Zhou’s investment view:
1) in April, Tianke launched the new Fuwan 3.0 product. For the new product, the company focuses on intelligent dual drive, which can predict the direction of the push rod and push and pull effortlessly. At the same time, the endurance of the product has been improved to achieve 40 minute synchronous endurance of water and electricity. As the pioneer of floor washing machine category, the sales scale of Tianke increased rapidly. The sales of Q1 JD + Taobao dual platform increased by + 64.67% year-on-year. Driven by new products in the first two weeks of April, the growth rate of Tianke dual platform further increased by + 116.83% year-on-year. At present, in addition to professional cleaning brands such as Tianke, zhuimi, shark and stone, brands such as Xiaomi, Haier, Brandt and Mofei have launched the category of floor washing machines.
Recently, the epidemic broke out in many places. We believe that the home policy has a certain pulling effect on kitchens and small household appliances that can effectively improve consumers’ quality of life. In the category of clean electrical appliances, the floor washing machine products are targeted to solve the pain points of Chinese families prone to oil pollution. Combined with the growth of home cooking demand, we believe that the floor washing machine may benefit from the consolidation of home habits. In the first two weeks of April, Jingdong’s sales of household floor washing machines increased by + 398% year-on-year, further accelerating the growth rate compared with Q1 (+ 327%). Focus on the cleaning appliance leader Ecovacs Robotics Co.Ltd(603486) and the new Beijing Roborock Technology Co.Ltd(688169) , focusing on the extended layout of cleaning appliances Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Haier Smart Home Co.Ltd(600690) , Joyoung Co.Ltd(002242) .
2) the implementation opinions on accelerating the high-quality development of cold chain logistics and transportation were issued. The opinions proposed to encourage supermarkets and fresh food chains to strengthen the transformation and upgrading of cold chain facilities at the retail end, and encourage the wide application of mobile cold storage, intelligent cold chain automatic vending machine and cold chain self-contained cabinet in the field of urban end distribution. Pay attention to China’s leading cold chain freezers Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Aucma Co.Ltd(600336) , and recommend Haier Smart Home Co.Ltd(600690) , which pays attention to its own freezers and logistics business.
3) the rebound of the epidemic strengthens the habit of living at home. We are optimistic about the performance rebound space of the kitchen small household appliances track after this round of epidemic. It is recommended to pay attention to the emerging leader of small household appliances Bear Electric Appliance Co.Ltd(002959) , the leader of Chinese kitchen appliances Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) and multi brand strategy 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. Industry focus dynamic tracking:
More places will issue home appliance consumption vouchers to promote the consumption of green and environment-friendly home appliances. On April 12, 2022, Beijing issued a policy to promote green energy-saving consumption. Government and enterprises will work together to issue more than 300 million yuan of Beijing green energy-saving consumption vouchers to consumers in Beijing from April to September this year. Previously, from March 8 to March 31, Zhengzhou issued 30 million yuan of green household appliance consumption vouchers to consumers in the city, directly stimulating consumption of 225 million yuan. Since the launch of the activity, the consumption heat of household appliances has risen, and the accumulated write off of household appliance consumption vouchers is 30 million yuan, with a write off rate of 100%.
Risk factors: macroeconomic environment fluctuations, rising raw material prices, repeated outbreaks at home and abroad, exchange rate fluctuations, serious decline in market end demand, decline in export prosperity and other risks
