Research tracking and investment thinking this week
This week we summarize the sales of small appliances in tiktok, Jingdong and jolt three online sales platforms, and analyze the overall demand and sales performance of small household appliances after the base is normal. The results show that the performance of major brands of small household appliances improved significantly month on month in January, and the total sales of the three platforms increased by more than 18%.
Amoy platform: the decline of small kitchen appliances narrowed to 2%, and some brands have taken the lead in recovery
In January, the sales of small kitchen appliances improved month on month, and the total sales of major brands narrowed to 2%. In terms of brands, the sales of major brands of kitchen small household appliances have been differentiated, and some brands have taken the lead in achieving good growth. In January 2021, Jiuyang / Beiding / Zhejiang Supor Co.Ltd(002032) / Midea / bear / moffy kitchen appliances increased by + 48.3% / + 9.1% / + 0.5% / – 15.9% / – 10.3% / – 20.1% year on year. Considering that the sales of small household appliances are relatively weak due to online logistics and other factors during the Spring Festival, the industry may gradually enter the channel of steady growth.
Jingdong platform: in January, affected by the promotion of the annual electrical goods Festival, the growth of major brands exceeded 30%
Affected by the annual goods festival of Jingdong electric appliance in January, the sales of small household appliances on Jingdong platform increased significantly by 46% in January, and major small household appliance brands achieved rapid growth of more than 30%. In January 2022, Midea / Jiuyang / Zhejiang Supor Co.Ltd(002032) / Xiaoxiong / Mofei / Beiding increased by 34.0% / 60.9% / 63.4% / 38.3% / 52.3% / 73.1% year-on-year, showing a beautiful performance. Shaking platform: the new tiktok is gradually gaining weight, and it is still relatively low.
The sales of the main household appliances in the main household appliances are generally concentrated in 1%-10% tiktok, and are still at a low level. In January, Zhejiang Supor Co.Ltd(002032) GMV reached 80 million, 40 million in tiktok and 30 million in Joyoung. The Gmv of MOFTEC is 100 million, accounting for 9.8% of the sales volume of the three platforms; The sales volume of bear and moffy is 3-6 million. Full platform: the growth rate of major small household appliance brands is better month on month
Taken together, the sales data of the three platforms showed that the major small household appliance brands achieved an increase of more than 18% in January, and the growth rate improved significantly month on month. In January, the sales of Midea small appliances / Jiuyang / Zhejiang Supor Co.Ltd(002032) / Xiaoxiong / Mofei / Beiding platform increased by 18.7% / 62.0% / 42.2% / 18.2% / 23.4% / 40.8% respectively year-on-year.
Key data tracking
Market performance: the relative income of home appliances week last week was – 1.98%. Raw materials: the prices of copper and aluminum in LME3 months were – 0.3% and + 2.6% to US $9970 / 3263 / ton on a weekly basis respectively; Cold rolling prices rose 1.9% week on week to 5505 yuan / ton. Container transportation index: the weekly ratio of West America / East America / Europe was – 4.33%, – 3.88%, – 2.29% respectively; Capital flow: Midea / Gree / Haier luchutong’s shareholding ratio changed by – 0.11%, – 0.10%, + 0.08% on a weekly basis.
Core portfolio recommendations
White power recommends Midea Group Co.Ltd(000333) for b-end reconstruction and Haier Smart Home Co.Ltd(600690) for efficiency improvement; Kitchen appliances recommend integrated kitchen faucets with high growth and strong incentives Marssenger Kitchenware Co.Ltd(300894) and second-line faucets with all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Small household appliances recommend intelligent projection faucet Chengdu Xgimi Technology Co.Ltd(688696) , 2b and 2C go hand in hand Appotronics Corporation Limited(688007) .
Risk tips
The epidemic situation leads to fluctuations in production and marketing; Intensified market competition; Demand growth is less than expected; Raw materials rose sharply
