Research tracking and investment thinking this week: this week, we focus on combing the retail performance of major household appliances in March:
Air conditioning: the average price is still strong, and the sales are dragged down by the epidemic. In March, the online retail volume / volume of air conditioner was – 26.8% / – 21.7% year-on-year, and the offline retail volume / volume was – 32.4% / – 22.9% year-on-year. After the substantial growth of air conditioning sales in February, the growth rate dropped sharply in March, dragged down by the epidemic. Cumulatively, the online sales volume of 2022q1 air conditioner decreased by 2.0% year-on-year, and the offline sales volume decreased by – 17.7% year-on-year. In terms of price, the average selling price of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) air conditioner in March increased by 7.0% / 14.7% respectively. The average price increased year-on-year for 17 consecutive months, and the rising trend of average price continued. From the perspective of branches, under the pressure of the industry, the sales of major air-conditioning enterprises declined to a certain extent in March, and Haier and Hisense were relatively ahead.
Refrigerator: the sales performance in March improved month on month compared with that in February, and the performance of leading Haier continued to lead the industry. In March, the refrigerator sales line remained stable, and the offline decline was obvious. The online retail volume / volume was 1.9% / – 2.7% year-on-year, and the offline retail volume / volume was – 26.9% / – 12.9% year-on-year. On a month on month basis, the sales situation in March has improved compared with that in February. Cumulatively, 2022q1 Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales were – 1.8% / – 16.0% respectively. From the perspective of branches, the market share of Haier, the leading refrigerator, continued to increase. Haier refrigerator’s online / offline market share in March increased by 0.3/1.4pct year-on-year.
Washing machine: the average price continues to rise, and Haier’s performance is dominant. In March, the retail sales of washing machines were – 8.7% year-on-year, of which Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales were – 1.2% / – 20.7% respectively. 2022q1 washing machine Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales were + 3.3% / – 20.2% respectively, with an overall decline of 4.2%. In terms of average price, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) average price of washing machine in March was + 5.8% / + 15.3% respectively, realizing continuous improvement. In terms of branches, Haier and Little Swan performed better than the industry. The market share of Haier washing machine increased by 5.6/2.1pct respectively, and the market share of Little Swan Washing machine increased by – 0.1 / + 3.2pct respectively.
Integrated stove: integrated stove: increased by 14% in March, Yitian and Marssenger Kitchenware Co.Ltd(300894) continued to take a strong lead. In March, the integrated kitchen view fell under the influence of the epidemic, and the sales scale increased by 14.1% year-on-year. According to the monitoring data of Aowei cloud network, the online sales of integrated stove in March 2022 was 450 million, an increase of 12.1%; Offline sales reached 2.27 billion, an increase of 14.5%. In terms of volume price split, the average selling price of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) in March was + 27.5% / + 9.0% respectively. From January to March, on a year-on-year basis, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales of 2022q1 integrated stoves increased by 27.9% / 20.3% respectively. Under the adverse impact of the epidemic, the industry still maintained a relatively high growth rate of more than 20%. In terms of share, the share of Marssenger Kitchenware Co.Ltd(300894) yitian and Yitian continued to increase.
Key data tracking: market performance: the relative income of home appliances last week was + 2.34%. Raw materials: copper and aluminum prices in LME3 months increased by + 0.1% and – 3.2% to US $10308 / 3265 / ton on a weekly basis respectively; Cold rolling prices rose 0.6% week on week to 5646 yuan / ton. Container transportation index: Weekly ratio of West / East / Europe + 2.94%, + 1.54%, – 0.73% respectively; Capital flow: Midea / Gree / Haier luchutong’s shareholding ratio changed by + 0.14%, + 0.02%, – 0.14% on a weekly basis.
Suggestions on core investment portfolio: white power recommends Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , efficiency improvement and continuous promotion of channel reform; Kitchen electricity recommends high growth and strong incentive integrated stove leader Marssenger Kitchenware Co.Ltd(300894) , and second-line leader of all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Smart projection faucet Chengdu Xgimi Technology Co.Ltd(688696) , 2b and 2C go hand in hand Appotronics Corporation Limited(688007) .
Risk warning: the epidemic situation leads to fluctuations in production and marketing; Intensified market competition; Demand growth is less than expected; The price of raw materials has risen sharply
