家用电器行业2025年年度策略：兼具内外销成长，稳速前进

Investment Rating - The report maintains a "Market Perform" rating for the home appliance industry [2] Core Insights - The home appliance sector is experiencing growth in both domestic and international markets, with a focus on structural opportunities in 2025 [8][9] - The overall performance of the home appliance industry has outpaced the CSI 300 index, with a cumulative increase of 27.72% in 2024, outperforming the index by 9.63 percentage points [13] - The white goods segment has shown the most significant growth, with a 39.67% increase, while the small appliances segment has lagged behind with a 6.72% increase [13] Summary by Sections 1. Industry Performance Review - The home appliance sector has shown a cumulative increase of 27.72% in 2024, outperforming the CSI 300 index [13] - White goods, black goods, small appliances, and kitchen appliances have recorded increases of 39.67%, 33.64%, 6.72%, and 7.01% respectively [13] - The overall revenue and performance of the home appliance sector have maintained positive growth despite a high base in 2023 [19] 2. Export Opportunities - Home appliance exports have remained robust, with a total of 4.099 billion units exported from January to November 2024, reflecting a year-on-year increase of 21.3% [8] - The export structure has improved, with a higher proportion of exports to emerging markets, reducing exposure to risks from the U.S. market [8] 3. Domestic Demand Recovery - The "old-for-new" policy has significantly boosted domestic demand, with retail sales of home appliances showing a year-on-year increase of 9.60% from January to November 2024 [8] - However, the effectiveness of demand stimulation from policies may diminish over time as the market transitions to a stock-driven phase [8] 4. Investment Strategy for 2025 - The report suggests focusing on companies that can balance both domestic and international markets to achieve stable returns [9] - Key investment targets include Haier Smart Home, Roborock Technology, and EZVIZ Network, with additional attention on Midea Group, Hisense Home Appliances, and Supor [9] 5. Segment Analysis - White Goods: Strong performance with significant export growth, particularly in air conditioning units, which saw a production increase of 18.25% and sales increase of 16.61% in 2024 [22] - Black Goods: The segment is recovering, driven by major sporting events in 2024, which are expected to stimulate demand for televisions [42] - Small Appliances: Overall performance has been average, with cleaning appliances showing growth while kitchen appliances remain under pressure [47] - Kitchen Appliances: Demand is closely tied to the real estate sector, which has been declining, impacting sales negatively [51]