The rapid growth and relatively low market concentration of integrated stoves have attracted more and more traditional manufacturers Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) . SZ) has officially launched its first shot into the integrated stove track recently. Industry analysts told the financial associated press that Hangzhou Robam Appliances Co.Ltd(002508) 2022 will indeed bring performance increment to the integrated stove, but the overall increment is not expected to be obvious. The business development of the integrated stove needs to pay a certain time cost.
kitchen electric “hand to hand” range hood declines Hangzhou Robam Appliances Co.Ltd(002508) official end integrated stove
According to the financial Associated Press, this is not the first time that Hangzhou Robam Appliances Co.Ltd(002508) has laid out the integrated stove business. Public information shows that the boss strategically controlled Jindi in 2018; Its brand reputation entered the field of integrated stoves in 2019, and its online listing accounted for 4.1% in 2021. In the past two years, the boss has mainly promoted integrated range hood products.
However, the official release of integrated stove products shows that Hangzhou Robam Appliances Co.Ltd(002508) has changed its attitude, and the main brand no longer blindly pursues the efforts of range hood products, but takes the integrated stove as a key point.
The reporter learned from Long Fei, an industry online analyst that Hangzhou Robam Appliances Co.Ltd(002508) executives had previously publicly stated that the relationship between integrated stoves and other split kitchen appliances such as smoke machines and stoves was like that between SUVs and cars. “At that time, I thought this evaluation was relatively high. Instead of taking the integrated stove as a short-term product as before, it was compared to different types of the same product as the range hood. It shows that the value of the integrated stove has been recognized no matter from Hangzhou Robam Appliances Co.Ltd(002508) or the traditional kitchen electric industry.” Long Fei said.
Hangzhou Robam Appliances Co.Ltd(002508) this time, a total of three SKUs of two series are released, of which the retail price of disinfection cabinet 9yx03 is 9999 yuan and the retail price of integrated steaming and baking machine is 13999 yuan.
Research shows that under the background of the rapid development of integrated stoves, the retail volume of range hoods as substitutes has declined. From 2018 to 2021, the retail sales of range hoods were 25.87 million, 24.69 million, 22.83 million and 21.5 million respectively; The retail volume of integrated stoves increased from 1.69 million in 2018 to 3.04 million in 2021.
In terms of industry competition, the concentration of traditional kitchen electricity is high and the competition is fierce. The first place in the integrated stove industry is Zhejiang Meida Industrial Co.Ltd(002677) City, accounting for 20.3%, and the second place is Marssenger Kitchenware Co.Ltd(300894) City, accounting for 12.7%. Although the integrated stove head enterprises including Midea, Marssenger Kitchenware Co.Ltd(300894) , shuaifeng, etc. have been listed, the industry concentration is still expected to improve.
For the boss himself, the 2021 performance forecast shows that although the operating revenue is expected to reach 10.148 billion yuan, a year-on-year increase of 24.84%, the net profit attributable to the parent company is expected to decline by 19.66%. The rise of raw materials and labor costs, and the default of due commercial acceptance bills of some fine decoration business customers, resulting in impairment, has become the main reason for the decline of profits.
this year’s performance increment is not expected to be particularly obvious
As one of the kitchen electricity giants, Hangzhou Robam Appliances Co.Ltd(002508) local integrated stove has its advantages. Industry online analyst Long Fei believes that the main advantages lie in brand value, technical support, design concept and so on.
However, some analysts who declined to be named told reporters that the boss will indeed bring new changes to the integrated stove industry. But if you want to open the market, it still needs a certain time cost. Compared with the head integrated stove enterprises, Hangzhou Robam Appliances Co.Ltd(002508) is slightly weak in “sinking force”. The so-called “sinking force” refers to the ability of the second and third tier cities and even Township markets. In addition, the advantages of Hangzhou Robam Appliances Co.Ltd(002508) in engineering channels are also difficult to be reflected in the sales of integrated stoves in the short term. Because the acceptance of integrated stoves in real estate enterprises is not high, the current project channel scale is still relatively small.
“I personally expect that the performance increment of Hangzhou Robam Appliances Co.Ltd(002508) integrated stove business this year is not expected to be particularly obvious.” The above analysts said.
The reporter sent a letter to Hangzhou Robam Appliances Co.Ltd(002508) for consultation on the business performance objectives, competitive strategy, capacity planning and strategic position of integrated stoves. As of the press release, no reply has been received.
