Core view
The domestic sales of household appliances have been divided, and the volume of emerging categories such as integrated stoves, household appliances and audio-visual appliances has increased, adding new momentum to the industry. The growth of mature categories in the post epidemic era is still slightly weak. The export of kitchen appliances is excellent. At present, the export is facing high base pressure, and the sea freight rate has dropped, but it is still high as a whole. It is optimistic about the independent brand going to sea for a long time. On the profit side, under the pressure of raw material prices, leading companies have stronger ability to optimize product structure, raise terminal prices and improve internal efficiency, so they can respond more effectively.
Continue to be optimistic about the booming supply and demand of the high boom track, and it is expected to continue to increase the volume under the overweight of consumer education; The completion and recovery can be expected, the effect of white power leading channel reform is gradually obvious, and the improvement of large power can be expected.
(1) the process of white power brand going to sea has accelerated, domestic independent high-end brands have risen strongly, and the industry concentration has been further improved. Leaders seize the favorable opportunity to layout domestic and foreign production capacity and industrial chain, optimize intelligent manufacturing and improve terminal prices. It is suggested to pay attention to the recovery of the bottom of the white electricity leader, Haier Smart Home Co.Ltd(600690) overseas profit space is opened, and the high-end + scene is steadily promoted. On the basis of the steady development of Midea Group Co.Ltd(000333) 2c business, 2b makes rapid efforts and accelerates the layout of overseas independent brands.
(2) the integrated kitchen scene continues and multiple brands enter the market, further promoting the breadth of consumer education and channels in the industry. The certainty of industrial expansion is relatively high, and the penetration rate of integrated kitchen shows a rapid upward trend. Under the intensified competition and supply side pressure, the leader’s share has increased significantly, reflecting the leader’s excellent ability to deal with risks and expand. The leader Marssenger Kitchenware Co.Ltd(300894) grasps the two key points of kitchen electricity: focusing on marketing and high-end positioning, and the power washing category is expected to contribute to the increment, Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) reform results are gradually obvious, channel quality is improved, income is continuously released, Hangzhou Robam Appliances Co.Ltd(002508) main brand power integrated stove, and channel and brand advantages are prominent.
(3) the growth category of household electrical appliances is hot, and we continue to be optimistic about the new opportunities brought by new consumption in the field of small household appliances. The product structure of clean electrical appliances continues to upgrade, and the performance of leading brands is excellent. The self-cleaning of floor sweepers has become the mainstream configuration of the industry, and the average price has increased significantly. The growth dividend of the floor washer remains the same, benefiting from the high prosperity of the industry and high-quality new products. The leading Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) perform well.
(4) the demand and supply of audio-visual projection industry resonate. The industry continues to have a high outlook. From the demand side, the third consumption era pursues personalized, emotional and quality consumption. Intelligent micro investment is transformed from solving the demand for information acquisition into information enjoyment, which is in line with the consumption trend. On the supply side, technological progress solves the use pain points, promotes product prices into the universal range and accelerates popularization Chengdu Xgimi Technology Co.Ltd(688696) technical barriers are prominent, product power and marketing ability are in the lead, and the industry share is increased at a high level, leading the industry.
(5) the high base pressure of kitchen small electricity has gradually slowed down, and the 22q1 landscape has recovered. The export has benefited from the supply chain advantages and strong overseas demand highlighted by the overseas epidemic. The export of kitchen small electricity has achieved excellent growth in 20 years and 21 years. The differentiation of domestic sales is obvious. The epidemic in the past 20 years has given birth to the demand for home cooking. Online brands seize growth opportunities and Bear Electric Appliance Co.Ltd(002959) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) achieve excellent growth; In the past 21 years, the prosperity of the kitchen small household appliance industry was weak, and the little bear was slightly under pressure.
Risk warning: macroeconomic downside risk; Risk of sharp fluctuations in raw material prices; Risk of large fluctuation of exchange rate; The risk that the completion of the property is less than expected; The risk of recurrent outbreaks.
