欧洲能源涨价驱动储能需求上升—— 12W2026 周报 家用电器 投资评级:看好(维持) 最近 12 月市场表现 -12% -6% 1% 8% 15% 22% 家用电器 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《重视红利与全球化》 2026-03-24 2. 《AWE2026：AI 应用深化，家电产品结 构升级——11W2026 周报》 2026-03- 15 3. 《一文读懂卧安机器人：10W2026 周报》 2026-03-09 证券研究报告 行业投资策略周报 / 2026.03.25 核心观点 核心观点 请阅读最后一页的重要声明！ ❖ 周度研究聚焦：欧洲能源涨价驱动储能需求上升 ❖ 需求端：电价压力重现，家用储能经济性提升。受中东局势影响，欧洲天然气 价格大幅上涨，荷兰 TTF 期货自 2 月底以来上涨近 75%，推升发电成本。 电力市场边际定价机制下，终端电价中枢上移，同时峰谷价差显著扩大，以西 班牙为例，峰谷价差扩大约 2 ...

Core Viewpoint - Huati Co., Ltd. (002035) reported that as of February 13, 2026, the company has a total of 37,350 accounts combining ordinary accounts and margin trading credit accounts [1] Group 1 - The total number of accounts includes both ordinary and margin trading credit accounts [1] - The data reflects the company's engagement with investors through its interactive platform [1] - The date mentioned indicates a future projection, suggesting ongoing growth in account numbers [1]

Core Insights - The kitchen appliance industry has entered a "deep water zone," requiring companies to enhance their internal capabilities and innovation engines to navigate successfully [1][11] - Vatti, one of the "three giants" in the kitchen appliance sector, has shown remarkable performance in innovation, achieving top sales in multiple segments according to AVC's 2025 market monitoring results [1][12] Market Performance - Vatti ranked first in online sales and revenue for ultra-thin low-suction range hoods, self-cleaning range hoods with steam cleaning and high-temperature dissolution features, and gas stoves across various channels [1][12] - The data monitoring covered major online platforms like JD.com, Tmall, and Suning, as well as over 12,000 offline stores, ensuring objective and authoritative results [1][12] User-Centric Approach - Vatti emphasizes a "user-first" philosophy, recognizing that modern consumers seek kitchens that provide emotional and social value beyond mere cooking functionality [3][14] - The company has distilled user needs into three core aspects: usability, aesthetics, and cleanliness, leading to innovative products like the ultra-thin range hood with advanced self-cleaning technology [3][14] Technological Innovations - Vatti's new generation of gas stoves, the 聚能灶 8Z37, achieves a thermal efficiency of 78%, surpassing the national standard of 70%, catering to high-temperature cooking demands [5][16] - The company has pioneered the "晶钢心" platform in water heaters, utilizing 316L food-grade stainless steel to ensure long-lasting water purity [5][16] - Vatti's square all-domain dishwashers have become market leaders, achieving the highest sales in 2025, thanks to their innovative "双子方形全域洗技术" that addresses traditional cleaning blind spots [5][16] R&D and Digital Transformation - Vatti's leadership in the industry is supported by continuous R&D investment, with over 1.8 billion yuan allocated from 2017 to 2024, and 1.72 million yuan in the first three quarters of 2025, representing over 4% of revenue [8][19] - The company has accumulated 4,939 national patents and has been involved in the formulation of over 40 national and industry standards, reinforcing its innovation capabilities [8][19] Service Enhancement - Vatti has introduced a "product + service" renewal plan, aiming for a 1.5-hour response time for customer service, improving upon the industry standard of two hours [10][21] - The company continues to focus on user experience, leveraging AI technology to address service pain points and set new benchmarks in customer satisfaction [10][21]

Investment Rating - The report maintains a positive outlook on the home appliance industry, with a focus on the "buy" and "outperform" ratings for specific companies within the sector [10]. Core Insights - The "old-for-new" policy implemented in 2024 has significantly stimulated the home appliance market, expanding the subsidy scope to include eight categories, resulting in notable retail growth for certain products [4]. - The report highlights a divergence in performance among kitchen appliance categories, with traditional products facing declining sales while emerging categories show mixed results [4]. - The 2026 "old-for-new" policy is expected to benefit leading brands with superior energy efficiency and performance, particularly in the kitchen appliance sector [4]. Summary by Sections Retail Data Analysis - In 2024, the retail sales of kitchen appliances are projected to reach CNY 362 billion for range hoods (up 14.9% YoY), CNY 204 billion for gas stoves (up 15.7% YoY), CNY 236 billion for electric water heaters (up 1.3% YoY), and CNY 296 billion for gas water heaters (up 8.8% YoY) [4]. - For 2025, the overall retail sales of kitchen and bathroom appliances are expected to decline to CNY 1,613 billion (down 8.5% YoY), with a total volume of 89.77 million units (down 5.3% YoY) [4]. Market Share Insights - In the offline market, leading brands like Boss and Fotile dominate with nearly 60% market share in range hoods and gas stoves, while online competition is intensifying with brands like Midea and Xiaomi rapidly gaining market share [4]. - The report notes that in the dishwasher category, Boss and Fotile each hold close to 20% market share, disrupting the previous dominance of Siemens [4]. Investment Recommendations - The report recommends investing in established brands such as Boss Electric and Huashang Co. in traditional categories, and Wanhe Electric in the water heater segment, which are expected to benefit from the new subsidy policies [4].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][10]. Core Insights - The "old-for-new" policy in 2024 is expected to significantly activate the home appliance market, expanding the subsidy range to include eight categories, which will drive demand effectively [4]. - Retail sales data for kitchen appliances in 2025 shows a decline in overall demand, with a projected retail sales value of 161.3 billion yuan, down 8.5% year-on-year [4]. - The report highlights a differentiation in performance among kitchen appliance categories, with traditional appliances like range hoods and gas stoves experiencing declines, while emerging categories like dishwashers show varied results [4]. - The report recommends investing in leading brands such as Robam Appliances and Vatti, which are expected to benefit from the new subsidy policies focusing on energy-efficient products [4]. Summary by Sections Market Overview - The "old-for-new" policy will include subsidies for six major appliance categories, with a 15% subsidy on the sales price, capped at 1,500 yuan per item [4]. - Retail sales for range hoods are projected at 36.2 billion yuan in 2024, with a year-on-year growth of 14.9%, while gas stoves are expected to reach 20.4 billion yuan, growing by 15.7% [4]. Performance Analysis - In Q4 2025, the kitchen appliance sector is expected to see a retail sales decline of 8.5% year-on-year, with total sales volume dropping by 5.3% [4]. - Traditional kitchen appliances like range hoods and gas stoves are projected to see declines of 3.6% and 4.9% respectively, while newer categories like dishwashers are also facing challenges with a 3.2% decline [4]. Competitive Landscape - In the offline market, leading brands like Robam and Fotile dominate with nearly 60% market share in range hoods and gas stoves [4]. - Online competition is intensifying, with brands like Midea and Xiaomi rapidly increasing their market shares in various categories [4]. Investment Recommendations - The report suggests focusing on brands with strong market positions and energy-efficient products, particularly Robam Appliances, Vatti, and Wanhe Electric, which are well-positioned to benefit from the upcoming subsidy policies [4].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Group 1 - The core viewpoint of the article highlights that Vatti Corporation (002035.SZ) has a presence in the European Union for its overseas business, although the revenue contribution from this region is relatively small [2] - The sales strategy in the EU is based on a direct sales model, indicating a focused approach to market penetration [2]

Core Viewpoint - The kitchen appliance industry is at a critical transformation point, with declining sales projected for key products by 2025, prompting companies to seek new strategies for growth and customer engagement [1][10][11]. Group 1: Industry Challenges - Sales for range hoods, cooktops, and integrated stoves are expected to decline by 17.8%, 23%, and 48.6% respectively during the 2025 "Double 11" shopping festival, indicating a weak market performance [1][10]. - The 2026 national subsidy list will exclude core kitchen appliance categories, adding further pressure on industry development [1][10]. Group 2: Company Initiatives - Vatti, a leading brand in high-end kitchen appliances, has launched a "Terminal Upgrade Renewal Plan" aimed at enhancing service quality and customer experience, addressing consumer demands for efficient service [1][11]. - The plan focuses on creating a comprehensive service system characterized by "efficiency, quality, and warmth," aiming to provide a complete experience from purchase to usage [1][11]. Group 3: Service Experience Enhancements - Vatti's service upgrade includes faster response times, with a standard of 1.5 hours for initial responses, and aims for installation within 48 hours and repairs within 72 hours [2][12]. - The company has implemented a digital approach to service, allowing for online appointment scheduling, real-time tracking of service progress, and enhanced transparency throughout the service process [2][15]. Group 4: Digital Transformation - Vatti's long-term strategy emphasizes digitalization as a core component, transforming service from a supporting element to a key growth driver [4][15]. - The introduction of the "Experience Home" service monitoring system allows for continuous collection of user feedback, driving service improvements based on customer needs [15]. Group 5: Strategic Impact - The synergy between product renewal and service enhancement is expected to create a complete high-quality experience for users, moving beyond traditional cost-focused service strategies [9][19]. - Vatti's approach positions excellent service as a vital investment in brand growth, rather than merely an expense, reshaping industry perceptions of service value [19].

Core Insights - The kitchen appliance industry in China is entering a new phase focused on quality, intelligence, and technology amidst the backdrop of manufacturing transformation and upgrading [1] Group 1: Company Overview - Vatti, a leading high-end kitchen appliance brand in China, has been rooted in the entrepreneurial spirit of Guangdong, emphasizing user-centric values and a "clean kitchen" system [2][11] - Since its establishment in 1992, Vatti has continuously driven product value enhancement through a "user-first" philosophy, creating a "three good" product standard: good usability, good aesthetics, and good cleanliness [2][11] Group 2: Innovation and Technology - Vatti has invested over 1 billion yuan in building a digital and intelligent kitchen appliance industrial park, showcasing its commitment to innovation and long-term strategy [2][11] - The company has integrated "torch quality" into its product development and manufacturing processes, stemming from its role as the manufacturer of the Beijing Olympics "Yun" torch [5][14] Group 3: Product Development - Vatti's GW6i beauty bath water heater, launched last year, promotes skin care through water, marking a significant advancement in the water heater industry [5][15] - The company has achieved over 99.9% cleaning coverage with its "dual square full-domain wash" technology in dishwashers, earning multiple industry accolades [6][15] Group 4: Entrepreneurial Spirit - The dialogue between Yu Minhong and Vatti's Chairman Pan Yejiang highlighted the importance of a pragmatic and focused entrepreneurial spirit in Guangdong, which has allowed local brands to thrive [3][12] - Vatti's resilience over 30 years is attributed to its commitment to product quality and continuous innovation, which is essential in today's competitive market [3][12][17]

Group 1 - The central economic work conference has emphasized the strategy of "domestic demand as the mainstay, building a strong domestic market," providing strong policy support for the home appliance industry [1][8] - The kitchen appliance industry is transitioning from a phase of scale expansion to quality competition, focusing on discovering new growth points in a saturated market through model innovation and service upgrades [1][8] - Vatti, a leading brand in high-end kitchen appliances in China, is closely aligning with the "two new" policies and the trend of upgrading consumption in housing, launching a terminal product renewal plan centered on "product + service" dual upgrades [1][8] Group 2 - Vatti has accumulated 4,690 national-level patents, including 835 invention patents and 543 "good cleaning" patents, positioning itself at the forefront of the industry in terms of technological reserves [3][10] - The company aims to enhance the product structure at the national terminal level, ensuring that new products are available immediately upon launch, allowing consumers to experience the latest technology and products in real-time [3][10] Group 3 - Vatti's new products have gained market attention due to the company's strong technological foundation, with several star products standing out due to their innovative advantages [4][13] - Key features of the new products include advanced technologies such as the fourth-generation surfing steam washing, real-time PM2.5 detection, and multi-stage fire control, certified as "internationally leading" by the China Light Industry Federation [4][13] - The "Giant Wash" dishwasher B6S has achieved over 99.9% cleaning coverage and received the industry's first "一级洗净覆盖率" certification, showcasing Vatti's commitment to high-quality kitchen appliances [4][13] Group 4 - The service aspect is a crucial part of the terminal renewal plan, with the company focusing on providing exceptional service as a form of sales strength [7][15] - Vatti plans to implement digital upgrades, including AI integration and service mini-programs, to ensure rapid response times and enhance user experience with a standard of "1.5 hours response, 48 hours precise installation, and 72 hours repair completion" [7][15] - The company's localized innovations aim to meet diverse consumer demands for high-quality kitchen appliances while balancing traditional cooking with health and cleanliness needs [7][15]