1. The boom of the industry continues, and the times make Heroes rise
The volume and price of the industry increased both, continuing the high boom. Retail sales of 2q1 + 2021.5% year on year; In 2021, the retail volume will reach 3.04 million units (year-on-year + 27.7%), and the penetration rate will reach 12.4% (integrated stove sales / (integrated stove sales + range hood sales)). It is conservatively estimated that the penetration rate will double in three years, and the retail volume in 2022q1 will be + 4.5% year-on-year; The average prices of 2021 and 2022q1 are 8421 yuan (+ 10.1%) and 9412 yuan (+ 14.4%) respectively. It is expected that the sales of the industry will maintain a compound growth rate of more than 20% in the next three years, and the prosperity is expected to continue.
Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) have outstanding growth The revenue growth of Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) 2021 and 2022q1 continued to outperform the growth of the industry α Properties Marssenger Kitchenware Co.Ltd(300894) revenue ranked first in the industry in 2021 and continued to lead in 2022q1 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) revenue and performance growth from 2021 to 2022q1 continuously led the industry.
2. Flexibility comes from the improvement of quality and efficiency of channels: (1) improve the quality of dealers; (2) Encourage and guide dealers
Offline business exchange and recruiting big business to improve the quality of dealers 300in 9112021, the number of dealers was maintained at 1300 + level, the quality was greatly improved, and the average sales amount of dealers increased by more than 80%. High quality dealers are the basis for the implementation of the company's channel policy.
Effective incentives and guidance are formed online through product support, rebate mechanism and cost delivery.
This is the reason for the success of "online procurement". The purpose is to form the transformation from sales scale to natural retail online. The online mode is divided into two stages. The first stage brings traffic to dealers' online procurement, and the second stage realizes the positive feedback cycle from traffic to natural retail Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) is now in the first stage. Through the active layout of rebate mechanism, cost investment and product support, the high growth of dealers' online procurement has been realized, Marssenger Kitchenware Co.Ltd(300894) has transitioned to the second stage.
3. Investment suggestions
The transformation trend of integrated stove products is clear, the high prosperity of the industry is expected to continue, and the improvement of penetration will bring high growth rate in the next three years. Channel reform brings bonus superposition explosive effect, which is reflected in the prominent performance elasticity at the report end. Recommend Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , and pay attention to Marssenger Kitchenware Co.Ltd(300894) Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) : outstanding product power, creating online popular models d2zk and s8a in succession; At the same time, the channel reform has been active, the strength of distribution channels has been enhanced by changing merchants and recruiting large merchants, and the advertising fees and e-commerce service fees on new media platforms have actively promoted the high growth of e-commerce channels, with emphasis on recommendation Marssenger Kitchenware Co.Ltd(300894) : the product price band is widely distributed and sells well. The e-commerce channel runs through the drainage channel from dealer procurement to natural retail. It is recommended to pay attention to it.
Risk tips
1. The decline of real estate has intensified
2. Repeated epidemic
3. The price of raw materials has increased significantly
4. Market competition plus
