Key recommended targets this week
Growth appliance portfolio: Beijing Roborock Technology Co.Ltd(688169) , Anker Innovations Technology Co.Ltd(300866) , Chengdu Xgimi Technology Co.Ltd(688696) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Breo Technology Co.Ltd(688793) , Marssenger Kitchenware Co.Ltd(300894) , JS global life, Ecovacs Robotics Co.Ltd(603486)
White electricity combination: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651)
The shipping price is still in the platform period, and the price of raw materials continues to fall
(1) Maritime terminal: 2021w51 US East Route / US West Route / China Europe route freight index were 2661.71/2412.51/5111.98 respectively, with a chain comparison of + 5.55% / – 0.74% / + 1.12% respectively, and -0.97% / – 1.05% / – 7.72% respectively compared with the highest point. (2) Raw material side: 2021w51 plastic city ABS price / comprehensive steel price / aluminum price / copper price index W50 are – 2.18% / + 0.01% / – 1.77% / – 3.95% month on month, respectively, compared with the highest point in 2021, which are – 12.62% / – 16.14% / – 4.46% / – 7.29% respectively. We continue to be optimistic about the cost improvement under the decline of raw material prices.
The growth of white electricity category is steady, and the high growth category continues a high boom
(1) White power: the overall demand for 2021w51 has increased steadily. By category, the overall sales of 2021w51 refrigerator is about 730 million yuan (+ 10.05%), and the cumulative sales since 2021q4 is 24.357 billion yuan (+ 6.58%).
(2) Integrated stove: the online / offline retail sales of 2021w51 integrated stove were – 6.60% / + 40.59% year-on-year respectively, and the online / offline retail sales were – 17.40% / + 19.70% year-on-year respectively. The high growth of offline scale drove the overall high growth of the industry.
(3) Cleaning appliances: the online / offline sales of 2021w51 floor sweeper were + 62.12% / + 12.3% year-on-year respectively, and the online / offline retail sales were + 0.79% / – 29.56% year-on-year respectively. The online / offline sales of 2021w51 floor sweeper were + 455.10% / + 610.91% year-on-year respectively, and the online / offline retail sales were + 416.40% / + 543.48% year-on-year respectively.
Focus on company updates this week
Beijing Roborock Technology Co.Ltd(688169) : in terms of domestic sales, according to the business consultant, the Gmv of stone Ali channel sweeper continues to exceed the expectation: Gmv + 581.69% of 2021w51. In terms of export, according to the data of global express, the Gmv of the five major French Black promotion Beijing Roborock Technology Co.Ltd(688169) categories increased by 767.2% year-on-year. For Q4 revenue and performance of the company, we expect: overall revenue + 20%, including actual domestic sales revenue of private brands + 110%, and actual export sales revenue of private brands + 11%; The net profit attributable to the parent company was + 3%, and the growth rate was higher than that of Q3. Looking forward to 2022, the strong market demand for self-cleaning is expected to drive the company’s domestic sales to continue the trend of high growth in 2022; In terms of export, considering that the base number of 2020m12 is not high and the price band is expected to be expanded in 2022q1, the growth rate of export may improve quarter by quarter.
JS global life: on the revenue side, q4shark brand Meiya continues to grow at a high rate. Meiya has accumulated Gmv + 31.56%. The revenue growth of q4shark Ninja division is expected to improve marginally. Further, considering the continuous volume of new products such as hair dryers and air purifiers and the gradual results of European market expansion, shark Ninja division is expected to maintain a high growth rate in 2022. On the profit side, the tariff on clean appliances is expected to decline in 2022, and the shipping capacity is expected to return to a lower level in 2022q2. Combined with the enhancement of the scale effect of the supply chain under the category expansion, we expect the profitability of the company to be gradually improved in 2022. Overall, it is expected that the revenue and profit in 2022 are expected to achieve more than double-digit growth, and continue to be optimistic about the long-term development of the company under the category expansion logic.
Risk tip: industry competition intensifies; Shortage of raw material supply; The risk of maritime transport capacity has increased.
