It was very popular in the first quarter of this year.CaptainfantasticpinballmachineThe integrated cooker industry is not waiting for "spring".
According to Oviyun.com, in the first quarter of this year, the cumulative retail sales and volume of integrated stoves in China were 4.2 billion yuan and 450000 units respectively, down 11% from the same period last year.Captainfantasticpinballmachine.9%, 10Captainfantasticpinballmachine.5%. In the same period, online and offline retail sales of integrated dishwashers also declined year-on-year.Captainfantasticpinballmachine31.3%, 5.0%.
The integrated cooker market as a whole shows a downward trend, which is also reflected in the financial report data of a number of listed companies. In the first quarter of this year, the operating income and net profit of 300894.SZ, one of the leading enterprises in the integrated cooker industry, were 348 million yuan and 36.88 million yuan respectively, down 15.44% and 24.52% respectively from the same period last year. Revenue and net profit of Zhejiang 002677.SZ, another industry leader, also declined, with revenue of 273 million yuan and net profit of 77 million yuan, down 19.39% and 23.34% respectively. Revenue and net profit of 300911.SZ were 127 million yuan and 4.527 million yuan respectively, down 44.49% and 88.88% respectively from the same period last year.
A number of industry insiders said in an interview with China Business Daily that in the field of kitchen and electricity, the integrated cooker market belongs to a minority market, and without entering the mainstream market, as the market demand gap is filled, the market is becoming saturated. Regarding the related question, the reporter successively called, wrote to Yitian Intelligence and Zhejiang Meida, as of the press release has not given the relevant reply.
Collective decline in performance
Revenue and net profit are both declining, which is becoming a common dilemma for many integrated stove enterprises, including Martians, Zhejiang Meida and Yitian Intelligence.
In fact, the downward trend in the integrated cooker industry did not begin in the first quarter of this year. According to the financial report data of major enterprises in 2023, the integrated cooker industry has entered a downward channel since 2023. In 2023, revenue decline occurred in integrated stove enterprises such as Martians, Zhejiang Meida, Yitian Intelligence, Shuai Feng Electric Appliance (605336.SH) and so on. Among them, Shuaifeng Electric Appliance achieved revenue of 831 million yuan in 2023, down 12.23% from the same period last year, becoming the enterprise with the largest revenue decline among the four integrated cooker leaders.
In terms of net profit, except for the 2.68% increase in net profit of Zhejiang Meida in 2023, the net profits of Martians, Shuaifeng Electric Appliance and Yitian Intelligence all showed negative growth. Among them, Martians fell 21.39% from the same period last year, taking the lead in the decline of four integrated kitchen enterprises.
In the view of Liang Zhenpeng, a senior industry observer, it is not surprising that the integrated cooker industry has declined. "the integrated cooker market has reached the ceiling." Liang Zhenpeng told the reporter that after years of rapid development, the integrated stove failed to enter the mainstream market of kitchen electricity after satisfying the freshness of some consumers. at the same time, the cleaning, maintenance and disassembly of the integrated stove is much more difficult than the traditional range hood, and the maintenance cost is high, which is also the weakness and pain point of the integrated stove. "the development of the integrated stove market is bound to be slow in the future, and there may be a further decline."
Bo Wenxi, vice chairman of the China Enterprise Capital Alliance, told reporters that the collective decline in the performance of enterprises in the integrated cooker industry may be related to the degradation of consumption, the intensification of brand competition, the reduction of market demand and other factors. "consumers are more likely to buy lower-priced products, resulting in reduced demand for integrated stoves as high-end products. At the same time, affected by the overall economic environment and the decline in the real estate market, the purchasing power of consumers has declined, and the demand for kitchen decoration and upgrading is also decreasing. In addition, there are many brands in the market, the competition intensifies, especially the new competitors form the pressure on the traditional integrated stove enterprises. "
Owei cloud network analysis also believes that the integrated stove as a high-priced product, the overall price is much higher than the rigid demand for tobacco machine, stove two-piece set, persuaded some consumers. At the same time, some consumers will choose disinfection cabinet integrated stoves with relatively low prices, which weakens the premium capacity of products and slows down the upgrading speed of the industry structure.
Seek extension expansion
With the gradual decline of the integrated stove market, the industry began to enter a period of transition, integrated cooker enterprises have also embarked on the road of transformation.
The reporter noticed that at present, in addition to focusing on the original integrated stove track, a number of enterprises in the industry are laying out dishwashers, cabinets and even custom home business. Yitian Intelligence said that at present, the company's main products are integrated stoves, in addition to providing consumers with integrated sinks, integrated dishwashers, water purifiers, integrated cooking centers and other kitchen appliances.
"the integrated cooker industry that the company is in has broad development prospects, by constantly replacing traditional tobacco cooker products to enhance market share and industry influence, the current integrated cooker market competition is particularly fierce, the company is also sparing no effort to focus on the development of the main industry." Yitian Intelligence further said, "in addition to endogenous growth, epitaxial expansion is also a voice of the market, which can be regarded as a means to improve the performance and value of the company." The company will actively pay attention to the development trend of the industry and market demand, combined with the company's future business development strategy for product planning. "
In addition to the original integrated kitchen business, Zhejiang Meida is also expanding to cabinets and customized home furnishings. However, the reporter noted that in 2023, in Zhejiang Meida's business income, the proportion of integrated kitchen business reached 91.15%, while the proportion of cabinet business was only 2.12%.
Relevant data show that Zhejiang Meida's cabinet business is combined with integrated stove, integrated sink and other business. Full-house customization provides home customization solutions that integrate home design, custom installation and services, including wardrobes and shoe cabinets, which can meet the individual needs of different consumer groups.
Similar to Zhejiang Meida, Martians are also laying out new products. According to Martian 2023 results, water washing products accounted for 7.21% of total revenue in 2023, and revenue increased by 21.26% over the same period in 2022. In addition, Martian water washing products include integrated dishwashers, sink dishwashers and embedded dishwashers.
In addition to seeking transformation on the product side, better solving the channel problem is still the focus of integrated stove enterprises. A number of integrated kitchen enterprises have indicated that they will carry out deep ploughing of the channel. Martians said at the performance presentation meeting held a few days ago that the three-dimensional marketing system, which combines optimized online and offline channels, continues to vigorously develop KA channels (major customers), home improvement channels, sinking channels and other emerging channels, and continues to empower the brand and operational capabilities. "Channel resources are not only a place that soldiers must compete for, but also scarce resources. the company dares to taste fresh in the channel layout and gives priority to the layout. From the perspective of the contribution rate of sub-channels in 2023, the revenue contribution rate of emerging channels is further improving."
Welcome the opportunity of "exchanging the old for the new"
In the view of a number of industry insiders, in addition to making efforts at the product end and channel end, the integrated stove industry needs to pay attention to diversified development while seeking transformation.
According to the analysis of Aowei Cloud Network, at present, the entry threshold of the integrated cooker industry is low, the market brands and products are mixed, and consumers' satisfaction with products and orderly market competition have a certain impact. It is necessary to improve the technical standards and product standards of the integrated cooker industry and optimize the market environment. At the same time, relevant enterprises should also improve the quality-to-price ratio of their products to attract more "hesitant potential consumers".
In Liang Zhenpeng's view, integrated stove enterprises should implement diversified development strategy as soon as possible. "Integrated cooker is a minority category, and related enterprises need to constantly try to diversify if they want to develop rapidly." Liang Zhenpeng further said that kitchen and electricity enterprises such as Boss Electric Appliances, Fang Tai and Huadi are also seeking diversified development, and integrated cooker enterprises must take a diversified development route if they want to further increase sales.
Bo Wenxi told reporters that Zhejiang Meida previously launched integrated dishwashers, cabinets and even custom home and other business, exploration has a certain value. "diversified product lines can spread risks and reduce dependence on a single product line. As consumers' demand for overall kitchen solutions is increasing, integrated kitchen enterprises can provide one-stop services to better meet market demand."
In addition, the "trade-in" policy of household appliances issued all over the country is also expected to become a new development opportunity for integrated stove enterprises. The reporter noted that many provinces, including Jiangsu, Anhui and Zhejiang provinces, have launched "trade-in" action plans.
Among them, Jiangsu Province will carry out "trade-in" and green energy-saving household appliances to promote consumption, support various localities to carry out "trade-in" promotional activities, improve the sales and service network of home appliances, and support the establishment of "trade-in" special areas. to provide "one-stop" services such as price reduction, taking the old and sending the new, free installation, and so on.
Anhui Province also encourages all localities to issue consumption vouchers (consumption subsidies) and other ways to promote the "trade-in" of home appliances. Local finance buys green smart home appliances to individual consumers, and the subsidy standard of consumption vouchers (consumption subsidies) can be up to 10% of the sales price. Household integrated stoves are included in the category of household appliances participating in "trade-in" household appliances.
For "trade-in" policy opportunities, Zhejiang Meida, Shuaifeng Electrical Appliances and other integrated stove enterprises also pay close attention to and actively participate.
Zhejiang Meida said in its 2023 annual report that the company continued to respond to the proposal of the Ministry of Commerce to carry out the national "trade-in" campaign for household appliances, fully tapped the stock market of the company's old users, and carried out the normalization activity of "trade-in for new" in the country. "trade-in for new" for old users of integrated stoves, so that users can enjoy more fashionable, more technological and smarter Meida integrated cooker products. For tens of millions of families to achieve kitchen health quality upgrading, won the majority of old users praise and good reputation.
Shuaifeng Electric Appliance also said that the company will continue to promote "trade-in" activities to speed up the transformation of the old kitchen market. It is understood that in view of the difficult and long-cycle pain points of residential kitchens, Shuaifeng Electric Appliances recently launched "the kitchen will not be 'old', but Shuaifeng has a set of activities to transform the old kitchen. to provide users with" kitchen one-stop matching, function one in place, installation in one day "one-stop decoration solution.
Oviyun.com said that with the continuous implementation of the "trade-in" policy, the kitchen electricity market may usher in a "new trend", while the replacement cycle of integrated stoves will gradually come, and the superposition of the two will release a lot of demand for replacement. "Integrated stove enterprises should make early preparations, formulate new policies, market for new products, and jointly exchange for new channels, so as to strive for the landing of more replacement needs."
