China’s Sweeper Market: in January, the sweeper Siasun Robot&Automation Co.Ltd(300024) online sales maintained steady growth, driven by the increase of average price. According to ovicloud, the online sales volume of Siasun Robot&Automation Co.Ltd(300024) sweeping in January was 841 million yuan, an increase of 20.44% year-on-year, and the online sales volume was 294200 units, a decrease of 24.80% year-on-year. The decline narrowed slightly, and the average price was 2859 yuan, an increase of more than 60% year-on-year. In terms of brand competition, since the double 11 in 2021, the market competition pattern of floor sweepers has changed slightly, Beijing Roborock Technology Co.Ltd(688169) surpassed Yunjing to become the second in the industry, Ecovacs Robotics Co.Ltd(603486) remained the leader. In January, the online competition pattern continued this trend: Ecovacs Robotics Co.Ltd(603486) online sales market share was 41.03%, down 2.54 PCT year-on-year, down 5.92 PCT compared with 21q4, Beijing Roborock Technology Co.Ltd(688169) market share was 18.84%, up 8.26 PCT year-on-year, Compared with 21q4, the market share of Yunjing increased by 1.46pct, 16.58%, 7.39pct year-on-year, basically flat compared with 21q4, and the market share of Xiaomi was 10.73%, which was improved compared with 21q4.
The online sales volume of self-cleaning products accounts for about 49%, and the sales volume of stone G10 ranks first. In January, the sales volume of self-cleaning products of mainstream brands accounted for about 49%, increased by 1.17pct compared with December, accounting for about 71%, and increased by 1.18pct compared with December. It is expected that self-cleaning products will gradually replace traditional sweeping products in 2022. From the performance of self-cleaning products of various brands, the sales volume of stone G10 ranked first in the whole market in January, with a sales market share of 10.24%, and the N9 + and x1omni of Ecovacs Robotics Co.Ltd(603486) banner ranked second and third, with a total sales market share of 18.38%. The sales market share of Yunjing J1 and J2 products was 12.29%, and the three leaders occupied the leading position of self-cleaning.
Overseas Sweeper Market: in January, the demand of North American market fell, and the demand of European market recovered. In January, the sales volume of Meiya decreased by 31.9% year-on-year, the growth rate declined, the sales volume of Faya increased by 46.2% year-on-year, the growth rate improved significantly, and the sales volume of Deya decreased by 17.3% year-on-year, narrowing the decline.
China’s floor washing machine Market: the floor washing machine market continued its high boom in January. The sales volume of Aowei online washing machine was RMB 3.14 billion, an increase of 1.88% year-on-year, according to the sales volume of Aowei online washing machine, which was RMB 3.14 billion, a year-on-year increase of 1.88%. The market share of leading brands has declined, and new brands have emerged. In January, the market share of Tianke’s online sales was 55.15%, a year-on-year decrease of 14.78pct, and that of Bisheng’s online sales was 9.91%, a year-on-year decrease of 10.66pct. The entry of new brands led to a decline in the share of head brands, but the leading advantage is still significant.
Investment suggestion: 2022 is in the transition period when self-cleaning products quickly replace traditional sweeping products. It is expected that the further increase in the proportion of self-cleaning products will drive the average price to continue to rise. At the same time, the head brand plans to launch cost-effective self-cleaning products, which will help China’s sales growth pick up. Therefore, we judge that the scale of China’s floor sweeper industry will still maintain steady growth in 2022; Overseas, despite the recent slight decline in overseas demand, it is expected that the pressure on shipping and exchange rate will gradually ease in 2022, and the profit of export business can be improved; The floor washing machine industry continues to grow at a high speed and maintain a high prosperity. At present, the category is still in the preliminary market cultivation stage. The entry of new brands has strengthened the marketing of the category, and the consumer education is more sufficient, which helps to accelerate the penetration of the category. Recommend Beijing Roborock Technology Co.Ltd(688169) , which has a good performance in domestic sales and is expected to improve export profits, and Ecovacs Robotics Co.Ltd(603486) , which is a two wheel drive cleaning appliance faucet for floor sweepers and floor washers.
Risk warning: there is error in the monitoring data, the demand is less than expected, and the price of raw materials rises.
