The differentiation of the small home appliance industry is intensified: looking for opportunities under the stock market

21st Century Business Herald reporter Ye Bihua Guangzhou report

Compared to the collective decline of the ice washing market, in the first half of 2022, the small home appliance track continued to differentiate.

According to data from the National Household Appliance Industry Information Center, in the first half of 2022, the overall market size of the home appliances was 58.9 billion yuan, a year -on -year decrease of 10.8%. Among them, the domestic sales scale of traditional categories such as rice cookers, wall breaking machines, and electric fans fell. The performance of the vacuum cleaner is relatively stable. At the same time, the high-speed grieving robotic industry in the past two years has also begun to slow down. According to the data of Avi Cloud (AVC), the retail sales of the scanning robot in January to June this year were 5.73 billion yuan, an increase of 9%year-on-year. The retail sales of the land washing machine industry were 4.2 billion yuan, an increase of 84%year -on -year.

In the first half of the year, the performance of small home appliance companies such as Jiuyang, Supor, and Bear Electric is generally under pressure. Jiuyang and Supor's revenue have declined, and Midea, Haier, and Gree have not reported to disclose the sales of small appliances separately. In contrast, cleaning electrical appliances is still the upward track. The two leading companies Cobos and Stone Technology recorded double -digit growth in the first half of the year, but the growth rate also decreased compared to the previous.

In the opinion of Li Ting, general manager of Ovi Cloud Network Small Data Data Division, in just three years, the small home appliance market has gone through an unusual and rapid "evolution", and the main catalyst of this evolution is the Internet and epidemic. With the increasingly dissipated in the early period, the small home appliance industry urgently needs to find new growth momentum.

The amount of small household appliances in the kitchen drops

Ovi Cloud Network (AVC) omni -channel push data shows that the kitchen home appliances (rice cookers, induction cookers, electric pressure cookers, soy milk machines, wall breaking machines, mixers, electric kettles, fried grills, electric steamers, electric pans, electric pans , Electric stew cooker, health pot, air fried pot, desktop single -function oven) retail sales totaling 26.38 billion yuan, a year -on -year decrease of 4.9%; retail volume was 111.36 million units, a year -on -year decrease of 13.2%.

The continuous cooling of the industry is derived from multiple factors. On the one hand, the base has increased after the outbreak of 2020. The second category of the kitchen small home appliance industry has begun to enter the saturation period. In addition The small home appliance industry has worsened further, and consumer demand is more conservative.

The 21st Century Economic Herald reporter roughly statistics that the performance of major household appliance companies in the second quarter has declined, and small home appliance listed companies are also inevitable. In the first half of the year, Jiuyang's revenue achieved revenue of 4.71 billion yuan, a decrease of 0.7%year -on -year, and the net profit attributable to mother was 346 million yuan, a year -on -year decrease of 23.27%. Among them, the company's revenue in the second quarter was 2.382 billion yuan, a year -on -year decrease of 4.76%, and the net profit attributable to the mother was 180 million yuan, a year -on -year decrease of 33.6%.

In the first half of the year, Supor's revenue was 10.324 billion yuan, a year -on -year decrease of 1.05%, and the net profit attributable to the mother was 933 million yuan, an increase of 7.77%year -on -year. In the second quarter, the company's revenue was 4.712 billion yuan, a year -on -year decrease of 11.05%, and the net profit attributable to the mother was 395 million yuan, an increase of 9.39%year -on -year.

Little Bear Electric's revenue in the first half of the year was 1.848 billion yuan, an increase of 13.15%year -on -year; net profit attributable to mother was 148 million yuan, an increase of 6.65%year -on -year. In the second quarter, revenue was 871 million yuan, a year -on -year increase of 19.96%; the net profit attributable to the mother was 44 million yuan, a year -on -year decrease of 10.30%.

As Haier said in the interim report, "Most kitchen small appliances category do not have a rigid attribute, and the penetration rate is high, and the industry demand is gradually cooling." Specifically to the various categories of small appliances in the kitchen, online is still the core battlefield, some categories, some categories, some categories, some categories The proportion of sales is even close to the ceiling. Data show that in the first half of the year, the sales line of small household appliances was 73%, and the proportion of sales lines was 86%, such as electric steamer, desktop single -grilled, air fried pot and other categories of lines exceeded 90%.

According to the statistics of Ovi Cloud Network, the number of lost brands in the kitchen small home appliance industry in the first half of the year was nearly 600, and the long -tail brand was forced to leave. As of June 30 this year, there were 1568 and 339 online market brands on the kitchen small home electric line and offline market brands. , Reduced 598 and 100, respectively.

However, the average online price has increased, and high -quality products have become the driving force for the growth of the industry. According to the monitoring data of Ovi Cloud Network (AVC), including rice cookers, induction cookers, electric pressure cookers, soy milk machines, wall breaking machines, mixers, juicers, electric kettles, stuffed steamers, health pots, air frying, air frying In the first half of the year, the average online industry price of 13 kitchen appliances such as pot and desktop single -function ovens was 204 yuan, an increase of 11.5%year -on -year, and the offline average price decreased by 1.7%to 458 yuan.

Regarding the reason for the increase in online average price, Li Ting believes that there are two main points: First, the price of raw materials is still high, forcing the cost of enterprise to suddenly become higher, and the average price of terminal products has become an inevitable trend; followed by the price war in the kitchen appliance industry in the kitchen, For a period of time, although the low price has won sales, it has also sacrificed product quality, which greatly affects consumer experience. "From 2022, high -end price quality products are more loved by consumers, which also drives the industry's average price improvement of the industry. ","

The consumption trends of different categories are also different. Such as rice cooker, electric pressure cooker, electric kettle and other just -needed kitchen small appliances category have gone through two consecutive years of pressure resistance. This year, the first less optimistic sales are weaker; It is because of a single or alternative category. In contrast, the category of multi -functional integrations such as air frying pot and steamer is still favored by consumers. Guarding and cleaning challenges continuously

After the high -speed growth of 2020 and the stock upgrade in 2021, the growth rate of small appliances in the first half of this year was the "approach". According to Ovi Cloud Network (AVC) online general data (only traditional e -commerce channels): In the first half of 2022, a three -category retail sales of small household appliances (hair dryers, electric toothbrushes, electric shaver) were 8.59 billion yuan in retail sales of 8.59 billion yuan , Year -on -year decreased 11.5%, with a total of 43.75 million retail volume, a year -on -year decrease of 13.9%. Among them, hair dryer retail sales were 2.57 billion yuan, a year -on -year decrease of 3.7%. The retail sales of electric toothbrushes was 2.67 billion yuan, a year -on -year decrease of 21.6%.

For the reason, Li Ting believes that on the one hand, the outbreak of the epidemic in 2020 has stimulated consumers' consumption boom in protecting small appliances, and overdraft part of the needs. Gradually decline; followed by the outbreak of this year's outbreaks, which brought logistics and blocked, making the small home appliance industry even worse.

The reporter noticed that with the continuous rise in the price of the raw materials of the community and the increase in the cost of e -commerce customer acquisition, the average price of the small home wires has been rising in the past two years. Data show that the average price of online markets (hair dryers, electric toothbrushes, electric shaver) in the first half of the year was 196 yuan, a slight increase of 2.7 percentage points year -on -year, but the number of market brands declined. As of June 30, the monitored hair dryers and electric shaver market brands were 222 and 159, respectively.

In the first half of the year, the growth of clean electrical appliances was also challenged, and the overall sales growth was only 7%. Among them, the ground washing machine is the biggest driving force for driving the growth of cleaning electrical appliances. The total data of Avi Cloud Network (AVC) shows that the retail sales of the land washing machine industry in the first half of the year were 4.2 billion yuan, an increase of 84%year -on -year, and the retail volume was 1.37 million units. A year -on -year increase of 87%.

After the double -digit high growth of the floor -to -floor robot has achieved double -digit high growth for two consecutive years, the industry growth began to slow down in the first half of this year. The total data of Avi Cloud (AVC) showed that in the first half of 2022, the retail sales of scanning robots was 5.73 billion yuan, a year -on -year increase of 9, a year -on -year increase of 9 %, Retail volume of 200,000 units, a decrease of 28.3%year -on -year.

In the first half of the year, Cobos' total revenue was 6.822 billion yuan, an increase of 27.31%year -on -year, and the net profit attributable to shareholders of listed companies was 877 million yuan, an increase of 3.15%over the same period last year. During the reporting period, the company's own brand business further expanded.

Among them, the sales revenue of the Cobos brand service robot was 3.497 billion yuan, accounting for 51.25%of the total income, an increase of 33.88%year -on -year. The additional brand achieved sales revenue of 2.953 billion yuan, accounting for 43.28%of the total income, an increase of 44.98%over the same period last year. Cobos and Tima's two major brand business revenue totaling 6.449 billion yuan, an increase of 38.74%year -on -year, accounting for 94.53%of the company's revenue. The service robot ODM and cleaning electrical OEM/ODM business revenue fell by 36.27%and 50.33%, respectively.

Stone Technology achieved revenue of 2.923 billion yuan in the first half of the year, an increase of 24.29%year -on -year. The net profit attributable to shareholders of listed companies was 617 million yuan, a decrease of 5.40%year -on -year. The company believes that the reasons for income growth are large reasons for the development and development of new products, the effectiveness of domestic channel expansion, and the effectiveness of marketing. The decrease in net profit is because the company has increased sales costs to further expand markets at home and abroad. According to the interim report, the net cash flow generated by stone technology operations in the first half of the year was 162 million yuan, a decrease of 81.67%compared with the same period last year.

During the same period, Cobos' sales costs also increased by 52.51%year -on -year to 1.857 billion yuan. In the surge in sales costs, Cobos said that "it is mainly affected by macro factors during the reporting period, and market input production efficiency has decreased."

At present, the head brand pattern of the field sweeping machine and the grounding machine industry is still stable, and the concentration is continuously increasing. Data show that in the first half of the year, the sales of brand sales on the ground sweeping robot accounted for 39.8%, followed by stones, accounting for 22.9%. , Xiaowu, the United States Erobur is ranked third to tenth. The top -to -brand sales of online washing machines accounted for the first proportion of sales, pursuit, pursuing, UWANT, Xiaomi, Midea, Haier, stone, Mi Bo, and chasing light, the first place in the proportion of the proportion of the proportion of the proportion As high as 56.7%, a large distance from the second place.

According to the analysis, with the increasing competition in the industry, various segmented track brands will be highly concentrated, and the advantages of head enterprises have significant advantages, especially the screen sweeping robot market, showing the Matthew effect of the strong Hengqiang. In addition, under the trend of product upgrades, the price of the product has risen accordingly, and the average price of the category is continued.

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