Research tracking and investment thinking this week: this week, we focus on combing the retail performance of major household appliances in February:
Air conditioning: the sales of the whole line rebounded sharply in February, and the average price increased by more than 15% year-on-year. In February 2022, the online retail volume / volume of air conditioner was + 96.5% / + 128.0% year-on-year, and the offline retail volume / volume was + 48.1% / + 69.8% year-on-year. From January to February, the sales volume of air conditioners increased by 16.2% year-on-year. In terms of price, the average selling price of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) air conditioner in February increased by 16.1% / 15.2% respectively. The average price increased year-on-year for 16 consecutive months, and the rising trend of average price is relatively certain. From the perspective of branches, under the background of the significant recovery of the industry, the sales of major air-conditioning enterprises increased in February, and the performance of leading Gree and Midea led the industry.
Refrigerator: affected by the base, the growth is under pressure, and the market share of the leading Haier beauty has increased. In February, the online retail volume / volume of refrigerator was – 7.3% / – 13.7% year-on-year, and the offline retail volume / volume was – 34.8% / – 23.9% year-on-year. The decline in sales may be related to a higher base in the same period in 2021. Compared with 2019, the overall growth of refrigerators in February was still 36.0%. From the perspective of branches, the market share of Haier and Midea, the leading refrigerators, continued to increase. In February, the online / offline market share of Haier refrigerator increased by 1.1/1.2pct to 39.1% / 36.9% year-on-year; Midea refrigerator Wuxi Online Offline Communication Information Technology Co.Ltd(300959) market share increased by 0.1/1.2pct to 18.6% / 14.1% respectively.
Washing machine: the sales performance is stable and the average price continues to rise. The retail sales of washing machines in February was + 14.2% year-on-year, of which Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales were + 20.7% / – 7.2% respectively. From January to February, the sales volume of washing machines fell by 1.7%, showing a relatively stable performance. In terms of average price, the average price of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) washing machine in February was + 4.0% / + 14.0% respectively. From the perspective of branches, Little Swan outperformed the industry, with Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales of + 28.9% / + 0.2% respectively year-on-year.
Integrated stoves: 131% growth in February, with strong growth of leading enterprises. In February, the online sales of integrated stoves reached 280 million, an increase of 175.4%; Offline sales reached 580 million, an increase of 114.6%. According to the split of volume and price, the average selling price of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) in February was + 43.1% / + 13.1% respectively. Based on the cumulative year-on-year growth from January to February, the integrated stove Wuxi Online Offline Communication Information Technology Co.Ltd(300959) increased by 47.0% / 29.5% respectively. In terms of share, the market share of Marssenger Kitchenware Co.Ltd(300894) , Yitian and Yitian has increased.
Sweeping Siasun Robot&Automation Co.Ltd(300024) : the proportion of high-end has increased significantly, driving the average price, and the share of stone has increased rapidly. In February, the average price of sweeping Siasun Robot&Automation Co.Ltd(300024) online reached 2895 yuan / set, with a year-on-year increase of 57.7%. In terms of the proportion of retail sales by price segment, the proportion of sales of floor sweepers above 3000 yuan has reached 70.1%, a significant increase of 52.2pct year-on-year. In terms of online share, Ecovacs Robotics Co.Ltd(603486) remained in the leading position, and the share of stone market increased by 11.4pct to 22.9%.
Key data tracking: market performance: the relative income of household appliances last week was – 1.11%. Raw materials: the price of copper and aluminum in LME3 months increased from + 0.7% and – 2.9% to US $10235 / 3399 / ton; Cold rolling prices rose 0.5% week on week to 5551 yuan / ton. Container transportation index: the weekly ratio of West America / East America / Europe was – 3.82%, + 2.07% and – 1.88% respectively; Capital flow: the shareholding ratio of Midea / Gree / Haier land stock link changed by + 0.45%, – 0.53%, – 0.01% on a weekly basis.
Suggestions on core investment portfolio: white power recommends Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , efficiency improvement and continuous promotion of channel reform; Kitchen electricity recommends high growth and strong incentive integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , and second-line leader of all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Smart projection faucet Chengdu Xgimi Technology Co.Ltd(688696) , 2b and 2C go hand in hand Appotronics Corporation Limited(688007) .
Risk warning: the epidemic situation leads to fluctuations in production and marketing; Intensified market competition; Demand growth is less than expected; The price of raw materials has risen sharply
