家用电器行业专题研究：进击的小米白电——归因

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry, specifically highlighting Xiaomi's strong performance in the white goods sector [5]. Core Insights - Xiaomi has rapidly risen in the home appliance market, with significant online retail share increases in air conditioners, refrigerators, and washing machines, achieving 11.9%, 4.4%, and 4.0% in retail value shares respectively by September 2024 [12][13]. - The report attributes Xiaomi's success to both external factors, such as market "downgrading" and a lack of aggressive pricing from leading brands, and internal factors, including Xiaomi's focus on high cost-performance products and increased emphasis on its white goods business [6][15]. Summary by Sections 1. Continuous Breakthrough of Xiaomi White Goods - Xiaomi's online retail share for air conditioners, refrigerators, and washing machines has shown significant growth, with retail volume shares at 14.3%, 6.9%, and 4.7% respectively [12][13]. - The revenue for Xiaomi's white goods is projected to exceed 15 billion in 2024, positioning it as the fifth largest player in the industry [12][14]. 2. Consumer Trends and Industry Competition - The report identifies a clear trend of "downgrading" in consumer preferences, primarily reflected in pricing rather than product structure, with a notable increase in lower-priced products [15][19]. - Leading brands have focused on profitability, widening the price gap between first and second-tier brands, which has allowed Xiaomi to capitalize on this market dynamic [6][19]. 3. Extreme Cost-Performance and "Hit Product" Strategy - Xiaomi's strategy of offering extreme cost-performance products has been pivotal in gaining market share, with its air conditioners priced significantly lower than leading brands [7][8]. - The "hit product" strategy has been effective, with a single model contributing over 40% of Xiaomi's air conditioner sales, showcasing the impact of scale effects [8][22]. 4. Maintaining "Outperform" Rating - The report anticipates a rebound in domestic appliance sales driven by policies encouraging upgrades, with Xiaomi positioned to benefit from its pricing and channel advantages [5][6].