Although it is still some time before the full year performance announcement of household appliance enterprises in 2021, the annual trend data of the third party has begun to be disclosed. The annual sales list of Aowei cloud shows that the market share of Gree and Midea air conditioners shows different trends in Wuxi Online Offline Communication Information Technology Co.Ltd(300959) ; Siemens’ dominance in the dishwasher field has been overturned, and domestic brands have risen rapidly.
Zhao Meimei, assistant president and general manager of Research Department of Aowei cloud network (AVC), said in an interview with the financial associated press that looking forward to 2022, a stable and sustained economic recovery is a foregone conclusion, but consumer expectations continue to be under pressure. The cost pressure of household appliances is expected to be improved. At present, there is still no sign of loosening in the shipping price. It is expected that the scale of China’s household appliance retail market will achieve positive growth year-on-year in 2022.
In 2021, the home appliance industry will be adversely affected by rising materials, sluggish demand and abnormally high shipping costs. As the plate with the lowest increase last year, home appliance stocks have ushered in a general rise in the near future. The reporter observed that a number of industry insiders and analysts expressed their optimism about the rebound trend of home appliance stocks in the circle of friends. However, on January 11, the home appliance sector weakened, and many home appliance stocks fell.
air conditioning: Gree online power duopoly will continue to saw
In the air conditioning market, the duopoly competition between Gree and Midea has always been the “focus” of the capital market.
Since the outbreak in 2020, from Dong Mingzhu’s national tour live broadcast with more than 40 billion goods to Meng Yutong’s live broadcast with “Pearl Yutong selection” after the “explosion” in 2021, Gree Electric Appliances Inc.Of Zhuhai(000651) channel reform has attracted extensive attention in the market. At the same time, the data show that the share price of Gree Electric Appliances Inc.Of Zhuhai(000651) fell by 36.06% in 2021.
According to the annual sales list of Aowei cloud network, among the top 10 brands in online sales of air conditioners, the listing proportion of Gree line increased by 2.53% to 31.5% year-on-year. It can be seen that Gree continued to make some achievements on the line in 2021. Midea’s listing share decreased by 4.2% to 30.03%, but Hualing’s listing share increased by 2.88% year-on-year, reflecting the different trends of Midea Group Co.Ltd(000333) ‘s multi brands.
In the offline air conditioning market, the market share changes of Gree and Midea show the opposite trend. Among the top 10 brands in offline sales of air conditioners, Midea’s offline share increased by 2.10% to 36.24% year-on-year. Gree fell 1.69% to 33.60%.
Zeng Shikun, senior research manager of Aowei cloud network (AVC) large household appliance division, told reporters: “in the absence of major technical iteration and channel change, the duopoly pattern will not change much, but the two sides will be in a state of constant tug of war.”
The sales list shows that Gree and Midea models account for the vast majority of the top 10 in sales, both online and offline.
He further said that the large price increase of air conditioners in 2021 has restrained some replacement demand, and this restrained demand will be released to a certain extent in 2022. Combined with good policy orientation, stable raw material prices, low base in 2021 and other factors, the overall scale of air conditioning is expected to return to positive growth in 2022. In addition, the high-end of the sinking market deserves attention.
kitchen electricity: the Matthew effect of the traditional category intensifies, and the new category “more meat and more wolves”
Kitchen electricity is the most deeply bound sub industry with the real estate market in the whole household appliance industry. Changjiang Securities Company Limited(000783) the study indicates that the estimated impact of ice washing, air conditioning and kitchen electricity on real estate is 30%, 40% and 70% respectively.
Yang Kan, an analyst at Ping An Securities, once said that it will still take time for policy transmission and the recovery of buyers’ confidence in 2022. The supply side will be affected by the weakening of land acquisition and construction in the early stage, and the annual sales are expected to remain under pressure, with the growth rate in a single month low before and high after.
For the impact of changes in the real estate industry on household appliances in 2022, Zhao Meimei told reporters: “in 2022, the real estate market will show a trend of” low before high after “, with the adjustment and correction of policies and the” reset “of credit line in the new year “The market is expected to go through the repair stage, return to a stable state, and then move towards a virtuous circle. In addition, retail and real estate sales in China’s home appliance market are gradually relaxed, TV, white electricity and other products have almost completely entered the renewal cycle, and the proportion driven by real estate sales is decreasing year by year. The binding between kitchen electricity and real estate sales is relatively strong.”
From the annual sales list of Aowei cloud, the head brand has obvious advantages in the traditional categories of kitchen appliances. Under the overall downturn of the industry, Hangzhou Robam Appliances Co.Ltd(002508) and Fangtai achieved year-on-year growth in the market share of range hood, gas stove and disinfection cabinet Wuxi Online Offline Communication Information Technology Co.Ltd(300959) . In terms of kitchen electric sets, Hangzhou Robam Appliances Co.Ltd(002508) offline market share decreased by 4.14% year-on-year, and online listing share increased by 2.46% year-on-year; Fangtai realized Wuxi Online Offline Communication Information Technology Co.Ltd(300959) double increase.
Liu Jiyuan, senior research manager of kitchen and bathroom division of Aowei cloud network (AVC), told reporters that in 2022, for traditional categories, Matthew effect will further intensify, but the range will slow down. First, a large number of product upgrades and iterations in the 21st century have brought huge increments, especially Hangzhou Robam Appliances Co.Ltd(002508) ; The second is the matrix layout of Midea, Haier and other comprehensive brands. In the long run, there is still growth potential. For emerging categories, more entrants, more meat and more wolves in the short term, the pattern will fluctuate, but the overall concentration will decrease slightly.
The reporter noticed that, taking dishwasher as an example, Siemens played the role of “Twilight hero”, and the market share of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) fell sharply. In contrast, domestic brand owners, Colmo (Midea sub brand), Haier and bosses have performed well. However, among the top 10 dishwasher models, Siemens still accounts for the majority.
According to Liu Jiyuan, looking at the home appliance market, it is difficult for a brand to capture more than 50% of the share. The decline of Siemens is the inevitable result of market competition. Local brands in the home appliance market have been rapidly occupying the dominant power and repaying foreign brands in the past ten years. For dishwashers, it will take time. During this period, dishwashers will continue to penetrate, moving from being limited to high consumer groups to popularization. At the same time, domestic brands need to accumulate to build higher barriers. Siemens is still the big brother of dishwashers, so it is normal for TOP10 to occupy multiple models.
Midea Group Co.Ltd(000333) in an interview with the financial Associated Press in mid-2021, he said that Midea’s dishwasher business is expected to have sales of about 6.8 billion yuan in 2021, with sales of 6.5 million units, including nearly 5.8 million in the foreign market. In 2022, the sales scale will be about 8 billion, and the future business growth will mainly come from domestic sales.
Overall, home appliance enterprises do have opportunities in 2022, such as cost pressure relief, real estate driven demand, high growth of emerging categories and so on. But it is not advisable to be overly optimistic or optimistic.
Zhao Meimei predicted: “it is estimated that in 2021, the scale of China’s home appliance retail market will reach 762.2 billion yuan, a year-on-year increase of 4.1%. In 2022, the market scale will reach 779.5 billion yuan, a year-on-year increase of 1.6%.” Meanwhile, the latest report of ovicloud takes “prosperity without growth” as the keyword of the outlook for 2022.
According to ovicloud, in 2019, the scale of China’s home appliance retail market reached 795.8 billion yuan. To sum up, there may still be a gap between the industry scale in 2022 and that in 2019 before the epidemic.
(source: financial Associated Press)
