Focus of this week’s research: Comments on January’s data
On the whole, under the high cost of raw materials in 21 years, the average price of all categories of household appliances rose significantly year-on-year. In terms of white electricity, the growth rate of external sales of 22m1 air conditioner is better than that of domestic sales; The online channel sales of refrigerators achieved contrarian growth, and the offline average price achieved double-digit growth; Online sales of washing machines fell slightly. In terms of kitchen power, relying on the upgrading of product structure, the average price of 22m1 integrated stove has increased faster than that of other categories, and leading enterprises have made efforts to increase the sales volume of offline Ka; The domestic substitution trend of dishwashers continued, and the sales of 22m1 boss and Fangtai double line achieved positive growth.
White electricity: the sales performance of 22m1 is better than that of the industry, and the average price of ice and washing decreased month on month.
1) in terms of sales volume, the growth rate of sales volume on the air and ice washing line picked up month on month, and the leading performance was better than that of the industry. The growth rate of online sales of 22m1 refrigerator changed from negative to positive month on month, and the decline of air washing narrowed month on month. In terms of air conditioning, the sales volume of Gree, Midea and Haier all decreased year-on-year in January. Among them, the online growth rate of Midea and Gree is better than the industry level, while the offline growth rate of Haier exceeds the industry average and the export growth rate is bright. In terms of refrigerators, Haier’s double track sales growth leads the industry and its leading position is stable. For washing machines, Haier’s online sales decreased slightly year-on-year, and the double line growth rate was better than that of the industry.
2) from the perspective of average price, the price of white electricity increased significantly year-on-year, and the average price of ice and washing decreased month on month. Under the influence of raw material prices, the cost of white electricity is still high. In January, the average price of air / Ice / washing line was + 7.5% / + 2.5% / + 2.4% year-on-year respectively, and the average price of offline was + 7.0% / + 13.2% / + 8.5% year-on-year respectively, all rising to varying degrees; Month on month, the average price of air conditioning continued to increase, while the average price of ice and washing fell month on month. For the air conditioning category, the average price of Gree online and Haier dual lines was higher than the industry level and maintained rapid growth. In January, the average price growth of Gree offline and Haier dual lines exceeded the industry average. For refrigerators, Haier’s double line average price level and year-on-year growth rate in January exceeded that of the industry as a whole. For the category of washing machines, Haier’s online price increase exceeds that of the industry; The high-end trend of Little Swan brand is prominent. The double line prices in January were + 12.0% / + 20.2% year-on-year respectively, leading the industry.
Kitchen power: the sales volume of boss and Fangtai leads the dishwasher track, and the Ka channel of integrated stove continues in large quantities.
1) from the perspective of sales volume, the growth rate of Ka channel of integrated stove is bright, and the domestic substitution trend of dishwasher continues. The overall sales volume of 22m1 kitchen power double line fell year-on-year. Among them, the growth rate of online sales of cigarette stoves and dishwashers increased month on month, and the growth rate of offline sales of integrated stoves was better than that of other kitchen power categories. For the category of cigarette stoves, the year-on-year growth rate of the sales of Fangtai double line cigarette machines exceeded the industry level, and the year-on-year growth rate of the sales of vantage gas stoves exceeded that of other brands. For the dishwasher category, the sales volume of domestic brands is rigid, the boss and Fangtai have achieved positive growth in all channels, Midea’s online sales fell slightly year-on-year, and the growth performance is better than that of the industry. For the integrated stove category, the Ka channels of Midea, Marssenger Kitchenware Co.Ltd(300894) , Yitian and shuaifeng have achieved remarkable results. While the offline sales of 22m1 industry were – 3.8% year-on-year, the offline sales of the four professional brands were + 4.4% / + 26.7% / + 40.6% / + 254.9% year-on-year respectively, realizing contrarian growth; The growth rate of 22m1 Meida and Yitian online channel sales led the industry, with + 73.5% / + 94.5% respectively.
2) from the perspective of average price, the overall average price of 22m1 kitchen electricity increased year-on-year, and the double-line average price of cigarette stoves and dishwashers decreased month on month. Under the influence of raw material prices, the cost of large electricity in the kitchen is still high. In January of 22, the average online price of smoke machine / stove / dishwasher / integrated stove was + 7.4% / + 7.8% / + 3.7% / + 25.5% year-on-year respectively, and the average offline price was + 5.9% / + 4.9% / + 11.2% / + 12.9% year-on-year respectively. The average price of the industry as a whole rose significantly; On a month on month basis, the average price of integrated stoves rebounded in January after the decline of the average price of 21m12; The double line average price of cigarette stoves and dishwashers fell month on month. For the category of cigarette stoves, the average price of the double line of the boss and Fangtai in January exceeded the industry average, and the average price level rose year-on-year. The price increase of Midea’s double line exceeded the industry as a whole. For the dishwasher category, the average online price of 22m1 boss, Fangtai, Midea and Siemens exceeds the industry average, and the offline price increase of Midea and Siemens is obvious. For integrated stoves, Marssenger Kitchenware Co.Ltd(300894) and Yitian double line average prices increased year-on-year.
Investment suggestions: at the current time point, we recommend the core targets of the company: [ Gree Electric Appliances Inc.Of Zhuhai(000651) ], [ Hangzhou Robam Appliances Co.Ltd(002508) ], [ Midea Group Co.Ltd(000333) ], [ Haier Smart Home Co.Ltd(600690) ], [ Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ], and we suggest paying attention to [ Marssenger Kitchenware Co.Ltd(300894) ]; Core targets of cleaning appliances: [ Beijing Roborock Technology Co.Ltd(688169) ], [ Ecovacs Robotics Co.Ltd(603486) ], [ Jinhua Chunguang Technology Co.Ltd(603657) ].
Risk tip: the expansion of the epidemic situation, the risk of fluctuations in the real estate market, exchange rate and raw material prices, etc.
