2025年4月家电零售和企业出货端数据解读：清洁电器线上以旧换新持续带动，空调出货端外销微降

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the air conditioning and white goods sectors, indicating a favorable investment environment [3][4]. Core Insights - The air conditioning sector saw a year-on-year increase in domestic sales, with April 2025 production reaching 22.42 million units, up 1.9%, and sales at 22.58 million units, up 2.0% [5][11]. - The report highlights three main investment themes: the undervaluation and stable growth of white goods, the potential for sales growth driven by trade-in policies, and the recovery of export demand [4][18]. - Key companies such as Haier, Midea, and Gree are noted for their strong performance, with Haier leading in export growth [11][18]. Summary by Sections Air Conditioning - April 2025 domestic sales of air conditioners increased by 3.7%, while exports saw a slight decline of 0.2% [5][20]. - Offline retail sales for air conditioners grew significantly, with offline sales volume and value up 17.4% and 19.8% respectively [20][21]. - The average retail price for offline air conditioners rose by 2.27% to 4322 yuan, while online prices decreased by 14% to 2755 yuan [20]. Refrigerators and Washing Machines - In April 2025, refrigerator offline retail volume and value increased by 7.8% and 13.0%, while washing machines saw a 6.2% increase in volume and a 10.8% increase in value [23][24]. - Haier's market share in refrigerators rose to 40.5% in volume and 47.7% in value, indicating strong brand performance [27]. Kitchen Appliances - Traditional kitchen appliances like range hoods and gas stoves experienced significant growth, with range hood sales up 28.3% in volume and 33.4% in value [30][31]. - The average price for range hoods increased by 3.7%, while gas stoves saw a 9.3% rise in average price [41][42]. Small Household Appliances - The report notes a mixed performance in small household appliances, with vacuum cleaners showing a 68.3% increase in offline sales value, while electric shavers experienced a 4.1% decline in sales volume [55][60]. - The average price for electric shavers rose by 33.9%, reflecting a trend of increasing consumer spending on personal care products [60][64]. Emerging Kitchen Appliances - The sales of dishwashers showed a decline in volume by 4.7% but an increase in sales value by 36.82%, indicating a shift towards higher-value products [44][48]. - The average price for dishwashers continued to rise, reflecting ongoing price trends in the market [44].