Core view
Research tracking and investment thinking this week: this week, we tracked the online sales of new consumer appliances – integrated stove, intelligent projection and floor sweeping Siasun Robot&Automation Co.Ltd(300024) and floor washing machine in February. According to the data, the main categories of new consumer appliances, integrated stoves, intelligent projection and floor sweeping, continued to grow strongly in Siasun Robot&Automation Co.Ltd(300024) February and maintained a high outlook. The sales volume of integrated stoves on JD platform increased by 48% in February, and Yitian Marssenger Kitchenware Co.Ltd(300894) increased well. According to the data tracking of jd.com, the Gmv of the integrated cooking center reached 40 million / + 47.7% in February. Excluding the impact of the Spring Festival, from January to February, the Gmv of the integrated cooking center is 180 million / + 38.7%. Integrated stoves achieved relatively high growth in the first year. From the perspective of branches, the leading enterprises on the integrated stove line Marssenger Kitchenware Co.Ltd(300894) , Yitian and its fame grew rapidly. In February, Gmv of Marssenger Kitchenware Co.Ltd(300894) integrated stove reached 19.217 million / + 13.2%; Gmv of Yitian integrated stove reached 6.778 million / + 152.3%; The Gmv of famous integrated stove reached 4019000 / + 476.3%. The high prosperity of intelligent projection continued, and the sales volume increased by 20% in February. According to the data tracking of jd.com, the sales volume of the projector industry reached 390 million / + 16.5% in February 2022. According to the data tracking of Amoy department, the sales volume of projector industry reached 290 million / + 26.0% in February. The sales volume of intelligent projection of the two platforms increased by 20.3% to 680 million in February, with a cumulative increase of 29.1% in the first two months, maintaining the trend of high growth in the overall economy. Combined with the two platforms, the sales performance of fengmi, Jimi and dangbei projection continued to improve. In February, the total Gmv of Jimi projector on jd.com and Taoxi platform reached 230 million / + 19.7%; Peak meter Gmv reaches 20 million / + 49.7%; When Gmv reaches 60 million / + 41.3%; Nut projector Gmv fell 10.8% year-on-year to 70 million.
The new clean growth momentum is still strong, and shitoutian can perform beautifully. According to jd.com’s data tracking, in February 2022, the sales volume of sweeping Siasun Robot&Automation Co.Ltd(300024) industry reached 330 million / + 12.0%; Sales of floor washing machines increased by 317.5% to 90 million. According to the data tracking of Amoy platform, the sales volume of sweeping Siasun Robot&Automation Co.Ltd(300024) industry reached 310 million / – 0.7% in February; Sales of floor washing machines increased by 168.5% to 200 million. Taken together, in February, the sales of floor washing machines increased by 203.1% to 300 million, and the sales of sweeping Siasun Robot&Automation Co.Ltd(300024) increased by 5.4% to 650 million.
In terms of brands, stone and Tianke have better sales performance. In February, the total Gmv of stone in jd.com and Amoy platform reached 150 million / + 131.2% Ecovacs Robotics Co.Ltd(603486) and Tianke have a total Gmv of 490 million / + 19.5%; Cloud whale Gmv increased by 72.0% year-on-year to 60 million; Pizza Hut Gmv fell 4.1% year-on-year to 40 million.
Key data tracking: market performance: the relative income of home appliances last week was – 3.32%. Raw materials: the prices of copper and aluminum in LME3 months increased from – 2.6% and – 8.4% to US $10164 / 3499.5/ton on a weekly basis respectively; Cold rolling prices rose 0.6% week on week to 5526 yuan / ton. Container transportation index: the weekly ratio of West America / East America / Europe was – 0.39%, – 2.82%, – 0.97% respectively; Capital flow: Midea / Gree / Haier luyutong’s shareholding ratio changed by – 0.37%, – 0.29%, – 0.19% on a weekly basis.
Suggestions on core investment portfolio: white power recommends Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , efficiency improvement and continuous promotion of channel reform; Kitchen electricity recommends high growth and strong incentive integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , and second-line leader of all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Go hand in hand with the smart home appliances.
Risk warning: the epidemic situation leads to fluctuations in production and marketing; Intensified market competition; Demand growth is less than expected; The price of raw materials has risen sharply
