The Mibo brand of Fangtai group released the new V6 series of floor washing machine, which is the first product without rolling cloth. The Mibo brand of Fangtai group released the new V6 series of China’s floor washing machine on May 20. The products mainly focus on the core selling points of non rolling cloth (high polymer PVC floor brush) + strong cleaning (11000pa), and the pre-sale period is from now to May 31. In terms of selling price, the pre-sale price / retail price of LED flagship model is 3980 / 4980 yuan, and the pre-sale price / retail price of LCD exclusive model is 4580 / 5580 yuan. The differences between the two products are: 1) screen display: the LED flagship screen is led screen, and the LCD exclusive screen is LCD animation display; 2) Networking: the LCD exclusive floor washer can be connected to the Fangtai Xingfu home app, and supports the NFC networking of Huawei Hongmeng system. The LED model has no networking function.
The functional design of the new V6 series highlights the form of non rolling cloth + strong cleaning ability. Mibo V6 series focuses on the selling points of non rolling cloth (polymer PVC floor brush) + strong cleaning (11000pa). In terms of product form, Mibo V6 series is the first non rolling cloth floor washing machine product in the industry. The floor brush adopts high molecular PVC floor brush (brand lifetime warranty), which can effectively avoid the pain points of traditional floor washing machine, such as easy to hide dirt, easy to smell, easy to mildew, hair winding and difficult to take care of. In terms of cleaning ability, V6 floor washer has strong cleaning power. It adopts water air rotation strong washing and suction technology, supplemented by 11000pa super suction. The washing force is equivalent to high-pressure water gun (realizing 3000 times / minute wiping frequency), which can achieve efficient decontamination. Other functional highlights of V6 floor washer include: 4000mAh Battery + 40 minute long endurance, which is the endurance level of high-end floor washer products in the industry; The capacity of double water tank is large, and the capacity of clean water tank and sewage tank is 800ml / 720ml; The built-in LED / v6 broadcast machine is clean and easy to operate, and the built-in LED display screen can be used to understand the real-time operation of the product.
Mibo brand positioning high-end intelligent living appliances. Miboi is a new lifestyle brand launched by Fangtai group in 2020, which is positioned as high-end intelligent living appliances. At present, Mibo’s product matrix includes cooking without oil fume Siasun Robot&Automation Co.Ltd(300024) , intelligent steaming, baking and frying integrated machine and floor washing machine without rolling cloth, and the product prices are more than 1000 yuan. We believe that the floor washing machine is still in the stage dominated by product strategy. It is expected that Mibo brand V6 floor washing machine can achieve a certain volume with product differentiation and better performance.
In April 22, the prosperity of the floor washing machine industry continued, and the leading advantage of Tianke was stable. According to ovicloud, the online sales volume and sales volume of clean appliances decreased by 20.0% / 21.0% in April 22. Among them, the online sales volume and sales volume of floor washing machines in April were + 30.4% / 38.6% year-on-year, and the proportion of floor washing machines in the sales volume and sales volume of cleaning appliances was + 3.8pct / + 9.9pct to 8.8% / 25.6% year-on-year. The prosperity is still good. In terms of competition pattern, Tianke’s leading position was still stable in April 22, with sales volume and sales share of 51.6% / 45.1% respectively, ranking the first in the industry. Its high-end new product Fuwan 3.0 (LCD version, priced at 4990 yuan) launched in April was the first best-selling model in April, accounting for 3.26% of the sales volume of clean appliances. We calculated that the sales volume of Fuwan 3.0 accounted for 12.7% of the sales volume of the floor washing machine industry, and Tianke’s marketing transformation ability was strong.
Investment advice. Floor washing machine is an important track in the field of clean electrical appliances in China. We believe that the sales volume and sales volume of floor washing machine have scarce high growth rate, and the industry is expected to still have several times of space. We suggest to pay attention to Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) investment opportunities in the downstream of the industrial chain from top to bottom, and Fujia Co., Ltd., a cleaning appliance foundry with a new layout of floor washing machine OEM business in the middle of the industrial chain (OEM customers include JS global life, Fangtai, etc.).
Risk tip: the macro boom is weak and the boom of clean appliances is declining
