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21M12线下表现优于线上,新兴品类表现较好

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概述

2022年01月18日发布

21M12电商大促带动线下表现优于线上,线下零售持续环比改善。21M12线上销额/销量分别同比下滑13.79%/下滑30.17%,今年整体大盘线上表现不及去年,内销受多地疫情反复、地产数据偏弱等原因复苏缓慢;在原材料价格上涨压力下,家电企业持续推出高端化、智能化系列产品,加速推动多品类下的套系化整合与成套化推广,双十一销额受价格驱动较为明显。线下零售持续环比改善,21M12线下全品类销额/销量分别环比下滑10.78%/下滑26.45%。

大家电:大家电增速普遍承压,干衣机品类表现较好。21M12空调/冰箱/洗衣机/彩电/干衣机线下渠道零售额分别同比-25.17%/-4.50%/-13.28%/-9.04%/26.77%,均价分别同比上涨8.37%/18.07%/%/15.42%/23.74%/7.14%;线上渠道零售额分别同比变化-31.40%/-1.22%/-9.43%/0.72%/29.17%,均价分别同比变化6.68%/5.58%/10.81%/0.39%/43.14%,干衣机均价提升明显。从市占率角度来看,空调品类,21M12美的/格力/海尔线下市占分别为31.40%/37.30%/14.58%,同比-2.66pct/-0.99pct/1.98pct;美的/格力/海尔线上市占分别为25.50%/33.15%/11.69%,同比-5.91pct/3.56pct/0.44pct。

厨电:传统厨电品类增速承压,集成灶、洗碗机表现较好。21M12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变化-4.80%/-4.84%/71.32%/-20.59%/22.64%,均价分别同比上涨10.52%/9.03%/8.88%/8.54%/8.24%;线上渠道零售额分别同比变化-8.12%/-23.29%/0.85%/-12.39%/-4.43%%,均价分别同比变化8.25%/12.72%/18.62%/+8.34%/+12.16%。从市占率来看,亿田/火星人/美大线下市占分别为3.42%/21.34%/13.58%,同比+0.92pct/+0.64pct/-3.78pct,亿田增速同比增速最快。线上市占分别为15.03%/21.37%/6.91%,同比+8.64pct/+0.58pct/+1.01pct。

小家电:传统小家电增速承压,清洁电器、扫地机表现较好。21M12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变化-11.32%/-20.66%/-33.22%/-22.61%/29.83%,均价分别同比变化+19.96%/+4.44%/-2.64%/+12.30%/+72.74%;线上渠道零售额分别同比变化-19.24%/-30.38%/-26.38%/-22.08%/+20.53%,均价分别同比变化-1.29%/+0.87%/+3.17%/+13.41%/+41.30%。扫地机品类中,21M12科沃斯/美的/莱克线下市占分别为87.95%/3.59%/0.40%,同比5.14pct/0.53pct/-1.55pct;科沃斯/云鲸/石头线上市占分别为42.64%/17.17%/18.53%,同比-1.06pct/10.84pct/8.04pct,科沃斯份额继续扩大,云鲸较上月市场份额环比下降2.68%。

投资建议

线下零售环比有所改善,线上零售表现总体优于线下,其中大白电整体表现偏弱,厨电中集成灶保持高增速,小家电中扫地机器人同样。看好高端化厨电和新品类小家电的未来市场空间,产品渗透率有望继续提升,向好发展。

建议关注:海尔智家、美的集团、科沃斯、石头科技、火星人、亿田智能、老板电器。

风险提示

1)疫情影响宏观经济未达预期;2)海外疫情二次冲击或将影响家电出口;3)家电行业价格战加剧;4)地产表现低迷;5)原材料价格上涨风险等

理工酷提示:

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