HIGHLY(SH:600619) Chan Ye Xin Xi Wang·2025-06-04 01:10Core Viewpoint - The demand for rotor compressors in China's household air conditioning and related markets is increasing due to the government's "old-for-new" policy and manufacturers' proactive stocking in response to market pressures and weather forecasts, leading to a growth trend in production and sales in the rotor compressor industry [1][7]. Industry Overview - Rotor compressors, driven by electric motors, are widely used in air conditioning, dehumidifiers, and heat pumps, characterized by their simple structure, fewer wear parts, reliability, and lightweight [2][3]. - The rotor compressor market in China is primarily driven by household air conditioning, which holds a market share of 88.3%, followed by heat pumps at approximately 5.2% [5]. Production and Sales Data - In 2024, China's rotor compressor production and sales are projected to reach 296 million units and 297 million units, respectively, with year-on-year growth rates of 13.5% and 14.1% [1][10]. - Domestic sales of rotor compressors are expected to grow by 12.3% to 253 million units, while export volume is anticipated to increase by 24.8% to 44.88 million units [1]. Policy Support - The Chinese government has implemented several policies to stimulate domestic consumption, including promoting the replacement of old appliances, which has positively impacted the sales of rotor compressors [7][8]. Competitive Landscape - The market for rotor compressors has shifted from foreign brand dominance in the 1990s to a significant presence of domestic brands like GMCC, Landa, and Haili, which together hold a market share of 86.6% as of 2021 [10]. - GMCC leads the market with a share of 44.8%, followed by Landa and Haili, whose combined market share is 33.4% [10]. Development Trends 1. Diversification of Application Scenarios - Rotor compressors are expanding from traditional household air conditioning to emerging fields such as heat pumps and electric vehicles, driven by energy crises and carbon neutrality goals [17]. 2. Accelerated Replacement of Eco-friendly Refrigerants and Technological Upgrades - The industry is transitioning to low GWP refrigerants like R32 and R290, with a focus on improving energy efficiency and adapting to environmental regulations [18][19]. 3. Accelerated Globalization and Export Market Expansion - Chinese rotor compressor companies are increasingly entering international markets, with significant growth in exports, exemplified by Haili's 35.1% increase in export volume in 2024 [20].