In 2017, the growth of online home appliance market was sluggish and the offline market was also sluggish. However, with the healthy consumer upgrade, the sales volume of online foodservice machines surpassed 50% YoY and the offline retail sales increased 90% YoY, Overall, the traditional small appliances such as Soymilk, juicer continue to decline.At the same time, driven by the escalating consumption trend, the market share of quality and refined small appliances has rapidly risen.
The agency estimates that the performance of listed small household appliances is expected to grow steadily as domestic consumption escalates.
Data show that in 2017 stimulated by the concept of a healthy diet, the sales volume of the cooking machine market increased significantly. The online retail sales amounted to MOP34.4 billion, up 55% over the same period of last year. The offline retail sales amounted to MOP8.41 billion, representing an increase of 90% over the same period of last year. On retail sales of 5.79 billion yuan, up 21%, offline retail sales of 9.51 billion yuan, down 6.9%; electric pressure cooker online share of 2.91 billion yuan, an increase of 44%, offline share of 4.61 billion yuan , Also fell by 1.2% year on year.
In terms of average price, the average price of small home appliances online market declined, the price war was obvious, while the overall average online market price increased somewhat, and the products gradually went to quality. The average price of online rice cookers dropped 3 percentage points, and the electric pressure cooker dropped 1.4 A percentage point, juicer down 17.5 percentage points; while the line, rice cooker average price has increased by 13.8 percentage points, electric pressure cooker increased by 15.5 percentage points, juicer also increased by 5.1 percentage points.
Meanwhile, Midea Group (000333), Supor (002032) and Joyoung shares (002242) led the three major home appliance brands continue to show the situation of tripartite confrontation, brand concentration has also been further enhanced.Ov the cloud network data show that online and offline Under the market, the United States with 28.4%, respectively, 41.2% of the retail share in a leading position; Supor 20.4%, 28.3% ranked second; Joyoung 18.2%, 22.2% ranked third.
Haitong Securities said the United States outside the air-conditioning ice-washing, accounting for more than 50% of small home appliances business, an increase of about 30%, with reference to comparable companies, Haitong Securities believes that the traditional beauty of the United States should be a reasonable valuation of 18 times PE (corresponding to 2018 ), Overlay KUKA robotics business, the overall valuation of the United States is expected to reach 20 times the PE (corresponding to 2018). Haitong Securities said the cost of the Group in 2018 is expected to eliminate the burden of high performance growth stronger certainty, there is room for future valuation increases.
Fortune Securities said the pattern of small household electrical appliances in 2016 is the United States, Supor and Nine Yang Fortune Securities said Supor (002,032) small household appliances business grew rapidly, small appliances annual growth rate are basically 15% to 20% between.
Minsheng Securities Third Quarter of last year Joyoung shares (002,242) after the release of earnings, said Joyoung shares (002242) is still in the digestive disc period: First, the disorderly development of the channel under the rapid growth of the previous adjustment; the second is the milk Other categories under the high-speed growth is not enough to make up for; third is the strategic adjustment of consumer upgrades, etc .. Minsheng Securities is expected Jiou shares (002,242) after the adjustment, 2018, the company will move towards recovery growth.