中金：小家电行业需求有望延续复苏态势 看好行业盈利能力改善

Group 1 - The core viewpoint is that the small home appliance industry is expected to continue its recovery trend this year, driven by the old-for-new home appliance policy and a low base effect [1][2] - The demand for small home appliances is showing a mild recovery, with the industry experiencing reduced competition and companies focusing on high-quality development, leading to further price recovery [2] - The profitability of small home appliance companies is anticipated to improve significantly due to the combination of demand recovery, alleviated price wars, and reduced costs from platform fee reductions [2] Group 2 - The small home appliance industry had steady growth before 2020, with a CAGR of 7% in online retail sales from 2016 to 2019, but faced challenges during the pandemic [2] - The industry is expected to see a recovery in demand in 4Q24 and 1Q25, with online retail sales projected to increase by 8% and 6% year-on-year, respectively, primarily driven by price increases [2] - Companies are focusing on improving profitability through strategies such as market penetration, product development, market expansion, and diversification [3]