Zhitong Finance APP learned that Huaxi Securities released a research report saying that as a growing category, cleaning appliances are expected to continue to be highly prosperous in domestic sales driven by national subsidies. The new sweeping robots with mechanical arms launched by Roborock and Dreame have enabled sweepers to move from two-dimensional cleaning to three-dimensional space management, further opening up imagination space for the evolution of sweeping machine forms and increasing the ceiling of penetration rate.
The potential of domestic sweeping machine brands in the overseas market continues to increase, and we are optimistic about domestic brands going overseas to seize market share. It is recommended to pay attention to the leading sweeping robot companies Roborock Technology (688169.SH) and Ecovacs (603486.SH).
The main views of Huaxi Securities are as follows:
Sweeping machine: Driven by national subsidies, the volume and price continue to rise, and the share of Roborock has rebounded significantly month-on-month
Driven by national subsidies, the high growth trend of 24Q4 continued, and both online and offline channels achieved significant growth. The subsidy intensity of sweeping robot categories is between 10-20%, which is more beneficial to mid-to-high-end models, and the overall market size shows a situation of rising volume and price. The price segment is divided into 3k-4k, which is the most mainstream price. Consumers pursue quality-price ratio. The high-end demand above 5k is strong, and the low-end price below 2500 continues to shrink. Ecovacs still ranks first, and P20 PRO drives the Stone share to rebound significantly from December 24.
Floor scrubber: high prosperity continues, and the decline in online average price narrows
Duo oligopoly, CR5 has increased. Driven by national subsidies, the high prosperity is maintained, and the growth rate of online sales is still faster than that of sales, but the year-on-year decline in online floor scrubber prices has narrowed to single digits, and the offline average price has turned positive year-on-year. Tineco is still the leader, and the shares of Dreame, Stone, Xiaomi, and UWANT have all increased significantly year-on-year. The increase in Stone’s share is mainly driven by A30PRO. A30 PRO features ultra-thin flat bed, 20000pa top-end suction, AI omnidirectional assistance, and a price of 2399 yuan (excluding national subsidies). It has a higher configuration in the same price range. As of 25M2, this model has a 5% share of online retail sales in the industry, second only to Fuwan STRETCHPLUS (10%).
Risk Warning
Risks of lower-than-expected demand, overseas tariffs and exchange rates, and sharp increases in raw material prices.