Oriental Securities released a research report stating that the performance of each smart home product is differentiated. Among them, the sales of door locks and cameras are relatively stable, while the scale of speakers has shrunk.
Industry products are becoming more scenario-based, intelligent and high-end.
Relevant targets include Haier Smart Home (600690.SH, not rated) and EZVIZ Network (688475.SH, not rated).
The main views of Orient Securities are as follows:
The overall premium capability of new products in the smart door lock industry is outstanding, and the market product structure continues to upgrade to the high end
According to Luotu Technology data, domestic smart door lock online sales in April 2026 were 596,000 sets, -4.3% year-on-year; sales were 460 million yuan, -4.9% year-on-year; the average price was 779 yuan.
According to Aowei Cloud data, in the high-end smart door lock market priced at RMB 2,000 and above in April, new product retail sales accounted for 40.8% and retail sales accounted for 42.3%. New products have become an important factor driving market quality upgrades.
The proportion of high-end market retail sales increased from 20.4% in January to 24.4% in April.
In terms of brands, the total sales share of the top 4 online brands in April was 56.2%, -5.7% year-on-year. The structural differentiation of the market has intensified.
Xiaomi ranks first with a share of 20.6%, focusing on high cost performance; Deschmann has a share of 19.6% and is deeply involved in the mid-to-high-end market; Cadiz has a share of 11.3% and has a simultaneous online and offline presence; Huawei has a share of 4.8%, and its smart door lock 2 series contributed more than 80% of its sales.
The bank predicts that the proportion of retail sales in the high-end market will further increase in the future, and smart door locks will gradually transform from a single security product to a smart home entrance. The ability to create mid-to-high-end products and the efficiency of omni-channel operations will become the core competitive points of major brands.
The average price of the domestic consumer-grade surveillance camera industry continues to rise, and competition has turned to technology and value-added services.
According to data from Luotu Technology, the retail sales of China’s surveillance cameras in the online market in April were 2.555 million units, -1.5% year-on-year, and the retail sales were 600 million yuan, +8.5% year-on-year. The basic market demand is stable.
The average online price in April was 236.6 yuan, +10.2% year-on-year.
In terms of price structure, small and medium-sized brand manufacturers are accelerating the clearance of products priced below 200 yuan; products priced between 200 and 249 yuan are the core incremental areas for consumer upgrades; the share of products priced above 300 yuan has increased, among which the cumulative sales of 4G cameras from January to April increased by more than 50%. 4G, low-power technology and large AI models have become the engines driving the high-end market.
The industry as a whole shows the characteristics of rising prices and upgrading of product structure.
In terms of brands, the total sales volume share of the top 4 online brands was 48.5%, -3.8% year-on-year. The market is moving towards multi-level competition.
In terms of sales share, Xiaomi ranks first with 12.0%, EZVIZ with 11.0%, and Hikvision with 9.9%. Many waist brands are also rising rapidly with differentiation strategies.
The industry has shifted from low-price hardware competition to value competition relying on technology and value-added services.
The bank expects that with the iterative upgrade of technology, the trend of high-end products will continue, and the average price will maintain a growth trend in the short term.
The overall market size of the domestic smart speaker industry has shrunk, the average price has bucked the trend, and the brand competition is highly monopolized
According to Luotu Technology data, China’s smart speaker online market retail sales in April were 204,000 units, -50.5% year-on-year, and 4.8% month-on-month; retail sales were 60 million yuan, -45.8% year-on-year, and -1.3% month-on-month.
Market changes are mainly affected by overdraft in early promotions and the slowdown in product upgrades.
The average market retail price in April was 274.4 yuan, +9.5% year-on-year and +3.7% month-on-month. The cumulative average price this year was +6.2% year-on-year. Mid-to-high-end products have become the main force in price support.
The brand-side structure is highly concentrated. The total sales volume share of TOP3 brands is 96.8%. Xiaomi, the top brand, has a sales volume share of 57.5% and a sales volume of 53.4%, with obvious advantages. Baidu has a sales volume of 20.8% and a sales volume of 25.5%, with a prominent mid-to-high-end premium. Tmall Elf has a sales volume of 18.6% and a sales volume of 11.6%, focusing on the mid-to-low-price market.
Huawei’s sales volume was 1.9% and sales volume was 7.2%, focusing on the high-end market; Apple, Himalaya and a large number of small and medium-sized brands continued to shrink their shares.
The bank predicts that multi-functional intelligent products will be the core growth direction in the future, and the focus of industry growth will shift to mid-to-high-end categories in the long term.
Risk Warning
There is uncertainty about the sustainability of the trade-in subsidy policy, risks of intensifying industry competition, and risks of new product launches not being as expected.
