家用电器行业专题报告：思考：多少优质家电公司跌到了“现金价值”？

Industry Investment Rating - The report maintains a "Positive" rating for the home appliance industry, citing undervalued high-quality stocks and potential for valuation recovery [32] Core Views - The home appliance sector has shown resilience, with a 4.61% increase year-to-date as of February 22, 2024, ranking 4th among 31 industries despite a 6.48% decline in the Wind All-A Index [7] - Large-cap leaders like Changhong Meiling and Hisense Home Appliances have outperformed, with year-to-date gains of 49.73% and 30.15% respectively [9] - Many high-quality home appliance companies have fallen to "cash value" levels, presenting potential undervaluation opportunities [1][15] Valuation Analysis Net Cash Value - Changhong Meiling's market cap to net cash ratio is 1.0, indicating the market is pricing the company at its net cash value without accounting for future growth potential [16] - Companies like Changhong Huayi and Foshan Lighting have PB ratios below 1, suggesting undervaluation of their asset base [18][19] Asset and PB Perspective - Several companies, including Changhong Huayi and Sichuan Changhong, have PB ratios below 1, indicating potential undervaluation of their tangible and intangible assets [18][19] Equity Acquisition Perspective - Transactions like Gree Electric's acquisition of DunAn Environment at 8.1 yuan/share, now trading at 11.51 yuan/share, demonstrate the potential for value realization through equity transactions [20][21] Share Buyback Perspective - Companies like Ninebot and Dongfang Electric have significant upside potential based on their buyback price ceilings, with estimated upside of 105.2% and 93.8% respectively [22][23] Primary Market Pricing - Subsidiaries of companies like Shenzhen Konka, such as Hefei Konka Core Storage, contribute to the parent company's valuation through primary market financing [24][25][26] Overseas Valuation Comparison - Domestic white goods leaders like Gree Electric and Midea Group trade at lower PE multiples (8.2x and 13.0x) compared to international peers like Daikin Industries (24.2x) and Whirlpool (12.6x) [27][29] - Small appliance valuations in China are comparable to international peers, with companies like SharkNinja and De'Longhi trading at similar PE multiples [29] Investment Recommendations - Focus on undervalued stocks like Changhong Meiling (market cap/net cash 1.0), Changhong Huayi (PB 0.8), and Dongfang Electric (93.8% upside based on buyback price) [32] - Consider stable performers with low valuations and high dividend yields, such as Hisense Home Appliances (13.5x PE) and Gree Electric (8.2x PE) [32]