国信证券：智能化家电家居助力养老护理 关注三大耐用品品类

Core Insights - The demand for intelligent elderly care and assistance devices is increasing due to the rising proportion of elderly individuals aged 65 and above, as well as the growing number of elderly living alone and those with disabilities [1] Group 1: Home Care Equipment - AI-driven upgrades in home care devices are becoming crucial entry points in the elderly care ecosystem, with a projected steady sales volume of 14 million units for solitary care devices by 2030, reflecting a compound annual growth rate of 16% [1] - The leading company in this sector is Hikvision, whose core product "Hikvision Elderly Care Smart Body" integrates software and hardware to provide a comprehensive home care solution covering life tracking, health data, safety alerts, and voice assistance [1] Group 2: Elderly Care Robots - The market for nursing robots, which includes basic cleaning devices to advanced embodied intelligent robots, is expected to reach a scale of hundreds of billions, driven by the increasing percentage of elderly and disabled individuals [2] - The industry comprises three main types of players: (1) vertical manufacturers with deep understanding of specific needs, such as Ousheng Electric and Rongtai Health; (2) comprehensive service robot manufacturers; and (3) tech and smart home companies like Midea Group and Haier, which leverage their technology to expand into elderly care [2] Group 3: Smart Mattresses - Smart mattresses represent a potential category with a large base and low penetration rate, addressing issues like sleep difficulties among the elderly through flexible hardware design and AI models [3] - The domestic mattress market is projected to reach approximately 65.9 billion RMB in 2024, with smart mattresses currently having a penetration rate of less than 1%, indicating significant growth potential driven by elderly care needs [3] - Leading companies in this space include Xilinmen, which has launched a series of smart mattress products, and Mousse, known for its AI algorithms and adaptive mattresses, achieving a revenue of 121 million RMB from AI products in the first half of 2025, a year-on-year increase of over 300% [3]