ), the beneficiary Changhong Meiling (000521.SZ).
The main points of open source securities are as follows:
Recommendation: stone Technology, No. 9 Company, Haier Zhijia, Hisense Video, TCL Electronics, Yadi Holdings, Emma Technology, Dechang shares, Taotao Automobile Industry, Hisense Home Appliances, beneficiary Changhong Meiling
(1) Home appliance brands move towards the world theme: stone Technology, Haier Zhijia, No. 9 Company, Hisense Video, TCL Electronics; (2) two-wheeler theme: Yadi Holdings, Emma Technology; (3) excellent OEM of Home Appliances going out to Sea: Dechang shares, Taotao Automobile Industry; (4) low valuation, high bonus, profit margin promotion theme: Hisense home appliances, benefit target Changhong Meiling.
Key recommended targets: stone Technology (domestic sales share continues to increase, 618 is expected to have a good start, overseas channel construction is accelerated, 2024Q2 is expected to continue to exceed expectations), Company 9 (two-wheeled vehicle / all-terrain vehicle / lawn mowing robot retail performance continues to be bright, 2024Q2 is expected to continue to exceed expectations), Haier Zhijia (Casati to the warehouse to restore growth, air conditioning business profit margin is expected to improve Obvious competitive advantage in overseas markets), Hisense Video (black power cost and demand inflection point, long-term sea share), TCL electronics (black electricity business global share and profit improvement Business adjustment and landing is expected to release profits in 2024), Yadi Holdings (industry concentration + advanced layout in Southeast Asia under policy adjustment, card position emerging sodium power race track leader has significant first-mover advantage), Emma Technology (industry concentration to the leader under policy adjustment + re-issuance of equity incentives to show confidence in development), Dechang shares (new customers, new business continued to expand Have received the leading point), Taotao car industry (regional supply chain advantage rapid layout, the first to benefit from the layout of golf cart short-distance travel dividend), Hisense home appliances (under the improvement of reform, profitability enters the continuous upward range).
In June, the export schedule of white electricity continued to increase, and the domestic sales of air conditioners dropped somewhat. On the 9th, the company released a new product with a ratio of quality to price.
(1) Home empty domestic sales scheduling fell in June: according to Industry online, home empty year-on-year in June 2024 (compared with the same period last year, the same after this paragraph) + 17%, of which domestic / export sales were + 4%; domestic refrigerators were + 9% year-on-year, of which domestic / export sales were + 7%; washing machines were + 8% year-on-year, including domestic / export sales + 8% respectively.
(2) the ninth company released the new electric motorcycle / electric light motorcycle product C85C/C80C, which has been upgraded in intelligence and performance compared with M95C, and the ratio of quality to price has been further improved. The new C85C is priced from 5399 yuan to hand, with a new appearance inspired by UFO, with translucent front panel, double side barrel and lightsaber suspension lamp. The battery adopts the latest carbon crystal battery technology, which can reach 72km/64km at full speed and 52km/h (47km/h) at the highest speed. In terms of intelligent functions, in addition to the standard RideyLONG, RideyGo and remote control vehicles, compared with the M95C, the new RideyFun intelligent driving system and RideyPOWER intelligent lead-acid system, standard power implementation, constant speed cruising, automatic return of turn lights, and so on. Mole control function: one-click reversing, # ramp parking (compared to the new M95C), OTD single-turn handle mode, # TSC (compared to the new M95C). Security security system: standard Beidou satellite, GPS+ base station, AHRS attitude sensing system. Brake and damping system: front and rear double disc brake / front disc rear drum. Both SKU have five-level adjustable shock absorbers.
Stone Technology 618 is expected to have a bright start, optimistic about the income inflection point and profit improvement of Q2, the leader of the two-wheeler.
Stone Technology: in April, the share of online sales reached the top / the share of exports to the United States and Asia continued to rise, while the offline channels of the United States, Europe, Asia and Southern Europe still increased, so it is optimistic that 2024Q2 continues to exceed expectations. Domestic Owi data show that online sales in April accounted for 26.9% of the top industry, and a good start is expected; export Meiya's April sales share is + 7.7pct year on year. Both domestic and foreign sales continue to be highly competitive, and the offline channels of the United States + Europe Amazon and France are expected to bring pure increment to 2024Q2.
Company 9: April two-wheeled vehicle / all-terrain vehicle / lawn mowing robot retail performance is eye-catching, channel expansion and performance is expected to continue to exceed expectations. In April, the sales of Tmall / JD.com, the company's two-wheeler, were + 218% and 40% respectively compared with the same period last year, the share of the new lawn mowing robot in America and Asia reached 22% in April, and the market share of the new all-terrain car AT5 ranked in 1-1-2 in the same displacement segment of the Eastern / Nordic / Western European market in April. The outstanding performance of retail may lead to a higher-than-expected expansion of the channel, which will lead to a high increase in annual performance.
Two-wheeled car: short-term dimension, the demand suppressed by the national inspection + rain and snow weather is expected to be gradually released in 2024Q2, the superimposed product structure continues to upgrade, and is optimistic about the leading income inflection point and profit improvement of 2024Q2. The long-term dimension of the new national standard is about to be revised, the standardized management of the industry is enhanced, and the share of the leading part of the tail continues to increase + the competitive pattern is improved to increase profits. Among them, the hot sale of high-end products in Emma Technology improves the product structure, and the trend of 2024Q2 performance inflection point under the low base + delayed demand is clear; after Yadi Holdings focuses on the middle and high end, it is expected that bicycle profits will significantly improve in 2024, in addition, the forward-looking layout of Southeast Asia and sodium electricity market is expected to open long-term growth space.
Risk tips: a rapid decline in overseas demand; a rebound in raw materials and shipping costs; increased competition in the industry.