家电行业月度动态跟踪：出口持续超预期，25Q1空调排产积极

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Viewpoints - The home appliance industry is experiencing sustained high demand, with significant improvements in both domestic and export sales driven by favorable policies and market conditions [1][7] - The "old-for-new" subsidy policy is expected to significantly boost domestic sales, with a notable increase in retail sales of home appliances [17][18] - The industry is witnessing a recovery in profitability, with revenue and net profit showing positive growth trends [38] Summary by Sections 1. Domestic and International High Prosperity Continues, Profitability of the Home Appliance Industry Recovers - Domestic demand is improving due to favorable real estate policies, with a notable increase in housing transactions in major cities [7] - Home appliance exports are performing well, with a total of 4.481 billion units exported in 2024, a year-on-year increase of 20.8% [23] - The sales of white goods, such as air conditioners, refrigerators, and washing machines, have shown strong growth in both domestic and international markets [30] 2. Valuation at Historically Low Levels, Long-term Investment Value - The current price-to-earnings ratio (TTM) for the home appliance industry is 15.43, below the historical average of 17.76 [54] - The industry has a beta value slightly below 1.00, indicating that its volatility is comparable to the overall market [58] 3. Investment Recommendations - The report suggests that the home appliance sector will benefit from the "old-for-new" policy and the globalization of home appliances, with key recommendations including Midea Group, Haier Smart Home, Boss Electric, and Roborock [62][63] - The core portfolio has shown a cumulative return of 13.30%, outperforming the SW home appliance index by 16.80 percentage points [63]