家用电器行业深度报告：成为“黑马”后，小米会不会是下一匹家电“白马”？

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Viewpoints - In 2024, Xiaomi is expected to become a dark horse in the home appliance industry, capitalizing on consumer demand for cost-effective products amid consumption downgrading [1][2] - Xiaomi's strategy of thin profit margins and high sales volume is effective in creating price competitiveness, particularly in the air conditioning market [2][5] - The company's recent product upgrades and the integration of its automotive business into its marketing strategy are expected to enhance brand visibility and drive sales [1][2][27] Summary by Sections 1. Xiaomi's Position as a Dark Horse - Xiaomi is aligning its product pricing with consumer preferences for value, particularly in the air conditioning segment where the online retail volume share for products priced below 2400 yuan has increased by 19 percentage points [1][17] - The company continues to adopt a low-margin, high-volume sales strategy, with its air conditioning profit margin at 1.5% compared to double-digit margins of competitors like Midea and Gree [1][2][23] - Xiaomi's recent product launches, including Mini LED TVs and energy-efficient air conditioners, are positioned to attract consumers despite the overall market challenges [1][2][5] 2. Impact on the Competition Landscape - In the black goods sector, the Mini LED industry's profit margins are declining, which is expected to increase the penetration rate of Mini LED products [2][39] - The competition in the white goods sector is intensifying, particularly among second-tier brands, but the impact on leading brands like Gree and Midea is expected to be minimal [2][47] - Xiaomi's ability to leverage new products and marketing strategies, including the personal brand of Lei Jun and automotive launches, is seen as a short-term advantage that may not ensure long-term competitiveness [2][56] 3. Strategic Upgrades and Organizational Changes - Xiaomi's strategic shift towards a "people, car, home" ecosystem highlights the increasing importance of its home appliance division within the overall corporate strategy [1][27] - The restructuring of Xiaomi's home appliance division indicates a heightened focus on this segment, with leadership changes aimed at enhancing operational efficiency [1][28] - The establishment of a new air conditioning factory in Wuhan is part of Xiaomi's efforts to strengthen its supply chain and production capabilities [1][53]