\u3000\u30001. Personal protection: repair at a growth rate under the low base of 2022m2, of which the cumulative year-on-year growth rate of paper towel / wet towel category 2022m1-2 has become positive. By category, the sales of paper towels / wet wipes on Alibaba platform 2022m1-2 accumulated year-on-year + 1.8%, sanitary napkins / private care 2022m1-2 accumulated year-on-year – 3.3%, diaper sales 2022m1-2 accumulated year-on-year – 10.3%, and adult diaper care 2022m1-2 accumulated year-on-year – 15.2%. In terms of brands, in terms of paper towels / wet towels, Vader grew steadily, with higher growth rate and market share. Vader 2022m1-2 cumulative sales + 32.9% year-on-year; The market share of 2022m2 was 22.4%, with a year-on-year increase of + 3.8pp. In terms of sanitary napkins, le’erya’s growth rate and market share increased. CR9 in 2022m2 industry increased from + 7.6pp to 63.6% year-on-year, and the industry concentration was at a stable high level. In terms of adult incontinence care, the industry concentration decreased, and 2022m2 Cr6 increased from – 6.9pp year-on-year to – 1.5pp month on month to 36.8%. In terms of baby diapers, Cr6 in 2022m2 industry increased from + 2.3pp year-on-year and + 2.5pp month on month to 50.3%.
\u3000\u30002. Software: the overall sales of 2022m1 & M2 software were + 39% year-on-year, including sofa sales of + 73.7% year-on-year and mattress sales of – 26.9% year-on-year. In terms of sofa, the sales of cloth sofa, leather sofa and lazy sofa increased significantly year-on-year. The total sales volume of cloth sofa was + 133.7%, that of leather sofa was + 68%, and that of lazy sofa was + 132.7%. From the perspective of brand segmentation, Jason Furniture (Hangzhou) Co.Ltd(603816) sales increased significantly, with a year-on-year increase of + 169.2%, followed by Genji wood language with a year-on-year increase of + 69.3%. In terms of mattresses, the market share of spring mattresses increased steadily, accounting for 39.2%, year-on-year + 73.4%, and the total sales of latex mattresses accounted for 42.8%, year-on-year – 54.3%; By brand, Healthcare Co.Ltd(603313) growth rate is bright, and the total sales of 2022m1 & M2 are + 60.75% year-on-year.
\u3000\u30003. Stationery & Trendy play: the growth rate of stationery market has become positive, and the concentration of power and morning light has increased; Bubble Mart in the fashion industry continues its beautiful performance. In terms of stationery, the growth rate of 2022m2 sales was positive year-on-year, with a year-on-year growth rate of 2.8%, and the cumulative sales of 2022m1-2 was – 20.4%. In terms of sub categories, the cumulative sales of 2022m1-2 of writing tools, paper books, painting tools / painting materials / calligraphy tools and daily learning supplies were – 33.3%, – 17.0%, – 3.9% and – 11.7% respectively year-on-year. Deli 2022m1-2 accumulated sales of – 22.5% year-on-year and market share of + 3.0pp to 9.5% year-on-year; The cumulative sales of Chenguang 2022m1-2 was – 4.6% year-on-year, and the market share was + 2.1pp to 7.4% year-on-year. In terms of tide play, 2022m1 & m2, the total sales volume of tide play industry was – 4.6% year-on-year. The total sales volume of bubble Mart M1 & M2 was + 18.3% year-on-year, and the market share (sales caliber) was 5.9%.
Investment suggestions: furniture sector: 1) leading undervalued enterprises that are continuously differentiated from the industry [ Jason Furniture (Hangzhou) Co.Ltd(603816) ], [Minhua holdings], [ Oppein Home Group Inc(603833) ]; 2) Basically oriented to [ Suofeiya Home Collection Co.Ltd(002572) ] with low valuation, it is recommended to pay attention to [ Zbom Home Collection Co.Ltd(603801) ], [ Goldenhome Living Co.Ltd(603180) ]; 3) It is suggested to pay attention to [ Loctek Ergonomic Technology Corp(300729) ], [ Henglin Home Furnishings Co.Ltd(603661) ], [ Ue Furniture Co.Ltd(603600) ]. The short-term performance of student stationery is weak due to the impact of the loss of confidence in picking up goods through terminal channels under the double reduction policy. We expect it to be repaired in 2021q4. We recommend industry leaders with stable operation and more callback [ Shanghai M&G Stationery Inc(603899) ].
Risk warning: exchange rate and raw material price fluctuate greatly; The completion and sales of the real estate do not meet the expectations; The sales channel structure fails to form an adaptive transformation; Macroeconomic recovery did not meet expectations; Accuracy of data statistics.
