Core conclusion
China’s floor sweeper Market: due to the decline of off-season superimposed marketing efforts, the growth rate of the floor sweeper industry fell in February. March April is a new node in China, and the growth rate of the industry is expected to pick up. According to ovicloud, the online sales volume of Siasun Robot&Automation Co.Ltd(300024) sweeping in February was 413 million yuan, a year-on-year increase of – 13.8%, the online sales volume was 142700 units, a year-on-year increase of – 45.3%, and the average price was 2895 yuan, a year-on-year increase of + 57.7%. We believe that there are two reasons for the decline in the growth rate of the floor sweeper industry: (1) the beginning of the year is the traditional off-season, superimposed with the Spring Festival factors, and the demand has dropped; (2) After the promotion season from November to December last year, the marketing strength of some head brands weakened from January to February. According to the number of Yien stars, in February, the number of grass planting notes on the small red book platform of Ecovacs Robotics Co.Ltd(603486) , Yunjing and other sweeper brands decreased significantly year-on-year, the number of Ecovacs Robotics Co.Ltd(603486) notes decreased by – 19% year-on-year, and Yunjing decreased by – 57% year-on-year. From March to April, a new time node will be promoted for Chinese brands. It is expected that all brands will strengthen marketing, which is expected to drive the growth rate of the industry to pick up.
In terms of brand competition, in February Ecovacs Robotics Co.Ltd(603486) remained the online leader, Beijing Roborock Technology Co.Ltd(688169) share increased and Yunjing share decreased The market share of Ecovacs Robotics Co.Ltd(603486) online sales was 41.95%, down 5.0pct compared with 21q4, the market share of Beijing Roborock Technology Co.Ltd(688169) was 22.87%, up 5.49pct compared with 21q4, the market share of Yunjing was 11.50%, down 5.12pct compared with 21q4, and the market share of Xiaomi was 10.05%, up 0.76pct compared with 21q4.
The online sales volume of self-cleaning products accounted for 47%, the sales volume of stone G10 ranked first, and the market share further increased. From the performance of self-cleaning products of various brands, the sales market share of stone G10 in February was 13.01%, with a month on month ratio of + 2.77pct. The total sales market share of N9 + and X1 series of Ecovacs Robotics Co.Ltd(603486) brand was 19.01%, with a month on month ratio basically unchanged. The sales market share of Yunjing J1 and J2 products was 8.77%, with a month on month ratio of -3.52pct. Overseas Sweeper Market: in February, the North American market demand fell, and the European market was divided. According to sellermotor, in February, the sales volume of Meiya decreased by 40.5% year-on-year, and the growth rate further declined. The sales volume of Faya increased by 94.6% year-on-year, continuing the high growth. The sales volume of Deya decreased by 35.8% year-on-year, and the growth rate slowed down.
China’s floor washing machine Market: the floor washing machine market continued its high boom in February. According to ovicloud, the online sales volume of floor washing machines in February was 281 million yuan, a year-on-year increase of 93.21%, the online sales volume was 91000 units, a year-on-year increase of 83.72%, and the average price was 3083 yuan, a year-on-year increase of 5.16%. The market share of head brands declined and the market share of new brands increased. In February, the market share of Tianke’s online sales was 54.52%, a year-on-year decrease of 19.47pct, and the market share of Bisheng was 6.78%, a year-on-year decrease of 8.83pct. The newly entered brands uwant, stone, Midea and Haier performed well, but the share advantage of head brands was obvious.
Investment suggestion: China ushers in a new node, which is expected to drive the growth rate of the industry to pick up. From March to April, China launched a new node. At present, Ecovacs Robotics Co.Ltd(603486) , chase and other brands are in the pre-sale stage of new products, and other brands are expected to launch new products one after another. Therefore, from March to April, the whole industry will increase marketing investment, the growth rate of floor sweeper industry is expected to pick up, the short-term fluctuation does not change the medium and long-term trend, and Beijing Roborock Technology Co.Ltd(688169) ( Beijing Roborock Technology Co.Ltd(688169) . SH) with bright domestic sales performance and improved export profits is recommended. Cost-effective self-cleaning new products will be launched Clean electrical appliance faucet Ecovacs Robotics Co.Ltd(603486) ( Ecovacs Robotics Co.Ltd(603486) . SH), which is expected to improve in the short term.
Risk warning: there is error in the monitoring data, the demand is less than expected, and the price of raw materials rises.
