国君家电|龙头充分受益,下沉市场接力增长

Investment Rating - The report suggests a positive investment outlook for leading companies in the white goods sector, highlighting their growth potential and sustainability due to strong execution capabilities in various regions [1]. Core Insights - The white goods category is expected to benefit the most from market dynamics, with significant sales growth observed in cleaning appliances, air conditioners, and kitchen appliances post-subsidy [1]. - The report emphasizes the potential of lower-tier markets, predicting a surge in demand for appliance upgrades as older units are replaced [2]. - Leading brands are gaining market share significantly, with notable increases in online market shares for major players like Midea and Haier across various product categories [3]. Summary by Sections Product Categories - The report indicates that the sales growth elasticity varies by product category, with white goods showing the most pronounced benefits. The sales growth rates for cleaning appliances, air conditioners, and kitchen appliances post-subsidy are 186%, 62%, and 50% respectively [1]. - The demand elasticity is linked to the existing base of appliances and the potential for upgrades, with traditional large appliances having a larger replacement base compared to emerging categories [1]. Regional Insights - The report highlights the potential of lower-tier markets, predicting that by mid-November 2024, 70% of the national subsidy fund for appliance upgrades will be utilized. Areas with previously low subsidy usage are expected to accelerate their spending in Q4 [2]. Brand Dynamics - Leading brands are expected to benefit significantly from the subsidy rollout, with Midea and Haier showing substantial increases in market share across key categories. The report notes a 2.9%, 5.9%, and 5.0% increase in online market shares for Midea's air conditioners, refrigerators, and washing machines respectively [3]. - The report also points out that high-end brands are experiencing rapid growth, with Midea and Haier's premium brands leading in the refrigerator and washing machine segments [3].