Shenwan Hongyuan Securities·2025-04-20 14:45Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the white goods sector, due to favorable policies and market conditions [2][3]. Core Insights - The report highlights the significant growth in the home appliance replacement program, with over 100 million units exchanged as of April 10, 2025, indicating strong consumer demand and government support [3][9]. - The white goods sector is characterized by low valuations, high dividends, and stable growth, making it an attractive investment opportunity [2]. - The report emphasizes the expected increase in production and sales in the white goods sector, driven by the "old-for-new" policy and rising copper prices, which are boosting market sentiment [2][3]. Summary by Sections A. White Goods Data - In March, air conditioner retail volume decreased by 5.0%, while retail revenue increased by 0.1%, with an average price of 4480 yuan, up 5.34% year-on-year [25][26]. - Refrigerator retail volume and revenue rose by 2.0% and 7.7%, respectively, with an average price of 7237 yuan, up 4.2% year-on-year [26]. - Washing machine retail revenue increased by 4.7%, while retail volume decreased by 2.1%, with an average price of 4586 yuan, up 5.8% year-on-year [26]. B. Kitchen Appliance Data - In March, the retail volume of range hoods increased by 27.1%, and sales revenue rose by 34.4%, with an average price of 4423 yuan, up 4.9% year-on-year [29][30]. - The retail volume and revenue of gas stoves increased by 18.5% and 31.5%, respectively, with an average price of 2308 yuan, up 9.9% year-on-year [29][31]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the home appliance index rising by 0.2% while the CSI 300 rose by 0.6% [4][6]. - Key companies such as Rongtai Health and Hisense Home Appliances showed significant gains, while others like Feike Electric and Ecovacs experienced declines [6][4]. D. Macro Economic Environment - As of April 18, 2025, the USD to RMB exchange rate was 7.2069, reflecting a 0.26% increase since the beginning of the year [32].