The world may be flat.
The conflict between Russia and Ukraine pushed up the price of international nickel futures. As an important raw material of stainless steel, nickel directly affects the supply, demand and price of stainless steel. In our daily life, stainless steel is an important raw material for integrated stove products.
"The conflict between Russia and Ukraine has strained the global steel supply, and the main raw material of the integrated stove is steel. Will it lead to a rise in the cost of products?" On March 13, an investor asked a question to Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) . SZ), a kitchen electricity enterprise mainly engaged in integrated stoves.
Zhejiang Meida Industrial Co.Ltd(002677) replied: the company has reserved and locked the price of raw materials such as stainless steel in advance. At present, the supply and price remain stable, which will not lead to the increase of product costp align="center" style="text-align:center;"> Image source: interactive screenshot
However, when we lengthen the cycle to look at kitchen power enterprises, the impact of rising raw material costs is still obvious.
The price of some raw materials fluctuated sharply on April 22, 2024. The company actively responded and took multiple measures to reduce the risks caused by the rise in the price of raw materials.
In 2021, affected by multiple factors such as real estate regulation and the rise of raw materials, the overall growth of the kitchen electricity industry was weak. However, the emerging sub categories such as integrated stoves and dishwashers are still commendable, showing a strong growth rate. According to AVC data, the retail volume of integrated stoves increased by 28% and 41% year-on-year in 2021.
The rapid growth of subdivided categories has also attracted many enterprises. At present, in addition to increasing the layout of emerging categories, leading enterprises in the kitchen electricity industry advocate deep basic scientific research and emphasize the establishment of "scientific and technological confidence" of Chinese kitchen electricity.
The competition of integrated stoves is fierce, but the price war is inevitable?
On March 16, at an online press conference, Fangtai group launched two integrated cooking products. Compared with Zhejiang Meida Industrial Co.Ltd(002677) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ( Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) . SZ), Fangtai Group officially entered the integrated cooking market in 2019. According to the data provided by Fangtai group, at present, the sales volume of Fangtai group's integrated cooking center has exceeded 1 million units.
Guosen Securities Co.Ltd(002736) Research Report Analysis believes that whether the leader cuts into the integrated stove or launches the integrated cooking center, it is to expand the increment while stabilizing the stock. The core is to stimulate the incremental demand, which is of positive significance to the leader and the kitchen electricity industry.
According to AVC data, in 2021, the retail volume of integrated stove market increased by 28% year-on-year, 41% year-on-year, 43% year-on-year and 60% year-on-year in 2019. The high boom ran through the whole year and maintained a high growth trend.
However, it is worth noting that due to the downward pressure on the kitchen electricity industry as a whole, the subdivided categories with high growth potential have become a new track targeted by many enterprises. For the integrated stove category, major enterprises have competed to enter the market, and the market competition has intensified. In addition to facing the rising pressure of raw materials, the price war is also inevitable.
In October 2021, an investor asked Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) whether there was a price war in the industry Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) executives were honest at that time that there was a price war on the terminal. After a lapse of four months, Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) executives responded again that with the entry of enterprises one after another, the differentiation of integrated stove industry will be more significant. The price war is not conducive to the overall development of the integrated stove industry. The company adheres to the long-term axiom and adheres to product R & D and technological innovation to further broaden the track, expand the market and enhance the competitiveness of the company.
As for the market competition pattern, Sinolink Securities Co.Ltd(600109) analysts believe: "the entry of top enterprises first brings the improvement of market education of the category, which is positive to the improvement of penetration and the expansion of the industry. At the same time, we expect that the industry competition pattern will gradually begin to precipitate this year and next, and the enterprises are excellent α It will lead itself to achieve faster growth than the industry. "
Liu buchen, an analyst in the home appliance industry, told the daily economic news on March 17 that the market concentration of the high growth segments of the kitchen electricity industry will be further improved, which actually means that some enterprises with weak competitiveness will gradually withdraw from the market and make room for more powerful participants. Liang Zhenpeng, an analyst in the home appliance industry, believes that with the full competition of emerging categories, the survival of the fittest in the market and the further improvement of the concentration of head enterprises, there will be less and less living space for second and third tier brands.
Why do leading enterprises emphasize deep basic scientific research?
The competition is fierce, and the price war is not a long-term solution. More enterprises begin to increase their R & D and innovation.
Liu buchen told reporters that the early kitchen electrical products, such as smoke machine, stove and disinfection cabinet, were invented abroad, so they were all used with foreign product standards at the beginning of introduction. In recent years, China's kitchen electricity market has achieved great development, and the products are becoming more and more Chinese. In order to adapt to the usage habits of Chinese people and the way of Chinese cooking, kitchen electricity has gradually entered the era of Sinicization.
On March 16, sun liming, vice president of Fangtai group, also said that under the background of consumption upgrading, the factors affecting consumption decision-making in China's kitchen electric field have bid farewell to the "technology worship" of international brands, and the market shows a trend of comprehensive catch-up and Surpassing of China's kitchen electric technology in experience, function, appearance, design, cost performance and other aspects. With the decline of the guidance of international brands to the industry, Chinese kitchen electric enterprises need to find the direction of scientific and technological upgrading, and should establish the confidence of independent innovation.
From the 2021 semi annual report data disclosed by several listed kitchen power enterprises, listed kitchen power companies are increasing investment in product R & D. Among them, Zhejiang Meida Industrial Co.Ltd(002677) 2021 invested 291995 million yuan in R & D in the first half of the year, an increase of 53.43% over the same period of the previous year, and the R & D expense rate was 3.21%, an increase of 0.26 percentage points over the same period of the previous year Marssenger Kitchenware Co.Ltd(300894) r & D expenses in the first half of 2021 were 33.209 million yuan, an increase of 37.70% year-on-year Zhejiang Sanfer Electric Co.Ltd(605336) r & D expenses in the first half of 2021 were 160941 million yuan, a year-on-year increase of 76.23% Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) 2021 in the first half of the year, the R & D expenditure was 17.468 million yuan, an increase of 32.29% year-on-year Hangzhou Robam Appliances Co.Ltd(002508) 2021 in the first half of the year, the R & D investment was 143 million yuan, with a year-on-year increase of 21.74%.
According to the data of listed companies, the investment of kitchen power enterprises in R & D has maintained a high growth rate in recent years. However, the reporter of the "daily economic news" noted that the leading enterprises of kitchen electricity are no longer limited to the innovation of product application, but also emphasize deep basic scientific research and innovation.
Sun liming, vice president of Fangtai group, said that only by paying full attention to basic scientific research and fundamentally breaking technical barriers can we promote the sustainable development of kitchen electricity industry.
In order to do deep basic scientific research, on March 15, the information and publicity Center of the National Space Administration and Fangtai group reached a framework agreement on cooperation intention for the transformation of aerospace technology achievements. The two sides hope to make use of the technical advantages of aerospace units in aerodynamics, hydrodynamics, thermal energy and other aspects to carry out cooperation in subsequent cooperation. Empower domestic brand civil products, share aerospace technology with Chinese civil manufacturing enterprises, and enhance the competitive strength of made in China. It is understood that Fangtai plans to open space technology cooperation in 2 ~ 3 product lines within this year and achieve feasible results.
Home appliance analyst Liang Zhenpeng told reporters that China's kitchen electricity industry is relatively leading in the world as a whole. The innovation of basic technology has a wide range of applications, but it is difficult to innovate. The innovation of basic technology in China's kitchen electricity industry has just begun. There is still a lot of room for the innovation of basic materials and basic technology in the kitchen electricity industry in the futureP align = "center" the news and publicity Center of the National Space Administration and Fangtai group have reached a framework agreement on cooperation intention for the transformation of aerospace technology achievements p align = "center" picture source: provided by enterprises
