\u3000\u30001. Personal care: in 2021, the sales of various categories of personal care decreased year-on-year, but the high-end trend of the industry is obvious. By category, the sales of Alibaba e-commerce in the four categories of Gehu in 2021 decreased to varying degrees year-on-year. In terms of paper towels, the sales of paper towels / wet towels in 2021 decreased by 15.8% year-on-year. In terms of sub categories, the sales of high-end kitchen paper towels and wet toilet paper in 2021m12 increased rapidly, and the proportion of sales increased year-on-year. The proportion of sales in 2021 was 2.1% and 3.6% respectively. By brand, the market share of major brands increased in 2021, and jierou maintained a high growth rate among the four brands. In terms of sanitary napkins, the market share of head enterprises continued to increase. By category, in 2021, the sales of pants type sanitary napkins, sanitary napkins, pads, private lotion and private maintenance categories accounted for 13.8%, 66.9%, 2.7%, 8.0% and 5.5% respectively. The penetration rate of pants type sanitary napkins and pads increased rapidly. In terms of brands, gaojiesi, leerya and libresse2021 maintained a high growth rate, with a year-on-year growth rate of + 37% / + 27% / + 38% respectively. In terms of adult diaper care, the market performance was weak, the sales growth of major brands was negative year-on-year, and the market share of head brands decreased. In terms of baby diapers, the trend of high-end industry is obvious, and curiosity and Biba baby are growing rapidly.
\u3000\u30002. Software: in 2021, software sales increased by 13.1% year-on-year, Healthcare Co.Ltd(603313) with a beautiful growth rate. In 2021, the sales of software category increased by + 13.1% year-on-year. In terms of sofas, sales in 2021 were + 5.9% year-on-year. In terms of sub categories, the growth rate of cloth sofa and sofa bed in 2021m12 was bright, with a month on month increase of + 53.3% and + 59.6% respectively. In terms of mattresses, sales in 2021 were + 30.9% year-on-year. In terms of brands, Healthcare Co.Ltd(603313) has a bright growth rate, and the sales of 2021m12 Healthcare Co.Ltd(603313) increased by 180.9% year-on-year.
\u3000\u30003. Stationery & Trendy play: the decline of stationery sector narrowed year-on-year, and the market share of major brands decreased slightly; The year-on-year growth rate of the fashion industry increased, and the bubble Mart continued its beautiful performance. In terms of stationery, the overall sales of stationery in 2021m12 decreased by 19.3% year-on-year and 1.9% month on month. By brand, the sales of Deli in 2021m12 were – 31.0% year-on-year and – 29.3% month on month, accounting for 9.1% in 2021; The sales of Chenguang 2021m12 were – 30.2% year-on-year and – 27.4% month on month. The sales accounted for 5.6% in 2021. 2021m12cr2 was 11.0%, year-on-year -1.8pp. In terms of tide play, the year-on-year growth rate of 2021m12 tide play sales increased by + 9.3% year-on-year and – 7.8% month on month. Bubble mart 2021m12 head IP, such as spacemolly series, performed well, with sales of + 46.3% year-on-year and – 65.6% month on month, accounting for 4.9% and + 1.2pp year-on-year, accounting for 7.6% in 2021; The sales of Wandai 2021m12 decreased year on year, with a year-on-year decrease of – 15.6% and a month on month decrease of – 30.3%. The sales accounted for 7.3% and – 2.2pp year on year. The sales accounted for 9.4% in 2021.
Investment suggestions: recommendations for the furniture sector 1) undervalued leaders [ Jason Furniture (Hangzhou) Co.Ltd(603816) ], [Minhua holdings], [ Oppein Home Group Inc(603833) ] that are continuously differentiated from the industry; 2) Basically good for [ Suofeiya Home Collection Co.Ltd(002572) ] with low valuation, it is recommended to pay attention to [ Zbom Home Collection Co.Ltd(603801) ] and [ Goldenhome Living Co.Ltd(603180) ]; 3) It is suggested to pay attention to [ Loctek Ergonomic Technology Corp(300729) ], [ Henglin Home Furnishings Co.Ltd(603661) ] and [ Ue Furniture Co.Ltd(603600) ]. The short-term performance of student stationery is weak due to the impact of the loss of confidence in picking up goods through terminal channels under the double reduction policy. We expect it to be repaired in 2021q4. We recommend industry leaders with stable operation and more callback [ Shanghai M&G Stationery Inc(603899) ].
Risk tip: exchange rate and raw material price fluctuate greatly; The completion and sales of the real estate do not meet the expectations; The sales channel structure fails to form an adaptive transformation; Macroeconomic recovery did not meet expectations; Accuracy of data statistics.
