2022M1個護家具阿里電商跟蹤報告

1、目錄個護行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤軟體行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤文具行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤潮玩行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤風(fēng)險提示31.個護行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤41.1個護行業(yè)大盤情況2022年M1個護表現(xiàn)受高基數(shù)影 響表現(xiàn)偏弱，2022M2起進入低 基數(shù)期，我們預(yù)計個護大盤增速 將有修復(fù)；2022M1紙巾/濕巾、成人尿褲護理、衛(wèi)生巾/私處 護理銷售額降幅擴大，紙尿褲護 理銷售額降幅縮窄。分品類來看，阿里平臺紙巾/濕 巾 銷 售 額 2022M1 同 比 下 降 15.0%；衛(wèi)生巾/ 私處護理 銷售 額2022M1同比下滑22.3%；紙 尿褲銷售額2022

2、M1 同比下降22.2%，環(huán)比下降2.0%；成人尿 褲護理銷售額2022M1同比下滑30.9%。紙尿褲成人尿褲護理個護大盤銷售額同比增速紙巾/濕巾衛(wèi)生巾/私處護理 33.8%67.9%34.8%44.4%13.6%66.9%10.7%7.4%6.6%20.2%22.4%19.0%15.2%28.3%31.9%29.4%14.1%12.9%23.2%20.8%20.5%17.0%22.6%21.0%-11.4%5.5%8.7%6.2%29.8%50.4%52.8%34.0%2020M62020M72020M82020M92020M102020M112020M122021M12021M22021M

3、32021M42021M52021M62021M72021M82021M92021M102021M11-37.5%-14.4%-20.5%-20.4%-5.7%-18.0%-15.2%-27.8%-30.4%-13.9%-30.4%-10.1%-11.5%-19.7%13.4%-21.2%-5.2%-15.1%-12.4%-4.9%-41.1%5.9%-11.0%0.3%5.8%0.9%3.3%-16.9%-18.0%-20.1%-29.5%4.2%-15.1%-11.5%-14.1%-15.1%-19.7%-28.6%-36.2%-31.5%2021M12-9.3%-13.6%-23.9%-

4、14.7%2022M1-15.0%-22.3%-22.2%-30.9%數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所51.2紙巾/濕巾：潔柔增長穩(wěn)健，CR4市占率持續(xù)提升2022M1手帕紙、棉柔巾/ 洗臉巾降幅縮小，細分品類 看，高端細分中保濕紙巾增 速較快，廚房紙巾、濕廁紙 同比增速為正。2022M1紙巾/濕巾品類阿里 平臺銷售額同比-15.0%，環(huán) 比-22.4%。細分品類來看， 2022M1傳統(tǒng)品類抽紙、卷筒 紙銷售額同比分別下降14.1% 、14.8%，環(huán)比分別-22.2%、-26.4%；高端細分品類廚房紙 巾、濕廁紙2022M1銷售額同 比增速5.9%、4.9%，環(huán)比分 別+56.2%、-7.2%

5、。2021M152.9%20.3%9.2%2.8%5.0%1.9%1.2%1.5%1.9%2.0%2021M253.6%19.9%6.5%4.2%5.7%3.2%1.3%1.3%2.1%1.3%2021M354.2%22.1%5.3%3.7%5.5%1.8%0.6%1.3%2.9%1.7%2021M452.7%21.3%5.9%5.0%4.7%2.9%0.5%1.2%2.9%1.7%2021M554.5%22.3%6.0%3.3%4.9%2.0%0.6%1.2%2.7%1.3%2021M653.1%22.0%5.4%2.4%6.2%1.8%0.4%1.1%3.9%2.7%2021M753.1%

6、20.3%6.9%3.7%5.0%2.2%0.8%1.5%3.7%1.3%2021M852.8%19.9%7.4%3.5%6.1%2.3%0.7%1.3%3.4%1.4%2021M955.8%19.7%5.8%3.5%5.7%1.8%0.7%1.2%3.3%1.4%2021M1055.7%20.6%5.6%3.4%5.1%1.8%0.5%0.9%1.5%4.2%2021M1151.5%22.6%4.1%2.0%8.4%1.9%0.3%1.0%2.6%5.1%2021M1253.3%21.5%6.6%2.6%4.7%2.1%0.6%1.2%2.0%3.8%2021M1-1253.3%21.3%5

7、.9%3.1%5.9%2.1%0.6%1.2%2.8%2.7%2022M153.4%20.4%6.6%2.4%5.0%2.4%1.2%1.5%2.4%3.9%抽紙卷筒紙濕巾手帕紙棉柔巾/廚房紙巾 家用防油 平板衛(wèi)生 濕廁紙 洗臉巾貼紙紙保濕紙巾2022M1紙巾/濕巾品類銷售額同比增速抽紙卷筒紙濕巾手帕紙棉柔巾/洗臉巾廚房紙巾家用防油 平板衛(wèi)生貼紙紙濕廁紙保濕紙巾204.9%114.5%495.3%100.9%82.4%97.2%41.6%-27.5%5.4%587.6%2021M62021M72021M82021M92021M102021M112021M12-11.9%-22.5%-21.2%

8、-31.9%-33.9%-17.5%-6.7%-15.8%-30.7%-24.8%-34.6%-37.2%-19.9%-7.7%11.6%18.6%12.6%-18.7%-23.3%-29.4%-16.7%6.4%4.9%12.3%-18.5%-18.0%-28.3%-26.7%14.5%20.3%-4.6%-3.2%-12.0%-5.8%-40.4%-6.4%-39.9%17.2%-24.4%-32.2%-6.3%-8.6%-48.1%-43.0%-38.8%-44.6%-58.1%-49.8%-30.7%-27.6%-24.5%-24.7%-29.6%-49.3%-29.7%-5.3%-2

9、4.0%63.6%2022M1-14.1%-14.8%-39.4%-27.9%-15.1%5.9%-18.1%-13.4%2020M12-2022M1紙巾/濕巾細分品類銷售額占比4.9%62.4%數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所61.2紙巾/濕巾：維達、潔柔增長穩(wěn)健，CR4市占率持續(xù)提升頭部品牌分化明顯，潔柔在大盤下行階段維持正增長。維達(含tempo）2022M1銷售額增速強勢，超15%；心相印銷售額同 比降幅持續(xù)較大。維達（含tempo）、潔柔、清風(fēng)、心相印2022M1銷售額同比分別+15.1%、+4.3%、-12.4%、-17.0%； 2022M1市場銷售額占比分別為20.75%（同比+

10、5.4pp）、13.31%（同比+2.5pp）、7.88%（同比+0.2pp）、9.48%（同比-0.2pp） 。紙巾/濕巾主要品牌銷售額同比增速紙巾/濕巾主要品牌銷售額占比情況15.33%20.75%19.48%22.47%10.86%13.31%10.29%13.40%7.65%7.88%9.96%8.81%9.72%9.48%9.38%9.41%43.6%51.4%49.1%54.1%120%100%80%60%40%20%0%2021M12022M12020M1-122021M1-12CR4心相印清風(fēng)潔柔維達國際65.4%60.4%-23.8%20%0%-20%22.8%-17.8%-

11、24.5%-23.7%11.7%-7.9%-10.4%-26.8%15.6%-15.0%-27.1%8.1%-5.4%-14.3%12.7%7.1%5.6%-22.7%6.5%-10.2%-31.2%24.0%2.6%-13.1%8.7%-15.8%-24.7%8.1%-19.7%-31.4%8.2%4.5%-7.7%24.2%5.0%-13.7%15.1%4.3%-12.4%-17.0%-40%-39.1%-45.3%-18.2%-44.1%-33.9%-15.5%-40.2%-39.7%-16.8%40%60%80%-60%2021M12021M22021M32021M42021M5202

12、1M62021M72021M82021M92021M102021M112021M122022M1維達（含tempo）潔柔清風(fēng)心相印數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所762.5%15.5%9.7%5.5% 0.1%3.0%衛(wèi)生巾3.7%褲型衛(wèi)生 巾私處洗液護墊衛(wèi)生棉條私處保養(yǎng)其他1.3衛(wèi)生巾：護舒寶增速提升，頭部企業(yè)市占率持續(xù)提高2022M1褲型衛(wèi)生巾、護墊增速較快。衛(wèi)生巾/私處護理2022M1同 比-22.3%。細分品類來看，2022M1褲型衛(wèi)生巾銷售額同比+13.0%，環(huán)比-17.5%；衛(wèi)生巾銷售額同比-22.5%，環(huán)比-30.2%；護墊銷售 額同比+10.1%，環(huán)比-20.5%；私處洗液、私

13、處保養(yǎng)品類銷售額同比 分別-11.5%、-67.2% 。2022年M1褲型衛(wèi)生巾、衛(wèi)生巾、護墊、私 處洗液、私處保養(yǎng)品類銷售額占比分別為15.5%、62.5%、3.7%、9.7%、 5.5%，褲型衛(wèi)生巾、護墊滲透率提升速度較快。2022M1衛(wèi)生巾/私處護理品類銷售額同比增速2022M1衛(wèi)生巾/私處護理品類銷售額占比2020M12-2022M1衛(wèi)生巾/私處護理細分品類銷售額占比-22.5%-11.5%13.0%10.1%-1.8%-67.2%-80%-60%-40%-20%0%20%衛(wèi)生巾 褲型衛(wèi)生巾 私處洗液護墊衛(wèi)生棉條私處保養(yǎng)衛(wèi)生巾褲型衛(wèi)生巾私處洗液護墊衛(wèi)生棉條私處保養(yǎng)3.2%2.4%3.0

14、%3.3%2.7%3.2%3.6%3.4%2.8%2020M122021M12021M22021M32021M42021M52021M62021M72021M82021M92021M102021M112021M1267.5%62.7%57.8%70.4%63.7%64.2%69.4%60.8%61.5%63.8%67.4%72.1%65.5%10.9%10.7%11.3%11.5%11.9%10.8%14.3%11.8%15.8%14.5%14.7%16.3%13.8%9.1%8.5%10.5%8.4%12.4%10.7%6.0%11.2%9.5%9.5%8.1%4.9%9.1%2.6%2.6

15、%2.8%2.6%3.2%3.4%2.3%4.3%3.3%3.1%2.6%1.8%3.4%2.6%2.5%2.6%3.0%6.7%13.1%13.7%3.7%6.1%7.6%4.1%7.9%7.0%6.3%4.5%2.2%5.1%2021M1-1266.9%13.8%8.0%2.7%5.5%2022M162.5%15.5%9.7%3.7%2.9%3.0%5.5%數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所8樂而雅2022M1增速轉(zhuǎn)正，護舒寶2022M1增速提升。護舒寶、樂而雅2022M1增速為正，2022M1同比分別+26.7%、+59.7%。蘇菲、高潔絲、七度空間、abc、全棉時代、自由 點2022M1

16、同比分別下降17.4%、21.9%、26.9%、17.0%、22.7% 、 27.4% ， 主要受高基數(shù)影響； 2022M1 相對于 2020M1的兩年復(fù)合增速分別為+26.3%、+61.0%、+56.7%、-16.8%、+5.7%、+47.2%，高潔絲、七度空間、自由點品 牌表現(xiàn)較為優(yōu)秀。整體來看行業(yè)集中度持續(xù)提升，2022M1 行業(yè)CR9同比提升10.4pp至63.7%，其中護舒寶、樂而雅2022M1 年銷售額占比同比增加6.8pp、4.4pp至17.5%、8.6%。衛(wèi)生巾品類主要品牌銷售額同比增速1.3衛(wèi)生巾：護舒寶增速提升，頭部企業(yè)市占率持續(xù)提高衛(wèi)生巾品類主要品牌銷售額占比情況13.8

17、%14.7%13.9%14.7%10.7%17.5%15.6%18.9%9.7%9.8%8.4%12.4%4.2%8.6%4.9%6.7%0%10%20%30%40%50%60%70%80%2021M12022M12020M1-122021M1-12libresse abc高潔絲自由點 七度空間 護舒寶全棉時代 樂而雅 蘇菲21%7%11%-16%-17.4%12%0%4%21%26.7%-22%42%78%6%8%30%37%14% 4%-21.9%7%35%23%22%81%62%44%32%44%23%10%26%-10%-26%59.7%-47%-25%-27%19%17% -23%-

18、9%-13%-26.9%-10%-15%-48%-60%-16% -11%-27%-32% -3%-10% -16%2%28%-18%-31%-8%-15%-21%29%4%2%-17.0%100%80%60%40%20%0%-20%-40%-60%-80%2021M22021M32021M42021M52021M62021M72021M82021M92021M102021M112021M122022M1蘇菲護舒寶高潔絲樂而雅87%64%41%七度空間abc數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所916.44%14.23%16.59%18.20%9.87%7.14%8.47%8.29%5.65%6.4

19、4%6.50%7.13%7.64%7.95%6.84%8.06%1.10%1.91%1.12%1.19%1.36%2.53%1.97%1.56%50%45%40%35%30%25%20%15%10%5%0%2021M12022M12020M6-122021M1-12comfrey/康福瑞（豪悅）tena/添寧（維達）安而康（恒安）drp/包大人周大人可靠（維達）1.4成人失禁護理：大盤表現(xiàn)偏弱，包大人、添寧份額提升2022年M1大盤表現(xiàn)偏弱，包大人、添寧份額提升。2022年M1成人失禁用品大盤銷售額同比下滑30.9%。2022M1頭部品 牌中銷售額同比增長均為負，包大人、添寧降幅收窄。 康福瑞

20、、周大人、安而康、可靠、包大人、添寧2022M1銷售額同比 分別下降57.0%、50.0%、28.1%、40.1%、21.2%、15.8%。 可靠、周大人、康福瑞2022M1銷售額占比分別同比下降 2.2pp、2.7pp、0.7pp至14.2%、7.1%、1.2%， 包大人、安而康、添寧占比分別同比上升0.8pp、0.3pp、0.2pp至6.4%、7.9%、1.4% 。2022M1 CR6下降4.3pp至38.3%。成人失禁護理主要品牌銷售額占比成人失禁護理主要品牌銷售額同比增速-19.1%5.0%-12.5%-21.0%-26.4%-21.2%-50.0%-37.0%11.8%4.1%-6.

21、3%117.1%70.9%65.7%22.6%4.4%-19.5%-5.5%-10.3%-39.9%-15.8%-28.1%58.7%61.2%24.3%-2.8%21.5%-1.2%-3.4%17.5%-6.3%-100%-50%0%50%100%2021M52021M62021M72021M8-20.6%-17.7%-21.2%-59.5%2021M9-31.8%-29.7%-51.9%2021M10-30.0%-57.4%-17.2%2021M11-35.7%-24.6%-46.4%2021M12-57.0%2021M1150%可靠周大人drp/包大人安而康tena/添寧comfrey/

22、康福瑞數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所102022M1嬰兒尿褲總體同比下降22.2%，降幅較上月略有收窄。 細分品類來看，布尿褲/尿墊、拉拉褲同比增速為正，高端化趨 勢明顯。 2022M1布尿褲/尿墊同比上升32.3%，環(huán)比上升2.1% ，紙尿褲、拉拉褲、紙尿片、特護尿褲同比分別下降36.3%、 10.1%、60.1%、28.9%,環(huán)比分別為-3.2%、+3.1%、-18.7%、-34.7%；布尿褲/尿墊、拉拉褲、傳統(tǒng)紙尿褲2022年M1銷售額 占比分別為8.7%、47.4% 、43.5% ，同比+3.6pp、+6.4pp、- 9.6pp。1.5嬰兒尿褲：行業(yè)高端化趨勢明顯，國產(chǎn)品牌份額持續(xù)提

23、升2020M12-2022M1嬰兒尿褲細分品類銷售額占比2022M1嬰兒尿褲細分品類銷售額占比2022M1嬰兒尿褲細銷售額同比增速-36.3%-10.1%32.3%-60.1%-28.9%30.4%-56.1%40%20%0%-20%-40%-60%-80%43.5%47.4%8.7%0.3%0.1%紙尿褲拉拉褲布尿褲/尿墊紙尿片特護尿褲其他尿褲周邊紙尿褲拉拉褲布尿褲/尿墊 紙尿片特護尿褲其他尿褲周邊53.1%41.0%54.1%38.1%48.144.7%47.244.6%45.442.0%44.747.0%45.038.7%45.141.3%44.343.7%42.742.2%42.248

24、.1%45.046.0%2021M12021M22021M32021M42021M52021M62021M72021M82021M92021M102021M112021M122021M1-1245.9%44.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%2022M143.5%47.4%5.1%7.3%6.5%7.6%12.1%7.9%15.7%13.2%11.6%14.7%9.3%8.5%9.6%8.7%0.6%0.4%0.5%0.4%0.3%0.2%0.2%0.2%0.2%0.2%0.3%0.4%0.3%0.3%0.1%0.1%0

25、.1%0.1%0.1%0.2%0.3%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.0%0.0%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.0%0.0%0.0%0.1%0.0%0.0%數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所11分品牌來看，2022M1碧芭寶貝、babycare保持高增速；幫寶適、花王/妙而舒、mooy降幅收窄。 碧芭寶貝、babycare 2022M1銷售額同比增長58.4%、30.3%，幫寶適、花王、moony2022年M1銷售額同比分別下滑6.5%、29.1%、56.6%，降幅 有所收窄。整體來看高端產(chǎn)品市場份額持續(xù)提升，2022M1行業(yè)CR6同比提

26、升6.9pp至47.8%。其中好奇、幫寶適、花王/妙而 舒、moony、babycare、碧芭寶貝2022M1銷售額占比分別為18.3%、12.7%、3.3%、2.9%、7.4%、3.1%，同比分別+2.9pp 、+2.1pp、-0.3pp、-2.3pp、+3.0pp、+1.6pp。1.5嬰兒尿褲：行業(yè)高端化趨勢明顯，國產(chǎn)品牌份額持續(xù)提升嬰兒尿褲品類主要品牌銷售額同比增速嬰兒尿褲品類主要品牌銷售額占比15.4%18.3%11.0%16.3%10.6%12.7%12.5%12.3%3.3%5.1%4.2%5.3%3.7%2.9%5.2%4.5%7.4%5.8%7.7%14.54%3.1%2.0%

27、3.1%60%50%40%30%20%10%0%2021M12022M12020M1-122021M1-12碧芭寶貝bc babycaremoony花王/妙而舒pampers/幫寶適huggies/好奇21.9%9.7%-0.7%-0.4%-20.7%-20.7%-13.0%13.6%-29.4%12.5%53.2%25.1%3.6%-31.9%-1.4%-29.1%-56.6%89.8%88.3%26.5%89.8%88.3%26.5%60.9%41.7%12.3%74.0%16.1%4.6%10.3%29.8%4.4%-14.8%-35.1%-60.5%101.2%101.2%123.3%

28、124.5%146.2%25.0%-34.7%28.9%87.6%58.4%30.3%-7.5%-100%-50%0%50%100%150%200%2021M52021M52021M62021M72021M82021M92021M10-23.9%-42.3%-33.3%2021M112021M122022M1huggies/好奇pampers/幫寶適花王/妙而舒moonybc babycare碧芭寶貝數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所122.軟體行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤132.1軟體大盤：2022年1月軟體銷售額同比增長56.5%2022年1月，軟體品類整體在沙發(fā) 品類高速增長的帶動下，

29、持續(xù)高增。 2022M1 軟 體 整 體 銷 售 額 同 比+56.5% ， 其中沙發(fā)銷售額同比+91.1%，床墊銷售額同比-20.5%。從整體占比來看，2022M1沙發(fā)品類 銷售額占比達84.3%，床墊銷售額占 比達15.7%。軟體大盤銷售額同比增速品類銷售額占比軟體沙發(fā)床墊沙發(fā)床墊178.4%116.8%114.2%738.7%69.0%31.0%77.3%216.0%58.5%41.5%94.7%72.4%77.2%77.6%27.6%22.8%22.4%64.3%35.7%78.1%79.0%21.9%21.0%70.3%29.7%60.2%39.8%44.5%55.5%85.3%14

30、.7%66.8%33.2%71.3%28.7%2021M12021M22021M32021M42021M52021M62021M72021M82021M92021M102021M112021M122021M1-122020M1-12 M1-12 2YCAGR68.8%-17.3%-21.4%2.2%0.1%27.8%0.2%-35.1%17.7%39.0%13.1%39.6%25.6%60.6%-16.9%-21.6%-7.5%3.6%35.4%-4.8%-44.5%-17.9%73.8%5.9%31.7%18.1%-18.8%-20.6%26.2%-10.8%5.7%14.6%-12.6%8

31、0.4%-35.7%30.9%63.9%46.5%2022M156.5%91.1%-20.5%84.3%15.7%注：紅星美凱龍以郵費方式將線下銷售額計入，導(dǎo)致實木沙發(fā)品類銷售額偏差較大，實木沙發(fā)品類中減去該部分影響計算數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所1463.1%6.7%6.9%5.2%20.2%0.3%3.6%布藝沙發(fā)懶人沙發(fā)實木沙發(fā)沙發(fā)床皮藝沙發(fā)皮布沙發(fā)功能沙發(fā)2.2沙發(fā)：2022M1沙發(fā)主要品牌增速下滑，市占率下降懶人沙發(fā)2022M1增速亮眼。細分品類來看，懶人沙發(fā)2022M1銷售額環(huán)比+177.3%，2022M1銷售額占比為6.7% ； 沙發(fā)床和實木沙發(fā)2022M1 銷售額環(huán)比分別-

32、43.9% 、-37.0%，2022M1銷售額占比分別為5.2% 、6.9%；皮藝沙發(fā)和皮布沙發(fā)2022M1銷售額環(huán)比分別-37.7%、-40.0%，2022M1銷售額占比分別為20.2%、0.3%。2021M1-2022M1沙發(fā)細分品類銷售額占比2022M1沙發(fā)細分品類銷售額占比2022M1沙發(fā)細分品類銷售額環(huán)比增速注：功能沙發(fā)從21年3月起納入細分品類統(tǒng)計范圍177.3%-37.0%-80%-30%20%70%120%170%220%-43.8%布藝沙發(fā)懶人沙發(fā)實木沙發(fā)-43.9%沙發(fā)床-37.7%皮藝沙發(fā)-40.0%皮布沙發(fā)布藝沙發(fā)懶人沙發(fā)實木沙發(fā)沙發(fā)床皮藝沙發(fā)皮布沙發(fā)功能沙發(fā)4422.

33、4224.4424.7%1%1%4127.0%4125.2%4127.0%42.4%.2%.0%.3%.7%.7%.6%4.5%4.7%3.1%2.9%2.7%2.8%2.6%16.3%17.2%15.9%14.1%15.7%13.3%18.7%9.8%9.5%9.8%10.8%10.9%9.7%11.0%21.8%0.9%1.0%0.8%0.8%0.8%0.6%0.9%1.1%1.9%1.6%3.8%1.2%64.2%2.1%10.4%5.8%16.3%0.5%2.1%58.0%20.7%47.1%30.7%2021M12021M22021M32021M42021M52021M62021M7

34、2021M82021M92021M102021M1150.5%3.2%3.4%4.6%11.1%13.1%7.6%5.8%5.5%4.0%29.1%0.5%0.4%0.4%3.1%2.2%8.0%19.2021M122022M166.7%63.1%1.4%6.7%6.4%6.9%5.5%5.2%20.2%2%0.3%0.3%1.3%3.6%數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所152022M1顧家家居、芝華仕、林氏木業(yè)、源氏木語、全友沙發(fā)品類銷售額份額分別為3.3%、1.1%、1.7%、1.0%、0.3%。（注：增速受統(tǒng)計口徑影響不具有可比性）沙發(fā)主要品牌2022年1月增速2.2沙發(fā)：2022年1月

35、沙發(fā)主要品牌市占率環(huán)比上升5.9%2.5%5.4%1.7%10.0%1.4%1.1%0.6%1.9%0.3%0.9%2.7%3.3%1.0%1.4%4.8%1.0%0%5%10%15%2.1%25%7.3%20%3.0%30%2021M112021M122021M1-122022M1quanu/全友林氏木業(yè) kuka/顧家家居cheers/芝華仕 源氏木語數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所1647.8%11.3%35.5%1.8%2.1%0.1%乳膠床墊椰棕床墊彈簧床墊記憶棉床墊棕櫚床墊凝膠床墊2.3床墊：夢百合增速靚麗，彈簧床墊銷售額占比提升2022M1彈簧床墊銷售額占比呈提升趨勢。從床墊細分

36、品 類看，乳膠床墊2022M1銷售額同比-39.8%，銷售額占 比為47.8%；彈簧床墊2022M1銷售額同比+45.3%，銷售額占比為35.5% ； 椰棕床墊2022M1 銷售額同比- 32.3%，銷售額占比為11.3%；棕櫚床墊2022M1銷售額 同比-32.9 % ，2021年銷售額占比為2.1%。2022年M1床墊細分品類銷售額占比-32.3%-32.9%-30%-40%-50%-39.8%乳膠床墊椰棕床墊彈簧床墊棕櫚床墊2021M1125.4%55.8%15.9%0.7%1.2%0.2%2021M1238.7%11.3%43.2%2.6%2.3%0.2%2022M147.8%11.3

37、%35.5%1.8%2.1%0.1%2021M1-2022M1床墊細分品類銷售額占比2022M1床墊細分品類銷售額同 比增速乳膠床墊椰棕床墊彈簧床墊記憶棉床墊棕櫚床墊凝膠床墊2021M163.1%13.3%19.4%0.0%2.5%0.0%2021M276.4%8.9%12.2%0.3%1.4%0.0%2021M354.8%17.1%16.9%6.0%2.3%0.1%50%45.3%2021M455.8%17.7%20.6%2.0%2.3%0.3%40%2021M551.1%19.5%23.1%2.2%2.4%0.3%30%2021M659.8%13.1%21.0%2.1%2.0%0.9%20

38、%2021M746.1%20.0%27.1%2.1%2.7%0.2%10%2021M849.1%17.9%26.6%2.0%2.6%0.2%0%2021M937.2%9.3%48.6%1.5%1.5%0.2%-10%2021M1035.0%7.3%49.9%1.7%3.7%0.3%-20%數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所17夢百合份額快速提升。2022M1夢百合售額同比增長 43.5%，2022M1銷售額占比達3.8%（同比+1.7pp），2022相對于2020年的2年CAGR為4825%；喜臨門、顧家、芝華仕、慕思、雅蘭2022M1銷售額同比分別為-65.7%、-42.2%、-82.2%、-

39、47.6 %、-57.3%，銷售額占比分別為9.3%（同比-12.3pp）、 0.8% （同比-0.3pp）、 0.4% （同比-1.2pp）、 4.9% （同比- 2.5pp） 、 3.1% （同比-2.7pp）。床墊主要品牌銷售額同比增速床墊主要品牌銷售額占比2.3床墊：夢百合增速靚麗，彈簧床墊銷售額占比提升喜臨門夢百合顧家芝華仕慕思雅蘭872.5%338.5%206.8%197.0%351.9%304.3%2693.4%272.1%80.0%94.3%265.3%273.4%398.3%617.1%116.7%43.3%121.9%96.7%208.9%71.1%2393.2%07.8%

40、242.9%2.9%4.5%-5.9%20.7%56.6%2021M12021M22021M32021M42021M52021M62021M72021M82021M9148.9%115.3%1.3%-9.0%45.4%1.4%-11.2%0.3%330.8%2021M102021M112021M122022M1-47.2%1.0%83.4%9.3%90.3%-27.5%-83.9%29.2%-38.3%-65.7%155.1%64.3%180.9%43.5%130.9%-23.8%-28.5%-40.9%-74.1%-68.6%-68.3%-76.9%-42.2%-11.5%-28.8%75.

41、9%-8.3%65.9%-32.4%-77.0%-17.8%-88.4%-82.2%53.1%-42.0%27.1%-53.5%-47.6%-15.4%-62.0%-57.3%13.7%13.8%9.3%13.4%1.4%6.2%3.8%3.3%0.6%0.9%00.38%0.48%1.3%0.9%4.3%4.9%5.1%3.5%4.9%3.5%3.1%5.0%0%5%10%15%20%25%30%35%2021M112021M122022M12021M1-12喜臨門夢百合顧家芝華仕慕思雅蘭數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所183.文具行業(yè)2022M1阿里電商數(shù)據(jù)跟蹤19文具：文具大盤延續(xù)下滑，

42、晨光份額同比上升文具板塊銷售額同比持續(xù)為負。 2022M1文具總體銷售額同比下 降19.3%，主要受春節(jié)假期影響。細分品類來看， 畫具/畫材/書 法工具下滑幅度較小，受雙減政 策影響程度低，書寫工具、紙張 本冊、畫具/畫材/書法工具和日 常學(xué)習(xí)用品2022M1銷售額同比 分 別 下 降 44.7% 、 36.2% 、19.4%、28.5%。數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所-26.3%-44.7%-42.4%-45.5%-36.2%9.5%5.1%-8.6%-6.3%5.3%3.5%-23.0%-0.1%-19.4%6.9%-40.8%-23.4%-27.0%-43.2%-41.3%-19.5%

43、-28.5%-5.1%-4.1%-179.83%-13.9%-12.7%-10.5%-25.9%-44.7%-42.4%-48.0%-54.4%-44.0%-18.4%-24.0%-42.5%-32.3%-24.4%-17.0%-7.2%-18.1%-16.4%-17.6%-26.6%-21.2%-32.0%-36.5%-31.9%-24.2%-38.6%-45.6%-60%-50%-40%-30%-20%-10%0%10%20%2021M52021M62021M72021M82021M92021M10 2021M11 2021M122022M1書寫工具2022M1文具細分品類銷售額同比增速紙

44、張本冊畫具/畫材/書法工具日常學(xué)習(xí)用品收納陳列裝訂用品書寫工具2020M12-2022M1文具分類銷售額占比紙張本冊畫具/畫材/書法工具日常學(xué)習(xí)用品 收納陳列裝訂用品其他19.3%21.7%22.3%20.1%20.3%2021M12021M22021M32021M42021M52021M62021M72021M82021M92021M102021M112021M1218.5%16.2%17.3%16.4%18.7%18.0%15.6%16.7%15.1%15.1%15.4%15.1%15.2%16.0%14.4%15.4%15.1%13.7%17.1%12.4%12.9%13.1%11.6%

45、10.6%13.2%12.5%13.7%17.4%14.9%13.4%12.8%8.8%11.6%9.2%8.5%11.5%9.4%9.6%14.3%10.1%9.2%8.2%8.1%7.8%8.0%9.0%8.8%8.0%8.2%8.4%8.8%8.9%8.2%7.2%7.2%1.3%1.2%1.7%1.5%1.3%1.3%1.3%1.2%1.3%1.5%1.3%1.1%33.6%29.6%29.7%34.2%33.2%34.2%35.9%30.2%30.7%32.3%38.1%38.2%2022M116.6%16.6%15.6%9.7%7.0%1.1%33.3%202022M1晨光文具（銷

46、售額）份額同比+0.6pp 。 2022M1 得力銷售額同比- 43.4%，環(huán)比-39.0%，銷售額占比同比-0.9pp至6.6%；晨光2022M1銷售額同 比-27.0%，環(huán)比-26.7%，銷售額占比同 比+0.6pp至5.2%，環(huán)比+0.8pp。頭部 品牌中得力、晨光、快力文、百樂、優(yōu) 學(xué)派 2022M1 銷 售 額同 比分 別 下降 43.4% 、 27.0% 、 45.4% 、 51.1% 、45.6%，晨光表現(xiàn)出相對優(yōu)勢。文具主要品牌銷售額占比文具：文具大盤延續(xù)下滑，晨光份額同比上升文具主要品牌銷售額同比增速數(shù)據(jù)來源：淘數(shù)據(jù)，東吳證券研究所-27.0%-5.8%-45.4%-22.9

47、%-30.9%-38.7%-22.0%-31.2%-34.4%-52.3%-10.5%-14.1%-27.9%-38.6%-310.20%-39.4%-46.5%-43.4%-51.1%34.7%21.1%46.6%9.3%18.3%30.3%-69.7%-34.3%-46.2%-45.6%-80%-60%-40%-20%0%20%40%60%2021M92021M102021M112021M122022M1得力晨光快力文百樂六品堂優(yōu)學(xué)派得力晨光快力文百樂六品堂優(yōu)學(xué)派國譽英雄馬利咔巴熊7.5%4.6%9.6%6.3%10.2%9.1%8.7%8.8%5.9%5.4%5.7%5.6%8.0%4.8%11.2%610.2%511.6%69.1%52021M12021M22021M32021M42021M52021M62021M72021M82021M92021M102021M112021M126.6%4.7%.9%.3%.9%.4%1.5%1.7%1.7%1.4%1.3%1