Basic conclusion
Coffee machines are mainly used for the production of freshly ground coffee drinks. The development of China’s freshly ground coffee market largely determines the future of coffee machines. From the perspective of the coffee drinking market, the per capita consumption of coffee in China (9 cups / year) is significantly lower than that in Japan (280 cups / year), which also has the same tea culture. At the moment when new tea drinks can be more selective, we believe that the per capita consumption of coffee in China may not reach the level of Japan, but based on the current gap in coffee drinking level, there is still obvious room for improvement in the future. In recent years, with the deepening of Chinese consumers’ drinking habits of freshly ground coffee (and the frequency of coffee drinking is expected to increase with age), the innovation of supply side enterprises (high appearance value + innovative function and Design) has pushed the coffee machine into a rapid rise period. The retail sales of 1q-3q21 coffee machine has increased by about 20%, which is significantly better than other major kitchen appliances, And it is expected that there will be sufficient development space in the future.
Semi automatic Italian has gradually become the dominant online market, and domestic brands represented by Yum! Brands break through with differentiated innovation and appearance. Coffee machines can be mainly divided into drip type, capsule type, full-automatic Italian type and semi-automatic Italian type. Among them, semi-automatic Italian type requires manual bean grinding, powder pressing, etc. users participate in many production links, can give full play to their personal creativity (flower pulling, etc.) and enjoy the fun of coffee making, and gradually become a market leading model in the pursuit of coffee quality and various types of drinks. From the perspective of pattern, at present, the capsule and automatic Italian coffee machine market is dominated by overseas brands; In the semi-automatic Italian market, Maxim and Yum! Have broken through with differentiated innovation and appearance (although maxim is an overseas brand, the current tmall’s main model Marseille semi-automatic Italian is also manufactured by Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) OEM). Both brands have innovated and launched grinding in one, dual boilers and dual water pumps (coffee extraction + milk foam delivery are carried out at the same time), and high appearance has won the favor of consumers, It occupies an important position in the semi-automatic market.
Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) : Yum + Dongling brand covers consumers with different coffee machine needs Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) as one of China’s top ten export enterprises of coffee machines, it has accumulated rich experience in manufacturing and R & D in the field of coffee machines. Its export volume of coffee machines accounts for nearly 40% of China’s total export volume of coffee machines. It has an absolute leading advantage. It is also OEM for China’s popular maxim Marseille semi-automatic coffee machines and Netease’s strict selection of semi-automatic coffee machines. Dongling brand: mainly automatic drip American coffee machine, Amoy platform ranks among the top ten sales in the coffee machine industry; Yum brand: relying on Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) in the field of coffee machine, it has outstanding advantages. The semi-automatic Italian coffee machine with high appearance value and innovative functions has won the favor of consumers, and actively grasp the content and grass planting marketing. It is expected to continue to land new products and enjoy the development dividend of the industry in the future.
Investment suggestion: with the deepening of Chinese consumers’ drinking habits of freshly ground coffee and the innovation of supply side enterprises, the coffee machine industry has entered a period of rapid rise. It is suggested to pay active attention to Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , which has accumulated rich experience in manufacturing and R & D in the field of coffee machine and has a perfect brand layout, adhere to the demands of users and continuously improve Shenzhen Crastal Technology Co.Ltd(300824) .
Risk warning: macroeconomic downturn; The penetration speed and level of coffee machine are lower than expected; Industry competition intensifies; The expansion of new products was less than expected.
