Last week, the CSI 300 index fell 0.99%, and the Changjiang household appliance index rose 2.65%, outperforming the CSI 300 index by 3.64pct. In terms of segments, last week, Changjiang white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were 2.81% / 1.38% / 2.09% / – 5.01% / 0.66% respectively.
Sub section core data tracking:
White appliances & color TV: according to the 15 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines increased by. 038%, 0.98% and 7.45% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 21.33%, 23.95% and 19.06% respectively year-on-year; Color TV offline channels fell 6.19% year-on-year, and online channels fell 14.93% year-on-year.
Kitchen appliances: according to the 15 week data of ovicloud, the retail sales of range hoods in offline channels fell by 3.39% year-on-year, and that in online channels fell by 8.46% year-on-year; The retail sales of gas stove offline channels increased by 1.93% year-on-year, and the retail sales of online channels decreased by 17.19% year-on-year; The offline retail sales of integrated stoves decreased by 2.66% year-on-year, and the online retail sales decreased by 34.17% year-on-year; The offline retail sales of gas water heater decreased by 24.04% year-on-year, and the online retail sales decreased by 33.34% year-on-year.
Small household appliances: according to the 15 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 14.71%, 15.89%, 22.649%, 20.18%, 20.75% and 28.97% respectively year-on-year; Online channel retail sales increased by 5.67%, 21.67%, 23.60%, 43.15%, 19.40% and 39.77% respectively year-on-year.
Investment advice
Consumer vouchers stimulate the consumption of household appliances, covering all categories of household appliances. This week, in order to accelerate the release of green and energy-saving consumption potential and promote consumption upgrading, the Beijing Bureau of Commerce issued green and energy-saving consumption vouchers with a total amount of more than 300 million yuan to consumers in the city from mid April to the end of September. The discount ratio of consumption vouchers is about 10%, covering about 20 kinds of 3C products of household appliances, including dishwashers, projectors and water purifiers, which have a low market penetration, For all categories, only energy efficiency standards above grade II are required. The green consumption coupon in the capital city has a nationwide demonstration significance. It abolished the registered residence of the subsidized object and cancelled the single subsidy. The second tier cities with strong financial capacity and the ability to consume the future will follow the similar consumer appliances coupons, which will promote the low permeability products of household appliances.
Q1 home appliance sales data summary: clothes dryers, integrated stoves and dishwashers lead the home appliance category. The repeated epidemic has brought certain negative effects on both sides of China’s household appliance supply and demand. From the data, clothes dryers, integrated stoves and dishwashers lead the main categories. According to orvey, the sales volume and sales volume of Q1 clothes dryers increased by more than 40% year-on-year, the sales volume of integrated stoves increased by 20% year-on-year, and the sales volume of dishwashers increased by 21% year-on-year. From the perspective of the overall sales of household appliances, the “self pleasing” scenes represented by beauty small appliances, pet appliances, game TVs and other products, the “lazy” scenes represented by dishwashers, floor washers and floor sweepers Siasun Robot&Automation Co.Ltd(300024) and the “health scenes” represented by fresh air conditioners and fresh-keeping refrigerators, as well as the smart home scenes are gradually taking shape, which is conducive to the upgrading of subsequent household appliance consumer products.
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.
