家电行业2025年度策略报告：内外兼修行致远，倚得东风势更强

Investment Rating - The report rates the home appliance industry positively, indicating a recovery in domestic sales and strong export performance, supported by government policies such as the "old-for-new" program [57][58][59]. Core Insights - The "old-for-new" policy has significantly boosted domestic sales, with retail sales of home appliances reaching 790.8 billion yuan from January to October 2024, a year-on-year increase of 7.8% [57][58]. - The export of home appliances has also shown robust growth, with cumulative exports reaching 83.749 billion USD in the same period, marking a 14.05% increase year-on-year [57][58]. - The report emphasizes the importance of government policies in stimulating domestic demand and the potential for further growth in the home appliance sector, particularly in the context of ongoing economic recovery [57][58]. Summary by Sections 1. Review: Continuous Improvement in Domestic Sales and Expansion of Export Markets - The home appliance industry has seen a recovery in domestic sales, with significant growth in both white goods and black goods categories [70][71]. - The cumulative retail sales of home appliances from January to October 2024 reached 790.8 billion yuan, reflecting a recovery in consumer confidence and demand [70][71]. 2. Industry Outlook: Increased Importance of Domestic Demand and Strong Export Growth - The report forecasts that domestic demand will continue to be supported by favorable policies, with a projected growth rate of over 5% for major appliance categories in 2025 [57][58]. - The export market is expected to benefit from the recovery in global demand, particularly in emerging markets, with a focus on maintaining competitive pricing amid potential tariff challenges [57][58]. 3. Subsector Insights: Stability in White Goods and Upgrades in Black Goods - White goods are expected to maintain stable growth, driven by policy effects and strong domestic demand [70][71]. - The black goods sector is experiencing a shift towards larger screen products, with demand for high-end models continuing to rise [70][71]. 4. Investment Recommendations - The report suggests focusing on leading companies in the home appliance sector that are well-positioned to benefit from the "old-for-new" policy, such as Midea Group, Haier, and Gree Electric [57][58]. - It also highlights the potential for growth in the cleaning appliance market, particularly for companies like Roborock Technology, as the market undergoes consolidation and optimization [57][58].