2025-03-06 00:28Investment Rating - The report maintains a "Positive" outlook on the home appliance industry, particularly focusing on the air conditioning and white goods segments [4]. Core Insights - The report highlights a mixed performance in the home appliance sector for January 2025, with air conditioning sales declining domestically while exports continue to grow [5][6]. - The report identifies three main investment themes: white goods, export-driven companies, and core components suppliers, suggesting a favorable environment for investment in these areas [5]. Summary by Sections Air Conditioning - Production and Sales: In January 2025, the air conditioning industry produced 16.67 million units, a year-on-year decrease of 4.23%, while sales reached 17.73 million units, an increase of 8.70%. Domestic sales fell by 1.50% to 7.21 million units, while exports rose by 17.00% to 10.52 million units [5][6]. - Retail Performance: Offline retail sales for air conditioners saw a decline of 2.9% in volume and 0.5% in value. Online sales dropped significantly, with a 27% decrease in volume and a 34% decrease in value [5][23]. Refrigerators and Washing Machines - Sales Trends: In January, refrigerator sales fell by 2.9% in volume and value, while washing machines experienced a more significant decline of 17.4% in volume and 14.4% in value [28]. - Market Share: Haier maintained a strong market share in both categories, with a slight increase in refrigerator sales despite overall market declines [28]. Kitchen Appliances - Traditional Appliances: Sales of traditional kitchen appliances like range hoods and gas stoves continued to grow, with range hood sales up 3.7% and gas stove sales up 4.1% [35]. - Emerging Appliances: Sales of dishwashers saw a significant decline, with a 43.26% drop in volume and a 42.87% drop in value [48]. Small Household Appliances - Sales Performance: The report notes a decline in sales for rice cookers and air fryers, with rice cooker sales down 12.0% and air fryer sales down 23.6% [52][56]. - Market Dynamics: The report indicates a shift in consumer preferences, impacting the sales of various small appliances [61]. Investment Recommendations - White Goods: The report recommends investing in companies like Hisense, Midea, Haier, and Gree, which are expected to benefit from favorable market conditions and government policies [5]. - Export Opportunities: Companies like Ousheng Electric and Dechang Co. are highlighted for their potential growth driven by export orders [5]. - Core Components: The report suggests investing in companies like Huaxiang and Shun'an, which are positioned to benefit from increased demand for core components in the home appliance sector [5].