家用电器业以旧换新更新系列报告（二）：龙头充分受益，下沉市场接力增长

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, particularly highlighting the benefits for leading brands in the context of the recent subsidy policies [1][2]. Core Insights - The report emphasizes that leading brands in the home appliance sector are expected to benefit significantly from the recent government subsidies aimed at promoting the replacement of old appliances with new ones. The white goods category is projected to see the most substantial gains, with a notable increase in market share for top brands [2][3]. Summary by Sections 1. Introduction - The report discusses the impact of the nationwide "old-for-new" policy, which has been in effect for over a month. As of mid-October, approximately 14.62 million units of traditional appliances were sold, generating sales of 69.09 billion yuan, supported by 13.17 billion yuan in central subsidies [5]. 2. Product Categories: Differentiated Price and Volume Elasticity - White goods are identified as the most significant beneficiaries of the subsidy policy, with sales growth in categories such as cleaning appliances, air conditioners, and kitchen appliances (excluding integrated stoves) showing strong elasticity. For instance, the online sales growth for cleaning appliances surged from 48% to 186% following the subsidy implementation [3][6]. - The average prices of major appliances have improved significantly, with color TVs and washing machines seeing price increases of over 10% year-on-year due to the subsidy effects [7][8]. 3. Regional Insights: Focus on Lower-tier Markets - The report highlights the potential of lower-tier markets, predicting that by mid-November, approximately 70% of the subsidy funds will be utilized nationwide. Regions that implemented subsidies earlier, such as Hubei and Anhui, have shown better consumer engagement and sales growth [14][15]. 4. Brand Performance: Leading Brands Benefit - Leading brands like Midea, Gree, and Haier have seen significant increases in market share across various product categories. For example, Midea's market share in air conditioners and refrigerators increased by 2.9% and 5.9%, respectively, following the subsidy rollout [3][4]. - The report notes that high-end brands are experiencing rapid growth, with a notable improvement in the revenue structure of leading companies [3][4]. 5. Investment Recommendations - The report recommends investing in companies with strong distribution capabilities and a comprehensive product lineup, particularly those focused on white goods. Specific stock recommendations include Midea Group (14.1X), Gree Electric (7.7X), and Haier Smart Home (13.7X) [3][4].