理工酷

2022年02月18日发布

22M1家电零售市场表现依然平淡，环比21M12有所改善。22M1线上销额/销量分别同比下降7.23%/下降18.03%，22M1线下全品类销额/销量分别环比下降20.68%/下降26.81%，1月零售数据仍然平淡，与春节错期效应有一定影响，但市场需求仍受多地疫情反复、地产数据偏弱等原因影响较大；但相比21M12，今年1月的零售数据有较为明显的改善，21M1线上销额/销量分别环比增长8.58%/增长12.05%，线下销额/销量分别环比增长12.69%/增长25.91%。

大家电：线上表现好于线下，干衣机品类表现较好。22M1空调/冰箱/洗衣机/彩电/干衣机线下渠道零售额分别同比-29.53%/-15.95%/-24.13%/-19.24%/+24.45%，均价分别同比上涨+6.99%/+14.02%/+2.39%/+18.32%/+5.92%；线上渠道零售额分别同比变化-20.43%/+6.72%/-2.32%/-8.27%/156.75%,均价分别同比变化+7.51%/+2.49%/+2.39%/-6.66%/+14.69%，冰箱、冰柜1月线上增速持续回暖，干衣机均价提升明显。从市占率角度来看，空调品类，22M1美的/格力/海尔线下市占分别为35.28%/34.64%/15.00%，同比-1.01pct/+0.48pct/+1.33pct；美的/格力/海尔线上市占分别为36.27%/28.63%/9.88%，同比+4.17pct/+0.11pct/-3.03pct。

厨电：传统厨电品类增速承压，集成灶领跑行业。22M1油烟机/燃气灶/集成灶/燃气热水器/洗碗机线下渠道零售额分别同比-22.30%/-14.69%/+6.50%/-42.63%/-1.46%，均价分别同比上涨5.90%/4.86%/12.95%/2.67%/3.66%；线上渠道零售额分别同比-6.37%/-8.19%/-8.80%/-20.06%/-6.09%，均价分别同比+7.42%/+7.82%/+25.46%/3.87%/3.66%。从市占率来看，亿田/火星人/美大线下市占分别为2.83%/26.28%/15.05%，同比+0.39pct/+3.21pct/-2.47pct；线上市占分别为24.08%/15.13%/8.33%，同比+2.09pct/+9.31pct/+3.47pct。

小家电：21M1传统小家电增速环比向好，清洁电器仍保持较高景气度。22M1电饭煲/破壁机/养生壶/料理机/扫地机器人线下渠道零售额分别同比-5.69%/-30.52%/-16.53%/-30.06%/+2.51%，线上渠道零售额分别同比变化-9.70%/-16.59%/-24.32%/-14.20%/+20.44%。环比来看，22M1电饭煲/破壁机/养生壶/料理机/扫地机器人线下渠道零售额分别环比+67.98%/+11.16%/+42.23%/+14.56%/15.49%；22M1电饭煲/破壁机/养生壶/料理机/扫地机器人线上渠道零售额分别环比+21.49%/-9.31%/-8.03%/+2.91%/+5.32%。扫地机品类中，22M1科沃斯/美的/莱克线下市占分别为87.98%/6.67%/0.38%，同比+3.26pct/+2.36pct/-1.35pct；科沃斯/云鲸/石头线上市占分别为41.03%/16.58%/18.84%，同比-2.54pct/7.39pct/8.26pct，云鲸较上月市场份额环比下降0.59%。

投资建议

家电零售市场表现依然平淡，但环比21M12有所改善，线上零售表现总体优于线下，其中传统家电整体表现偏弱，新兴品类表现较好。建议关注：美的集团、海尔智家、科沃斯、石头科技、火星人、亿田智能、老板电器。

风险提示

疫情影响宏观经济未达预；家电行业价格战加剧；地产表现低迷；原材料价格上涨风险等