22m3 affected by the epidemic, the performance of home appliance retail market is flat. The online and offline sales decreased by 35.03% year-on-year and 23.15% year-on-year, respectively. In March, the total offline and online sales of household appliances decreased by 32.95% and 27.55% respectively year-on-year. From January to March, the cumulative offline and online sales decreased by 29.59% and 14.81% respectively year-on-year.
Large household appliances: online performance is better than offline performance, with year-on-year growth in freezers and washing and drying suits. According to 22m3 data, the retail sales of air conditioners / refrigerators / washing machines / color TV offline channels were – 22.89% / – 12.93% / – 20.65% / – 24.11% year-on-year respectively, and the average price increased by + 14.65% / + 19.76% / + 15.26% / + 24.00% year-on-year respectively; The retail sales of online channels increased by – 21.7% / – 2.71% / – 1.15% / – 17.84% year-on-year respectively, and the average price increased by + 7.04% / – 4.51% / + 5.8% / – 8.09% year-on-year respectively, of which the retail sales of freezers / washing and drying sets in Online channels increased by 0.71% / 132.77% year-on-year respectively. From the perspective of market share, the offline market share of 22m3 Midea / Gree / Haier is 38.79% / 32.75% / 17.08% respectively, with a year-on-year increase of + 2.99pct / – 0.79pct / + 3.69pct; Midea / Gree / Haier lines accounted for 30.41% / 27.37% / 18.16% respectively, with a year-on-year increase of -4.45pct / – 5.21pct / + 8.25pct.
Kitchen electricity: the retail end of integrated stove and dishwasher has achieved double-digit growth. According to 22m3 data, the retail sales of offline channels of range hood / gas stove / integrated stove / gas water heater / dishwasher changed by – 25.15% / – 23.98% / + 14.48% / – 28.88% / + 22.21% year-on-year respectively, and the average price increased by 9.52% / 6.22% / 8.96% / 3.44% / 10.13% year-on-year respectively; Online channel retail sales changed by – 4.38% / – 7.4% / + 12.11% / – 6.21% / + 10.6% year-on-year respectively, and the average price changed by + 9.91% / + 11.76% / + 27.53% / + 5.25% / + 15.46% year-on-year respectively. In terms of market share, the market share of offline channels Marssenger Kitchenware Co.Ltd(300894) / Midea / Fangtai was 23.78% / 15.22% / 10.97% respectively, with a year-on-year increase of + 3.87pct / – 5.43pct / + 10.42pct respectively, and the market share of Fangtai integrated products increased rapidly; Online channels Marssenger Kitchenware Co.Ltd(300894) / Yitian / Meida accounted for 20.36% / 15.09% / 6.06% respectively, with a year-on-year ratio of -1.72pct / + 6.69pct / + 2.70pct respectively.
Small household appliances: the overall demand for small household appliances is still relatively weak. According to the accumulated data of 22m3, the retail sales of electric rice cooker / wall breaking machine / health pot / cooking machine / floor sweeping Siasun Robot&Automation Co.Ltd(300024) offline channels changed by – 29.87% / – 42.8% / – 36.72% / – 43.71% / – 2.90% year-on-year respectively, and the average price changed by + 10.39% / – 0.88% / + 4.00% / + 1.83% / + 84.88% year-on-year respectively; The retail sales of 22m3 online channels changed by – 28.05% / – 23.26% / – 37.48% / – 29.48% / – 22.76% year-on-year respectively, and the average price changed by – 0.91% / – 1.54% / + 0.80% / + 15.00% / + 43.68% year-on-year respectively. In the category of floor sweepers, 22m3 Ecovacs Robotics Co.Ltd(603486) / Midea / Shitou offline market accounted for 82.24% / 10.23% / 1.03% respectively, with a year-on-year increase of -4.71pct / + 10.23pct / + 0.62pct; The listed shares of kovos / Yunjing / shitouxian were 44.26% / 16.60% / 15.95% respectively, with a year-on-year increase of + 2.45pct / – 0.67pct / + 6.1pct.
Investment suggestions:
Affected by the epidemic, the retail market performance of 22m3 household appliances is flat, and the performance of online retail is generally better than that of offline. Among them, the overall performance of traditional household appliances is weak, and the performance of washing and drying suits, integrated stoves and dishwashers is better. It is suggested to pay attention to: Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Hangzhou Robam Appliances Co.Ltd(002508) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) .
Risk tips
The epidemic affected the macro-economy and failed to meet expectations; The second impact of overseas epidemic may affect the export of household appliances; The price war in the household appliance industry has intensified; Sluggish real estate performance; Risk of rising raw material prices.
