Founder Securities released a report saying that domestic sweepers benefited from the national subsidy, with both volume and price rising in February, and online sales growing rapidly. The price band of 3000-4900 yuan is highly competitive and consumer price sensitive; The price of more than 5,000 yuan has its own brands, and the solution of pain points and extreme performance have become the considerations of consumers. We are optimistic about the continuous penetration of the sweeper category for a long time, and the competitive advantage of Chinese sweeper brands in the world, and are optimistic that Chinese brands will continue to increase their global share through the layout of all price bands, and recommend Roborock (688169.SH), Ecovacs (603486) (603486.SH), and Anker Innovations (300866) (300866.SZ).

The main views of Founder Securities are as follows:

The average price of Meiya sweepers rebounded in February, the proportion of high-end price band products increased year-on-year, and the proportion of sales/sales of EUFY, Stone and Dreame in the TOP100SKU increased more year-on-year.

In terms of price bands, the high-end price band of Meiya sweepers is dominated by stones, and the proportion of EUFY and Dreame has increased significantly; The mid-range price band is dominated by Shark and iRobot, and the proportion of eufy and stone increases; The economic products are mainly iRobot and eufy, and the proportion of eufy has increased significantly, and the proportion of national brands has increased significantly. In terms of brands, in February, the price band of stone products sank, covering the high, medium and low price bands, Yeedi covering the mid-range price band, Ecovacs and Dreame covering the high-end price band, Shark products mainly in the mid-range and counterattacking the high-end price band, iRobot and eufy products were mainly economic products, but eufy was increasing the proportion of high-end products, and iRobot was passively increasing the proportion of low-end products due to the impact of Chinese brands in the high-end and mid-range price bands.

In February, the sales volume and sales proportion of high-end products of Deya sweeper increased significantly, and the overall average price increased year-on-year. The total sales/sales value of the five brands of Dreame, Ecovacs, EUFY and Xiaomi accounted for 63.42/84.33%.

In terms of price brought, the high-end product brands of Deya sweepers are mainly stone and Dreame, and for 25 years, the competition in the high-end price band of Deya has been fierce, and Dreame and Ecovacs have attacked to seize the share of stones; In the past 25 years in the mid-to-high-end price band, the share of Ecovacs and stone has declined, and Dreame has continued to regain its share, but stone still dominates; The share of stone in the mid-range product brand has maintained a high position but has declined, and Ecovacs, Dreame and EUFY compete fiercely for each other's share; The concentration of economic products is low, and the share of stone in economic products is still prominent, but it has declined.

In terms of brands, Roborock has a full-price layout, and the proportion of economy has increased significantly; Ecovacs mainly focuses on mid-range and high-end products, and the proportion of high-end products has increased; Dreame has a full-price layout, and the proportion of high-end has increased significantly; iRobot and eufy are mainly mid-range and economical products, and the proportion of iRobot economic products and eufy mid-range products has increased; Xiaomi is dominated by economical products. The national brand is basically carrying out the layout of the whole price band, the stone is sinking the price band, Ecovacs and Dreame are rebounding, the EUFY price band is rising, and Xiaomi is taking root in economic products.

Risk warning: overseas demand does not meet expectations, competition intensifies, exchange rate risk, tariff risk, etc.