小家电行业专题：国补助力，需求结构改善

Investment Rating - The report maintains a positive outlook on the small home appliance industry, indicating a "Buy" rating for investment opportunities [12]. Core Insights - The continuation and expansion of national subsidy policies in 2025 are expected to boost demand in the small appliance market, leading to improved performance for companies in this sector [4][10]. - The small appliance sector is characterized by a diverse range of sub-industries, with significant growth observed in cleaning appliances and water purifiers [4][19]. - The competitive landscape shows a concentration in the cleaning appliance and kitchen small appliance segments, while the water appliance market remains relatively fragmented [8][30]. Industry Overview - The small appliance sector is diverse and fragmented, with major segments including cleaning appliances, water purifiers, rice cookers, and countertop steam ovens. Sales figures from October 2024 to March 2025 show significant growth, with coffee machines, cleaning appliances, water purifiers, juicers, and air purifiers leading in year-on-year sales growth [7][19]. - The sales scale for cleaning appliances reached 290 billion, water purifiers at 143 billion, rice cookers at 79 billion, and countertop steam ovens at 50 billion during the same period [19]. Competitive Landscape - In the cleaning appliance sector, leading brands dominate, particularly in the robotic vacuum segment, where the top five brands account for 96% of online sales. The average price for these products ranges from 2,300 to 4,000 yuan [8][30]. - The kitchen small appliance market exhibits an oligopolistic competition structure, with brands like Supor, Midea, and Joyoung holding significant market shares in rice cookers and pressure cookers [8][30]. - The water appliance market is expanding due to national subsidies, with a notable difference in online and offline market dynamics for water purifiers [8][30]. Company Performance - The report highlights that in Q1 2025, leading companies in the kitchen small appliance sector experienced notable revenue growth, with brands like Beiding and Joyoung showing significant improvements [9]. - In the cleaning appliance sector, major players like Roborock and Ecovacs reported substantial revenue increases, driven by strong domestic sales of robotic vacuums [9][10]. - The performance of companies in the small appliance sector is expected to improve due to the ongoing support from national subsidy policies [10]. Investment Recommendations - The report suggests focusing on the sustainability of revenue growth for small appliance companies, as the national subsidy policies are likely to continue driving demand in 2025 [10].