Since March, the epidemic has broken out in many places in China, and many cities in Shenzhen, Changchun and Shanghai have been closed successively. The epidemic prevention ummary]] control policies and the uncertainty of the development of the epidemic have stimulated the early hoarding of goods for home demand. In April, affected by the demand for home life, similar to the beginning of the 20th century, the demand for easy-to-use small kitchen appliances increased significantly. The total sales volume of kitchen appliances on JD platform 22w13 ~ 14 (3.28 ~ 4.10) increased by + 39.9% year-on-year, and the growth rate of Q1 (25.35%) accelerated significantly.
The logistics distribution in some big cities is blocked, and the demand stimulation may be more vigorous after unsealing. After several rounds of consumer education brought by the epidemic since 2019, although there has been a certain degree of short-term overdraft in the short-term demand for home in the past 20 years, consumers' demand for small kitchen appliances such as multi-functional pots and air fryers has also changed from optional products to essential products to a certain extent. For young people who originally rely more on takeout and fast food, traditional kitchen appliances such as rice cookers and microwave ovens will also become necessities, There is a new round of opportunities to improve the penetration rate of small electricity in the kitchen.
The multi-functional, creative kitchen and cleaning appliances were significantly stimulated by the epidemic. New categories such as multi-functional pot, air fryer and meat grinder used to be non daily necessities, but they can effectively improve the efficiency of daily kitchen, significantly improve the quality of life at home, and have huge room for market penetration. 22q1 the category scale of JD tmall dual platform air fryer and multi-functional pot was + 157.77 / + 9.29% year-on-year. In the past two years, cleaning appliances have maintained a high growth. Q1 double platform floor washer / sweeping Siasun Robot&Automation Co.Ltd(300024) respectively increased by + 60.36 / + 14.52% year-on-year.
High frequency data tracking of key companies
The Bear Electric Appliance Co.Ltd(002959) :Q1 bear bear tiktok platform (Jingdong + Taobao + jitter) sales increased +13.52% compared with the previous two weeks in April, and the platform grew +18.4% over the same period, the ring ratio improved further. The company's product layout is mostly multi-functional pot, meat grinder, egg beater and other emerging kitchen small appliances, which are easy to operate, and the product and brand tonality are consistent with the target group with new kitchen electricity demand. In terms of breakdown, the sales of Xiaoxiong multifunctional pot, egg beater and air fryer on JD platform were + 56.9 / + 86.69% / + 219.73% year-on-year respectively. The sales of emerging kitchen small electricity were significantly driven by the home policy.
Zhejiang Supor Co.Ltd(002032) : Q1's dual platform online sales increased by + 26.49% year-on-year. In the first two weeks of April, JD Zhejiang Supor Co.Ltd(002032) air fryer, multi-purpose pot and pan sales increased by + 416.23 / + 107.91 / + 55.11% year-on-year respectively, further increasing compared with Q1 (+ 294.75, / + 57.61 / + 40.30%). We believe that Zhejiang Supor Co.Ltd(002032) 's kitchen appliances and cooking utensils will once again benefit from the cultivation of home habits and have greater income growth flexibility.
Jiuyang: Q1 Jiuyang dual platform online sales + 0.53% year-on-year. In the past two years, while maintaining the stable growth of its main business, Jiuyang has focused on promoting the cooking utensils business. From the performance in April, the sales volume of Jiuyang cooking utensils such as frying pan, milk pan and steamer on JD platform increased by + 175.79 / + 194.05 / + 182.42% year-on-year, and the growth rate of segment categories in Q1 slowed down slightly.
Beiding: Q1 Beiding dual platform online sales were - 1.14% year-on-year, with a slight year-on-year increase of about 0.49% in the first two weeks of April.
Xinbao (Mofei, Dongling and Yum): the online sales of Q1 Mofei dual platforms were - 25.68% year-on-year, while the sales of Q1 Taobao platforms of the two brands of Xinbao, Dongling and yum, were + 90.11 / + 283.97% year-on-year respectively. Compared with Mofei brand, Dongling is more cost-effective, or can benefit from the growth of demand for small kitchen appliances. Consumers' demand for coffee continues to increase, adding factors such as home isolation and interruption of express delivery, and the demand for home coffee machines has increased significantly. As a representative brand of domestic coffee machines, yum chart's sales scale is expected to accelerate growth.
In addition to the recovery of demand for kitchen appliances, we believe that household appliances such as floor sweepers Siasun Robot&Automation Co.Ltd(300024) , floor washers will also benefit from changes in home habits. Intelligent projection equipment and massage products will also be of great help to improve the quality of life at home.
Beijing Roborock Technology Co.Ltd(688169) : Q1 stone dual platform online sales + 109.87% year on year, and dual platform sales + 176.52% year on year in the first two weeks of April. Long term living at home can directly lead to an increase in the frequency of household cleaning. After nearly two years of product promotion and education of cleaning appliances, consumers' acceptance of floor sweeping Siasun Robot&Automation Co.Ltd(300024) , floor washing machine and other products has increased rapidly.
Ecovacs Robotics Co.Ltd(603486) : Q1 Ecovacs Robotics Co.Ltd(603486) + the sales volume of Tianke dual brand online dual platform was + 31.40% year-on-year, of which Tianke was + 64.67% year-on-year. The growth rate of Tianke in the first two weeks of April further increased, with a year-on-year increase of + 116.83%. Tianke's main floor washing machine products are aimed at solving the pain points of Chinese families prone to oil pollution. Combined with the growth of home cooking demand, the category of floor washing machines is expected to increase again.
Chengdu Xgimi Technology Co.Ltd(688696) : Q1 Jimi's online sales on dual platforms increased by + 28.42% year-on-year. In the first two weeks of April, Jingdong Jimi's sales basically kept pace with Q1's growth rate, increased by + 32.47% year-on-year. As a supplement to TV, intelligent projection category can effectively improve the home viewing experience. The characteristics of large screen and eye protection also effectively meet the needs of students in home online classes.
Shenzhen Breo Technology Co.Ltd(688793) : Q1 Shenzhen Breo Technology Co.Ltd(688793) dual platform online sales + 30.51% year on year. In the first two weeks of April, the year-on-year growth rate of Shenzhen Breo Technology Co.Ltd(688793) JD platform (30.73%) increased month on month (7.65% / 29.09%) in February and March. Home office creates a more suitable product use environment for consumers and improves the use frequency of products, which has a certain positive role in promoting the sales of massage products.
Investment suggestion: we are optimistic about the performance rebound space of the kitchen small appliance track after this round of epidemic. We recommend paying attention to the emerging leader of small appliances Bear Electric Appliance Co.Ltd(002959) , the leader of Chinese kitchen appliances and kitchenware Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) and the Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) ; Improve the cleaning demand at home and pay attention to the cleaning of electrical appliances Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) ; It is recommended to pay attention to the intelligent micro investment faucet Chengdu Xgimi Technology Co.Ltd(688696) and Portable Massager faucet Shenzhen Breo Technology Co.Ltd(688793) , which can effectively improve the home office experience.
Risk factors: the macroeconomic downturn leads to the downturn of terminal demand, the launch of new products is less than expected, the closure of the epidemic leads to the high price of logistics terminals and raw materials
