Core view
Research tracking and investment thinking this week: this week, we tracked the top growth categories of small household appliances on jd.com and tmall platforms this year. The data show that the categories with better performance are basically closely related to the epidemic and home. Air fryer is the best performing small household appliance category this year, with fast growth and large scale; Automatic cleaning and lazy kitchen electricity benefit from the increased demand for home office, with a rapid growth rate. At the level of listed companies, Midea, Jiuyang, Zhejiang Supor Co.Ltd(002032) , Ecovacs Robotics Co.Ltd(603486) , stone and other leaders enjoy high market share in corresponding categories.
The rise of the frying pan and the strong performance of air disinfection in Jingdong. Since this year, the categories with better performance of Jingdong small household appliances have basically been closely related to the epidemic and home. The growth of cleaning and disinfection appliances has been ahead, and the sales of air fryer, as the gospel of lazy cooking, has risen strongly. According to the tracking data of jd.com, the top ten categories of sales growth from January to April 2022 were clothes disinfectors, cooling fans, fruit and vegetable purification and cleaning machines, eye massage machines, household floor washers, electric fans, air fryers, trend care appliances, clothes dryers and fried vegetables Siasun Robot&Automation Co.Ltd(300024) , with a year-on-year increase of more than 150%. The above categories are closely related to the epidemic situation and home life. Among the categories with sales growth of more than 50%, the top ones are floor sweeping Siasun Robot&Automation Co.Ltd(300024) , air fryer and beauty salon, and the scale of other categories is relatively small. In the air fryer and sweeping Siasun Robot&Automation Co.Ltd(300024) which are the two most eye-catching categories, the leader of small household appliances is firmly in the forefront of the industry. 1) In terms of air fryer, meijiusu has an absolute leading advantage. From January to April, CR3 of air fryer reached 63%, of which Jiuyang accounted for 24.3%, Zhejiang Supor Co.Ltd(002032) 20.9%, Midea 17.7%, and the market share of other brands was less than 7%. 2) In terms of sweeping Siasun Robot&Automation Co.Ltd(300024) , Ecovacs Robotics Co.Ltd(603486) ranks first in the industry and Beijing Roborock Technology Co.Ltd(688169) rises rapidly. From January to April, the sweeping rate of Siasun Robot&Automation Co.Ltd(300024) cr4 reached 88%, of which Ecovacs Robotics Co.Ltd(603486) city accounted for 42.8% and stone city accounted for 23.0%, with high concentration.
Tmall: the number of air fryers increased by 160%, and household categories benefited from the epidemic. From the sales of small household appliances of tmall, the growth rate and scale of air fryer are also beautiful, and the categories such as epidemic and home cleaning benefit. From January to April, the top 10 small household appliances with the fastest sales growth on tmall platform were air disinfectors, mobile fans, milk beaters, quilt warmers, fruit and vegetable cleaning, electric fryers, air fryers, flour mills, refrigeration and heating cups and electric cookers, with sales growth exceeding 90%. In terms of scale, among the categories with sales growth of more than 50%, the scale of air fryer and floor washer ranks first. In terms of specific brands, the market pattern of tmall platform air fryer is more scattered; Tianke is still a unique company on the floor washer, but the pattern is somewhat scattered under the influence of new entrants.
Key data tracking: market performance: the relative income of home appliances last week was – 1.13%. Raw materials: the prices of copper and aluminum in LME3 months were + 4.5% and + 6.7% to USD 9460 / 2933 / ton respectively; The cold rolling price was – 1.3% mom to 5565 yuan / ton. Container transportation index: Weekly ratio of West / East / Europe + 7.67%, + 9.17%, – 1.42% respectively; Capital flow: the shareholding ratio of Midea / Gree / Haier land stock link changed by + 0.17%, – 0.03%, + 0.16% on a weekly basis.
Suggestions on core investment portfolio: white power recommends Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , efficiency improvement and continuous promotion of channel reform; Kitchen appliances recommend high growth and strong incentive integrated stove leaders Marssenger Kitchenware Co.Ltd(300894) , and all-round improvement Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; Smart projection faucet Chengdu Xgimi Technology Co.Ltd(688696) , 2b and 2C go hand in hand Appotronics Corporation Limited(688007) , small household appliance faucet Bear Electric Appliance Co.Ltd(002959) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Zhejiang Supor Co.Ltd(002032) .
Risk warning: market competition intensifies; The demand is less than expected; The price of raw materials has risen sharply; The exchange rate fluctuated sharply.
