Overview: the overall market performance declined in December, and terminal sales were under pressure. According to Ovi, in December, the online retail sales of all categories were - 14% year-on-year, and the offline sales were - 11% year-on-year, both decreasing month on month.
White power: the retail end is weak as a whole, with obvious characteristics of price increment and decrease
The delivery end of air conditioners decreased slightly: the domestic and foreign sales of air conditioners in December 2021 were - 5.4% / + 5% respectively year-on-year compared with the same period in 2020; - 12% / + 37% compared with the same period in 2019. The overall shipment scale decreased by 0.3% year-on-year in 2020, and the terminal demand was weak. In terms of share performance, Gree and Haier's online share increased, while Haier's offline share increased.
The retail end of white electricity decreased significantly: ① scale: the year-on-year growth rate of online sales of air and ice washing in December was - 31.4% / - 1.2% / - 9.4% respectively; - 25.2% / - 0.5% / - 13.3% offline; ② Average price: maintain a high level. In December, the average price of air and ice washing was + 6.7% / + 5.6% / + 10.8% year-on-year, and the average price of offline was + 8.4% / + 18.1% / + 15.4% year-on-year; ③ Pattern: Haier's air and ice washing performance is better, while beauty's performance is weaker.
Kitchen electricity: the integrated stove is growing rapidly offline, and the leading performance is strong. ① Scale: on the sales line of cigarette machines, stoves and integrated stoves in December - 8.1% / - 23.3% / + 0.9%; Offline channels of integrated stoves continued to increase by - 4.8% / - 4.8% / + 71.3% respectively. ② Average price: still in the upward channel. ③ Pattern: the overall share of the boss and Fangtai increased slightly and maintained a strong position; The share of Yitian online in the integrated stove remained elevated.
Small household appliances: Sales of small kitchen appliances are under pressure, and the floor sweeping Siasun Robot&Automation Co.Ltd(300024) boom continues. The performance of new kitchen categories is still under pressure; The offline business of clean electrical appliances is good, and the online / offline sales in December were - 12.0% / + 16.3% year-on-year; Sweeping Siasun Robot&Automation Co.Ltd(300024) maintains a high landscape bearing, and the online / offline sales volume is + 20.5% / 29.8% year-on-year.
Investment suggestions:
① looking for stability: stronger profit recovery, recommended Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) ; ② Looking for growth: stronger income growth. Recommendations: Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Appotronics Corporation Limited(688007) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Marssenger Kitchenware Co.Ltd(300894) ; ③ Find flexibility, pay attention to new opportunities in the industrial chain, recommend Ningbo Dechang Electrical Machinery Made Co.Ltd(605555) , and pay attention to Zhejiang Dun'An Artificial Environment Co.Ltd(002011) , Hisense Home Appliances Group Co.Ltd(000921) .
Risk tip: the price of raw materials rises again, the terminal demand is lower than expected, and the industry competition intensifies
