Some small household electrical appliances and kitchen electric appliances companies have successively released performance express reports for 2021. In 2021, domestic sales recovered slowly and export growth slowed down; The performance of emerging categories is better than that of traditional categories. Raw material prices continued to rise and shipping costs rose, putting pressure on performance. In this environment, home appliance enterprises still show strong business toughness, launch high-end and intelligent series products, and accelerate the systematic integration and complete set promotion under multiple categories; Tap market demand, constantly promote new categories, and continuously improve the penetration of emerging categories.
Small household appliances: 1) on the revenue side, from the perspective of small household appliance companies that have published the performance express of 2021, the revenue growth rate of traditional small household appliance companies in 21q4 has improved compared with that in 21q3. Under the pressure of high base in the same period last year, the overall scene of small kitchen and electricity market in 2021 is weak. Small household appliance enterprises actively embrace the online traffic entrance by seeking business breakthroughs one after another, Accelerate the pace of innovation and maintain steady growth in revenue. The category of smart small household appliances still maintains a high view. 21q4 Beijing Roborock Technology Co.Ltd(688169) / Chengdu Xgimi Technology Co.Ltd(688696) / Appotronics Corporation Limited(688007) / Shenzhen Breo Technology Co.Ltd(688793) revenue growth was 29.6% / 45.8% / 18.9% / 23.8% respectively, maintaining a high growth level. All brands promote new products and upgrade product performance to stimulate market demand; Combined with Kwai’s buying habits, we should grasp the large 11 shopping centers such as double 12 and double tiktok shopping mall, and drain the whole social media through jitter, fast hand and other social media. 2) On the performance side, the epidemic spread in many places, the price of raw materials increased and the marketing investment increased, the performance growth was under pressure, and Chengdu Xgimi Technology Co.Ltd(688696) performance was brilliant. From the perspective of small household electrical appliance companies that have disclosed the performance express of 2021, except Chengdu Xgimi Technology Co.Ltd(688696) , the performance growth of major small household electrical appliance companies is less than that of revenue growth. The price of raw materials rises and the cost pressure rises; The fourth quarter is an important node for e-commerce promotion, and the marketing investment has increased; The operation of offline stores is still affected by the epidemic, but fixed expenses such as rent and personnel salary are rigid expenses; The shortage of overseas transportation capacity and high transportation costs have a drag on profitability Chengdu Xgimi Technology Co.Ltd(688696) 21q4 net profit margin attributable to the parent company was 13.4%, with a year-on-year increase of + 3.3pct. The performance growth rate exceeded market expectations. RS series of high-end products sold well, and the product structure continued to be optimized; The proportion of self-developed polishing machines of the company increased, which continued to drive the improvement of gross profit margin.
Kitchen electricity: 1) on the revenue side, e-commerce channels have maintained high growth, and emerging categories lead the market. From the perspective of kitchen electric companies that have published the performance express of 2021, the revenue growth of 21q4 Hangzhou Robam Appliances Co.Ltd(002508) / Zhejiang Meida Industrial Co.Ltd(002677) is 23.0% / 6.7% respectively. In terms of sub channels, online channels are growing rapidly and offline retail is recovering slowly. In terms of products, traditional kitchen appliances have entered the channel with relatively stable demand and increased share of leading market. Leading brands rely on years of brand accumulation and have a higher competitive advantage in the renewal demand with upgrading attribute; In the past two years, we have continuously optimized the product structure, effectively improved the average price of products, and driven the increase of brand market share. The emerging kitchen appliances represented by dishwashers, embedded integrated steaming and baking machines and integrated stoves still maintain a high prosperity. According to the data of ovicloud, the online sales growth of integrated stove / dishwasher / embedded multifunction peripheral in 2021 was + 31.37% / + 9.22% / + 26.98% respectively, and the offline sales growth was + 57.11% / + 12.26% / + 23.89% respectively. 2) On the performance side, the price of raw materials rose, the product structure was upgraded, and the profitability remained stable.
Investment advice
Pay attention to the driving effect of marginal changes in real estate policies on the demand for home appliances in the post cycle, the pressure relief of raw material costs and shipping costs, and the thickening effect of high-end and set-up trends on the profitability elasticity of the section; We are optimistic about the medium and long-term market expansion of new categories and the rising power of brand awareness. For suggestions and concerns, it is suggested to focus on the following: followingthe following: ‘ Haier Smart Home Co.Ltd(600690) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Shenzhen Breo Technology Co.Ltd(688793) , Chengdu Xgimi Technology Co.Ltd(688696) .
Risk tips
1) the macro economy is less than expected; 2) Covid-19 epidemic situation worsened again; 3) The price of raw materials has risen.
