Overview: the overall market performance in November was lower than last year. According to Ovi, in November, the online retail sales of all categories were – 1.36% year-on-year, and the offline sales were – 14.81% year-on-year. The performance of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) was lower than that of last year, and the offline chain was improved. E-commerce promotion drives online performance better than offline, but the overall terminal sales are relatively flat
White electricity: sales growth of air and ice washing is under pressure
Air conditioner shipping end: the domestic and foreign sales of air conditioners in November 2021 were – 4.5% / + 0.1% respectively year-on-year compared with the same period in 2020; + 1.6% / + 12.1% respectively compared with the same period in 2019. The overall shipment scale declined and the terminal demand was weak. In terms of share performance, Gree, Midea and Haier’s online share decreased, while Midea and Haier’s offline share increased.
White electricity retail end: ① scale: the year-on-year growth rate of online sales of air and ice washing in November was – 12.6% / + 4.6% / – 8.7% respectively; – 21.4% / – 9.1% / – 14.5% offline; ② Average price: with the rise of raw material prices, the industry has a strong driving force to raise prices. The average online price of empty ice washing in November was + 3.1% / + 7.1% / + 1.8% year-on-year; ③ Pattern: Haier’s air and ice washing performance is better.
Kitchen electricity: the integrated stove Wuxi Online Offline Communication Information Technology Co.Ltd(300959) is growing rapidly, and the leading performance is strong. Scale: – 12.3% / – 8.5% / + 42.3% on smoke machine, stove and integrated stove line in November; Offline were – 20.8% / – 14.8% / + 31.0%, and the integrated stove continued to increase in all channels. Average price: still in the upward channel. Pattern: the overall share of boss and Fangtai increased slightly, and the online share of integrated stove Zhongmei university increased significantly in November, which is expected to be related to the double 11 promotion.
Small household appliances: the sales of small kitchen appliances are under pressure, and the prosperity of clean appliances continues. The performance of new kitchen categories is still under pressure; Clean electrical appliances enjoyed a good boom, with online / offline sales of + 27.1% / – 21.3% year-on-year in November; Sweeping Siasun Robot&Automation Co.Ltd(300024) online / offline sales + 35.1% / 11.7% year-on-year.
Investment suggestions:
The growth category recommends Ecovacs Robotics Co.Ltd(603486) with strong catalysis and Appotronics Corporation Limited(688007) with laser substitution logic; And continue to recommend Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Shenzhen Breo Technology Co.Ltd(688793) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) . Value recommendations Zhejiang Supor Co.Ltd(002032) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) . The transformation category recommends Ningbo Dechang Electrical Machinery Made Co.Ltd(605555) from OEM of household appliances to a new journey of automobile motor.
Risk tip: the price of raw materials rises again, the terminal demand is lower than expected, and the industry competition intensifies
