Industry online disclosed the production and sales data of the lampblack machine industry in February: the total output of the lampblack machine in that month was 493000, down 53.53% year-on-year; the total sales volume was 768800, down 23.93% year-on-year; the domestic sales volume was 462000, down 40.23% year-on-year; the export volume was 306100, up 28.74% year-on-year; At the company level, boss sold 62000 sets domestically, down 38.61% year on year, Fangtai sold 54000 sets domestically, down 26.03% year on year, Midea sold 56000 sets domestically, up 1.82% year on year, and vantage sold 41000 sets domestically, down 26.79% year on year.

The epidemic hit short-term production and sales, and the leading enterprises seized the share: in January February, affected by the domestic epidemic, the sales volume of lampblack machines fell nearly 20% year-on-year. On the one hand, due to the limited operation of residents and offline outlets, the industry's offline retail volume fell sharply. On the other hand, the kitchen and electric assembly of hardbound rooms basically stagnated during the epidemic.

Despite the pressure of the industry boom, the leading enterprises, based on the comprehensive advantages of strong channel stability, internal steady cash flow and diversified marketing strategies, have outstanding advantages in short-term risk resistance. From January to February, the domestic sales shares of the boss, Fangtai, Huadi and Meimei have increased year-on-year respectively From 1.05, 1.78, 0.92, 2.62 PCT to 17.19%, 15.15%, 9.31%, 12.35%, the optimization trend of industrial competition pattern is relatively certain.

Terminal demand is gradually picking up, and the second quarter's prosperity is flexible and predictable: with the effective control of the domestic epidemic, and driven by new marketing strategies such as online press conference and live delivery, the trend of terminal retail pick-up of lampblack is clear since March, and the data of Ovi cloud shows that the decline of offline retail volume in the past two weeks has gradually narrowed to almost the same level as the same period last year; The online channel has recovered more significantly, and the retail volume in recent two weeks has achieved a year-on-year positive growth of 4.86% and 20.34% respectively; and the supply of the project has been gradually restored, and the kitchen and electric enterprises are expected to recover steadily in the first quarter of the boom suppressed by the domestic epidemic; Further considering that the proportion of overseas business of kitchen power is very low, under the background of overseas epidemic fermentation, the definite advantage of operation improvement of kitchen power in the second quarter will continue to be highlighted.

Considering that the demand for the purchase of kitchen electricity brought by the completion and recovery of the early real estate will gradually release, and the project channel will resume stable supply after the resumption of the construction of the b-end customers, and the impact of the overseas epidemic on the kitchen electricity industry and leading enterprises with a very low proportion of export business is very small, the kitchen electricity boom in the second quarter will be very positive. Maintain the industry's "optimistic" rating, continue to recommend vantage shares with significant flexibility in operation improvement, steady improvement in profitability and outstanding valuation advantages, as well as the boss appliances with stable leading position, full benefit from the rise of Engineering channels and great favor of overseas long-term funds.