Last week, the CSI 300 index fell 0.67%, and the Changjiang household appliance index rose 2.15%, outperforming the CSI 300 index by 2.83pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were 2.46% / 0.51% / – 3.01% / 0.22% / – 1.62% respectively. Sub section core data tracking:
White appliances & color TV: according to the 51 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 27.58%, 14.62% and 13.98% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 27.44%, 8.33% and 16.16% respectively year-on-year; Color TV offline channels decreased by 12.37% year-on-year, and online channels increased by 5.72% year-on-year.
Kitchen appliances: according to the 51 week data of ovicloud, the retail sales of range hood offline channels increased by 7.27% year-on-year, and the retail sales of online channels increased by 15.04% year-on-year; The retail sales of offline channels of gas stoves decreased by 2.9% year-on-year, and the retail sales of online channels decreased by 4.76% year-on-year; The offline retail sales of integrated stoves increased by 40.59% year-on-year, and the online retail sales decreased by 6.6% year-on-year; The offline retail sales of gas water heater decreased by 24.01% and the online retail sales decreased by 8.25% year-on-year.
Small household appliances: according to the 51 week data of ovicloud, the offline retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) increased by 19.93%, 8.73%, 15.04%, 31.5%, 11.86% and 12.3% respectively year-on-year; Online channel retail sales increased by 46.49%, 5.08%, 18.12%, 17.33%, 22.25% and 62.12% respectively year-on-year.
Investment advice
Air conditioning in the first November increased slightly compared with last year. According to the social zero data, the cumulative retail sales of household appliances in the first November increased slightly year-on-year. According to industry online, the sales volume of air conditioners in November was 9.78 million units, a year-on-year increase of – 2.4%; Among them, 5.17 million units were sold domestically, with a year-on-year growth rate of – 4.5% and a month on month growth rate of – 5.8 PCT; The export sales volume was 4.6 million units, with a year-on-year increase of 0.1%, and the growth rate was – 10.0 PCT month on month. 141.07 million units were accumulated in the first November of this year, a year-on-year increase of + 8.6%; Among them, 78.96 million units were sold domestically, a year-on-year increase of + 6.4%; 62.11 million units were exported, a year-on-year increase of + 11.5%. The cumulative sales volume in the first November increased slightly by 0.8% compared with that in 2019. On the whole, it has come out of the haze of the epidemic. Among them, the export performance is bright, and we pay attention to the trend of home appliances going to sea in the future. According to the social zero data in November, the total retail sales of household appliances and audio-visual equipment above the quota increased by + 6.6% year-on-year, with a growth rate of – 2.9pct month on month; Accumulated above the limit in the previous November was + 12.2% year-on-year.
Pay attention to the sinking market space of kitchen electricity. In the seventh census, the township population is about 500 million, accounting for 36% of China’s total population. The ownership of kitchen appliances is relatively low and the market space is broad. Among them, the ownership of microwave ovens, range hoods and water heaters per 100 households in the rural market is only 19.7, 30.9 and 76.2. In terms of the channel structure under the kitchen line, chain (national / regional), brand stores, retail stores, building materials stores, cabinet electrical stores and department stores account for 38%, 22%, 13%, 13%, 8% and 5% respectively. The front decoration channel has a good momentum of development, and the building materials home and designer channels will become important sales channels in the kitchen and bathroom industry.
It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333)
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the home appliance industry has intensified; 3) Raw material prices rose more than expected.
