万和电气卢宇聪：厨电行业向“强者恒强”格局加速演进

Core Insights - The kitchen and bathroom appliance sector is experiencing intensified competition, influenced by the real estate market and the need for installation services [2][3] - Despite market challenges, companies like Wanhe Electric remain optimistic about growth opportunities, particularly in overseas markets and lower-tier cities [3][4] Industry Overview - The kitchen and bathroom appliance market is projected to see a retail volume growth of 5.4% year-on-year in the first half of 2025, driven by policies like trade-in subsidies, although retail value growth is only 3.9%, indicating a decline in average prices [2] - The competitive landscape is shifting towards a "stronger getting stronger" dynamic, with increased brand concentration and a focus on quality and differentiation [4][5] Company Performance - Wanhe Electric reported a total revenue of 5.524 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.54%, with a net profit of 479 million yuan, up 5.57% [3][6] - The overseas market has become a significant growth driver for Wanhe, with overseas revenue reaching 1.729 billion yuan in the first half of the year, a 26.52% increase compared to the previous year [3][6] Strategic Focus - Wanhe Electric emphasizes the importance of overseas capacity building and channel development, with ongoing projects in Egypt and Thailand [3][6][8] - The company is adopting a localized operational model in its overseas factories, focusing on hiring local talent and enhancing operational efficiency [8][9] Innovation and R&D - Wanhe's R&D efforts are centered around four key areas: smart technology, health, environmental sustainability, and customization [10][11] - The company maintains R&D investment at over 3% of revenue to ensure product competitiveness, focusing on user experience and market feedback [10][11] Market Trends and Future Outlook - The "trade-in" policy has stimulated consumer interest in green and smart products, but companies must prepare for a post-policy environment by focusing on high-end, scenario-based, and global strategies [12][13] - There are still untapped market segments, particularly in lower-tier cities, which present opportunities for growth [12][13]