The current housing structure in the mainland is still dominated by small houses, which makes many people have a headache about the use of space, especially in the kitchen, and the placement of various household appliances occupies a lot of space.
Therefore, integration has become the development idea of kitchen appliances, and on this basis, the integrated stove was born.
From 2015 to 2021, the market size of integrated cookers soared from 3.6 billion yuan to 25.6 billion yuan, and the retail volume of integrated cookers also increased from 690,000 to 3.21 million units, with a compound annual growth rate of 29.2%, ranking first among all categories in the kitchen appliance industry for many times.
After the last round of outbreak, how big is the market space for integrated stoves?
As of 2023, the market penetration rate of integrated stoves is only 13.3%, and assuming that the share of traditional range hoods can be equal to that of traditional range hoods in the future, then there is at least more than 30% room for penetration growth.
At present, there are more than 2.1 billion household appliances in mainland China, and about 100 million to 120 million waste household appliances are eliminated every year.
Especially this year, there is a "trade-in" plan in China, at present, Shanghai, Shanxi, Guangdong, Yunnan provinces have successively released subsidy plans, such as Jingdong, Suning, these platforms have also launched a greater subsidy activities, the future of integrated stove consumer demand will be greatly stimulated.
With the continuous improvement of the consumption capacity of third- and fourth-tier cities, the future market layout of the integrated stove brand will focus on the two major directions of old house renovation and sinking market, and at the same time use the B-end market such as fine decoration and engineering projects to assist.
What is the current market sentiment of integrated cookers, and what are the changes in the competitive landscape?
In 2023, affected by the continued sluggish demand in the real estate market, the cumulative retail sales of the integrated cooker market will be 24.9 billion yuan, down 4.0% year-on-year, and the cumulative retail volume will be 2.78 million units, down 4.2% year-on-year.
At the same time, due to the participation of comprehensive home appliance companies such as Midea, Haier, Supor, and Joyoung, the "involution" of integrated stove manufacturers is very fierce in the stock market.
The first is the volume price, the average retail price of the integrated stove will drop to 8957 yuan in 2023, and the price war has promoted the clearing of small factories, which has further increased the concentration of the integrated stove market, with the top five brands accounting for 80.6%, an increase of 7.6% over the same period last year.
As the price war intensified, several leading companies such as Yitian and Shuai Feng jointly proposed a price strategy to avoid further "blood loss".
The second is volume performance, which is mainly divided into the degree of integration, exhaust air volume, and firepower.
In terms of integration, the current market mainly focuses on the integrated stove of disinfection cabinets, integrated stoves for steaming and baking, and the growth rate of independent integrated stoves for steaming and baking is also fast.
With its online market positioning of about 4,000 yuan and offline about 7,000 yuan, the integrated stove of the disinfection cabinet has a price competitive advantage, and it is also more in line with the needs of the rapid penetration of the sinking market, and the sales volume share reached 32% as of March this year.
As of March this year, the integrated steaming and baking integrated cooker has gained a 56% share of retail volume, and the retail share of the independent integrated cooker has grown rapidly by virtue of its cooking flexibility, reaching 16%, up 3% year-on-year.
At present, such as Vantage PY55Z, Shuai Feng TJ3-8B-900,000 and GZK5 have become the mainstream products of independent integrated cooking stoves, and the NEXT series of Martian has integrated "small household appliance function" to meet the more diverse cooking needs of consumers.
In terms of exhaust air volume, 18m³/min products are the main type of sales in the current market, with online and offline retail volumes accounting for 33.6% and 41.9% respectively, but with the trend of "maximization" of air volume, Wanhe and other enterprises have laid out 20m³/min products.
In terms of firepower, the fire value of 5.0kW of mainstream integrated stoves is close to the maximum critical fire value of 5.2kw of household gas stoves, and the market share has reached 45.6%, and the proportion of 5.2kW products has also reached 25%, and the growth rate is fast.
The third is the volume channel, which can be roughly divided into two sales channels: online and offline.
In 2023, Martian, Yitian Intelligence and Senge will occupy the top three in online channel sales, of which the market share of Martian and Yitian Intelligence will reach 26.91% and 15.62% respectively.
In 2023, Robam Appliances will have the largest market share of offline sales, reaching 29.76%, and in addition, Martians will also account for 18.7%.
At present, the Martian will continue to reduce the profit margin for market share of the marketing method, in April this year, the full launch of the "old for new 100 million yuan subsidy special action", the company will allocate 100 million yuan of funds, consumers can directly enjoy 500-2000 yuan reduction on the basis of the original price, in order to drive up sales.
Different from the online model of pursuing cost performance, Robam Appliances uses offline stores to develop high-end routes, and its direct sales revenue will increase by 8.5% year-on-year to 5.86 billion in 2023, and the average price of two of the top three models in sales will exceed 12,000, so as to use high unit prices to improve profit margins.
From the price point of view, the integrated stove of the head enterprise is basically more than 10,000 yuan, and there is little room for the average market price to fall, and the integrated stove may not be the most preferred for price-sensitive consumers, so it is a more feasible plan to grasp the high-end consumers.
In addition to the competition for the stock market of integrated cookers, leading enterprises have also poured into the new track of integrated cooking centers.
Compared with the integrated stove, the integrated cooking center is more flexible due to the modular design, and the subsequent replacement or maintenance will be more convenient.
In 2023, the retail sales of the online market of the integrated cooking center - stove steaming and baking part of the market will increase by 286.4% year-on-year, and the offline market will increase by 87.8% year-on-year, achieving growth icebreaking.
What are the investment opportunities for specific companies?
Speaking of Vantage, in the case of the decline in the collective performance of integrated stove enterprises, Vantage shares will achieve double growth in revenue and profit in 2023, and the net profit attributable to the parent company will increase by 212%.
The significant increase in net profit attributable to the parent company was mainly due to the low base caused by the large impairment provision in 22 years and the improvement of the company's revenue.
In terms of channels, the company's offline channels achieved operating income of 2.834 billion yuan in 23 years, a year-on-year increase of +10.9%, and online channels achieved operating income of 2.19 billion yuan, a year-on-year increase of +23%, achieving double-digit growth both online and offline, significantly outperforming the industry.
In terms of categories, in 2023, the volume and price of the company's traditional categories of smoke machines and stoves will rise, with revenue increasing by 21% and 6% year-on-year respectively, which will play a greater role in increasing total revenue; integrated stoves and dishwashers in new categories will increase by 23% and 17% year-on-year, with rapid growth; and integrated cooking centers will achieve revenue of 40 million yuan, creating a new performance growth curve.
At the same time, the company's product iteration has been accelerated, the structure has also been optimized, and in 23 years, it has launched new products such as Vantage integrated cooking center, steaming and baking machine, Vantage torch stove, Vantage quick-draw ultra-thin smoke machine E6090HS, integrated stove PY55, and Juneng dishwasher B7 to support channel sales.
In terms of indicators, the company's net profit margin attributable to the parent company will increase significantly in 2023, increasing by 4.7%, mainly due to the increase in the average price of products and the increase in channel revenue, which will drive the gross profit margin to increase by 2.66%, and the credit impairment loss will be -52% year-on-year, fully releasing the impairment risk and increasing the net profit margin by 2.8%.
From a shareholder perspective, the company's dividend ratio is also quite impressive, reaching 56% in 2023.
To sum up, the current integrated stove market stock game will continue, but with the implementation of the trade-in policy, new incremental demand will be released, and the concentration of head enterprises will further rise. In addition, the integrated cooking center is expected to become a new performance growth curve, in addition to the old leading Fotile, Vantage is also extraordinary.
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