The big promotion of 21m12 e-commerce has driven the offline performance to be better than the online, and the offline retail continues to improve month on month. 21m12 online sales volume / sales volume decreased by 13.79% / 30.17% respectively year-on-year. The overall online performance of the market this year is lower than that of last year. Domestic sales recovered slowly due to repeated epidemics in many places and weak real estate data; Under the pressure of rising raw material prices, home appliance enterprises continue to launch high-end and intelligent series products, accelerate the integration and promotion of sets under multiple categories, and the sales volume of double 11 is obviously driven by price. Offline retail continued to improve month on month, with 21m12 offline full category sales / sales falling by 10.78% month on month / 26.45% month on month respectively.
Large household appliances: the growth rate of household appliances is generally under pressure, and the category of clothes dryers performs well. The offline retail sales of 21m12 air conditioner / refrigerator / washing machine / color TV / clothes dryer were – 25.17% / – 4.50% / – 13.28% / – 9.04% / 26.77% year-on-year respectively, and the average price increased by 8.37% / 18.07% /% / 15.42% / 23.74% / 7.14% year-on-year respectively; Online channel retail sales changed by – 31.40% / – 1.22% / – 9.43% / 0.72% / 29.17% year-on-year respectively, and the average price changed by 6.68% / 5.58% / 10.81% / 0.39% / 43.14% year-on-year respectively. The average price of clothes dryer increased significantly. From the perspective of market share, the offline market share of 21m12 Midea / Gree / Haier is 31.40% / 37.30% / 14.58% respectively, with a year-on-year increase of -2.66pct / – 0.99pct/1.98pct; Midea / Gree / Haier lines accounted for 25.50% / 33.15% / 11.69% respectively, with a year-on-year ratio of -5.91pct/3.56pct/0.44pct.
Kitchen appliances: the growth rate of traditional kitchen appliances is under pressure, and the integrated stove and dishwasher perform well. The retail sales of offline channels of 21m12 range hood / gas stove / integrated stove / gas water heater / dishwasher changed by – 4.80% / – 4.84% / 71.32% / – 20.59% / 22.64% year-on-year respectively, and the average price increased by 10.52% / 9.03% / 8.88% / 8.54% / 8.24% year-on-year respectively; Online channel retail sales changed by – 8.12% / – 23.29% / 0.85% / – 12.39% / – 4.43% year-on-year respectively, and the average price changed by 8.25% / 12.72% / 18.62% / + 8.34% / + 12.16% year-on-year respectively. In terms of market share, Yitian / Marssenger Kitchenware Co.Ltd(300894) / Meida’s offline market share was 3.42% / 21.34% / 13.58% respectively, with a year-on-year growth rate of + 0.92pct / + 0.64pct / – 3.78pct, and Yitian had the fastest year-on-year growth rate. Online listing accounted for 15.03% / 21.37% / 6.91% respectively, with a year-on-year increase of + 8.64pct / + 0.58pct / + 1.01pct.
Small household appliances: the growth rate of traditional small household appliances is under pressure, and cleaning appliances and floor sweepers perform well. 21m12 rice cooker / wall breaking machine / health pot / cooking machine / floor sweeping Siasun Robot&Automation Co.Ltd(300024) offline channel retail sales changed by – 11.32% / – 20.66% / – 33.22% / – 22.61% / 29.83% year-on-year respectively, and the average price changed by + 19.96% / + 4.44% / – 2.64% / + 12.30% / + 72.74% year-on-year respectively; Online channel retail sales changed by – 19.24% / – 30.38% / – 26.38% / – 22.08% / + 20.53% year-on-year respectively, and the average price changed by – 1.29% / + 0.87% / + 3.17% / + 13.41% / + 41.30% year-on-year respectively. In the category of floor sweepers, the offline markets of 21m12 Ecovacs Robotics Co.Ltd(603486) / Midea / Lake accounted for 87.95% / 3.59% / 0.40% respectively, with a year-on-year increase of 5.14pct/0.53pct / – 1.55pct; The listed shares of Ecovacs Robotics Co.Ltd(603486) / Yunjing / shitouxian were 42.64% / 17.17% / 18.53% respectively, with a year-on-year increase of -1.06 PCT / 10.84 PCT / 8.04 PCT, Ecovacs Robotics Co.Ltd(603486) share continued to expand, and Yunjing’s market share decreased by 2.68% month on month compared with the previous month.
Investment advice
Offline retail has improved month on month, and online retail performance is generally better than offline. Among them, the overall performance of big white electricity is weak, integrated stoves in kitchen electricity maintain high growth, and floor sweeping Siasun Robot&Automation Co.Ltd(300024) in small household appliances is the same. We are optimistic about the future market space of high-end kitchen appliances and new small household appliances, and the product penetration is expected to continue to improve and develop for the better.
It is suggested to pay attention to: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Hangzhou Robam Appliances Co.Ltd(002508) .
Risk tips
1) the impact of the epidemic on the macro economy did not meet expectations; 2) The second impact of overseas epidemic may affect the export of household appliances; 3) The price war in the home appliance industry has intensified; 4) The performance of real estate is sluggish; 5) Risk of rising raw material prices, etc
