\u3000\u30001. Overview: terminal warming in February. According to orvey, the online retail sales of all categories in a single month in February were + 10.14% year-on-year; Offline sales were - 10.55% year-on-year. Under the wrong period of Spring Festival, the retail performance of strong installation attribute category in February is better. From January to February, the cumulative caliber is - 1% online and - 18% offline. The market is still in a weak recovery state.
\u3000\u30002. White electricity: the delivery end of air conditioners increased, and the domestic and foreign sales of air conditioners in February 2022 were + 4.1% / + 15.3% respectively year-on-year compared with the same period in 2021; - 22.1% / + 35.8% compared with the same period in 2019 before the epidemic. Overall shipment + 10.6% year-on-year. 1. In February, domestic sales were - 4%, export sales were + 5%, and overall sales were + 1%.
The popularity of air washing at the retail end of white electricity increased: ① scale: the year-on-year growth rate of online sales of air and ice washing in February was + 128.0% / - 13.7% / + 20.7% respectively; + 69.8% / - 23.9% / - 7.2% offline; ② Average price: the average price of washing machine fell. In February, the average price of air and ice washing was + 16.1% / - 6.9% / - 3.6% year-on-year, and the average price of offline was + 15.3% / + 17.0% / - 11.0% year-on-year; ③ Pattern: Haier's ice washing performance is better, and Midea's air ice performance is better.
\u3000\u30003. Kitchen electricity: overall warming, and the integrated stove performs better offline. ① Scale: online sales of cigarette machines, stoves and integrated stoves in February + 55.3% / + 35.2% / 175.4%; Offline + 11.4% / + 2.2% / + 114.6% respectively, with high increase of integrated stove terminal. ② Average price: it is located in the upstream channel. ③ Pattern: Fangtai's share increased; The share of Marssenger Kitchenware Co.Ltd(300894) , Yitian in the integrated stove kept increasing.
\u3000\u30004. Small household appliances: Sales of small kitchen appliances are under pressure, and the prosperity of sweeping Siasun Robot&Automation Co.Ltd(300024) has declined. The performance of new kitchen categories is still under pressure; The boom of clean appliances declined, and the online / offline sales volume in February was - 13.0% / - 12.0% year-on-year; Sweeping Siasun Robot&Automation Co.Ltd(300024) performance is weak, with online / offline sales of - 13.8% / - 22.2% year-on-year.
\u3000\u30005. Investment suggestions:
① steady growth: recommend Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Hangzhou Robam Appliances Co.Ltd(002508) ;
② high growth: recommend Ecovacs Robotics Co.Ltd(603486) , Chengdu Xgimi Technology Co.Ltd(688696) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Appotronics Corporation Limited(688007) , Beijing Roborock Technology Co.Ltd(688169) ;
③ bomb finding growth: it is recommended to pay attention to Zhejiang Dun'An Artificial Environment Co.Ltd(002011) , Ningbo Dechang Electrical Machinery Made Co.Ltd(605555) , Hisense Home Appliances Group Co.Ltd(000921) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) .
\u3000\u30006. Risk tip: the bulk price is rising, the terminal demand is less than expected, the industry competition is intensified, the third-party data is distorted, and the third-party data can not fully reflect the industry situation.
