The performance of 22m1-2 home appliance retail market is weak, and online is slightly better than offline. The total offline and online sales of 22m2 decreased by 10.55% and 10.14% respectively year-on-year. From January to February, the cumulative offline and online sales decreased by 17.79% and 1.45% respectively year-on-year. In February, the total offline and online sales of household appliances decreased by 29.51% and 2.19% year-on-year respectively, decreased by 48.18% and 36.3% month on month in January, and decreased by 27.80% and 11.19% year-on-year in February. The offline retail market is still greatly affected by repeated epidemics in many places and weak real estate data.
Large household appliances: clothes dryers perform well, and online performance is better than offline performance. 22m1-2 cumulative data show that the retail sales of offline channels of air conditioner / refrigerator / washing machine / color TV / clothes dryer are – 7.23% / – 18.45% / – 19.44% / – 22.66% / + 42.69% year-on-year respectively, and the average price is + 7.63% / + 14.81% / + 9.73% / + 18.98% / + 4.36% year-on-year respectively; Online channel retail sales increased by + 28.24% / – 1.42% / + 5.38% / – 10.85% / + 164.23% year-on-year respectively, and the average price increased by + 11.57% / – 0.56% / + 2.48% / – 7.99% / + 4.61% year-on-year respectively. From the perspective of market share, the offline market share of 22m1-2 Midea / Gree / Haier is 33.71% / 32.88% / 15.53% respectively, with a year-on-year increase of -3.00pct / + 0.86pct / + 0.75pct; Midea / Gree / Haier lines accounted for 42.11% / 24.63% / 11.00% respectively, with a year-on-year increase of + 11.49pct / – 1.17pct / – 6.30pct.
Kitchen electricity: integrated stove and dishwasher perform well, and online performance is better than offline performance. 22m1-2 cumulative data show that the retail sales of offline channels of range hood / gas stove / integrated stove / gas water heater / dishwasher have a year-on-year change of – 14.44% / – 10.02% / + 26.35% / – 28.6% / + 21.5% respectively, and the average price has a year-on-year increase of 8.87% / 7.97% / 13.23% / 3.67% / 10.49% respectively; Online channel retail sales increased by + 11.57% / + 4.78% / + 39.01% / – 2.92% / + 3.95% year-on-year respectively, and the average price increased by + 9.70% / + 10.15% / + 31.22% / + 3.05% / + 6.30% year-on-year respectively. In terms of market share, the market share of offline channels Marssenger Kitchenware Co.Ltd(300894) / Midea / Fangtai was 27.1% / 14.93% / 10.29% respectively, with a year-on-year increase of + 5.84pct / – 2.2pct / + 8.55pct respectively, and the market share of Fangtai integrated products increased rapidly; Online channels Marssenger Kitchenware Co.Ltd(300894) / Yitian / Meida accounted for 23.76% / 17.26% / 8.03% respectively, with a year-on-year increase of + 3.82pct / + 10.86pct / + 2.75pct respectively.
Small household appliances: the demand for traditional small household appliances is still relatively weak, and the prosperity of clean appliances has weakened. 22m1-2 cumulative data show that the retail sales of electric rice cooker / wall breaking machine / health pot / cooking machine / floor sweeping Siasun Robot&Automation Co.Ltd(300024) offline channels have changed by – 19.27% / – 38.52% / – 28.51% / – 39.52% / – 7.40% year-on-year respectively, and the average price has changed by + 5.95% / – 7.51% / – 2.10% / – 1.13% / + 71.71% year-on-year respectively; 22m1-2 online channel retail sales changed by – 8.53% / – 14.82% / – 16.66% / – 14.25% / + 6.50% year-on-year respectively, and the average price changed by – 0.42% / – 1.11% / + 2.40% / + 12.50% / + 58.97% year-on-year respectively. In the category of floor sweepers, 22m1-2 Ecovacs Robotics Co.Ltd(603486) / Midea / Shitou offline market accounted for 85.90% / 8.69% / 1.33% respectively, with a year-on-year increase of + 2.16pct / + 4.91pct / + 1.07pct Accounting for – 6% / 35.
Investment suggestions:
The performance of 22m1-2 home appliance retail market is still flat, and the performance of online retail is generally better than that of offline. Among them, the overall performance of traditional home appliances is weak, and the performance of emerging categories is better. It is suggested to pay attention to: Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) .
Risk tips
The epidemic affected the macro-economy and failed to meet expectations; The second impact of overseas epidemic may affect the export of household appliances; The price war in the household appliance industry has intensified; Sluggish real estate performance; Risk of rising raw material prices.
