Last week, the CSI 300 index rose 0.39%, and the Yangtze household appliance index rose 3.21%, outperforming the CSI 300 index by 2.82pct. In terms of segments, last week, the Yangtze River white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were 2.88% / 4.72% / 4.76% / 1.6% / 2.3% respectively.
Sub section core data tracking:
White appliances & color TV: according to the 52 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 19.43%, 2.79% and 9.33% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 21.34%, 7.83% and 20.94% respectively year-on-year; Color TV offline channels decreased by 8.83% year-on-year, and online channels increased by 0.44% year-on-year.
Kitchen appliances: according to the 52 week data of ovicloud, the retail sales of range hood offline channels decreased by 1.71% year-on-year, and the retail sales of online channels decreased by 15.7% year-on-year; The retail sales of offline channels of gas stoves increased by 4.06% year-on-year, and the retail sales of online channels decreased by 24.39% year-on-year; The offline retail sales of integrated stove increased by 44.41% year-on-year, and the online retail sales decreased by 26.61% year-on-year; The offline retail sales of gas water heater decreased by 24.8% year-on-year, and the online retail sales decreased by 24.42% year-on-year.
Small household appliances: according to the 52 week data of ovicloud, the offline retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) increased by 20.94%, 7.15%, 18.8%, 34.13%, 16.74% and 51.25% respectively year-on-year; Online channel retail sales decreased by 17.94%, 16.9%, 19.3%, 14.1%, 18.79% and 0.38% respectively year-on-year.
Investment advice
Industry online data show that the sales performance of ice washing in November was flat. 1) According to the production and sales data of washing machines on industrial online in November, the total sales volume of washing machines in November was 6.8 million, a year-on-year increase of – 5%; Among them, domestic shipments were 4.17 million units, a year-on-year increase of – 6%. The export shipment volume was 2.63 million units, a year-on-year increase of – 3%, with a slight decline in domestic and foreign sales. In terms of cumulative sales from January to November, 68.17 million washing machines were sold, a year-on-year increase of + 8%. Among them, the domestic shipment was 40.35 million units, a year-on-year increase of + 5%; The export volume was 27.82 million units, a year-on-year increase of + 12%. 2) In November, the year-on-year sales volume of refrigerators was – 8% (compared with November 2019 + 2%), and the year-on-year export was – 12.5% (compared with the same period in 2019 + 55%). The overall export was at a high level. Because November last year was the highest level in the same period in history, there was great pressure in the current period.
In November, the integrated stove market maintained a high boom. According to industry online, 334000 integrated stoves were sold domestically in November, a year-on-year increase of + 12%; The domestic sales of traditional range hoods were 1.64 million, a year-on-year increase of – 4%. In 2022, we will continue to pay attention to the trends of pushing up the sales of kitchen electrical products, catering to Chinese cooking habits, integration trend, head brand concentration, and the transfer of traditional channels to hardcover / home decoration channels.
It is suggested to pay attention to: Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) , Hangzhou Robam Appliances Co.Ltd(002508) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169)
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the home appliance industry has intensified; 3) Raw material prices rose more than expected.
