2024年厨电品类零售数据点评：24年政策激活市场需求，25年开年烟灶景气延续

Investment Rating - The report gives an "Overweight" rating for the home appliance industry, indicating a positive outlook for the sector in comparison to the overall market performance [3][9]. Core Insights - The "old-for-new" policy implemented in 2024 has significantly activated market demand, with a total of approximately 300 billion yuan allocated to support large-scale equipment updates and consumer goods replacement [3]. - The report highlights that the kitchen appliance categories, particularly range hoods and gas stoves, have shown continued market vitality at the beginning of 2025, with substantial year-on-year growth in both sales volume and revenue [3]. - The report recommends investment in companies with strong positions in traditional kitchen appliance categories, such as Vatti Corporation, Robam Appliances, and Vanward Electric, due to the favorable conditions created by the new subsidy policies [3]. Summary by Sections Market Demand Activation - The "old-for-new" policy includes eight categories of appliances, with significant expected retail growth in range hoods (14.9% YoY), gas stoves (15.7% YoY), electric water heaters (1.3% YoY), and gas water heaters (8.8% YoY) [3]. - The policy's impact is evident in the retail performance of kitchen appliances, with notable increases in sales volume and revenue following the policy's implementation [3]. 2025 Market Outlook - The report notes that the kitchen appliance sector continues to experience high demand, with significant sales growth recorded in January 2025 for both online and offline markets [3]. - The report anticipates that the overall sales in the industry will benefit from a low base effect in the first eight months of 2025, further bolstered by the new subsidy measures [3]. Company Recommendations - The report recommends several companies for investment based on their market positions and expected performance under the new policies, including Midea Group, Gree Electric Appliances, and Haier Smart Home, all rated as "Buy" [4].