2025年2月厨电品类零售数据点评：景气延续，1-2月烟灶累计双位数增长

Investment Rating - The report gives an "Overweight" rating for the home appliance industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The "old-for-new" policy in 2024 is expected to significantly boost the home appliance market, expanding the subsidy range to include eight categories, which will drive demand [3]. - In the first two months of 2025, the kitchen appliance categories showed strong double-digit growth, with notable increases in sales volume and revenue for range hoods and gas stoves [3]. - The report highlights the potential for continued market activation due to increased government support, with a special bond of 300 billion yuan allocated for consumer upgrades [3]. Summary by Sections Market Performance - The report notes that in January and February 2025, range hoods achieved sales of 166,000 units, up 33% year-on-year, with revenue reaching 667 million yuan, a 42% increase [3]. - Gas stoves saw sales of 181,900 units, a 14% increase, with revenue of 379 million yuan, up 34% [3]. Investment Recommendations - The report recommends investing in established brands such as Robam Appliances, Vatti Corporation, and Vanward Electric, which are expected to benefit from the new subsidy policies [3]. - The report emphasizes the low base effect for the industry in the first eight months of 2025, suggesting strong sales growth potential [3]. Company Valuations - Key companies in the home appliance sector are rated as "Buy," including Midea Group, Gree Electric, and Haier Smart Home, with projected net profits for 2025 showing significant growth [4]. - The report provides a detailed valuation table for various companies, indicating their expected earnings per share and price-to-earnings ratios for 2024 to 2026 [4].