Since 2023, the kitchen appliance market has shown a significant recovery trend.
According to Aowei data, the offline sales and sales of range hoods in June 2023 will increase by 10% and 7% year-on-year respectively; the offline sales and sales of dishwashers will increase by 27% and 20% year-on-year respectively; and sales increased by 24% and 25% year-on-year respectively. Under the favorable conditions of the industry, the development pace of Boss Electric, the "big brother" in the kitchen appliance industry, is more stable.
According to the financial report data, ROBAM achieved a double increase in revenue and profit in the first half of the year, and the overall financial situation is good. Based on this, as of the close of the second day of the financial report, the share price of Robam Electric increased to 26.7 yuan per share, a single-day increase of 2.24%, with a total market value of 25.34 billion yuan. Guosen Securities, China Post Securities, Zhongtai Securities and many other institutions have given buy or overweight ratings.
It is worth noting that changes in the market and policies in recent years have had a far-reaching impact on the kitchen appliance industry. Some companies are struggling in volatility and crises, but Robam has always been the leader in the industry. What kind of product advantages does it have? ? How will it empower business upgrades in the future?
Driven internally and externally, ROBAM’s performance continues to lead
Robam's new breakthrough in performance is the result of positive internal and external effects.
According to the financial report, in the first half of 2023, Robam achieved revenue of 4.935 billion yuan, a year-on-year increase of 11.04%; net profit was 830 million yuan, a year-on-year increase of 14.67%. First of all, from a macro perspective, such a "answer sheet" is a concrete manifestation of the upward trend of the industry.
Entering 2023, under the requirements of the "guaranteed delivery of buildings" policy, the completion of housing will continue to advance, and the demand side of the kitchen appliance market will recover. In the first half of the year, the completed area of commercial housing was 246.036 million square meters, an increase of 18.5% year-on-year. It is expected that 2023 will become a big year for the market.
Under the influence of the Matthew effect, Robam Electric, as the number one player in the industry, took the lead in enjoying the dividends in the release of demand. According to AVC monitoring data, in the overall kitchen appliance market in 2022, the five major brands of Fotile, Robam, Siemens, Bosch, and Midea will occupy nearly 90% of the market share. In terms of the layout of all-in-one ovens, dishwashers and other categories, it has won the first market share in seven items, ranking first in China's kitchen appliances. There are also relevant disclosures in the financial report: In the first half of this year, the retail sales and retail sales of Robam brand kitchen appliances accounted for 32.0% and 24.6% of the market, both ranking first in the industry. Therefore, many netizens jokingly said: "Nowadays, in the domestic kitchen appliance industry, there are basically only three types of enterprises left: Boss, Fangtai, and others."
Of course, external assistance is only one aspect. Robam Appliances can continue to lead the kitchen appliance market. One of the reasons lies in its multi-product matrix layout and continuous increase in marketing, and finally achieved ideal product sales results.
First of all, in terms of product layout, Robam Electric started from the field of range hoods. After the basic plate is stable, it continues to optimize the product structure and gradually expands the product line to gas stoves, disinfection cabinets, steam ovens and other products. At present, it has formed "three major categories + integrated categories" "The product matrix model.
The financial report shows that in the first half of 2023, Robam’s important products still maintained a good growth momentum. Range hoods achieved operating income of 2.325 billion yuan, accounting for 47.1% of operating income, a year-on-year increase of 12.09%; gas stoves achieved operating income of 1.183 billion yuan , accounting for 23.98% of operating income, a year-on-year increase of 11.9%. Although the emerging products dishwashers and integrated stoves have not yet reached the main echelon of operating income, the growth rate has been considerable, achieving operating income of 332 million yuan and 205 million yuan respectively, a year-on-year increase of 34.28% and 41.19%.
With the two major products of range hood and gas stove as the main force supporting performance, and then complying with market demand and being close to consumer preferences, enter the product field with more value-added space such as dishwasher and integrated stove to find the "second curve" of business. In this way Under the combination of multi-product lines pulling each other and the joint development of new and old categories, ROBAM ensures the sustainable growth of performance.
For products to achieve outstanding market performance, companies also need to continue to implement brand marketing strategies that meet market demand. In recent years, driven by both supply and demand, the high-end and younger trend of the kitchen appliance industry has become more and more obvious. In order to highlight the advantages of high-end brands and reach more young consumers, many kitchen appliance companies are using a variety of emerging Marketing means to break the circle.
For example, Robam joined hands with brand spokesperson Wang Yibo to enhance the influence of the dishwasher category among young people. According to statistics, the sales volume of e-commerce dishwashers on the day of the spokesperson’s official announcement increased by 4 times year-on-year. In the first half of 2023, more than 130,000 users chose Boss dishwashers.
On the whole, in the first half of this year, Robam Electric mainly focused on the product side and released its growth potential with the help of marketing methods. However, it is worth noting that the current kitchen appliance industry has entered the era of stocks. Data from Aoweiyun.com shows that the overall market size of kitchen appliances in my country has dropped from 186.3 billion yuan in 2018 to 158.6 billion yuan in 2022, and market competition has also intensified. . In this situation, if companies want to enhance their competitive advantage and consolidate their leading position in the high-end market, companies such as Robam Appliances will start from the needs of young consumer groups and inject more technological elements into their products, which will become an important trend in the future.
Now that the industry is upgrading, how does the boss build a "digital future"?
At present, kitchen appliance companies are no longer limited to providing the market with just-needed items that operate independently, but pay more attention to product intelligence, digital upgrades and even ecological construction. Why is there such a leapfrog development?
Policy support is a major driving force, which makes the development of the kitchen appliance industry continue to move closer to the general trend of digitalization. For example, the "Guiding Opinions on the Development of China's Household Appliance Industry during the 14th Five-Year Plan" proposes to accelerate the transformation and upgrading of digitalization, intelligence, and greenization, and continuously improve the global competitiveness, innovation and influence of the household appliance industry, so as to become a global leader by 2025. The leader of home appliance technology innovation.
However, for kitchen appliance companies, what is more important is that under the background of the stock market, the market is no longer satisfied with just-needed kitchen appliances with a single purpose, but prefers multi-functional, complete sets, and more beautiful kitchen appliances. Specifically, at this stage, the Generation Z group has gradually become the main force of household consumption, and they have higher requirements for the appearance, performance, and use efficiency of kitchen appliances, which also outlines a digital path for brand product iteration.
It can be seen that many efficient products with functions such as one-key cleaning, one-key cooking, and one-key wake-up have emerged in the market today. But this does not mean that companies that make smart single products will have a greater competitive advantage, because as the supply increases, the homogenization of smart single products may be inevitable. Under such circumstances, Ascend examines the development of the industry and pays attention to the construction of product ecology, so that enterprises can "lose" the burden of pure technology, capture changes in market demand in a timely manner, and then achieve a breakthrough.
Therefore, like Huawei and Xiaomi in the mobile phone industry, kitchen appliance companies are evolving towards operators integrating software and hardware around key words such as "product interaction", "smart brain" and "full link". Robam, the industry leader, is no exception. .
According to the financial report, in the first half of 2023, various products such as Robam Lingxi automatic smoke stove, Guangyan decontamination machine, digital kitchen appliance creator series, and high-performance integrated stove will be unveiled at AWE2023 China Home Appliances and Consumer Electronics Expo.
It is worth mentioning that almost all leading companies in the industry have realized the importance of creating a digital cooking ecology. For example, from the perspective of products, Haier’s Triwing Bird Smart Kitchen can provide smart storage, smart cooking, etc. for the whole cooking process. Solutions for the whole kitchen scene. So, what are the advantages of Robam Electric in the industry involution? In other words, what will Robam Electric do in the future to attract more consumers to pay attention to its digital evolution?
One is to promote "not biased" in multiple categories, and establish the competitiveness of enterprises in the field of digital kitchen appliances. The digital cooking ecology is also composed of individual smart products, so it can be said that a very complete ecology is inseparable from the "extreme" performance of the product. Judging from the financial report, although Robam Electric has many product categories, through continuous intensive cultivation, related products occupy a leading position in market segments, and these products are still being continuously optimized, and the combined strength formed is expected to empower the entire ecology.
The second is the value concept of seeking change, which is a great weapon for enterprises to win in future competition. As mentioned above, market demands are constantly changing, and the faster an enterprise responds, the more opportunities it can seize. From the perspective of ROBAM's digital upgrade path, its development is also inseparable from the word "creative change". In 2010, Robam started digital transformation by exploring intelligent manufacturing; in 2022, it will release the industry’s first digital kitchen appliance creator i1, which integrates hardware, software, content, service, and ecology; in the first half of 2023, it will release a new flagship for AI cooking Creator i7, Creator series open flame automatic cooking, user interaction, automation experience and other functions have been comprehensively improved. It can be seen that Robam Electric has a certain first-mover advantage, which also released a positive signal for its subsequent commercial application of digital cooking ecology.
The financial report mentioned that "2023 is the first year of the company's new three-year strategy." At the key node of transformation and leap forward. Although there are uncertainties in the development of the industry, ROBAM still maintains a leading position in the industry and is actively responding to the digital development trend of the industry. It is difficult for emerging companies to shake its leading position in the market in the short term. In the future, based on the development and reconstruction guided by the "new three-year strategy", perhaps we can look forward to the company's magnificent turn from an old kitchen appliance to a "digital boss".
Author: Yu Yan
Source: Songuo Finance