Core view
Research tracking and investment thinking this week: this week, we continued to track the sales of small household appliances on the three online platforms. The results showed that the sales of small household appliances on Taoxi and jd.com platforms increased by more than 10% in February. Some small household appliance brands have taken the lead in achieving good growth, and the industry boom continued to pick up for two months.
Amoy platform: small kitchen appliances increased by 12% in February, showing obvious signs of improvement. According to the tracking data of Amoy department, the sales of small kitchen appliances improved significantly in February, and the total sales of major brands stopped falling and rebounded, with an increase of more than 12%. Midea, Zhejiang Supor Co.Ltd(002032) , Jiuyang, Xiaoxiong, moffy and Beiding were six major brands. In February 2022, Amoy’s total Gmv reached 1.31 billion, a year-on-year increase of 12.3%. Among them, Zhejiang Supor Co.Ltd(002032) kitchen appliances performed relatively well, with Gmv reaching 430 million, a year-on-year increase of 49.1%; The Gmv of small household appliances in bear kitchen reached 120 million, with a year-on-year increase of 35.5%; Midea kitchen appliances Gmv reached 470 million, a year-on-year increase of 31.3%.
JD platform: the sales volume of small household appliances increased by 14% in February, and the performance of major brands was stable. According to the tracking data of jd.com, in February 2022, the sales of small household appliances on jd.com platform reached 6.23 billion, with a year-on-year increase of 13.9%, of which the Gmv of household appliances increased by 28.6%, the Gmv of kitchen small appliances increased by 5.7%, and the Gmv of personal health appliances increased by 9.6%. The sales performance of major small household appliance brands was relatively stable. In February, Midea’s Gmv of small household appliances reached 730 million / – 0.8%; Jiuyang brand Gmv reached 390 million / + 7.9% Zhejiang Supor Co.Ltd(002032) brand Gmv is 700 million / + 15.9%; Bear brand Gmv reached 190 million / + 16.2%.
Shaking platform: the new tiktok is still in the starting stage, and the contribution of the single month has been relatively impressive. At present, the sales of voice sales in tiktok brands are generally concentrated in 1%-11%, and the highest contribution in one month is nearly billion yuan. In February, sales of Zhejiang Supor Co.Ltd(002032) GMV brands reached 70 million, 30 million for Joyoung, 30 million for Joyoung, 10 million for tiktok and 6 million for GMV.
Full platform: the total growth of major small household appliance brands was 16%, and the sales performance continued to improve. Taking the sales data of the three platforms together, the total sales of six home appliance brands such as meijiusu increased by 16% in February, and Midea, Zhejiang Supor Co.Ltd(002032) , Xiaoxiong and Beiding performed relatively well. In February, Midea’s Gmv on the three platforms reached 1.38 billion / + 14.7%, Zhejiang Supor Co.Ltd(002032) gmv was 1.24 billion / + 35.6%, Xiaoxiong Gmv was 330 million / + 28.6%, Beiding Gmv was 30 million / + 20.8%, Jiuyang was 660 million / – 10.4%, and Mofei Gmv was 90 million / – 3.3%. The total Gmv of the six brands reached 3.74 billion, a year-on-year increase of 15.5%, continuing the high prosperity in January.
Key data tracking: market performance: the relative income of household appliances last week was – 1.73%. Raw materials: the price of copper and aluminum in LME3 months increased from + 5.8% and + 15.3% to US $10435 / 3819 / ton on a weekly basis respectively; Cold rolling prices rose 0.7% week on week to 5493 yuan / ton. Container transportation index: the weekly ratio of West America / East America / Europe was – 0.50%, – 0.36%, – 1.09% respectively; Capital flow: Midea / Gree / Haier luyutong’s shareholding ratio changed by – 0.08%, 0.00% and + 0.03% on a weekly basis.
Suggestions on core investment portfolio: white power recommends Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , efficiency improvement and continuous promotion of channel reform; Kitchen electricity recommends high growth and strong incentive integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , and second-line leader of all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Smart projection faucet Chengdu Xgimi Technology Co.Ltd(688696) , 2b and 2C go hand in hand Appotronics Corporation Limited(688007) .
Risk warning: the epidemic situation leads to fluctuations in production and marketing; Intensified market competition; Demand growth is less than expected; The price of raw materials has risen sharply
