Entive(300911) 和讯网·2025-04-24 07:39Core Viewpoint - Yitian Intelligent (300911.SZ) reported a significant decline in the kitchen appliance market due to the downturn in the real estate sector, which is closely linked to the demand for kitchen products [1] Industry Summary - The kitchen appliance industry is primarily driven by demand from new residential renovations and second-hand home refurbishments, with a high correlation to the real estate market [1] - In 2024, the total sales area of new commercial housing in China was 97,385 million square meters, a decrease of 12.9% year-on-year, with residential sales area dropping by 14.1% [1] - The sales revenue from new commercial housing reached 96,750 billion yuan, down 17.1%, with residential sales revenue declining by 17.6% [1] - The real estate industry's downturn is suppressing new market demand, impacting the kitchen appliance market [1] Market Dynamics - The integrated stove market has transitioned from a growth phase to a stock phase, with the old-for-new policy providing some stimulus, but the impact remains limited due to the late emergence of the product category [1] - According to Aowei Cloud Network, in 2024, there were 1,222 new projects in the refined decoration market, a year-on-year decline of 21.9%, with a market scale of 664,100 units, down 28.9% [1] - The refined decoration market's scale in the fourth quarter was 217,600 units, an increase of 46% compared to the third quarter [1] - The six-piece kitchen appliance market saw 1,181 new projects, a year-on-year decline of 22.5%, with a market scale of 1,844,800 units, down 27.1% [1] Sales Performance - The cumulative retail sales of the integrated stove market in China for 2024 reached 17.3 billion yuan, a year-on-year decline of 30.6% [1] - The market is currently in a challenging adjustment period, with the main theme being to survive this phase before entering a replacement cycle [1] - The announcement highlighted that the integrated stove industry faces significant challenges due to the real estate downturn, consumer downgrade, insufficient penetration, and severe product homogeneity [1] - However, urbanization and the release of replacement demand indicate potential growth in market capacity in the future [1] - From a long-term sales rhythm perspective, the period from 2024 to 2026 is expected to see concentrated demand for gas stove replacements, with 2025 anticipated to be a highly competitive year within the replacement cycle [1]