Last week, the CSI 300 index fell 1.06%, and the Changjiang household appliance index fell 1.80%, underperforming the CSI 300 index by 0.74pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -1.66% / 0.27% / – 3.97% / – 2.31% / – 0.01% respectively. Sub section core data tracking:
White appliances & color TV: according to the 14 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 56.73%, 14.60% and 25.37% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 18.20%, 13.19% and 12.35% respectively year-on-year; Color TV offline channels fell by 24.97% year-on-year, and online channels increased by 11.86% year-on-year.
Kitchen appliances: according to the 14 week data of ovicloud, the retail sales of range hood offline channels increased by 18.06% year-on-year, and the retail sales of online channels decreased by 17.73% year-on-year; The retail sales of gas stoves in offline channels increased by 4.06% year-on-year, and the retail sales of online channels decreased by 2.15% year-on-year; The offline retail sales of integrated stoves increased by 28.21% year-on-year, and the online retail sales increased by 0.23% year-on-year; The offline retail sales of gas water heater decreased by 24.09% year-on-year, and the online retail sales increased by 13% year-on-year.
Small household appliances: according to the 14 week data of ovicloud, the retail sales of dishwashers, rice cookers, cooking machines, health pots, wall breaking machines and floor sweepers Siasun Robot&Automation Co.Ltd(300024) offline channels increased by 50.97%, 16.31%, 26.39%, 22.09%, 23.43% and 17.88% respectively year-on-year; Online channel retail sales increased by 41.91%, decreased by 12.73%, decreased by 9.97%, decreased by 22.04%, decreased by 2.34% and increased by 69.49% respectively year-on-year.
Investment advice
Laser TV is a hot seller, and it is expected to continue to maintain the leading trend of global R & D in the future. In recent years, the sales volume of laser TV continues to grow rapidly. According to the data of ovicloud, the market scale of laser TV continues to expand from 2015 to 2021, with a compound growth rate of 140%. This month, China’s first laser TV industry standard “Specification for laser projection display of TV receiving equipment” was officially implemented, which is expected to promote the technological innovation and leadership of laser display in the world in the future. Laser display is listed in the national key R & D plan of the 14th five year plan of the Ministry of science and technology. Since 2014, industry leaders such as Hisense, Changhong and Guangfeng have actively promoted it. China has achieved global leadership in key technologies such as light source design, optical mechanical module and complete machine design; In terms of patents, the number of patents applied for and authorized in this field has also jumped to the first in the world.
The growth rate of air fryer leads the small electricity in kitchen. Under the accelerated development of the “house” economy spawned by the epidemic, the air fryer has continued to sell well in the past two years because of its simple operation, less time-consuming and the ability to make a variety of dishes. According to Ovi data, the air fryer mainly relies on online channel sales. In the first two months of 2022, the online sales reached 1 billion, a year-on-year increase of + 158%. The consumption group of air fryer has expanded from white-collar women in the first tier cities who paid attention to the quality of life in the past to the sinking market below the third tier cities. After two years of market competition, the three traditional brands of meisujiu have come from behind. According to the e-commerce data of whale staff, the market share of Jiuyang and Midea is about 20%, the market share of Zhejiang Supor Co.Ltd(002032) is about 15%, and the market share of the three brands exceeds 50%. In addition, the three major OEM enterprises of air fryer include Jiale intelligence, Tianxi and Biyi.
It is suggested to pay attention to: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) .
Risk tips: 1) the impact of the epidemic on the macro economy failed to meet expectations; 2) The price war in the household appliance industry has intensified; 3) Raw material prices rose more than expected.
