Floor sweepers have the industry characteristics of product driven demand, and medium and short-term products are still the main driving force. (1) Looking at the development history of floor sweepers, overseas has experienced the development process from random cleaning to planned cleaning, and Chinese floor sweepers have also experienced three rounds of outbreak. From solving the problem of path planning, obstacle avoidance, and then mopping and self-cleaning, floor sweepers are still in the stage between product innovation cycle and commercialization cycle. (2) From the perspective of industrial chain splitting, floor sweeper barriers, hardware supply chain is naturally open, mainly structural engineers and quality control capabilities; In terms of software, considering the ability to understand the application scenarios and user needs, as well as the ability to balance cost and performance, the floor sweeper has high algorithm barriers. (3) In terms of medium and short-term innovation, products will continue to emerge, and products will continue to be dominant in the cycle; In the long run, floor sweepers have the attribute of consumer goods, and the core competition lies in brand strength and cost control ability; For the leading enterprises, the occupation of consumers’ minds and the ability to control costs are more critical.
The industry has broad development space and stable market pattern. (1) Industry space: at present, the penetration rate of floor sweepers in major countries is low, and the scale of the industry can be improved. Based on the number and scale of households, the market space of Siasun Robot&Automation Co.Ltd(300024) the future sweeper will reach 33.89 million sets in China, an increase of 623% over 2020, when the final penetration rate is 30% and the renewal cycle is 5 years; With reference to major developed countries overseas, the annual sales volume of floor sweepers in Japan, South Korea, the United States, Canada, Germany, France and Britain will reach 302 / 124 / 792 / 91 / 200 / 162 / 1610000 respectively under the condition that the final penetration rate is 30% and the renewal cycle is 5 years; (2) Market structure: China’s industry is highly concentrated. Ecovacs Robotics Co.Ltd(603486) has become the leader of the industry by virtue of its first mover advantage. Stone and Yunjing have rapidly accumulated market share by virtue of their super product strength, showing a pattern of one super multi strength as a whole; As the founder of global floor sweepers, overseas iRobot occupies an absolute leading position. At the same time, the overseas market share of Chinese independent brands has increased rapidly in recent years, and several floor sweepers have performed well in Amazon’s sales ranking.
Comparison of comparable companies: (1) management background: stone management comes from Internet technology companies Ecovacs Robotics Co.Ltd(603486) is more inclined to traditional household appliance manufacturing enterprises. (2) Ownership structure: Stone’s ownership structure is relatively decentralized, and Chang Jing is the actual controller Ecovacs Robotics Co.Ltd(603486) equity structure is simple and clear, and decision-making power is highly centralized. (3) Product performance and R & D capability: the integration of sweeping and towing and self-cleaning are the main directions of technological innovation, and the advantages of each brand are different. (4) Channel capability: with the help of overseas channel leverage, stone continues to expand diversified channels Ecovacs Robotics Co.Ltd(603486) channels have strong control, and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) has layout; Yunjing accurately distributes online channels. (5) Marketing ability: Ecovacs Robotics Co.Ltd(603486) pays attention to and is good at marketing, with obvious market transformation effect; Yunjing actively builds hyperlinks with consumers; In contrast, the current stone marketing ability is weak and is increasing to make up for its shortcomings.
Investment suggestion: in the past two years, the high growth of the floor sweeper industry mainly came from the explosion of the industry driven by products β With the adjustment of the company’s own operation α。 At present, the sweeper industry is in a high boom track. In the next 1-2 years, the growth trend of stone’s overseas revenue will be good. Driven by dual brands, Ecovacs Robotics Co.Ltd(603486) will also maintain stable growth. Based on this, we suggest to focus on the floor sweeper faucets Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) .
Risk tip: the macroeconomic environment deteriorated, the price of raw materials rose sharply, the exchange rate fluctuated sharply, and the sales were less than expected.
