Industry dynamic information
Core view: Comments on 22m1-m2 retail data of home appliance industry recently, ovicloud released the retail data of home appliance industry from January to February of 22 years. This weekly report discusses and analyzes the retail scale, short-term competition pattern, average price trend and retail structure of M2 online / offline channels of the current home appliance sector as of 22 years. White power: from the perspective of retail scale, online has maintained steady growth and offline has continued to decline; In terms of competition pattern, Midea’s online share of air conditioner has increased, and Haier’s leading advantage in ice washing category has continued; In terms of average price, the overall average price of white electricity category has increased compared with the same period of last year, and the price increase trend of offline channels is more obvious. From the perspective of retail structure, online products are still mainly concentrated in the low price range, and the proportion of offline high-end product sales continues to increase.
Kitchen appliances: in terms of retail scale, online traditional categories maintained a steady trend, integrated stoves continued high growth, and offline channels declined significantly as a whole. In terms of competition pattern, the traditional cigarette stoves have maintained a stable situation, and the share of kitchen electric packages and integrated stoves has an obvious tendency to concentrate on the head brand; From the perspective of average price change, similar to white power, the price increase trend of all channels of products under the pressure of cost side is obvious; From the perspective of retail structure, the retail structure of traditional cigarette stoves remained stable, and the sales proportion of high-end products of integrated stoves and kitchen electric packages increased significantly.
Small kitchen appliances: from the perspective of retail scale, in addition to electric steamers, the omni-channel retail scale of health pot and cooking machine has declined. From the perspective of average price change, the price rise trend of online channels is obvious, and the average price of electric steamers has increased in all channels.
Floor sweepers: in terms of retail scale, online sales maintained steady growth and offline sales declined slightly; From the perspective of competition pattern, the share of online channel stone and cloud whale has increased significantly, and offline Midea has made some efforts; In terms of the change trend of average price, under the playing method of “pushing up and selling new”, the average prices of online and offline channels of floor sweepers increased significantly by 59% and 71.7% respectively in February 22 years ago. In terms of retail structure, the proportion of all channel high-end products increased significantly.
Investment suggestions: 1) grasp the undervalued value and repair Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Hangzhou Robam Appliances Co.Ltd(002508) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , etc. are all under estimated, so there is room for upward repair. 2) Grasp the sub industries with high prosperity. Institutions still give priority to the sectors with smooth long-term logic and good track prospects. It is suggested to focus on the performance of Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Beijing Roborock Technology Co.Ltd(688169) and other flexible targets. 3) New opportunities for second tier leaders. It is suggested to focus on the valuation and repair of Hisense Home Appliances Group Co.Ltd(000921) , Kingclean Electric Co.Ltd(603355) and other second tier leaders.
Risk tips: rising raw material prices, repeated epidemics, chip shortage, etc.
