Last week, the CSI 300 index fell 4.19%, and the Changjiang household appliance index fell 1.83%, outperforming the CSI 300 index by 2.36pct. In terms of segments, last week, the Yangtze River white appliances, kitchen and bathroom appliances, small appliances, black appliances and lighting equipment were -1.92% / – 2.66% / – 0.69% / – 2.07% / – 2.08% respectively.
Sub section core data tracking:
White goods & color TV: according to the 16 week data of ovicloud, the offline retail sales of air conditioners, refrigerators and washing machines decreased by 28.62%, 24.19% and 40.16% respectively year-on-year; The online retail sales of air conditioners, refrigerators and washing machines decreased by 22.60%, 8.14% and 5.08% respectively year-on-year; Color TV offline channels fell 38.09% year-on-year, and online channels fell 31.28% year-on-year.
Kitchen appliances: according to the 16 week data of ovicloud, the retail sales of range hood offline channels fell 45.40% year-on-year, and the retail sales of online channels fell 17.02% year-on-year; The retail sales of gas stoves in offline channels decreased by 40.35% year-on-year, and the retail sales of online channels decreased by 11.93% year-on-year; The offline retail sales of integrated stoves decreased by 29.56% year-on-year, and the online retail sales decreased by 12.98% year-on-year; The offline retail sales of gas water heater decreased by 44.21% year-on-year, and the online retail sales decreased by 21.60% year-on-year.
Small household appliances: according to the 16 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 decreased by 21.57%, 30.98%, 45.13%, 32.70%, 45.15% and 8.73% respectively year-on-year; Online channel retail sales increased by 4.56%, decreased by 27.59%, decreased by 23.50%, decreased by 35.82%, decreased by 19.31% and decreased by 50.88% respectively year-on-year.
Investment advice
Household appliance companies intensively disclose their performance Ecovacs Robotics Co.Ltd(603486) q1 revenue is 3.2 billion yuan, yoy + 44% of which belongs to the parent company, and the net profit is 420 million yuan, yoy + 27%; The basic earnings per share was 0.75 yuan, a year-on-year increase of 27.12% Hangzhou Robam Appliances Co.Ltd(002508) 2022q1 company achieved revenue of 2.1 billion yuan, yoy + 9%; Net profit attributable to parent company was 370 million, yoy + 2.5%. Meanwhile, the company announced that the revenue in 2021 was 101 yuan, yoy + 25%, and the net profit attributable to the parent company was 1.3 billion yuan, yoy-20% Zhejiang Meida Industrial Co.Ltd(002677) 2022q1 achieved revenue of 410 million yuan, yoy + 12%; The net profit attributable to the parent company was 120million yuan, yoy+21%. In 2021, the revenue will be 2.2 billion yuan, yoy + 22%, and the net profit will be 670 million yuan, yoy + 22% Aucma Co.Ltd(600336) 2021: revenue of 8.6 billion yuan, yoy + 22%; Deduct 160 million yuan of non net profit, yoy + 81% Chengdu Xgimi Technology Co.Ltd(688696) 2021 achieved revenue of 4 billion yuan, yoy + 43%, net profit attributable to parent company of 480 million yuan, yoy + 80%, deducting net profit attributable to non parent company of 430 million yuan, yoy + 73%.
Q1 projectors continue to sell well, and home intelligent projection has become another new entrance to home entertainment after the large TV screen. According to the total data pushed by Aowei Omni channel, the sales volume of household intelligent projection in China reached 1.35 million in 2022q1, a year-on-year increase of 19.5%; The sales volume was 2.3 billion yuan, a year-on-year increase of 12.6%. Jimi continues to bring forth the old and bring forth the new. At the same time, it detonates the fan effect with the endorsement of hot traffic stars. The star model h3s has made a breakthrough in the medium and high-end market, and the internal sales share of the brand has reached 31.5%, leading the projection market with an absolute advantage. Channel, Kwai, tiktok, spelling more, and so on, the electricity supplier market share Q1 has reached 15%.
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.
