Shenwan Hongyuan Securities·2025-06-27 09:13Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the air conditioning and kitchen appliance segments, indicating a favorable investment environment [3][4]. Core Insights - The air conditioning sector experienced a 13.4% year-on-year increase in domestic sales in May 2025, while exports fell by 12.8% [4][5]. - Retail sales for air conditioners showed significant growth, with offline sales up 12.0% in volume and 16.1% in value, and online sales up 35% in volume [19]. - The kitchen appliance segment, particularly traditional cooking appliances, benefited from a continued high growth rate due to trade-in policies, with sales of range hoods and gas stoves increasing by 26.0% and 20.1% respectively [35][44]. Summary by Sections Air Conditioning - In May 2025, the air conditioning industry produced 20.81 million units, a decrease of 1.8% year-on-year, while sales reached 22.03 million units, an increase of 2.3% [5][4]. - Domestic sales accounted for 14.13 million units, reflecting a 13.4% increase, while exports were 790.9 thousand units, down 12.8% [5][4]. - Key players like Midea and Gree reported significant increases in domestic sales, with Midea's domestic sales up 43.8% [8][14]. Refrigeration and Washing Machines - In May 2025, refrigerator sales increased by 5.3% in volume and 11.9% in value, while washing machines saw a 3.1% increase in volume and a 9.5% increase in value [22][26]. - Haier led the market with a 40.2% share in refrigerator sales and a 42.8% share in washing machine sales [22][26]. Kitchen Appliances - Traditional kitchen appliances like range hoods and gas stoves saw retail sales increase by 26.0% and 20.1% respectively [35][44]. - The average price of range hoods rose by 3.9% year-on-year, while gas stoves saw a 7.7% increase [44]. Small Household Appliances - The report noted a 90.9% increase in sales for robot vacuum cleaners, while electric shaver sales declined by 11.3% [62][64]. - The average price of electric shavers increased by 12.2% year-on-year [64]. Investment Opportunities - The report identifies three main investment themes: white goods benefiting from favorable real estate policies, export-driven companies like Ousheng Electric, and core component suppliers like Huaxiang Co. and Shun'an Environment [4][19].