The overall recession of the household appliance industry does not seem to have a great impact on the integrated stove industry. According to ovicloud, the sales volume / sales volume CAGR of the integrated stove industry from 2015 to 2021 reached 34.7% / 38.7% respectively.
Marssenger Kitchenware Co.Ltd(300894) ( Marssenger Kitchenware Co.Ltd(300894) . SZ) is one of the leaders of integrated stove. The company released its 2021 annual report on April 14, saying that the company achieved a revenue of 2.319 billion yuan, a year-on-year increase of 43.65%, and a net profit attributable to the parent company of 376 million yuan, a year-on-year increase of 36.53%.
At present, there are four integrated stove vertical household electrical appliance enterprises listed on A-share market. The rate of Zhejiang Meida Industrial Co.Ltd(002677) ( Zhejiang Meida Industrial Co.Ltd(002677) . SZ) landed on the A-share market first in 2012, and Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Sanfer Electric Co.Ltd(605336) ( Zhejiang Sanfer Electric Co.Ltd(605336) . SH), Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ( Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) . SZ) intensively landed on the capital market in 2020.
Marssenger Kitchenware Co.Ltd(300894) has developed rapidly in recent years. According to the data, from Marssenger Kitchenware Co.Ltd(300894) 2016 to 2021, the revenue increased from 344 million yuan to 2.319 billion yuan, and the net profit attributable to the parent increased from 54 million yuan to 376 million yuan. The five-year revenue and net profit attributable to the parent CAGR were 34.37% and 59.64% respectively.
So, Marssenger Kitchenware Co.Ltd(300894) why can it stand out? What is the subsequent investment value of the integrated circuit?
integrated stoves increase in volume and price in 2021
China's first integrated stove product was launched by Zhejiang Meida Industrial Co.Ltd(002677) in 2003, but it has been in the product introduction period due to low consumer awareness and exclusion from traditional kitchen electric products. In recent years, with the changes in the demand for kitchen electrical products in small and medium-sized households and open kitchens, integrated stoves have gradually entered a rapid growth period and become air outlet products in the field of kitchen electrical products.
The integrated stove track will continue its high boom in 2021 and realize the rapid growth of both volume and price. In 2021, the sales volume of integrated stoves in the market reached 3.04 million units, with a year-on-year increase of 27.7%; The average price is 8421 yuan / set, with a year-on-year increase of 774 yuan, and the growth rate is far higher than that of traditional kitchen appliances. Category penetration increased from less than 2% in 2015 to 14.1% in 2021.
Compared with the traditional range hood, the integrated range hood has better smoke control effect and less noise. At the same time, the integrated range hood integrates the range hood, gas stove, disinfection cabinet and steam oven, with more compact structure and small space occupation. It is expected to further replace the traditional kitchen electricity in the future and further improve the penetration rate.
According to the data, the ratio of retail sales of integrated stoves to that of range hoods rose from 1:12 in 2019 to 1:7 in 2021; The ratio of retail sales of integrated stoves to that of gas stoves increased from 1:14 in 2019 to 1:14 in 2021.
At the same time, the functional integration of the integrated stove and the efficient utilization of space will bring product premium. Through structural upgrading, systematization and intellectualization, the average price of products will be pushed up and the profitability of enterprises will be promoted. The third cavity of the integrated stove has developed from the initial storage cabinet and disinfection cabinet to the one with higher average price, which occupies the main position. The independent steaming and baking of high-end products has gradually formed an exposed trend.
According to the data of ovicloud, in 2021, the proportion of steaming and baking integrated stoves in Marssenger Kitchenware Co.Ltd(300894) integrated stoves increased significantly, with an increase of 34.9pct / 23.6pct online / offline respectively. In offline channels with higher terminal prices, the proportion of sales of steaming and baking integrated stoves exceeded the industry average of 6.3pct.
According to Tianfeng Securities Co.Ltd(601162) . It is estimated that the annual sales volume of integrated stoves will reach about 9 million by 2035, which still has more than twice the growth space compared with the sales volume of 2.8 million in 21 years.
Marssenger Kitchenware Co.Ltd(300894) curve overtaking
Compared with Zhejiang Meida Industrial Co.Ltd(002677) , which launched its first integrated stove in 2003 and was listed in 2012, Marssenger Kitchenware Co.Ltd(300894) established in 2012 is obviously a rising star. But for now alone, Marssenger Kitchenware Co.Ltd(300894) is better.
As of April 14, the market value of Marssenger Kitchenware Co.Ltd(300894) was 14.2 billion yuan, 1.5 times that of Zhejiang Meida Industrial Co.Ltd(002677) ; The dynamic P / E ratio is 36 times, which is much higher than 14 times of Zhejiang Meida Industrial Co.Ltd(002677) and 15 times of Zhejiang Sanfer Electric Co.Ltd(605336) . Why can Marssenger Kitchenware Co.Ltd(300894) enjoy a valuation far higher than that of its peers in the same integrated stove track?
From the operating data, the growth capacity of Marssenger Kitchenware Co.Ltd(300894) is better than the industry average. According to datayes Marssenger Kitchenware Co.Ltd(300894) in recent three years, the revenue CAGR is 34.4% and the net profit CAGR is 59.6% Zhejiang Meida Industrial Co.Ltd(002677) in recent three years, the CAGR of revenue is 15.6%, and the CAGR of net profit is 20.8%. Compared with 28% of the CAGR in the integrated stove Market in recent five years, Marssenger Kitchenware Co.Ltd(300894) has achieved growth beyond the industry level, while the performance growth of Zhejiang Meida Industrial Co.Ltd(002677) in recent years seems to depend only on the growth dividend of the industry.
According to the data (as shown in the figure below), Marssenger Kitchenware Co.Ltd(300894) 2021, the online market share further increased to 23.4%, leading the second place by 12.1 percentage points; In 2021, Zhejiang Meida Industrial Co.Ltd(002677) which was more dominant in offline channels in the past was also surpassed by Marssenger Kitchenware Co.Ltd(300894) and Marssenger Kitchenware Co.Ltd(300894) maintained the market share of offline channels at about 20% in 2021.
So how does Marssenger Kitchenware Co.Ltd(300894) achieve overtaking in curves?
We believe that the barriers to entry of the integrated stove industry are relatively low, with the background of high growth and low penetration. How to establish a brand moat and broaden sales channels has become the key for major integrated stove enterprises to stand out.
Marssenger Kitchenware Co.Ltd(300894) in 2021, the sales expense was 510 million yuan, with a year-on-year increase of 25.68%, and the sales expense rate was 21.8%, while Zhejiang Meida Industrial Co.Ltd(002677) sales expense in the same period was 240 million yuan, only half of Marssenger Kitchenware Co.Ltd(300894) .
Marssenger Kitchenware Co.Ltd(300894) 's continuous investment in marketing has brought it higher brand awareness. The number of fans and search popularity of Marssenger Kitchenware Co.Ltd(300894) on Taoxi e-commerce platform are second only to Hangzhou Robam Appliances Co.Ltd(002508) , far exceeding other integrated stove brands. As of March 30th, the number of fans in Tmall's official flagship store was 1 million 453 thousand, while Meida, tiktok and Shuai Feng were less than 200 thousand. Its number and interaction volume of social media platforms such as jitter, Xiao Hong and other social media platforms were higher than those of Marssenger Kitchenware Co.Ltd(300894) competitors.
According to the data of Aowei cloud, the online sales of integrated stoves currently account for only 25%, mainly relying on offline sales, but the proportion of online sales is increasing year by year. A large number of consumers know the product performance and reputation through online channels in advance. Especially when purchasing household appliances with high unit price such as integrated stoves, although they will not place orders online directly, the sales volume and fans of online channels will become the reference basis for them to select brands.
This is why Marssenger Kitchenware Co.Ltd(300894) can realize the anti oversupply of offline sales when the number of offline distribution stores is far lower than that of Meida.
Marssenger Kitchenware Co.Ltd(300894) said that the company's offline physical stores have achieved full coverage in key cities across the country, with about 2000 terminal distribution stores.
It is worth noting that Marssenger Kitchenware Co.Ltd(300894) recently issued new convertible bonds, and the raised funds will be used for the "construction project of intelligent kitchen power production base", forming the production capacity of 120000 integrated stoves, 100000 dishwashers, 50000 gas water heaters and 20000 kitchen supporting appliances, which is expected to be further expanded in the future.
