This week's research focus (3.14-3.20): Interpretation of the sales and operation of emerging channels of small household appliance brands from the brand side: all brands gradually accelerated the construction of new channels in the second half of 21, and the sales scale of emerging channels continued to increase; From the category side: the product structure of emerging channels often focuses on the head products, which is a better way for manufacturers to promote new and create popular categories; From the channel side, brand self broadcasting is still the mainstream live broadcasting mode. The head brand pays more attention to commercial promotion, but the promotion efficiency is jointly determined by the category and brand tone.
Tiktok: manufacturers are making new efforts, and sales are rising tiktok. From the quarterly sales scale, all the small household appliances brands have increased their input to the channel. According to the data of cicada mom, sales of brands in each quarter have increased continuously since 21 Q2, and the Q3 ring ratio is the most obvious. The proportion of emerging channel sales and traditional e-commerce sales of small household appliance brands has shown an upward trend. And sub brands, the kitchen power in the sales of the flare channel is better, the sales scale and the proportion of traditional electricity business sales are the highest in tiktok. In addition to Mofei, traditional brands of kitchen appliances, such as Zhejiang Supor Co.Ltd(002032) and Jiuyang, also performed well in the sales performance of emerging channels. The sales scale and the proportion between the sales scale and traditional e-commerce channels were significantly higher than those of Beiding, Xiaoxiong and other emerging brands of kitchen appliances; In the field of personal care, FLYCO's new channel construction is more successful, superimposed on February, such as Valentine's day tiktok activities, and sales of voice channel sales are more obvious.
From the point of view of the overall scale of clean channels and the specific performance of emerging electrical appliances, we will also increase the proportion of traditional electrical appliances and clean channels.
According to the brand, Ecovacs Robotics Co.Ltd(603486) and tiktok are higher than rock in the sales scale of the channel and the proportion of traditional e-commerce channels.
Category side: the air fryer has become a hot selling category in the new channel, and the sales of new clean appliances account for a relatively high proportion. In terms of small household appliances: kitchen appliances, by observing the results of the top 10 commodity categories of various brands, we found that the air fryer has become the most popular kitchen appliances in the new channel. Except for the air fryer, Zhejiang Supor Co.Ltd(002032) , Jiuyang, Xiaoxiong and Beiding are still similar to traditional channels. At the same time, the brand will choose to promote new products with higher profits.
Cleaning appliances: by observing the channel of vibrant sound to clean the brand TOP10 structure of tiktok, we found that the new product contributed most of the sales. We believe that, or because of the consistency of the time of tiktok and the time of release of new products since the second half of last year.
Channel side: the proportion of self broadcasting continues to improve, and the head brand pays more attention to the commercial promotion of the shaking platform: the proportion of tiktok is continuously improved. Generally speaking, compared with self broadcasting, due to the influence of KOL traffic support, the spread effect will be more extensive, but the rate will be higher at the same time. At present, except for North Ding, Moli and Joyoung, the proportion of self broadcasting of all small household appliances is relatively high, all above 60% and the proportion of self broadcasting channels of Zhejiang Supor Co.Ltd(002032) , FLYCO and other brands rising tiktok channel steadily.
Little red book platform: head brands pay more attention to commercial promotion. Different categories and brand tonality lead to differences in promotion efficiency. From the amount of business notes: the amount of head brand promotion in various fields showed an upward trend in 20-21 years. Zhejiang Supor Co.Ltd(002032) pays more attention to the small red book channel among small kitchen appliances; In clean electrical appliances, the Ecovacs Robotics Co.Ltd(603486) investment level is high. From the perspective of delivery efficiency, among small kitchen appliances: the delivery efficiency of little bear is higher Zhejiang Supor Co.Ltd(002032) , Jiuyang and other traditional kitchen small electric brands are more efficient than Mofei, Beiding and other brands. Because the traditional brands themselves have a certain popularity, they are more efficient than emerging brands. Among the cleaning appliances, the delivery efficiency of the floor washer represented by Tianke is higher than that of the floor sweeper represented by Ecovacs Robotics Co.Ltd(603486) and stone.
Price trend of raw materials: on March 18, 2022, the spot settlement prices of SHFE copper and aluminum were 72830 and 22810 yuan / ton respectively; SHFE copper was + 0.83% and aluminum was + 3.54% compared with last week.
Since 2021, copper price + 4.51%, aluminum price + 12.53%. On March 19, 2022, the China Plastics price index was 100893, up from - 2.48% last week and + 1.61% since 2021. On March 18, 2022, the comprehensive price index of steel was 137.73, which was + 4.5% since 2021, compared with - 0.2% last week.
Investment suggestion: we maintain the judgment that there is no main line opportunity for household appliances in the short term. We still suggest collecting chips of high-quality companies one by one as the main strategy, and recommend [Midea], [Haier] and [boss]. Such targets need to wait for the industry to enter the profit upward cycle. At the same time, it is recommended to recall some home appliance targets, such as [Yitian], [ Ecovacs Robotics Co.Ltd(603486) ], [stone], [ Zhejiang Supor Co.Ltd(002032) ], etc.
Risk tip: the expansion of the epidemic situation, the risk of fluctuations in the real estate market, exchange rate and raw material prices, etc.
