Weekly report of household appliance industry: Chengdu Xgimi Technology Co.Ltd(688696) 2021q4 performance exceeded expectations and continued to be optimistic about the rebound of household appliance growth stocks and white electricity leaders

Key recommended / benefited targets this week

Growth appliance portfolio: Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Ecovacs Robotics Co.Ltd(603486) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Breo Technology Co.Ltd(688793) , Marssenger Kitchenware Co.Ltd(300894) , JS global life, Anker Innovations Technology Co.Ltd(300866)

White electricity combination: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651)

Upstream beneficiary target of household appliances: Zhejiang Dun’An Artificial Environment Co.Ltd(002011)

The short-term data is affected by the dislocation of the time of the annual goods Festival. Looking at the long cycle, the high growth categories still maintain high growth

(1) white electricity: the year-on-year total retail sales of 2022w4 air conditioners / refrigerators / washing machines are + 8.53% / + 8.67% / + 4.94% respectively, and the year-on-year total retail sales of 2022w1-w4 air conditioners / refrigerators / washing machines are – 13.76% / + 12.13% / + 2.28% respectively. The demand for air conditioners needs to be restored, and ice washing maintains a steady growth.

(2) integrated stoves: 2022w4 Omni channel retail sales / retail volume were – 45.79% / – 52.36% year-on-year, and 2022w1-w4 Omni channel cumulative retail sales were + 26.48% year-on-year. Structural development continued to drive the rapid growth of the industry.

(3) cleaning appliances: the retail sales of 2022w4 floor sweepers / floor washers in all channels were – 19.44% / + 24.21% and – 46.12% / + 23.30% respectively year-on-year; 2022w1-w4 floor sweeper / floor washer omni-channel retail sales were + 19.84% / + 84.22% and – 25.47% / + 73.90% respectively year-on-year. The growth continued to lead the industry.

This week focuses on company updates

Chengdu Xgimi Technology Co.Ltd(688696) : the performance of 2021q4 exceeded expectations, and the high growth of domestic and foreign sales can be expected under the mitigation of core shortage. On January 26, the company released the performance forecast. It is expected to realize the net profit attributable to the parent company of 484 million (+ 80.07%) in 2021 and 184 million (+ 89.04%) in 2021q4. The higher than expected performance is mainly due to the higher than expected growth of revenue and the optimization of product structure. Looking forward to 2022, in terms of domestic sales, the cumulative Gmv of Alibaba series 2022m1 is + 29.49% year-on-year, and the brand market share is 25.49%. It is expected that 2022q1 will continue to grow at a high rate. Under the mitigation of core shortage and the company’s significant competitive advantage in the mainstream price belt, the domestic sales growth may continue to benefit from strong demand; In terms of export, after the improvement of overseas product matrix, it is expected that the expansion of overseas channels will speed up in 2022 and is expected to nearly double.

Ecovacs Robotics Co.Ltd(603486) : new products of AI sweeper have been released, and the widening of price band is expected to drive the continuous and large-scale volume of sweeper. On January 28, the company released T10 series new products, including single T10 and self-cleaning base station t10turbo. In terms of price, the initial price of t10turbo is 2000 yuan lower than that of x1omni. From the perspective of product power, t10turbo continues the AI characteristics of X1 series. On the basis of retaining the self-cleaning function, we broaden the price band of self-cleaning products through the reduction of some functions. We think it will help to reach a wider consumer base and release demand. Looking forward to 2022, considering the strong market demand for self-cleaning products in China and the high price of X1 series and t10turbo products in the first three quarters compared with N9 +, we expect Ecovacs Robotics Co.Ltd(603486) floor sweepers to maintain a high growth of about 38%.

Marssenger Kitchenware Co.Ltd(300894) : on January 24, the company issued a performance forecast. It is expected to realize a net profit attributable to the parent company of 370-430 million in 2021, (+ 34.45 – + 56.25%). 2021q4 is expected to realize a net profit attributable to parent company of 97-157 million (- 19.22% – + 30.96%). Looking forward to 2022, it is expected that the rising trend of the proportion of steaming and baking integrated models will continue. The company has obvious first mover advantages and has successfully captured the minds of consumers. It is expected to continue to lead the development of the industry in the expansion of new upgrading directions such as the integration of steaming, baking and frying. Considering that the price of raw materials is expected to stabilize and fall, it is optimistic that the profitability will be gradually repaired.

Risk warning: industry competition intensifies; Shortage of raw material supply; Increased risk of maritime transport capacity, etc.

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