家电周报：3月白电外销出货端增长延续，五一家电以旧换新火热-20250505

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies within the industry [3][5]. Core Insights - The home appliance sector has shown resilience, with the white goods segment experiencing varied performance in domestic and export markets. The implementation of the old-for-new appliance policy is expected to stimulate demand [5][12]. - The report highlights significant growth in air conditioning exports, while domestic sales show slight increases. Conversely, refrigerator sales have seen a decline in domestic markets but growth in exports [4][34]. - The report emphasizes the importance of key players such as Midea, Gree, and Hisense, which dominate market shares in air conditioning and other white goods [32][36]. Summary by Sections Air Conditioning - In March 2025, the air conditioning industry produced 24.848 million units, a year-on-year increase of 13.94%. Total sales reached 24.344 million units, up 8.54% year-on-year, with domestic sales at 12.7795 million units (up 3.46%) and exports at 11.5698 million units (up 14.82%) [30][32]. Refrigerators - The refrigerator sector produced 8.3 million units in March 2025, a year-on-year decrease of 5.1%. Total sales were 8.542 million units, up 2.8% year-on-year, with domestic sales at 3.783 million units (down 10.9%) and exports at 4.759 million units (up 17%) [34][35]. Washing Machines - The washing machine industry saw production of 7.6 million units in March 2025, a year-on-year increase of 7.1%. Total sales reached 7.6847 million units, up 9.1% year-on-year, with domestic sales at 3.6267 million units (up 8%) and exports at 4.058 million units (up 10.1%) [36][37]. Market Dynamics - The report notes that the home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with a 1.1% increase in the home appliance index while the broader index fell by 0.4% [5][7]. - The old-for-new appliance policy has expanded from 8 to 12 categories, significantly boosting sales and customer traffic in retail stores [12][5]. Key Companies - Midea leads the air conditioning market with a 29.35% market share, followed by Gree, Hisense, and others [32]. - The report recommends a focus on leading companies such as Midea, Haier, and Gree for investment opportunities due to their strong market positions and growth potential [6].