The Zhitong Finance App learned that Tianfeng Securities published a research report saying that in the kitchen and bathroom appliance category, the kitchen and bathroom market showed a strong recovery trend this year. Consumption potential at major promotion points such as 618 and Double 11 has been released even more rapidly, and the upward structural trend is obvious. In the white electricity+black electricity category, offline performance is superior to online channels, and the empty ice washing market has maintained steady growth in size. In the category of small household appliances, soy milk machines “bucked the trend and became popular,” and the purchasing categories were rational. Environmental appliances category. Overall, clean appliances have achieved positive growth, and the purifier market is gradually picking up.

The bank believes that the main focus of future home appliance industry opportunities is: 1) investment opportunities with low valuations and high dividends under the steady performance of Baidian; 2) investment opportunities for independent brands or OEM marginal improvements in the export chain (OPE&DIY industry); 3) opportunities to repair demand for domestic optional products such as sweepers, projectors, etc. (CoVos (603486.SH), Jimi Technology (688696.SH), Pixuan (), etc.); 4) Investment opportunities for industrial technology iterations, such as the penetration of mini LEDs in TVs, may be further advanced 688793.SH Increase (Zhaochi shares (002429.SZ), Jufei Optoelectronics (300303.SZ), Xinruida (002983.SZ), etc.).

Tianfeng Securities's main views are as follows:

Category side: The consumption potential of kitchen and bathroom appliances is unleashed, and the overall pressure on small household appliances is under pressure

In the kitchen and bathroom appliance category, the kitchen and bathroom market has shown a strong recovery trend this year. Consumption potential at major promotion points such as 618 and Double 11 has been released even more rapidly, and the positive structural trend is obvious. Looking at each channel, online channels, with the exception of integrated stoves, achieved double-digit sales growth in all categories; among them, kitchen appliance packages led the way with a 40% growth rate. Sales in offline channels, dishwashers and integrated stoves increased by +47%/+44% year-on-year respectively, with impressive performance.

In the white electricity+black electricity category, offline performance is superior to online channels, and the empty ice washing market has maintained steady growth in size. Looking at each channel, the online channel, the laundry and drying kit category achieved double year-on-year growth, and the package combination became an important online growth engine; in offline channels, the ice washing category outperformed the market in growth rate.

In the category of small household appliances, soy milk machines “bucked the trend and became popular,” and the purchasing categories were rational. Looking at each channel, online channels achieved positive year-on-year growth in the soy milk machine category; offline channels, health pots, electric pressure cookers, rice cookers, and soy milk machines achieved positive year-on-year growth. By category, the performance of electric steamers, rice cookers, electric pans, and soy milk machines was clearly superior to the market, with relatively core categories being the main ones.

Environmental appliances category. Overall, clean appliances have achieved positive growth, and the purifier market is gradually picking up. Looking at each channel, the year-on-year growth in online channels, drink-cleaner robots, and electric fans was significantly higher than the market for environmental appliances; for offline channels, the year-on-year growth rate for drink purifiers and sweeper robots was significant. By category, the categories of vacuum cleaners, ironing machines, electric heaters, and electric irons were clearly under pressure, and sales through both online and offline channels declined year-on-year.

Brand side: Hisense Home Appliances performed brilliantly, and Stone/Pursuit Dual Line achieved significant growth

In the white power category, the growth rate of the Mie/Haier/Hisense Home Appliances/Gree air conditioning category was clearly superior to the market. Hisense home appliances achieved significant growth in the dual channel channels of empty ice washing; in the kitchen appliances category, Vantage's sales in the dual-line channels of range hoods, dishwashers, and integrated stoves rose year over year, and Yida integrated stoves outperformed the market; in the small household appliances category, Jiuyang performed well in the three categories listed, and sales increased year on year; in the clean appliances category, Stone, and Chase channels all achieved a year-on-year increase in sales; Significant increase.