Appliance industry valuation advantage is still outstanding

Appliance industry valuation advantage is still outstanding As of November 27, November home appliances (Shenwan) index fell 4.18%, the Shanghai and Shenzhen 300 fell 4.62%, cumulative earnings since the beginning of the year 2.59%, and real estate is Shenwan 23 industry achieved absolute positive income in two industries, the cumulative excess The return was 10.91%, which was mainly due to the marked improvement in the third quarter, the industry’s recovery trend was obvious, and the cyclical resistance in the weak market was prominent. Dragged down by the sharp decline in the broader market, White Power and Black Power fell 3.54% and 2.27%, respectively, outperforming the broader market; small home appliances and lighting fell sharply. Air-conditioner shipments in October lifted overall shipments, and Haier continued to make rapid progress. Refrigerator production and sales were booming in September, and the growth rate of the United States was significantly positive. Washing machine sales in September hit a new high.

The industry is expected to reach the bottom and the weak market is the preferred stock. The industry valuation advantage is still outstanding. The overall PE of white electricity is less than 10 times. The prices of major raw materials are low and the rising power is insufficient. The high trend after the year-low low was more clear, and it is expected that it will reach the bottom. Driven by the energy-efficient subsidies and the impact of the low base in the fourth quarter of last year, the fourth quarter of this year is expected to significantly improve its performance, highlighting the advantages of configuration and maintaining the “overweight” rating, which is most optimistic about white power.

In terms of the company, in the weak stock market, the leading fixed-growth leading Gree Electric Appliances, Qingdao Haier, and Boss Electric Appliances debuted. The strategic adjustment of Midea Electric Appliances Co., Ltd. basically ended, the profitability was significantly improved, and there was an expectation of small household appliances injection. Hisense has obvious advantages in valuation. At the same time, TCL Group benefited from the improvement of the LCD panel business beyond expectations, and the potential for improvement in performance was high. Hefei Sanyo Refrigerator and medium- and high-end washing machines have obvious advantages. Sanhua Co., Ltd. has benefited from energy-efficient air-conditioner demand for energy-saving valves and its current valuation advantages have emerged.

The Rectifier Bridge is to seal the rectifier in a shell. Divided into full bridge and half bridge. The full bridge seals the four diodes of the connected bridge rectifier circuit. The half bridge is to seal together half of the four diode bridge rectifiers. Two bridges can be used to form a bridge rectifier circuit. One half bridge can also form a full-wave rectifier circuit with a center tap of the transformer. Rectifier circuit and operating voltage.

Rectifier Bridge

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