Key recommended targets this week
Growth appliance portfolio: Beijing Roborock Technology Co.Ltd(688169) , Chengdu Xgimi Technology Co.Ltd(688696) , Ecovacs Robotics Co.Ltd(603486) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Shenzhen Breo Technology Co.Ltd(688793) , Marssenger Kitchenware Co.Ltd(300894) , JS global life, Anker Innovations Technology Co.Ltd(300866)
White electricity combination: Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651)
The structural growth of the industry continued, and the growth of high growth categories continued to lead the industry
(1) white electricity: the year-on-year total retail sales of 2022w3 air conditioners / refrigerators / washing machines are – 28.72% / + 15.35% / – 18.42% respectively, and the year-on-year total retail sales of 2022w1-w3 air conditioners / refrigerators / washing machines are – 18.52% / + 13.32% / + 1.44% respectively. The demand for air conditioners needs to be restored, and ice washing still maintains a steady growth.
(2) integrated stoves: 2022w3 Omni channel retail sales / retail volume + 39.28% / + 11.39% year-on-year, 2022w1-w3 Omni channel cumulative retail sales + 47.36% year-on-year, and the double rise of volume and price continues to promote the high growth of integrated stoves.
(3) cleaning appliances: the retail sales of 2022w3 floor sweepers / floor washers in all channels were + 77.36% / + 420.46% year on year, and the retail sales were + 4.08% / + 354.76% year on year; 2022w1-w3 sweeper / washer omni-channel retail sales were + 41.44% / + 119.97% and – 14.58% / + 102.59% respectively year-on-year. The growth continued to lead the industry.
This week focuses on company updates
Beijing Roborock Technology Co.Ltd(688169) : since 2022, the company’s domestic sales have continued to increase rapidly and continues to be optimistic about the improvement of export sales quarter by quarter. According to the business consultant, driven by the hot sales of self-cleaning product G10, the Gmv of 2022w3 stone sweeper Ali channel is + 332.43%, and the cumulative Gmv of 2022m1 Ali system is + 277.42% year-on-year. The company’s market share of floor sweepers in China continued to increase. According to ovicloud, the online retail share of 2022w3 stone brand floor sweepers was + 7.54pcts year-on-year. Driven by domestic sales, we expect the private brand revenue of 2021q4 to increase by more than 30%. Considering the strong demand for self-cleaning products, the price of G10, the main selling model in the first half of 2022, is higher than that of t7s series, so we continue to be optimistic about domestic sales and continue to sell well. In terms of export, taking into account the positive factors such as the new s7maxv series and q7max + pull, the increase in the demand for middle and high-end floor sweepers in LDs and the mitigation of shipping, we are optimistic about the quarterly improvement of export in 2022. Ecovacs Robotics Co.Ltd(603486) : the company issued a performance pre increase announcement. It is estimated that the net profit attributable to the parent company in 2021 will be 2.0-2.05 billion yuan, with a year-on-year growth rate of 211.9% – 219.7%. Looking at 2021q4 alone, the net profit attributable to the parent company is expected to be 670-720 million (+ 71.4-84.1%). The performance is basically in line with expectations. According to the business consultant, 2022w3 adds washable machine, Ali channel Gmv + 442.11%, and Ecovacs Robotics Co.Ltd(603486) brand Ali channel Gmv + 72.48%; 2022m1 added floor washing machine, with Gmv + 35.83% in Ali channel and Gmv + 73.34% in Ecovacs Robotics Co.Ltd(603486) brand Ali channel, continuing the hot sales trend. Chengdu Xgimi Technology Co.Ltd(688696) : the company’s brand strength and product strength are strong. Since 2022, domestic sales have continued to grow at a high rate. With the superposition of marketing and sufficient goods, it is optimistic that the annual goods festival will continue to grow faster than expected. According to the business consultant, 2022w3 Ali projector Gmv + 98.05%, 2022m1 Ali projector Gmv + 131.53%, leading the industry since the beginning of 2022. 2021q4gmv + 62.54%, 2021q1-q4gmv + 47.76%. Gmv and its growth rate are among the forefront of the industry. The company has sufficient goods in stock during the Spring Festival, and the promotion of superimposed spokesmen is expected to continue the hot sales. Under the background of quantity control and price protection and upgrading of product structure, the company continues to be optimistic about the improvement of the company’s profitability and the growth of performance beyond expectations.
Risk warning: industry competition intensifies; Shortage of raw material supply; Increased risk of maritime transport capacity, etc.
