Tianfeng Securities·2025-05-22 09:33Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Insights - The pool cleaning robot market is experiencing rapid growth, transitioning from the introduction phase to a fast-growing phase, with a projected global penetration rate of 28% by 2026 [2][16] - The global pool count is expected to increase from 28.88 million in 2021 to 36.92 million by 2026, with a compound annual growth rate (CAGR) of 5% [1][16] - The market size for pool cleaning robots is projected to reach approximately $3.1 billion by 2026, based on an estimated demand of 10.34 million units at an average price of $300 [2][16] Summary by Sections Market Growth - The demand for pool cleaning robots is driven by the increasing number of pools globally, particularly in the U.S., where the number of pools rose from 10.6 million in 2021 to over 19 million in 2022 [1][15] - The U.S. market is expected to lead in penetration rates, with projections of 39% by 2026 [2][16] Competitive Landscape - The market is highly concentrated, with the top 10 brands holding over 80% market share as of 2023, primarily dominated by brands like Dolphin, Polaris, BWT, and Hayward [3][19] - Chinese brands have gained significant market share, increasing from 15.9% in 2022 to 31% in 2023 on major platforms [3][19] Product Challenges - Current products face high levels of homogeneity, with common issues such as a lack of sensors and low levels of automation, which presents opportunities for innovation [4][22] - The leading manufacturer, Maytronics, has reported a double-digit revenue decline for the first time in five years, indicating a shift in the competitive landscape [4][25] Investment Recommendations - Recommended stocks include major appliance manufacturers such as Gree Electric, Midea Group, Hisense, and Haier, as well as smaller appliance companies like Ecovacs and Roborock [5]