22M4受疫情影响，家电零售市场持平22㎡线下和线上总销售额分别下降22.72%和5.88%，1—4月线下和线上累计销售额分别下降19.75%和5.24%4月份，家电全品类线下和线上销售总额同比分别下降29.46%和12.30%，1—4月累计线下和线上销售同比分别下降29.34%和13.12%

大家:线上表现比线下好，冰柜和洗烘服同比都有增长22M4数据显示，空调/冰箱/洗衣机/彩电线下渠道零售额同比—24.55%/—13.40%/—28.07%/—25.55%，均价同比上涨+7.48%/+16.71%/+14.13%/+13.38%线上渠道零售额同比变化—1.7%/—0.66%/—9.81%/—11.33%，均价同比变化+6.69%/ —3.79%/ +5.58%/ —11.28%，其中线上渠道冷柜/洗烘一体机零售额同比增长43.47%/78%从市场份额来看，22M4美的/格力/海尔线下市场份额分别为25.78%/44.35%/15.07%，同比分别为—3.91 pt/+0.61 pt/+3.12 pt，美的/格力/海尔线占比分别为27.59%/31.31%/12.50%，去年同期为—8.06pct/+4.54pct/+1.15pct

厨电:新品类表现优于传统品类，老板洗碗机份额增加22M4数据显示，油烟机/燃气灶/集成灶/燃气热水器/洗碗机线下渠道零售额同比分别变化—30.42%/—26.01%/—15.39%/—34.93%/+7.12%，均价同比上涨7.18%/5.53%/7.86%/7.86%网上零售额分别变化—0.27%/+1.16%/+8.49%/—8.36%/+22.71%，均价分别变化+11.45%/+11.53%/+17.86%/+6.19%/+15.82%从市场份额来看，洗碗机品类和线下渠道西门子/老板/邰方的市场份额分别为42.61%/22.3%/16.86%，分别为—4.25 pt/+4.52 pt/+1.98 pt，在线美妆/西门子/海尔/老板的市场份额分别为23.8%/15.89%/13.23%/9.54%，分别为—0.59 pct/—10.36 pct/+4.6 pct/+5.2 pct

小家电:整体需求依然疲软，空气炸锅/电蒸锅销量同比大幅增长22M4电饭煲/破壁机/养生锅/料理机/扫地机器人线下渠道零售额同比分别变化—23.18%/—33.92%/—28.99%/—34.60%/+5.94%，均价同比变化+7.46%/—3.40%/+1.72%22㎡线上渠道零售额分别变化—16.71%/—8.18%/—30.66%/—13.1%/—24.72%，均价分别变化—5.66%/—0.68%/+4.92%/+12.79%/+39.0721M4空气炸锅/电蒸锅销量同比+377.94%/+48.18%市场份额方面，扫街车中，22㎡科沃斯/美的/石头线市场份额分别为81.16%/10.62%/4.18%，同比—1.58 pt/+7.30 pt/+3.86 pt，四通/科沃斯/小米/云鲸线占比分别为33.7%/30.11%/12.55%/11.04%，同比16.25 pct/—13.67 pct/+3.26 pct/—3.97 CT

投资建议:

受疫情影响，22M4家电零售市场表现平平，受多次疫情反复影响，线上零售表现普遍好于线下，其中传统家电整体表现较弱，冷柜，洗烘一体机，空气炸锅等品类表现较好建议:美的集团，海尔智家，老板电器，火星人，倚天智能，科沃斯，Roborock

风险警告

疫情对宏观经济的影响未能达到预期，海外疫情的二次影响可能影响家电出口，家电价格战愈演愈烈，房地产表现低迷，原材料价格上涨的风险。