理工酷

2022年05月16日发布

22M4受疫情影响，家电零售市场表现平淡。22M4线下、线上合计销额分别同比下降22.72%，下降5.88%，1-4月线下、线上累计分别同比下降19.75%、下降5.24%。4月家电全品类线下、线上合计销量分别同比下滑29.46%、下降12.30%，1-4月线下、线上累计同比分别下降29.34%、下降13.12%。

大家电：线上表现优于线下，冰柜和洗干套装同比增长。22M4数据显示，空调/冰箱/洗衣机/彩电线下渠道零售额分别同比-24.55%/-13.40%/-28.07%/-25.55%，均价分别同比上涨+7.48%/+16.71%/+14.13%/+13.38%；线上渠道零售额分别同比变化-1.7%/-0.66%/-9.81%/-11.33%,均价分别同比变化+6.69%/-3.79%/+5.58%/-11.28%，其中线上渠道冰柜/洗干套装零售额分别同比增长43.47%/79.89%，线下渠道冰柜/零售额同比+40.85%。从市占率角度来看，空调品类，22M4美的/格力/海尔线下市占分别为25.78%/44.35%/15.07%，同比-3.91pct/+0.61pct/+3.12pct；美的/格力/海尔线上市占分别为27.59%/31.31%/12.50%，同比-8.06pct/+4.54pct/+1.15pct。

厨电：新品类表现好于传统品类，老板洗碗机份额提升。22M4数据显示，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-30.42%/-26.01%/-15.39%/-34.93%/+7.12%，均价分别同比上涨7.18%/5.53%/7.86%/0.06%/9.10%；线上渠道零售额分别同比变化-0.27%/+1.16%/+8.49%/-8.36%/+22.71%，均价分别同比变化+11.45%/+11.53%/+17.86%/+6.19%/+15.82%。从市占率来看，洗碗机品类，线下渠道西门子/老板/方太市占率分别为42.61%/22.3%/16.86%，分别同比-4.25pct/+4.52pct/+1.98pct；线上渠道美的/西门子/海尔/老板市占率分别为23.8%/15.89%/13.23%/9.54%，分别同比-0.59pct/-10.36pct/+4.6pct/+5.2pct。

小家电：整体需求仍较为疲软，空气炸锅/电蒸锅销额同比高增。22M4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-23.18%/-33.92%/-28.99%/-34.60%/+5.94%，均价分别同比变化+7.46%/-3.40%/+1.72%/+0.40%/+83.12%；22M4线上渠道零售额分别同比变化-16.71%/-8.18%/-30.66%/-13.1%/-24.72%，均价分别同比变化-5.66%/-0.68%/+4.92%/+12.79%/+39.07%。21M4空气炸锅/电蒸锅销额同比+377.94%/+48.18%。市占率方面，扫地机品类中，22M4科沃斯/美的/石头线下市占分别为81.16%/10.62%/4.18%，同比-1.58pct/+7.30pct/+3.86pct;石头/科沃斯/小米/云鲸线上市占分别为33.7%/30.11%/12.55%/11.04%，同比16.25pct/-13.67pct/+3.26pct/-3.97ct。

投资建议：

受疫情影响，22M4家电零售市场表现平淡，受多地疫情反复影响，线上零售表现总体优于线下，其中传统家电整体表现偏弱，冰柜、洗干套装、空气炸锅等品类表现较好。建议关注：美的集团、海尔智家、老板电器、火星人、亿田智能、科沃斯、石头科技。

风险提示

疫情影响宏观经济未能达到预期；海外疫情二次冲击或将影响家电出口；家电行业价格战加剧；地产表现低迷；原材料价格上涨风险。