家电行业周报：3月家电社零增长提速

Investment Rating - The report suggests a strong growth outlook for the home appliance industry, particularly driven by government subsidies and the upcoming peak stocking season, indicating a positive investment sentiment [6][53]. Core Insights - In March 2025, the retail sales of home appliances reached 100.1 billion yuan, showing a year-on-year increase of 35.1%, significantly higher than the growth rates in January and February [2][13]. - The online and offline retail sales for the first quarter of 2025 (excluding 3C products) grew by 4.7% and 12.8% year-on-year, respectively [2][13]. - The "trade-in" policy and other consumption incentives have effectively boosted the consumer market, leading to a notable increase in domestic sales [2][13]. Market Performance - The white goods sector showed stable performance, with significant growth in online sales of standalone dryers and double-digit growth in offline sales of refrigerators and washing machines [2][16]. - The kitchen and bathroom appliances sector is showing signs of recovery, with notable increases in offline sales of range hoods and gas stoves [2][23]. - The cleaning appliances segment continues to perform strongly, with online sales of air purifiers and water purifiers increasing by 46.3% and 25.6% year-on-year, respectively [2][25]. Company Announcements - Hisense Vision reported a revenue of 58.53 billion yuan for 2024, a year-on-year increase of 9.17%, with a net profit of 2.246 billion yuan, up 7.17% [47]. - Supor achieved a revenue of 22.427 billion yuan in 2024, reflecting a growth of 5.27% year-on-year, with a net profit increase of 2.244 billion yuan [47]. Investment Recommendations - The report recommends focusing on domestic demand and subsidy-driven opportunities, suggesting companies like Gree Electric, Midea Group, and Hisense Home Appliances as potential investment targets [6][53]. - For companies with significant exports to the U.S., it is advised to select those with production facilities concentrated in the US-Mexico-Canada Agreement area [6][53].