According to customs data, the cumulative export sales volume of small electric heaters, electric appliances, and vacuum cleaners was +21%/+25% year-on-year, respectively, and sales increased +25%/+41%/+37% year-on-year respectively; driven by factors such as steady improvement in overseas demand and pre-order replenishment due to expected changes in freight and tariffs, the export boom was excellent.
Domestic sales of all small home appliance brands showed an inflection point in the first quarter. In Q1, Midea's traditional e-commerce sales were +13%/-2%/+0%/+3%/+2%, respectively. Among them, Midea's small home appliances were in the improvement phase, leading the growth rate. It began an adjustment period of more than a year since 2022, and re-entered the upward channel in the second half of last year.
The order performance of leading foundry companies was even more prominent. The schedule for some orders is expected to reach the end of Q2. Mainly due to the advantages of leading companies in terms of production capacity, delivery level, and cost, their share continues to increase.
Guolian Securities released a research report saying that in Q1, the traditional e-commerce channel boom for small kitchen appliances improved, driving the domestic sales business of small household appliances companies to improve, and the performance exceeded pessimistic market expectations.
On the export side, the pre-effect of overseas orders has driven the export sales business to achieve excellent growth, and leading players have increased their share, and order performance is even better. The current order schedule further guarantees Q2 business performance.
Domestic sales have clearly been repaired month-on-month, and the export OEM business has grown rapidly. The results of small kitchen appliances companies in the first quarter are guaranteed, and the inflection point in operation is worth paying attention to.
Home appliances-related companies:
JS Global Life (01691.HK), TCL Electronics (01070), Hisense Home Appliances (00921), Haier Smart Home (06690), Xiaomi Group-W (01810)