招商證券-家電行業(yè)景氣跟蹤
研究報(bào)告內(nèi)容摘要:
【廠商出貨】煙機(jī)單6月YoY+2%;財(cái)年累計(jì)YoY-16%。據(jù)產(chǎn)業(yè)在線分品牌數(shù)據(jù):單6月,老板/美的/方太/華帝YoY+18.5%/+2.2%/+10.5%/-1.0%;1-6月累計(jì),老板/方太/美的/華帝YoY-8.7%/-7.2%/-7.7%/-15.1%。行業(yè)此前受到新冠肺炎疫情影響較大,但回暖明顯,內(nèi)銷同比止跌回升。
【線下零售】量價(jià)降幅收窄。線下銷量:2020年6月,抽油煙機(jī)行業(yè)線下零售量下滑8.3%,1-6月累計(jì)下滑27.9%。分品牌看:單6月,老板/美的/方太/華帝YoY-5.1%/+7.0%/-6.8%/-12.2%;1-6月累計(jì),老板/方太/美的/華帝YoY-27.6%/ -27.3%/-14.2%/-29.1%。價(jià)格維度:單6月,老板/美的/方太/華帝YoY-1.6%/-5.8%/+3.5%/-2.8%;1-6月累計(jì),老板/方太/美的/華帝YoY-2.6%/+0.9%/-3.7%/-6.0%。銷量市占率:1-6月累計(jì),老板/方太/美的/華帝銷量市占率18.9%/17.5%/11.6%/8.5%,較去年同期+0.1pct/+0.3pct/+1.8pct/-0pct。(線下零售數(shù)據(jù)為中怡康統(tǒng)計(jì)口徑)
【線上零售】6月銷量持續(xù)改善。2020年6月,抽油煙機(jī)行業(yè)線上零售量同比增長45.6%,1-6月累計(jì)增長25.7%。分品牌看:單6月,美的/老板/方太/華帝YoY+29.8%/+53.3%/+46.6%/+46.1%;1-6月累計(jì),美的/老板/方太/華帝YoY+41.7%/+18.3%/+26.6%/+4.7%。價(jià)格維度:單6月,美的/老板/方太/華帝YoY-2.2%/-15.4%/-13.4%/-8.4%;1-6月累計(jì),美的/老板/方太/華帝YoY-10.8% /-11.7%/-10.0%/-3.4%。華帝的價(jià)格同比下降幅度最低。銷量市占率:1-6月累計(jì),美的/老板/方太/華帝銷量市占率17.0%/7.8%/6.2%/3.9%,較去年同期+1.9pct/-0.5pct/+0.1pct/-0.8pct。(線上零售數(shù)據(jù)為奧維云網(wǎng)統(tǒng)計(jì)口徑)
【小結(jié)】1-6月廚電整體止跌回升,雖受疫情影響,但回暖明顯,龍頭表現(xiàn)亮眼。線下份額老板優(yōu)勢明顯,線上美的拔頭籌;年初至今美的憑借明顯的價(jià)格優(yōu)勢攫取了一定市場份額,后續(xù)可持續(xù)跟蹤其經(jīng)營策略。
風(fēng)險(xiǎn)提示:家電市場競爭加劇、肺炎疫情擴(kuò)散超預(yù)期、地產(chǎn)竣工不及預(yù)期