The performance of 22m1 home appliance retail market is still flat, improved compared with 21m12. The online sales volume / sales volume of 22m1 decreased by 7.23% / 18.03% year-on-year respectively, and the offline sales volume / sales volume of all categories of 22m1 decreased by 20.68% / 26.81% month on month respectively. The retail data in January is still flat, which has a certain impact on the staggered effect of the Spring Festival, but the market demand is still greatly affected by the repeated epidemic in many places, weak real estate data and other reasons; However, compared with 21m12, the retail data in January this year has been significantly improved. The online sales / sales volume of 21m1 increased by 8.58% / 12.05% month on month respectively, and the offline sales / sales volume increased by 12.69% / 25.91% month on month respectively.
Large household appliances: online performance is better than offline performance, and clothes dryer category performs better. The retail sales of 22m1 air conditioner / refrigerator / washing machine / color TV / clothes dryer offline channels were – 29.53% / – 15.95% / – 24.13% / – 19.24% / + 24.45% year-on-year respectively, and the average price increased by + 6.99% / + 14.02% / + 2.39% / + 18.32% / + 5.92% year-on-year respectively; Online channel retail sales changed by – 20.43% / + 6.72% / – 2.32% / – 8.27% / 156.75% year-on-year respectively, and the average price changed by + 7.51% / + 2.49% / + 2.39% / – 6.66% / + 14.69% year-on-year respectively. The online growth rate of refrigerators and freezers continued to pick up in January, and the average price of clothes dryers increased significantly. From the perspective of market share, the offline market share of 22m1 Midea / Gree / Haier is 35.28% / 34.64% / 15.00% respectively, with a year-on-year increase of -1.01pct / + 0.48pct / + 1.33pct; Midea / Gree / Haier lines accounted for 36.27% / 28.63% / 9.88% respectively, with a year-on-year increase of + 4.17pct / + 0.11pct / – 3.03pct.
Kitchen appliances: the growth rate of traditional kitchen appliances is under pressure, and integrated stoves lead the industry. The retail sales of 22m1 range hood / gas stove / integrated stove / gas water heater / dishwasher offline channels were – 22.30% / – 14.69% / + 6.50% / – 42.63% / – 1.46% year-on-year respectively, and the average price increased by 5.90% / 4.86% / 12.95% / 2.67% / 3.66% year-on-year respectively; Online channel retail sales were – 6.37% / – 8.19% / – 8.80% / – 20.06% / – 6.09% year-on-year respectively, and the average price was + 7.42% / + 7.82% / + 25.46% / 3.87% / 3.66% year-on-year respectively. In terms of market share, Yitian / Marssenger Kitchenware Co.Ltd(300894) / Meida’s offline market share was 2.83% / 26.28% / 15.05% respectively, with a year-on-year increase of + 0.39pct / + 3.21pct / – 2.47pct; Online listing accounted for 24.08% / 15.13% / 8.33% respectively, with a year-on-year increase of + 2.09pct / + 9.31pct / + 3.47pct.
Small household appliances: the growth rate of 21m1 traditional small household appliances is better month on month, and clean appliances still maintain a high landscape. 22m1 rice cooker / wall breaking machine / health pot / cooking machine / floor sweeping Siasun Robot&Automation Co.Ltd(300024) the retail sales of offline channels were -5.69% / – 30.52% / – 16.53% / – 30.06% / + 2.51% year-on-year respectively, and the retail sales of online channels were -9.70% / – 16.59% / – 24.32% / – 14.20% / + 20.44% year-on-year respectively. On a month on month basis, the retail sales of 22m1 rice cooker / wall breaking machine / health pot / cooking machine / sweeping Siasun Robot&Automation Co.Ltd(300024) offline channels were + 67.98% / + 11.16% / + 42.23% / + 14.56% / 15.49% on a month on month basis respectively; 22m1 rice cooker / wall breaking machine / health pot / cooking machine / floor sweeping Siasun Robot&Automation Co.Ltd(300024) online channel retail sales were + 21.49% / – 9.31% / – 8.03% / + 2.91% / + 5.32% month on month. In the category of floor sweepers, 22m1 Ecovacs Robotics Co.Ltd(603486) / Midea / Lake offline market accounted for 87.98% / 6.67% / 0.38% respectively, with a year-on-year increase of + 3.26pct / + 2.36pct / – 1.35pct; Ecovacs Robotics Co.Ltd(603486) / Yunjing / shitouxian listed accounted for 41.03% / 16.58% / 18.84% respectively, with a year-on-year increase of -2.54pct/7.39pct/8.26pct, and Yunjing’s market share decreased by 0.59% month on month compared with the previous month.
Investment advice
The performance of home appliance retail market is still flat, but it has improved compared with 21m12. The overall performance of online retail is better than that of offline retail. Among them, the overall performance of traditional home appliances is weak, and the performance of emerging categories is better. It is suggested to pay attention to: Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , 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) .
Risk tips
The impact of the epidemic on the macro-economy did not meet the expectations; The price war in the household appliance industry has intensified; Sluggish real estate performance; Risk of rising raw material prices, etc
