家用电器行业投资策略周报：1~2月家电零售预计实现中高个位数增长

Investment Rating - The industry investment rating is "Hold" [3] Core Viewpoints - The home appliance retail is expected to achieve a mid-to-high single-digit growth in January and February 2025, with air conditioners and kitchen appliances projected to see around 20% growth year-on-year [7][14] - White goods are expected to show stable growth, benefiting from the "old-for-new" policy, with recommendations for companies like Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances [7][15] - The home appliance sector index increased by 1.9% during the week of March 10-14, 2025, outperforming the CSI 300 index which rose by 1.6% [7][21] Summary by Sections Investment Recommendations - The report suggests that white goods will maintain stable performance with a high return on equity (ROE) and strong dividend advantages, benefiting from the "old-for-new" policy [7][15] - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, Hisense Home Appliances, and leading two-wheeled vehicle companies like Aima Technology, Ninebot, and Yadea Holdings [7][15] Weekly Market Review (March 10-14, 2025) - The home appliance sector index rose by 1.9%, outperforming the market by 0.3 percentage points [24] - The black appliance index decreased by 4.4%, while the white appliance index increased by 2.6% [7][21] Industry Overview - According to data from AVC, the retail sales of home appliances are expected to grow in January and February 2025, with specific categories showing varied performance [14][16] - Air conditioners are expected to see a significant increase in sales, while refrigerators are projected to decline slightly [16] Company Valuation and Financial Analysis - Midea Group (000333.SZ) is rated "Buy" with a target price of 80.27 RMB, while Gree Electric Appliances (000651.SZ) is also rated "Buy" with a target price of 51.22 RMB [8][19] - Haier Smart Home (600690.SH) and Hisense Home Appliances (000921.SZ) are similarly rated "Buy" with target prices of 34.91 RMB and 33.14 RMB respectively [8][19] Sales Data Overview - For the week of March 3-9, 2025, offline sales of air conditioners decreased by 18.0% year-on-year, while online sales increased by 1.5% [21][22] - The sales performance of various categories indicates a mixed trend, with some categories like cleaning appliances showing high double-digit growth [7][14]