Key recommended targets this week
Growth appliance portfolio: Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Ecovacs Robotics Co.Ltd(603486) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Breo Technology Co.Ltd(688793) , Marssenger Kitchenware Co.Ltd(300894) , JS global life, Anker Innovations Technology Co.Ltd(300866)
White electricity combination: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651)
The growth trend of the whole year in 2021 has been determined, the white power is growing steadily, and the growth of high growth categories continues to lead the industry
(1) White electricity: the year-on-year retail sales of 2021w52 air conditioner / refrigerator / washing machine are – 20.56% / – 3.36% / – 16.88% respectively, and the year-on-year retail sales of 2021q4 are – 8.91% / + 6.10% / + 0.15% respectively. In 2021 (w1-w52), the omni channel retail sales increased by + 6.85% / + 14.54% / + 13.00% respectively year-on-year, maintaining a steady growth.
(2) Integrated stove: the year-on-year retail sales of 2021w52 Omni channel is – 23.00%, and the year-on-year retail sales since 2021q4 is + 31.71%. Retail sales in 2021 (w1-w52) increased by + 30.94% year-on-year, maintaining a high growth trend throughout the year.
(3) Cleaning appliances: the omni channel retail sales of 2021w52 sweeper / washer were + 1.16% / + 209.29% year-on-year respectively, and the retail sales since 2021q4 were + 34.97% / + 171.17% year-on-year respectively. In 2021 (w1-w52), the retail sales were + 28.51% / + 333.41% respectively year-on-year. The annual growth of floor sweepers / floor washers led the industry.
Focus on company updates this week
Beijing Roborock Technology Co.Ltd(688169) : domestic sales continue to exceed expectations, and overseas new products are ready to go. 2021w52 stone sweeper Ali channel Gmv + 116.51%, and the cumulative Gmv in 2021 (w1-w52) was + 105.05% year-on-year, which exceeded the expected performance and promoted the share of stone’s online channel retail sales + 2.92pcts year-on-year in 2021. In terms of export sales, the overseas flagship new product will be unveiled at the CES exhibition in the United States on January 4, 2022. The new floor sweeper is expected to cost more than US $1000 under the upgrading of host and base station, and is expected to become a benchmark product in the wave of LDS replacement in the United States. Looking forward to 2022, the strong market demand for self-cleaning is expected to drive the company’s domestic sales to continue the trend of high growth in 2022; In terms of export, considering the factors such as the pull of overseas new products, low base and the mitigation of maritime transport capacity, it is optimistic that the export will improve quarter by quarter in 2022.
Ecovacs Robotics Co.Ltd(603486) : focus on lithium battery layout projects to enhance long-term competitiveness. In 2021 (w1-w52), Gmv of Tianke / Ecovacs Robotics Co.Ltd(603486) brand Ali channel was + 340.38% / + 41.35% respectively, and the market share of online channel was + 1.61pcts / + 4.06pcts respectively year-on-year. Looking forward to 2022, it is expected that Tianke will continue to lead the growth of the industry driven by Shangxin in 2022. The downward exploration of X1 series price will drive the large volume of floor sweepers, and continue to be optimistic about the dual brand drive company to lead the industry. Looking forward to the medium and long term, the lithium battery project is expected to optimize the supply chain and enhance competitiveness. We expect that the annual output of 2gwh polymer lithium ion battery project will ensure the long-term lithium battery demand of the company’s floor sweeper and floor washer in the future. In addition, self-produced products can improve product performance and alleviate the cost pressure caused by the rise of battery price to a certain extent.
Midea Group Co.Ltd(000333) : continue to focus on the b-end business, and Midea industrial technology releases a new strategic vision. On December 30, 2021, “Midea electromechanical” was renamed “Midea industrial technology” at Midea’s industrial technology strategic vision conference, and put forward a five-year revenue target of 100 billion. Since its establishment, Midea’s industrial technology has been deeply cultivated in the fields of compressor, electric control and electromagnetism. At present, the product layout has been extended from home appliances to auto parts, industrial control, etc. Looking forward to the medium and long term, the continuous expansion of b-end business is expected to bring performance increment, and the company’s valuation may be improved driven by science and technology.
Risk tip: industry competition intensifies; Shortage of raw material supply; The risk of maritime transport capacity has increased.
