The performance of terminal retail sales was lacklustre in April. According to Aowei, the online sales of all household appliances in April were + 1.1% compared with the same period last year, and the offline sales were-12% compared with the same period last year.
White electricity: air conditioning shipments, retail performance is average, ice washing is relatively good air conditioning shipments: in April 2021, compared with the same period in 2020, the domestic and export sales of air conditioners were + 7% and 6% respectively compared with the same period in 2020; compared with the same period in 2019, they were-27% and 5% respectively. Domestic sales are subject to cool summer weather and weak sales promotion, the terminal performance is flat, and export growth is gradually returning to normal. From the performance of the share: Gree steadily increased, Haier share has made a breakthrough.
Retail side: 1 scale: the year-on-year growth rate of online sales of empty ice washing in April is-15%, respectively, and the year-on-year growth rate of online sales of empty ice washing is-15%. Offline, they are-20%, 12%, 12%, 8%, and 2%, respectively. The average price of the industry is strong under the rising price of raw materials, and the online average price of empty ice washing in April is + 20%, + 20%, "16%," 5%, and 5%, respectively. 3 pattern: Haier, the terminal, performed better in that month.
Kitchen electricity: the growth of integrated stoves is prominent. Scale: April smoke machine, stove, integrated stove online + 7%, 3%, 26%, offline, respectively-3%, 10%, 64%, integrated stove continues to grow at a high level. Average price: still in the upstream channel. Pattern: the leading share is stable, and the Martians and Yitian are bright in the integrated stove.
Small household appliances: the kitchen fell back online, and the growth of floor sweepers continued. Under the base pressure in the same period, the online growth rate of kitchen sketches is under pressure; the floor sweeper in clean appliances continues to be booming, and the sales volume online and offline in April are + 58.3% and + 14.5% respectively compared with the same period last year.
Investment advice: April terminal sales / shipment data is relatively flat, we judge that the weather / promotion is mainly affected by two factors. Follow-up continue to pay attention to the trend of terminal sales in the peak season, and the cost of raw materials is expected to fall, reducing the suppression of the performance / valuation of the home appliance industry. From the perspective of medium-and long-term logic: the weather and costs are short-term fluctuations, the continuous optimization of the industrial pattern and the redistribution of channel value are the core logic driving the industry upward, and the leading companies will continue to benefit.
Continue to recommend the three major white power leaders Gree Electric Appliances, Midea, Haier Zhijia, and selected sub-categories with science and technology / growth attributes, recommend Stone Technology, Kovos, Jimi Technology, Martians, and pay attention to Guangfeng Technology and Yitian Intelligence.
Risk tips: raw material prices continue to rise, terminal demand is lower than expected, and industry competition intensifies.
