HUAXI Securities·2025-03-12 08:40Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The clean appliance industry continues to experience high prosperity driven by national subsidies, with significant growth in both online and offline channels for sweeping robots and floor washers [3][18] - The market for sweeping robots shows a price-volume increase, with the most popular price range being 3,000 to 4,000 yuan, while high-end demand remains resilient [8][15] - The introduction of new sweeping robots with mechanical arms by companies like Stone and Chasing is expected to enhance product evolution and penetration rates [3][34] Summary by Sections Sweeping Robots - Market Size: Driven by national subsidies, the sweeping robot market saw online sales reach 1.9 billion yuan in January-February 2025, a year-on-year increase of 72%, with online sales volume at 590,000 units, up 58% [8] - Price Segmentation: The 3,000-4,000 yuan price range is the most mainstream, with a strong demand for high-end models priced above 5,000 yuan, while low-end models below 2,500 yuan continue to shrink [14][15] - Brand Share: Ecovacs leads the market, while Stone's market share significantly rebounded due to the P20 PRO model [15] Floor Washers - Market Size: The floor washer market also maintains high prosperity, with online sales reaching 1.6 billion yuan in January-February 2025, a year-on-year increase of 38%, and online sales volume at 810,000 units, up 48% [18] - Price Trends: The online average price for floor washers decreased by 7% year-on-year to 1,980 yuan, while offline prices increased by 2% to 3,207 yuan [25] - Brand Share: Tineco remains the market leader, with significant share increases for brands like Chasing and Stone [29]