2月空调产销数据点评：空调内外销稳健、美的海尔拥抱新技术新趋势

Investment Rating - The report maintains a "Recommended" investment rating for the home appliance industry [1]. Core Viewpoints - The home appliance industry is experiencing steady growth in both domestic and international sales, particularly in air conditioning, with leading companies like Midea and Haier embracing new technologies and trends [1][3]. - The government’s consumption stimulus policies are expected to have a long-term positive impact on consumer spending, with a comprehensive plan involving 30 key tasks aimed at enhancing consumption capacity and quality [3]. - The report highlights the importance of adapting to new trends such as AI and robotics, with major players actively responding to market demands [3][4]. Summary by Sections Domestic Sales - In January-February 2025, the retail sales of household appliances and audio-visual equipment grew by 10.9% year-on-year, although this represents a slowdown compared to the previous quarter [3][4]. - The air conditioning sector showed a positive trend, with domestic sales volume increasing by 8.8% year-on-year during the same period [3][22]. Export Performance - The export value of home appliances in January-February 2025 reached USD 15.216 billion, marking a year-on-year increase of 6.3% [15]. - Air conditioning exports performed exceptionally well, with a year-on-year increase of 30.9% in the same period, following a strong performance in 2024 [22][15]. Policy Impact - The "old-for-new" replacement policy has significantly boosted sales, contributing to a 29.95% increase in retail sales from September to December 2024 [4]. - The government’s consumption stimulus measures are designed to enhance consumer confidence and spending power, which is expected to benefit the home appliance sector in the long run [3]. Technological Trends - Leading companies like Midea and Haier are rapidly integrating AI and robotics into their product offerings, responding to the evolving consumer preferences for smart home solutions [3][4]. - Midea has introduced AI voice control features in its air conditioning products, while Haier has launched innovative washing machines targeting younger consumers [3]. Valuation Insights - The home appliance sector's current price-to-earnings ratio stands at 15.83, below the historical average of 17.71, indicating potential for valuation improvement [54].