With the improvement of residents' living standards and the high health awareness of residents in the post-epidemic era, the demand for clean electrical appliances is still high. In addition, the growing demand of the younger generation for smart products to replace tedious housework has stimulated the growth of demand for clean electrical appliances. According to Oviyun.com, online retail sales of clean appliances in the first three quarters of 2021 were 15.26 billion yuan, up 34.32% from a year earlier, and online retail sales were 14.619 million units, up 6.4% from a year earlier.
From the industry point of view, in recent years, China's clean electrical enterprises continue to carry out product line innovation through R & D investment and technological innovation, and achieve large-scale production. Affected by the globalization of the epidemic and the damage to the foreign supply chain, the export order of small household appliances has increased significantly: in the first three quarters of 2021, the export volume / volume of household appliances increased by 15.9% and 20.2% respectively compared with the same period last year. Among them, the growth rate of vacuum cleaners is outstanding, with the cumulative export volume increasing by 21.7% and 21.9% respectively compared with the same period last year, and the strong demand for overseas small household appliances is expected to continue.
From the three quarterly reports of listed companies of clean electrical appliances released not long ago, there has been a certain growth on the whole. However, there are some differences in brands and subcategories.
From a brand point of view, at present, the listed companies in the domestic clean electrical appliance industry are mainly professional clean electrical appliance enterprises such as Coworth (603486), Stone Technology (688169), Lake (603355), and Midea (000333), Haier (600690), Jiuyang (002242) and other household appliance groups with clean electrical appliances business.
Kovos goes up and down by analogy.
In the first three quarters, Kovos achieved an income of 8.244 billion yuan, an increase of 99.04% over the same period last year, a net profit of 1.33 billion yuan, an increase of 432.05% over the same period last year, and a deduction of 12.15% of non-net profit, an increase of 639.04% over the same period last year. Q3 achieved revenue of 2.89 billion yuan in a single quarter, an increase of 65.9% over the same period last year, and its net profit was 480 million yuan, an increase of 307.4% over the same period last year.
The growth mainly comes from three aspects: first, in terms of their own brands, Covos and Tim can grow strongly; second, in products, floor-sweeping robots + floor washers have two-wheel drive; and third, in categories, especially the Tenco brand, on the basis of clean electrical products, continue to expand beauty care, automatic stir-frying machines and other categories, greatly enriching the product lineup.
Scientific research strength is the core competitiveness of intelligent and clean enterprises. By the end of the first half of 2021, Corworth had been granted a total of 1122 patents, including 353 invention patents (including 99 overseas invention patents). In terms of R & D investment, Kovos invested a total of 331 million yuan in R & D in the first three quarters, an increase of 53.41% over the same period last year.
In the future, the development of Corvus can be described by searching up and down. In addition to the extension of the product line mentioned above and the increase in categories, it will also be expanded upstream in the future.
Corvos announced that its subsidiary Tim Ke plans to invest 1 billion yuan to build a manufacturing center with an annual production capacity of 12 million high-end intelligent living appliances, launching a new smart sensor brand "KRUISEE Krypton see" and the first new lidar product, KRLIDARS50, to enter the upper reaches of the robot industry chain. With the continuous enrichment of product categories, the market competitiveness of Kovos is expected to be further improved.
Stone science and technology continues to increase investment in R & D and new products emerge in large numbers
In the first three quarters, Stone Technology achieved revenue of 3.827 billion yuan, and its net profit and non-net profit increased by 12.98% and 7.35% respectively over the same period last year, maintaining a steady growth rate. In the third quarter, Stone Technology achieved revenue of 1.479 billion yuan, an increase of 22.88% over the same period last year.
In research and development, stone technology also continues to increase. A total of 311 million yuan was invested in R & D in the first three quarters, an increase of 80.07% over the same period last year. At present, stone technology has accumulated 730 patents, of which only 68 are invention patents.
Corresponding to the R & D investment, Stone Science and Technology has continuously launched new products and technologies with upgraded functions and evolved functions in the market in the third quarter. At the end of July 2020, the new handheld wireless vacuum cleaner H7 was launched, and in late August, the annual double flagship stone self-cleaning sweeping and dragging robot and stone intelligent double-brush floor washer U10 were launched.
In particular, the stone self-cleaning sweeping and dragging robot G10, which is considered by investors to open up a second track, has high hopes for this new track, considering the profound technological advantages accumulated by Stone Technology in terms of algorithms, data, hardware and so on.
Lake's own brand continues to grow in strength and has a bright future.
Lake Electric's third quarterly report for 2021 showed that the company's main income was 5.741 billion yuan, up 35.38% from the same period last year; the net profit was 478 million yuan, up 14.8% from the same period last year; and the non-net profit was 438 million yuan, up 21.23% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 1.671 billion yuan, down 2.07% from the same period last year; and the net profit in a single quarter was 146 million yuan, down 11.05% from the same period last year.
Lake added that the slight decline in revenue in the third quarter was mainly due to a reduction in global shipping routes, resulting in container congestion at overseas ports, reduced shipping space and the inability of customers to book containers or ships. Judging from the recent situation, the shipping tension is expected to ease in the fourth quarter.
Lake and Jimmy, brands of independent cleaning appliances, have maintained all-round development online and offline, with an increase of more than 50% over the same period last year. Sales of the Jimmy brand in its midline business are up 100%. Offline business returned to growth, with an increase of more than 25% over the same period last year.
At the end of October, Lake launched two new Lake / Jimmy three-in-one all-in-one house vacuuming machines: Lake Sirius Sirius S680Comp500 and Jimmy Venus Venus, which have three functions of carpet cleaning, flat-lying washing, hand-held and hand-held suction, as well as fixed-point spray washing, instant drying and lightweight features.
Lake said that more than six different series of floor washers will be launched at the same time this year, which will provide new growth points for independent brands.
From the point of view of the current clean electrical appliance industry, the overall situation of healthy competition, head brand to consolidate their own advantages at the same time, continue to invest in research and development, upstream and downstream exploration. The new brands are actively laid out, making use of the advantages of the original channels and industrial chain to play the "overall card".
At present, the main problem facing the clean appliance industry is the high price caused by chip shortage and high R & D cost. The high price directly leads to the lack of product penetration. According to a set of family standard combination of floor sweeper and floor washer, the price is as high as tens of thousands of yuan. Therefore, in the future stage, in addition to product power, price will be a major factor affecting the brand horse racing enclosure.
Generally speaking, the future clean appliance market is worth looking forward to. It is estimated that the scale of China's clean electrical appliances market will increase steadily from 2021 to 2026, and the size of China's clean electrical appliances market will reach 85.2 billion yuan by 2026.
