Last week, the CSI 300 index rose 0.82%, and the Changjiang household appliance index rose 1.34%, outperforming the CSI 300 index by 0.51pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were 1.62% / 3.30% / – 1.54% / 1.15% / – 1.27% respectively. Sub section core data tracking:
White goods & color TV: according to the data of ovicloud in the week of 2006, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 41.91%, 69% and 60.92% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 63.4%, 73.81% and 57.79% respectively year-on-year; Color TV offline channels fell 70.14% year-on-year, and online channels fell 70.75% year-on-year.
Kitchen appliances: according to the 2006 week data of ovicloud, the retail sales of range hood offline channels fell 63.92% year-on-year, and the retail sales of online channels fell 56.68% year-on-year; The retail sales of gas stoves in offline channels decreased by 56.84% year-on-year, and the retail sales of online channels decreased by 52.42% year-on-year; The offline retail sales of integrated stoves decreased by 75.54% year-on-year, and the online retail sales decreased by 64.96% year-on-year; The offline retail sales of gas water heater decreased by 47.19% year-on-year, and the online retail sales decreased by 57.32% year-on-year.
Small household appliances: according to the data of Aowei cloud network in week 06, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweeping Siasun Robot&Automation Co.Ltd(300024) offline channels decreased by 0.69%, 54.37%, 58.98%, 55.2%, 55.42% and 49.77% respectively year-on-year; Online channel retail sales fell 45.8%, 58.78%, 59.13%, 59.96%, 61.18% and 37.77% respectively year-on-year.
Investment advice
In 2021, the brand concentration of cookware head increased and the high-end trend was confirmed. According to the total data of Aowei’s annual promotion, the online sales of 11 cooking utensils reached 10.3 billion in 2021, a year-on-year increase of + 0.9%; The sales volume was 76.19 million pieces, a year-on-year increase of – 0.2%; The overall sales situation is flat in 2020. The demand for cooking utensils in 2020 is strong, and the overdraft part is in 2021 under the high base. The cookware market as a whole shows an increase in the concentration of top brands, and the concentration of top 10 brands has increased from 49% to 52% in 2020; In addition, in terms of online channels, the proportion of online channels continues to grow, rising to 45% in 2021. In 2021, the price of raw materials rose sharply, and the share of the price segment above 2000 yuan increased by 0.4%. The sales of products with the characteristics of wear resistance, not easy to rust, physical non stick and so on increased significantly.
Speed up home intelligence. In recent years, the smart home in the downstream of hardbound housing market has increased rapidly, and the allocation rate has been increasing. In 2021, 3036 new smart home projects were opened in the fine decoration market, with a supporting scale of 2.55 million sets, of which the four categories of smart home system, smart door lock, smart switch and smart toilet were significantly improved. In 2021, the supporting scale of smart home system in hardcover market was 275000 sets, with a year-on-year increase of + 63.5%, and the configuration rate reached 9.6%, an increase of 4.4 percentage points over last year. From the perspective of brand competition, the top 10 brand share is 60.9%, of which orebo continued to make efforts at the engineering end in 2021, accounting for 14.1%, ranking first in the market, followed by Midea and uiot super smart. In 2022, the configuration rate of smart home will be further improved to the whole house smart home.
It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) .
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected
