Appliance industry: the full introduction of all energy-saving policies

event:

The introduction of energy-saving refrigerators, washing machines, and water heaters has been introduced: the implementation details are clear, the subsidy standard for high-efficiency and energy-saving household refrigerators is 70 yuan/tablet to 400 yuan/station, and the energy-efficient electric washing machine is 70 yuan/station—260 yuan/station. Domestic gas rapid water heaters and gas heating water heaters are 200 yuan/set—400 yuan/set, high-efficiency solar water heaters are 100 yuan/set—550 yuan/set, and energy-efficient air source heat pump water heaters (machines) are 300 yuan/set— 600 yuan / Taiwan.

The introduction of the five major product specifications refrigerators washing machine obvious marginal effect. The implementation of the time from the end of June 12 to the end of May 13 appliance appliances energy saving policy of the five major products were introduced. From the perspective of the ratio of single subsidy to product price, the marginal effect of subsidies for refrigerators and washing machines is most obvious. In addition, the water heater category due to previous trade-in policy does not include (only appliances to the countryside cover), this is the first time that urban residents enjoy the water heater subsidies, the marginal effect is expected to be more apparent.

It is expected that the improvement in the structure of air-conditioning products will be greatest. We believe that this subsidy has the greatest effect on the structural improvement of air-conditioning products. From the energy efficiency standards of subsidized products and the energy efficiency of commercial products, the energy efficiency improvement of ice, washing, and television categories driven by this energy conservation policy is not obvious. Inverter air conditioners, due to the inclusion of energy subsidies for the first time, have a greater effect on the sales structure of air-conditioning products. The market has the view that this time due to fixed-frequency air-conditioning is also included in the subsidy, will have a negative effect on the increase in frequency conversion sales, but we believe that under the same subsidy, subsidies will not affect consumers for fixed-frequency or inverter air conditioner The choice, not to mention the frequency of the single subsidy is higher than the fixed-frequency air-conditioning, air-conditioning industry, the proportion of frequency conversion is expected to not change.

All have access to large companies. The energy conservation subsidy differs from the previous three major policies in that they all set a threshold for the number of annual sales of energy-saving products for subsidized enterprises, ranging from 10,000 units to 500,000 units, directly blocking small businesses. Subsidy threshold outside. Because of the previous subsidy implementation process, there are some small and medium-sized enterprises cheating, this policy has obviously strengthened the supervision of subsidized products and enterprises, and the implementation of policies has been more complete, making energy-saving subsidies more inclined to large enterprises.

Investment Strategy and Recommendations:

Investors are advised to pay attention to Gree Electric (000651, buy), Midea (000527, buy), Qingdao Haier (600690, buy), Hisense Electric (600060, increase) ), as well as benefits from Wanhe Electric (002543, not rated) and Sanhua (002050, increased holdings) for the first time included in the energy-saving subsidies.