Main points:
This week's view: household appliance leaders accelerate the layout of home decoration channels, and the industry concentration is expected to accelerate to the leader
Event: 1) on January 12, 2022, Suofeiya Home Collection Co.Ltd(002572) reached in-depth strategic cooperation with Haier Group and officially signed a strategic cooperation agreement at Suofeiya Home Collection Co.Ltd(002572) headquarters in Zengcheng, Guangzhou; 2) On January 16, 2022, Nanjing Olo Home Furnishing Co.Ltd(603326) announced in Nanjing that it had signed an exclusive strategic cooperation agreement with Hangzhou Robam Appliances Co.Ltd(002508) a high-end kitchen electric brand.
Household appliance leaders speed up the layout of home decoration channels and check the traffic entrance in advance. On January 12, 2022, Suofeiya Home Collection Co.Ltd(002572) reached in-depth strategic cooperation with Haier Group, and officially signed a strategic cooperation agreement at Suofeiya Home Collection Co.Ltd(002572) headquarters in Zengcheng, Guangzhou. Casati, the leading brand of international high-end household appliances, and the world's first scene brand, three winged bird, were officially incorporated into the Suofeiya Home Collection Co.Ltd(002572) whole customized ecosystem. Next, the two sides will start from the nesting and integration of stores and mutual contact to the joint line research and design at the beginning of research and development, The whole process promotes the integration of the design of both parties and forms the whole chain ecological integration. Next, Haier Smart Home Co.Ltd(600690) 's three winged bird and Casati will also jointly Suofeiya Home Collection Co.Ltd(002572) promote product co creation and scene sharing to realize the connection and integration of end products and services. Coincidentally, on January 16, 2022, the customized home high-end brand Nanjing Olo Home Furnishing Co.Ltd(603326) also held a brand cooperation signing conference with the theme of "one hundred million peers, win-win together" in Nanjing, announcing the signing of an exclusive strategic cooperation agreement with the kitchen high-end brand Hangzhou Robam Appliances Co.Ltd(002508) . According to the strategic cooperation agreement, in the future, the " Hangzhou Robam Appliances Co.Ltd(002508) " brand will be fully and exclusively adopted for the customized home design package of electrical appliances in Nanjing Olo Home Furnishing Co.Ltd(603326) terminal stores and the sales of electrical appliances in stores. As leading brands in their respective fields, Nanjing Olo Home Furnishing Co.Ltd(603326) and Hangzhou Robam Appliances Co.Ltd(002508) will jointly "explore Chinese cuisine, share space design, discover the beauty of kitchen" and build a new kitchen in China through cooperation.
We believe that the ecological cooperation between home appliance leaders and home decoration leaders will have the following positive effects: first, for home appliance enterprises, by putting the channel in front, it will help to shorten the contact distance with users, so as to capture users' needs more accurately, and optimize their new product R & D, design, production and sales processes based on demand data, Improve quality and efficiency; Second, for home decoration enterprises, the brand empowerment of home appliance enterprises will help to enhance their user acquisition ability and promote their own product sales; Third, in terms of the industry pattern, considering that when selecting home decoration enterprises for cooperation, home appliance leaders often tend to cooperate with local home decoration leaders to obtain the optimal flow entrance, while home decoration leaders also tend to cooperate with home appliance leaders to obtain the optimal brand power, therefore, this cooperation mode will form a "1 + 1 > 2" effect, Accelerate the industry concentration to the leading concentration in the two fields.
Plate view
White electricity sector: the main support for white electricity restoration comes from: 1) the pressure on the high base caused by the epidemic in 2020 is gradually weakened, 2) the price rise trend of bulk commodities is alleviated, 3) the rise of shipping prices is stopped and stabilized, and 4) the trend of high-end consumption is gradually becoming. However, it is still plagued by long-term factors: 1) macroeconomic downturn; 2) Weakening of real estate pull, etc. In contrast, in the short term, the supporting factors have a direct and effective impact on the operating results of white power enterprises, and the short-term profitability of white power leaders can be repaired.
In the medium and long term, China's white power market has gradually transformed into a stock competitive market dominated by renewal demand. Under this background, we are more optimistic about the deep barriers built by white power leaders in terms of brand, channel, R & D, management and other underlying basic capabilities. We believe that in the continuous innovation category of white power, we can rely on accumulated advantages to achieve the strength of the strong. At the same time, the white power leader with excellent product power, mature supply chain and rich overseas operation experience has the opportunity to improve the overseas market penetration, and the overseas market space is broad.
Kitchen electricity sector: the overall demand of kitchen electricity sector is relatively weak, but the performance of sub sectors is differentiated. In terms of traditional kitchen appliances, the overall sales of range hoods / gas stoves in December were - 7.3% / - 19.2% year-on-year respectively, continuing the downward trend since July, mainly due to the impact of high base effect in the same period last year and the drag of short-term real estate regulation; In terms of emerging kitchen appliances, the overall sales volume of integrated stoves in December was + 2.7% year-on-year, and the growth rate slowed down compared with the previous month (year-on-year: + 41.9% in November). However, looking forward to the whole year, the sales growth rate was 31.8%, and the high outlook remained.
Cleaning appliances: under the industry characteristics of low stock and demand determined by supply, the frequent emergence of new products plays a great role in promoting the penetration of floor sweepers and floor washers. Beijing Roborock Technology Co.Ltd(688169) launched the new self-cleaning sweeper U10 and washer G10 with mop on August 25, Ecovacs Robotics Co.Ltd(603486) launched the new sweeper Dibao X1 with self-cleaning + self dust collection + self drying on September 15, and Yunjing launched the second generation of new sweeper J2 with self-cleaning + self changing + self drying on September 25. These new products have significantly improved in product performance and industrial design compared with the past, In line with the current consumption upgrading trend, it is expected to further stimulate terminal sales. At the same time, the rapid and large-scale volume of floor washing machine has also attracted the rapid follow-up of Midea, lake, Jiuyang, Zhejiang Supor Co.Ltd(002032) and other enterprises. More enterprises will launch relevant products in the second half of the year and the first half of the year, and the high-profile atmosphere and certainty of emerging cleaning electrical appliances such as floor washing machine are strong.
Investment advice
It is recommended to pay attention to white power leaders Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year.
It is recommended to focus on the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of multi-dimensional organizational capabilities such as products, brands, channels and management, the traditional kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) that is expected to launch new integrated stoves in the first half of 22, and the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) that continuously optimizes the product structure and steadily expands multiple channels.
It is recommended to pay attention to the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the sweeping Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) with deep technical barriers and rapid expansion of overseas channels.
Risk tips
Macroeconomic growth is less than expected, resulting in the decline of residents' purchasing power; Severe real estate regulation has a negative impact on the demand for downstream household appliances; The epidemic has repeatedly affected the resumption of production and work.
