1、按摩椅真的月售6億嗎？京東金融按摩椅消費指數報告證券分析師：馬曉天 A0230516050002任慕華 A2致 謝感謝京東金融對本報告的數據支持Part of Data provided by JD Finance QuantamentalR3投資案件投資案件 結論或投資建議投資建議：在國內按摩椅市場迅速發展的背景下，公司都在積極擴建產能，且行業在共享經濟的模式下，使用場景逐步擴大，眾多公司已紛紛開始布局，如榮泰的摩摩噠、樂金健康的樂摩吧、奧佳華合作的云享云等。建議關注榮泰健康及奧佳華。原因及邏輯預計未來十年，受益于產品普及率及滲透率的提升，全球按摩器具市場將保持10%左右的增長速度，中國市場

2、將成為增速最快的區域。預計2020年我國按摩椅整個市場規模將達到200億，電商銷售在2017年占比約20%，且有提升趨勢。2017年下半年開始，主流電商平臺按摩椅銷售額翻倍增長。按摩椅線上月銷售額在2-6億元之間。并且二線城市的按摩椅購買力最強，三四線城市次之，一線城市的銷售額較低。線上促銷活動（如雙十一等）對消費刺激可以持續一個季度，有一定的提前效應，海外品牌溢價逐漸消除，價格與國產品牌逐漸趨同。小型按摩器具線上銷售總額相對穩定，月銷售額在1.5-3.5億元之間。整體來看，小器件的銷售情況沒有明顯季節特性，全年較為平穩，其中，足部按摩器是最受歡迎的單品，銷售額占比近40%。4投資案件投資案件

3、 有別于大眾的認識二線城市的按摩椅購買力最強，三四線城市次之，一線城市的銷售額比預期中低但單價高，海外品牌溢價逐步消除，線上平均售價趨同。我們預計消費升級效應將逐步從一線城市向二三四線城市擴散。分析線上銷售情況主要是可以進一步打消市場對于行業增長邏輯的疑慮。由于京東上的數據周期較長，我們看到17年基本線上月銷售額增速都在逐步提升，京東渠道全年銷售增長38%。主要內容主要內容1.中國為按摩椅消費后起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議61.11.1全球按

4、摩器具市場規模穩步上升，日韓保有率高全球按摩器具市場規模穩步上升，日韓保有率高 2016年，全球按摩器具市場規模近115億美元。預計未來十年，全球按摩器具市場將保持10%左右的增長速度。受經濟發展和老齡化趨勢驅動，日本和韓國按摩椅市場發展成熟，保有率、普及率均超過10%。亞洲地區是主要傳統消費區域，北美、歐洲市場接受度高，具有發展潛力。按摩椅未來發展趨勢：1）產品普及率上升；2）產品滲透率提升；3）產品技術性增強。資料來源:中國醫藥保健品進出口商會按摩具分會，申萬宏源研究資料來源:中商情報網，申萬宏源研究日韓按摩椅保有率高，中國不足1%預計2018年全球按摩器具市場將達138億美元11%10%

5、8%5%0.3%0%2%4%6%8%10%12%日本香港臺灣韓國大陸地區68748088961051151271399%8%10%9%9%10%10%10%0%2%4%6%8%10%12%0204060801001201401602010201120122013201420152016 2017E 2018E市場規模（億美金）增幅（右軸）71.2 1.2 產業鏈內移，中國逐漸成為按摩椅主要消費國產業鏈內移，中國逐漸成為按摩椅主要消費國 伴隨著中國作為世界制造中心的崛起，我國成為全球按摩器具的研發與制造中心，整體技術實力穩步提升。我國成為全球按摩保健產品市場需求增長最快的地區之一，預計2020年

6、市場規?？蛇_200億。國內龍頭企業加大品牌力、渠道力布局，決戰國內市場。按摩椅多是年輕人為長輩購買，線上銷售渠道崛起明顯。2017年主流電商線上銷售額占比約20%，且未來有進一步提升趨勢。資料來源:聯合國數據庫，申萬宏源研究資料來源:中國醫藥保健品進出口商會按摩具分會，申萬宏源研究中國按摩椅市場規模2016年約100億中國是全球最大的按摩椅出口國48.656.264.677.486.895.5106.016%15%20%12%11%10%0%5%10%15%20%25%0204060801001202010201120122013201420152016市場規模（億人民幣）增幅（右軸）20.1

7、3.92.12.01.10.80.50.40510152025中國美國墨西哥德國香港日本英國韓國單位：億美元主要內容主要內容81.中國為按摩椅消費后起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議92.1 2.1 按摩椅線上消費指數持續高增長按摩椅線上消費指數持續高增長 2017年下半年開始，主流電商平臺按摩椅銷售額翻倍增長，銷售量為其增長的主要驅動力。根據測算，按摩椅線上月銷售總額在2-6億元之間?！半p11”促銷效應10月已經顯現，11月增勢不減。資料來源:京

8、東金融，申萬宏源研究主流電商平臺銷售額及銷售量指數持續增長注：受限于數據可得性，本頁以2017年7月為基期進行指數化計算，其中：1）銷售額指數=第n期銷售額/基期銷售額；2）銷售量指數=第n期銷售量/基期銷售額量；3）平均銷售單價指數=第n期平均銷售單價/基期平均銷售單價。11.211.052.03.342.072.321.521.760.9011.482.702.032.401.861.631.341.071.381.241.020.970.821.0800.511.522.533.542017年7月2017年8月2017年9月2017年10月 2017年11月 2017年12月2018年1

9、月2018年2月2018年3月主流電商平臺銷售指數銷售額指數銷售量指數平均銷售單價指數主要內容主要內容101.中國為按摩椅消費后起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議113 3.1.1 線上消費者畫像：二線城市為主力軍線上消費者畫像：二線城市為主力軍 主流電商平臺數據顯示：二線城市的按摩椅購買力最強，三四線城市次之。一線城市銷售額落后，但銷售單價全國領先。國產化和產品多元化程度提高，銷售單價緩慢下降。二三四線城市的消費單價在17Q4迅速崛起，我們預計消

10、費升級效應將逐步從一線城市向二三四線城市擴散。資料來源:京東金融，申萬宏源研究資料來源:京東金融，申萬宏源研究市場競爭加劇，平均銷售價格指數下降二線城市銷售額占比最高24%26%23%18%19%17%18%19%18%19%34%36%28%27%29%31%30%18%15%17%23%21%23%22%0%8%16%24%32%40%一線二線三線四線其他0.78 1 0.98 0.77 0.74 0.73 0.80 0.65 0.66 0.63 0.66 0.56 0.69 0.64 0.40.50.60.70.80.91.01.1一線二線三線四線其他123.2 3.2 市場集中度高，國

11、產品牌線上銷售居霸主地位市場集中度高，國產品牌線上銷售居霸主地位資料來源:京東金融，申萬宏源研究 主流電商平臺在售按摩椅品牌總數達170個，市場份額相對穩定，前十大品牌銷售額占比常年穩定在60-70%之間，3月以來有所降低，總體市場集中度高。尚銘電器占比最大，榮泰穩居第二主流電商按摩椅市場集中度高 近8個月按摩椅線上銷售總額前五大品牌合計占比為44.64%，分別是尚銘電器、榮泰、樂爾康、怡禾康和佳仁，線上銷售火爆的品牌均為國產。尚銘電器、樂爾康等采用高性價比、主攻線上的策略，在主流電商平臺上占有一席之地。68.9%68.3%67.5%71.3%64.9%63.7%68.0%63.8%58.3%

12、47.9%51.0%43.7%49.0%45.1%44.7%49.2%46.2%46.6%40%45%50%55%60%65%70%75%2017年7月2017年8月2017年9月 2017年10月 2017年11月 2017年12月 2018年1月2018年2月2018年3月CR5CR1011.16%9.99%9.46%7.62%6.41%55.36%尚銘電器 SminG榮泰 RONGTAI樂爾康 Le er kang怡禾康 Yihocon佳仁 JARE其他133 3.3 3 年輕的品牌迅速崛起年輕的品牌迅速崛起資料來源：申萬宏源研究榮泰和奧佳華最初均以ODM起步，產品出口至歐美、亞洲等國家

13、。榮泰的健康產品主要為中高檔按摩椅，在國內主要銷售渠道為經銷、直營和線上銷售等，受益于其品牌知名度以及線上先發優勢，線上銷量保持第一。尚銘電器，樂爾康，佳仁均為2005年后才創立的品牌，品牌歷史較榮泰等龍頭企業年輕。因其價格優勢帶動線上銷售量，占領按摩椅中、低端市場，近年來迅速崛起。但品牌間差異性不大，替代性強，競爭激烈。年輕品牌占領線上銷售量前三名榮泰奧佳華資料來源：京東金融，申萬宏源研究公司公司按摩椅按摩椅價格（元）價格（元）特點特點簡介簡介尚銘電器尚銘電器3000-20000 公司創建于2010年，產銷一體的股份制公司。公司的主要產品為豪華按摩椅、智能按摩墊，以及各類小型按摩器產品。產品

14、銷售網絡遍及國內各大、中城市。樂爾康樂爾康2000-10000公司創建于2005年，目前已成功開發并推廣了“樂爾康”品牌健康系列產品（按摩器、足浴器、按摩椅等），產品借鑒中醫保健按摩原理研制而成，得到國內外客戶的認可與廣大消費者的喜愛。佳仁佳仁2000-10000公司正式創建于2009年，同時成為寧德地區第一家按摩器商城。2009-2012年連續三年淘寶按摩墊類目銷售第一，2006年產品開始遠銷亞洲、歐洲、北美洲等多個國家。中低端結合，個別產品價格在1-2萬元，90%的產品價格低于1萬元。建立以來主攻線上銷售，先后入駐天貓商城、淘寶網、京東商城等各大平臺。主攻線上銷售，在天貓，京東均設有旗艦店

15、和專營店。11.17%10.73%7.53%6.59%6.42%57.56%樂爾康 Le er kang尚銘電器 SminG佳仁 JARE本博 BENBO怡禾康 Yihocon其他主要內容主要內容141.中國為按摩椅消費后起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議4.1 4.1 榮泰在四大品牌中率先布局線上銷售榮泰在四大品牌中率先布局線上銷售15榮泰線上銷售額在四大品牌中穩居第一資料來源:京東金融，申萬宏源研究按摩椅線上銷售額指數2017年穩步上漲，蓄勢待

16、發資料來源:京東金融，申萬宏源研究 綜合線上各平臺和線下渠道銷售情況，國內目前知名度較高、銷售最強勁的四大品牌分別為榮泰、奧佳華、艾力斯特和傲勝。榮泰專注于按摩椅生產及銷售，按摩椅收入占比高達90%以上，在國內市場起步階段有助于迅速占領市場。網絡渠道方面的率先布局為其帶來先發優勢，按摩椅線上銷售額在四大品牌中穩坐第一位。9.99%2.81%1.28%2.44%榮泰（RONGTAI）奧佳華（OGAWA）艾力斯特（Irest）傲勝（OSIM）5.4 18.9 21.0 16.6 9.3 9.7 5.9 13.4 14.6 26.1 21.1 39.9 37.0 0.9 0.8 0.4 0.9 0.

17、4 1.0 0.9 1.9 1.6 5.3 7.2 22.0 17.4 7.6 8.9 0.05.010.015.020.025.030.035.040.045.0榮泰（RONGTAI）奧佳華（OGAWA）艾力斯特（Irest）傲勝（OSIM）注：餅圖中比例數據為各品牌銷售額占電商銷售額數據4.2 4.2 奧佳華成功轉型，艾力斯特競爭乏力奧佳華成功轉型，艾力斯特競爭乏力16資料來源:京東金融，申萬宏源研究奧佳華銷量指數攀升，全力進攻線上銷售市場，資料來源:京東金融，申萬宏源研究榮泰在四大品牌中銷售量份額超過一半 奧佳華品牌源自馬來西亞，以ODM方式起步。品牌產品線較為全面，此前以小型按摩器為主

18、，按摩椅為次。近年來積極拓展自主品牌按摩椅的線上銷售，加入明星推廣，帶來了銷售額及市場份額的快速提升。傲勝主要通過線下門店的渠道銷售，并且由于新品推出較少、創新能力匱乏、等因素導致其線上銷售疲軟。其線下流量也逐步萎縮。艾力斯特在國內享有一定的知名度，但稍遜色于其他三大品牌，近年來在線上的銷量持續走低。3.34%1.14%0.54%0.68%榮泰（RONGTAI）奧佳華（OGAWA）艾力斯特（Irest）傲勝（OSIM）6.4 20.9 22.5 18.5 13.5 13.8 9.3 22.7 23.3 40.7 31.8 61.7 55.5 0.8 1.0 0.5 12.0 0.4 1.8 1

19、.6 3.3 17.7 11.2 18.6 38.9 31.1 14.8 12.1 0.010.020.030.040.050.060.070.0榮泰（RONGTAI）奧佳華（OGAWA）艾力斯特（Irest）傲勝（OSIM）注：餅圖中比例數據為各品牌銷售量占電商銷量數據174.3 4.3 海外品牌線上溢價隨著競爭加劇逐漸降低海外品牌線上溢價隨著競爭加劇逐漸降低 四大品牌按摩椅平均銷售價格均在1萬至2萬元之間，傲勝價格略高于其他品牌；榮泰線上平均銷售價格整體有下降趨勢，近季度有小幅回升。奧佳華價格波動較大。海外品牌溢價逐漸消除，價格與國產品牌趨同。例如，傲勝作為線下知名度較高的海外品牌，價格定

20、位最高，近年來出現價格逐步下調的趨勢。傲勝平均銷售單價普遍高于其他三大品牌海外品牌平均單價指數走低，溢價在品牌競爭中縮小資料來源:京東金融，申萬宏源研究0.00.51.01.52.02.52015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1單位：萬元榮泰（RONGTAI）奧佳華（OGAWA）艾力斯特（Irest）傲勝（OSIM）1.00.91.00.60.90.70.70.70.60.70.70.70.71.01.11.00.80.81.11.00.80.80.80.

21、80.70.00.20.40.60.81.01.21.42015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1國產品牌海外品牌主要內容主要內容181.中國為按摩椅消費后起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議195.1 5.1 小型按摩器具線上銷售總額相對穩定小型按摩器具線上銷售總額相對穩定 小型按摩器具屬于按摩器具的一種，體積較

22、小，針對身體局部，相對便攜、易操作。本報告定義的小型按摩器具主要包括：足部保健按摩器（包括足浴盆、足療機等）和按摩器（例如按摩枕、頸腰靠墊、坐墊等）。根據測算，主流電商平臺上小型按摩器具月銷售總額在1.5-3.5億元之間。小型按摩器具線上銷售額低于按摩椅銷售額。資料來源:京東金融，申萬宏源研究小型按摩器具線上銷售穩定，雙十一為高峰資料來源:京東金融，申萬宏源研究小型按摩器具銷售額相對較低，波幅較小163 219 218 226 352 288 311 221 303 11.341.331.392.161.761.911.351.860.00.51.01.52.02.50501001502002

23、50300350400線上銷售額（百萬元）線上銷售額指數1.081.301.132.213.622.232.511.651.9011.341.331.392.161.761.911.351.8600.511.522.533.54按摩椅銷售額指數小型按摩器具銷售額指數205.2 5.2 冬季足部保健需求旺盛冬季足部保健需求旺盛 主流電商平臺的小型按摩器具中，足部保健按摩器作為最受歡迎的單品占比接近40%。受“雙11”影響，足部保健按摩器11月增長明顯，且持續整個冬季，可見中國消費者在冬季有旺盛的浴足和足部按摩需求。按摩器銷售額全年穩定，沒有明顯的季節性。資料來源:京東金融，申萬宏源研究資料來源:

24、京東金融，申萬宏源研究足部保健按摩器季節性特征明顯足部按摩器單品占比最高11.271.662.344.143.423.332.292.1834.444.033.584.984.144.883.495.480123456足部保健按摩器銷售額指數按摩器銷售額指數22.2%21.2%27.6%37.5%42.6%43.1%38.8%37.6%26.1%70.7%73.6%67.2%57.4%51.2%52.2%56.8%57.4%65.6%0%10%20%30%40%50%60%70%80%90%100%足部保健按摩器銷售額占比按摩器銷售額占比其他小型按摩器主要內容主要內容211.中國為按摩椅消費后

25、起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議226.16.1共享按摩模式迎來新發展共享按摩模式迎來新發展 在共享經濟的帶動下，共享按摩椅作為一種新的模式建立在移動支付普及、人力成本上升、線上流量吃緊的大前提下，逐步被消費者認可，在國內公共場合得到快速擴張。共享按摩的推廣主要適合“等待場景”，如電影院、高鐵站、機場、商場、酒店大堂等通過租賃或者出售的模式，擺放按摩椅，為消費者提供共享按摩服務。電影院高鐵站機場商場酒店大堂資料來源:摩摩噠官網等，申萬宏源研究23

26、6.2 6.2 榮泰先發，帶你一起“摩摩噠”榮泰先發，帶你一起“摩摩噠”榮泰健康于2015年12月成立上海稍息網絡科技有限公司，持股70%，并于2016年上半年推出“摩摩噠”O2O緩壓體驗平臺，提供基于“互聯網+等候時間”的微SPA疲勞舒緩解決方案。消費者通過智能手機就能快速啟動和適配等待時間所需要的按摩椅服務，用零錢體驗按摩服務。2016年實現營業收入3189.3萬元，凈利潤4.3萬元，2017年業務實現爆發式增長，營業收入28087.2萬元，凈利潤2323.5萬元。集物聯網，移動支付，云端大數據于一體，用零錢做個微SPA隨時隨地，想按就按資料來源:摩摩噠官網，申萬宏源研究318928087

27、4232405001,0001,5002,0002,50005,00010,00015,00020,00025,00030,00020162017單位：萬元營業收入（左軸）凈利潤（右軸）共享按摩經營業績爆發式增長246.3 6.3 各大品牌齊上陣，尋找共享經濟新載體各大品牌齊上陣，尋找共享經濟新載體 共享按摩椅主要通過直營或者加盟的商業模式。直營模式下主要獲得服務流水收入，品牌與場地提供方分成，比例在50%至70%。加盟模式下品牌主要像加盟商銷售按摩椅獲得收入，和較低的服務流水收入。摩摩噠主要以直營模式為主，其他品牌大都以加盟模式為主。品牌名稱品牌名稱按摩椅供應方按摩椅供應方活躍設備活躍設備主

28、要渠道主要渠道運營模式運營模式摩摩噠榮泰健康300個城市，5.3萬臺影院為主，覆蓋90%千萬票房影院直營樂摩吧樂金健康（久工）400個城市60%至70%鋪設在購物中心加盟爽客奧佳華12萬臺，1.2萬家線下場所 酒店為主，包括會所，交通樞紐加盟資料來源：榮泰健康2017年報，樂摩吧官網，爽客官網，申萬宏源研究資料來源：榮泰健康2017年報，樂摩吧官網，爽客官網，申萬宏源研究摩摩噠樂摩吧爽客資料來源:摩摩噠官網，樂摩吧官網，爽客官網，申萬宏源研究主要內容主要內容251.中國為按摩椅消費后起之秀2.按摩椅線上消費指數“節節高“3.二線城市為消費主力，國產品牌漸發力4.線上銷售榮泰獨占鰲頭，奧佳華緊隨

29、其后5.足部按摩器為最受歡迎的小單品6.共享按摩開啟新紀元7.投資建議267.17.1國產品牌崛起，看好發展前景國產品牌崛起，看好發展前景可比公司估值 在國內按摩椅市場的迅速發展以及高端產品滲透率提升的行業背景下，榮泰積極拓展產能、建設國內渠道發力內銷市場；同時，借助共享經濟的東風，共享按摩模式逐步被認可并在國內公共場合得到快速擴張。預計2018-2020年EPS分別為2.02、2.70、3.65，對應估值32、24、17倍。奧佳華從銷售額及產業布局等方面均屬國內龍頭，未來發展的動力來源于按摩椅業務的爆發同時帶動按摩小器具增長，以及借助“奧佳華”品牌不斷打造公司自己的核心競爭力，預計2018-

30、2019年EPS分別為0.81、1.08，對應估值27、20倍。風險提示：按摩椅銷售不達預期，產能拓展不達預期等市值（億元）市值（億元）股價(元/股）股價(元/股）2018/4/242018/4/242018/4/242018/4/242018E2018E2019E2019E2020E2020E2018E2018E2019E2019E2020E2020E603579.SH 榮泰健康8963.762.022.703.65322417002614.SZ奧佳華12221.800.811.08-2720-資料來源：wind，申萬宏源研究資料來源：wind，申萬宏源研究代碼代碼公司公司EPSEPSPEP

31、EJD Finance Massage Chairs Consumption Index ReportFact or myth:Massage Chairs Bring in 600 mm Sales per Month？OutlineOutline1.China Is a Fast-growing Market for Massage Chair2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are the Main Sales Contributors,Local Brands Stand Ou

32、t4.RONGTAI Dominates the Online Market,Followedby OGAWA5.Foot Massager is the Most Popular Small Appliance6.Massage Chair Sharing Steps into a New Era7.Investment I291.1 Global Massage Appliances Market has Seen Steady Growth;Penetration Rate is High in Japan and South Korea In 2016,the global marke

33、t size of massage appliances reached 11.5 billion USD.Themarket is expected to grow at a CAGR of 10%in the next 10 years.Driven by economic development and aging population,the markets of massagechairs in Japan and South Korea have reached maturity as penetration rates are over10%.Asia has been the

34、primary market for massage appliances.North America andEurope have high market acceptance,which provides growth potential.The future trends:1)Higher penetration rate;2)Stronger product capabilities.Source:China Chamber of Commerce for Import&Export of Medicines&Health Products Massage Appliances Div

35、ision,SWS ResearchSource:,SWS ResearchJapan and South Korea Have High Penetration Rates,while Chinas is Lower Than 1%Global Market of Massage Appliances Expected to Reach 13.8 Billion USD11%10%8%5%0.3%0%2%4%6%8%10%12%JapanHong KongTaiwanSouth KoreaMainlandChina68748088961051151271399%8%10%9%9%10%10%

36、10%0%2%4%6%8%10%12%02040608010012014016020102011201220132014201520162017E 2018EMarket Size（100 Million Dollars）Growth Rate（Right Axis）301.2 China Gradually Becomes a Key Market for Massage Chairs as theSupply Chain Shifted to Domestic ProductionChina has become a center for developing and manufactur

37、ing massage appliances andits overall product capabilities have been consistently strengthened.China has become one of the fastest growing markets for massage products in theworld and the market size is expected to reach 20 billion yuan in 2020.Chineseleadingenterprisesareenhancingtheirbrandimagesan

38、doptimizingdistribution strategies to seize market share.Most of the massage chairs are bought by young people for the elder family membersand online channels are clearly growing consequently.In 2017,major e-commerceplatforms account for 20%of overall market with a remarkable growth trend.Source:UN

39、Database,SWS ResearchSource:China Chamber of Commerce for Import&Export of Medicines&Health Products Massage Appliances Division,SWS ResearchMarket Size of Massage Chairs in China is About 10 Billion Yuan in 2016China is the Largest Exporter of Massage Chairs in the World 20.13.92.12.01.10.80.50.405

40、10152025ChinaU.S.AMexico GermanyHongKongJapanUKSouthKoreaUnit：100 Million Dollars48.656.264.677.486.895.5106.016%15%20%12%11%10%0%5%10%15%20%25%0204060801001202010201120122013201420152016Market Size（100 Million yuan)Growth Rate（Right Axis）OutlineOutline1.China Is a Fast-growing Market for Massage Ch

41、air2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are the Main Sales Contributors,Chinese Brands Stand Out4.RONGTAI Dominates the Online Market,Followedby OGAWA5.Foot Massager is the Most Popular SmallAppliance6.Massage Chair Sharing Steps into a New Era7.Investment I322.1 O

42、nline Consumption Index of Massage Chairs Keeps up theMomentumDriven by the increase in volume,the sales of massage chairs on major e-commerceplatforms has been growing rapidly since 2H17.The total online monthly sales ofmassage chairs is between 200-600 million yuan,depends on seasons.In October,th

43、e promotional effect of“11.11”event kicked in.Growth rate remainedhigh in November.Source:JD Finance,SWS ResearchSales and Sales Volume Index on Major E-commerce Platforms Keep IncreasingDue to limited data availability,this page is indexed based on performance in July 2017,i.e.,1)sales index=sales

44、in each period/base sales;2)sales volume index=sales volumein each period/base sales volume;3)average selling price index=average selling price in each period/base average selling price.11.211.052.03.342.072.321.521.760.9011.482.702.032.401.861.631.341.071.381.241.020.970.821.0800.511.522.533.54Jul,

45、2017Aug,2017Sep,2017Oct,2017Nov,2017Dec,2017Jan,2018Feb,2018Mar,2018Sales IndexSales Volume IndexAverage Sales Unit Price IndexOutlineOutline1.China Is a Fast-growing Market for Massage Chair2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are the Main Sales Contributors,Chine

46、se Brands Stand Out4.RONGTAI Dominates the Online Market,Followedby OGAWA5.Foot Massager is the Most Popular Small Appliance6.Massage Chair Sharing Steps into a New Era7.Investment I343.1 Portrait of Online Consumer:Tier 2 Cities are the Main Sales Contributors for Massage ChairsAccording to JD Fina

47、nce data,Tier 2 cities have the strongest purchasing power formassage chairs,followed by Tier 3&4 cities.Tier 1 cities are lagging behind in sales but leading in ASP.The industry gears towards domestic production and product diversification as ASPslowly decreases.The ASPs in Tier 2,3 and 4 cities ro

48、se rapidly in 4Q17.The effect of premiumization inTier 1 cities gradually penetrated into lower-tier cities.Source:JD Finance,SWS ResearchSource:JD Finance,SWS ResearchASPs Decrease as Market CompetitionIntensifiesTier 2 Cities Account for the Largest Share in Sales24%26%23%18%19%17%18%19%18%19%34%3

49、3%36%31%28%27%29%30%31%30%18%15%17%23%23%21%23%22%0%8%16%24%32%40%Tier 1Tier 2Tier 3Tier 4Others0.78 1 0.98 0.77 0.74 0.73 0.80 0.65 0.66 0.63 0.66 0.56 0.69 0.64 0.40.50.60.70.80.91.01.1Tier 1Tier 2Tier 3Tier 4O353.2 Massage Chair has a High Market Concentration Rate;Local Brands Dominate the Onlin

50、e PlatformsSource:JD Finance,SWS ResearchThereare170massagechairbrands on the major e-commerceplatforms.Themarketshareisrelatively stable as the sales of top10 brands account for 60%-70%oftheoverallmarket.Marketconcentration ratio is quite high.SminG is the Leader in Market Share,Followed by RONGTAI

51、High Market Concentration Rate on Major E-commerce PlatformsIn the last 8 months,the top 5online performers were all Localbrands:SminG,RONGTAI,Le erkang,YihoconandJare.Theyaccountedfor44.51%oftheoverall online market.SminG and Le er kang providecost-effective products and focuson improving online sa

52、les strategyto achieve competitive advantagesin online channels.10.80%9.99%9.47%7.78%6.47%55.49%SminGRONGTAILe er kangYihoconJAREOthers47.9%51.0%43.7%49.0%45.1%44.7%49.2%46.2%46.6%68.9%68.3%67.5%71.3%64.9%63.7%68.0%63.8%58.3%40%45%50%55%60%65%70%75%Jul,2017Aug,2017Sep,2017Oct,2017Nov,2017Dec,2017Jan

53、,2018Feb,2018Mar,2018CR5CR363.3 Young Brands Burgeon with Impressive Sales PerformanceSource:SWS ResearchComparedwithleadingenterprisessuchasRONGTAI,SminG,Le er kang and Jare arerelatively younger.These youngbrandsdominated thelowtomiddle-end marketwith stronggrowth momentum.However,thelackofproduct

54、differentiationand intensifying competition arethechallengesfacedbytheseyoung brands.All of the top 3 Online Performers are Young Brands Source:JD Finance,SWS Research11.49%10.38%7.56%6.48%6.10%57.99%Le er kangSminGJAREYihoconBENBOOthersRONGTAIandOgawastartedtheirbusinessasODMs,exporting products to

55、 Europe,Asiaandothercountries.RONGTAI produces middle tohigh-endmassage chairs andsells through distributors,directchannels and online channels.RONGTAIhasbeenthetoponlineperformerduetoitswidely recognized brand imageand early strategic deploymentin online channels.BrandMassage ChairPrice（RMB）Charact

56、eristicsBrief IntroductionSminG3000-20000 Offering mid to low-end products.Prices range from 10,000 to 20,000 yuan 90%of products cost under 10,000 yuanFounded in 2010,The company produces luxurious small massaging products.Its sales network covers large and medium-sized cities in China.Le er kang20

57、00-10000Dedicated to online developmentOnline stores on TMall and JD.comFounded in 2005,the company successfully launched Le er kang brand with products of massagers,foot bath,massage chairs,etc.The inspiration comes from Chinese traditional massaging techniques,which is widely accepted and apprecia

58、ted domestically and internationally.Jare2000-10000Actively developing online channels since establishmentOnline stores on major e-commerce platforms.Founded in 2008,the company was the first massager store in Ningde.From 2009to 2012,it kept its impressive sales performance for three years in massag

59、ing mat category on Taobao.In 2006,the company started to expand its business to Asian,European and North American markets.OutlineOutline1.China Is a Fast-growing Market for Massage Chair2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are the Main Sales Contributors,Chinese B

60、rands Stand Out4.RONGTAI Dominates the Online Market,Followed by OGAWA5.Foot Massager is the Most Popular Small Appliance6.Massage Chair Sharing Steps into a New Era7.Investment I4.1 RONGTAI took the lead in Developing Online Channels Among Top Performers 38RONGTAI is the Best Online Performer Among

61、 Top 4 BrandsSource:JD Finance,SWS ResearchOnline Sales Index of Massage Chairs Increases SteadilySource:JD Finance,SWS ResearchThe top 4 brands in China are RONGTAI,OGAWA,iRest and OSIM with outperformedonline/offline sales and strong brand awarenessDedicated to the manufacture and sales of massage

62、 chairs(90%+of its revenue),RONGTAI quickly occupied the market during early stage of the development of Chinesemarket.The companys early focus on online platforms gave RONGTAI first mover advantages,and it remains the best online performer among the top 4 brands.9.99%2.81%1.28%2.44%RONGTAIOGAWAIres

63、tOSIM5.4 18.9 21.0 16.6 9.3 9.7 5.9 13.4 14.6 26.1 21.1 39.9 37.0 0.9 0.8 0.4 0.9 0.4 1.0 0.9 1.9 1.6 5.3 7.2 22.0 17.4 7.6 8.9 0.05.010.015.020.025.030.035.040.045.0RONGTAIOGAWAIrestOSIMNote:The statistics in the pie chart represent each companys share of sales in the overall online massage chair 4

64、.2 OGAWA Transitioned Successfully While iRest Underperformed in the Market 39Source:JD Finance,SWS ResearchThe Online Share of iRest and OSIM Remains LowSource:JD Finance,SWS ResearchRONGTAI Accounts for over Half of the TotalTop 4 Brands Market ShareOriginated in Malaysia,OGAWA started its busines

65、s as ODM,offering a full productline with a previous focus on small massage appliances.In recent years,the companyactively developed its online business,promoting its own branded massage chairsthrough celebrity endorsements.The companys sales and market share increasedconsequently.OSIM mainly relies

66、 on offline channels.Its online sales are weak and offline sales arealso shrinking due to its lack of new product launch and limited R&D capabilities.Compared with other three brands,IRest has lower brand awareness in China.Itsonline sales continue to decline in recent years.3.34%1.14%0.54%0.68%RONG

67、TAIOGAWAIrestOSIMNote:The statistics in the pie chart represent each companys share of units in the overall online massage chair market6.4 20.9 22.5 18.5 13.5 13.8 9.3 22.7 23.3 40.7 31.8 61.7 55.5 0.8 1.0 0.5 12.0 0.4 1.8 1.6 3.3 17.7 11.2 18.6 38.9 31.1 14.8 12.1 0.010.020.030.040.050.060.070.0RON

68、GTAIOGAWAIrestOSIM404.3 Online Price Premium of Foreign Brands Decreased as theCompetition IntensifiedThe ASPs of the top 4brands range from 10,000 to 20,000 RMB.The price of OSIM is slightly higher than others.RONGTAI ASP has been declining although a slight rebound appeared in recent quarters.The

69、price ofOGAWA fluctuates.The price premium offoreign brands is gradually shrinking and their ASPs are converging withChinese brands.OSIM is a renowned high-end foreign brand,but its price has been decreasing in recent years.The ASP of OSIM is Generally Higher than the Other Three BrandsThe ASP Index

70、 of Foreign Brands is Decreasing,and their Price Premium is Shrinking due to the CompetitionSource:JD Finance,SWS Research0.00.51.01.52.02.52015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1單位：萬元RONGTAIOGAWAIrestOSIM1.00.91.00.60.90.70.70.70.60.70.70.70.71.01.

71、11.00.80.81.11.00.80.80.80.80.70.00.20.40.60.81.01.21.42015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1Chinese BrandsOutlineOutline1.China Is a Fast-growing Market for Massage Chair2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are t

72、he Main Sales Contributors,Chinese Brands Stand Out4.RONGTAI Dominates the Online Market,Followedby OGAWA5.Foot Massager is the Most Popular Small Appliance6.Massage Chair Sharing Steps into a New Era7.Investment I425.1 Online Sales of Small Massagers Remain StableSmall massagers are portable device

73、s that are used to massage certain parts of body.In this report,small massagers include foot massagers(foot bath,foot treatmentmachine,etc.)and massage accessories(massage pillow,neck and waist cushion,seatcushion,etc.).The monthly sales of small massagers on the major e-commerce platforms areestima

74、ted to be between 150-350 million yuan.The sales of small massagers are lower than massage chairs.Source:JD Finance,SWS ReseachOnline Sales of Small Massager Remained Stableand Peaked During“11.11”promotionSource:JD Finance,SWS ResearchSales of Small Massagers are Lower than Massage Chairs1632192182

75、263522883112213031.001.341.331.392.161.761.911.351.860.00.51.01.52.02.5050100150200250300350400Jul,2017Aug,2017Sep,2017Oct,2017Nov,2017Dec,2017Jan,2018Feb,2018Mar,2018Online Sales（Million yuan）Online Sales Index1.081.301.132.213.622.232.511.651.9011.3411.041.560.821.080.711.3700.511.522.533.54Jul,20

76、17Aug,2017Sep,2017Oct,2017Nov,2017Dec,2017Jan,2018Feb,2018Mar,2018Sales Index of Massage ChiarsSales Index of Small M435.2 Chinese Consumers have a Strong Demand for Foot Wellnessin WinterFoot massager is the most popular small massage appliances on major e-commerceplatforms,accounting for nearly 40

77、%of overall small massagers sales.Thanks to“11.11”promotion,the sales of foot massagers increased significantly inNovember and maintained its momentum throughout the Winteras Chineseconsumers have strong demand for foot bathing and massage in Winter.Sales of overall massage devices market is stable

78、throughout the year withoutnoticeable signs of seasonality.Source:JD Finance,SWS ResearchSource:JD Finance,SWS ResearchFoot Massagers Sales Shows Strong Seasonality Foot Massagers are the most Popular Items22.2%21.2%27.6%37.5%42.6%43.1%38.8%37.6%26.1%70.7%73.6%67.2%57.4%51.2%52.2%56.8%57.4%65.6%0%10

79、%20%30%40%50%60%70%80%90%100%Jul，2017Aug,2017Sep,2018Oct,2017Nov,2017Dec,2017Jan,2018Feb,2018Mar,2018Sales of Foot MassagersSales of MassagersOther Small Massager Appliances11.271.662.344.143.423.332.292.183.184.444.033.584.984.144.883.495.480123456Jul，2017Aug,2017Sep,2018Oct,2017Nov,2017Dec,2017Jan

80、,2018Feb,2018Mar,2018Sales Index of Foot MassagersSales Index of MassagersOutlineOutline1.China Is a Fast-growing Market for Massage Chair2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are the Main Sales Contributors,Chinese Brands Stand Out4.RONGTAI Dominates the Online Mar

81、ket,Followedby OGAWA5.Foot Massager is the Most Popular Small Appliance6.Massage Chair Sharing Steps into a New Era7.Investment I456.1 Massage Chair Sharing Services Facing New DevelopmentOpportunitiesThe rise of the sharing economy,the popularization of mobile payment,the increasein labor cost,and

82、the deceleration of online traffic provides growth factors for themassage chair sharing services,which is rapidly expanding in public areas in China.Through sales or leasing to venue providers,the massage chair sharing services areusually employed for waiting scenarios and applied at venues includin

83、g movietheaters,railway stations,airport,shopping malls,and hotel lobby.CinemaHigh-speed railway stationAirportMallHotel lobbySource:MOMODA website,SWS R466.2 RONGTAI Took the Action First in Occupying Message Chairs Sharing Market and Introduced MOMODARONGTAI Health founded Shanghai Shaoxi Technolo

84、gy Co.,Ltd.in December 2015with 70%in share,and launched O2O massaging platform“MOMODA”in 1H16,providing“Internet+Waiting time”based SPA solutions to consumers.Consumers can enjoy massage services to fill in their waiting time with a tap on theirsmartphones at affordable prices.The company realized

85、a revenue of 31.9 million yuan and a net profit of 43,000 yuanin 2016.In 2017,the business achieved explosive growth with a revenue of 280.9million yuan and a net profit of 23.2 million yuan.Integrating Internet of things,mobile payment and cloud-based big data to provide affordable massage services

86、Enjoy SPA anytime,anywhereSource:MOMODA website,SWS ResearchTremendous growth in massage chair sharing services3189280874232405001,0001,5002,0002,50005,00010,00015,00020,00025,00030,00020162017Unit：10 Thousand RMBOperating IncomeNet Profit(Right Axis)476.3 Major Brands Explore Opportunities in Shari

87、ng Economy Direct management and franchising are the two major business models for massage chairssharing services.Direct management:Companiesgenerate incomethroughservice providing.Thesplitbetween the companies and venue providers ranges from 5:5 to 7:3.Franchising:Companies generate income by selli

88、ng or leasing massage chairs to franchisees,while taking a small amount of service revenue.MOMODA employs direct management model,while other brands use franchising models.MOMODALEMOBARShuangkeSource:RONGTAI Health Annual Report of 2017,LEMOBAR Website,Shuangke Website,SWS ResearchBrandSupplier of M

89、assage ChairsActive equipmentsMain ChannelBusiness ModelMOMODARONGTAI Health300 cities，53,000 unitsCover 90%of the cinemas that has 10 million yuan orhigher in annual box officeDirect ManagementLEMOBARLejin Health（Jiugong）400 cities60%-70%of its equipments installed at shopping mallsFranchisingShuan

90、gkeOGAWA120,000 units12,000 offline sitesMainly hotels,also includes clubs and traffic hubsFranchisingSource:MOMODA website,SWS ResearchOutlineOutline1.China Is a Fast-growing Market for Massage Chair2.Online Consumption Index of Massage Chair Keeps Rising3.Tier 2 Cities are the Main Sales Contribut

91、ors,Chinese Brands Stand Out4.RONGTAI Dominates the Online Market,Followedby OGAWA5.Foot Massager is the Most Popular Small Appliance6.Massage Chair Sharing Steps into a New Era7.Investment I497.1 Domestic Brands are Booming,Prospects are Optimistic Valuation of Comparable CompaniesChinas massage ch

92、airs market has been growing rapidly and the penetration rate ofhigh-end products has been going up.RONGTAI actively improves its productioncapacity and expands sales channels to enhance its competitiveness in domestic market.As sharing economy continues to prevail,massage chairs sharing services ar

93、e gettingrecognized and rapidly penetrating into different public areas in China.2018-2020estimated EPS are 2.02,2.70,and 3.65,which represents 32,24,and 17 PE,respectively.With robust sales performance supported by its well-structured industrial distribution,OGAWA is deemed as one of the leading en

94、terprises in China.Its key growth driversinclude thestrong performance of massage chair business,the growth of smallmassagers,and the companys abilities to enhance its core competitiveness throughbranding.2018-2019estimated EPS are 0.81 and 1.08,which represents 27 and 20 PE,respectively.Source：wind

95、，SWS ResearchTickerCompanyMarket Cap（100 Million yuan）Stock Price(yuan/share）EPSPE2018/4/242018/4/242018E2019E2020E2018E2019E2020E603579.SHRONGTAI Health8963.762.022.703.65322417002614.SZOGAWA12221.800.811.08-2720-50信息披露證券分析師承諾本報告署名分析師具有中國證券業協會授予的證券投資咨詢執業資格并注冊為證券分析師，以勤勉的職業態度、專業審慎的研究方法，使用合法合規的信息，獨立、客

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