Western Securities·2025-07-22 12:04Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The 2025 version of the refrigerator national standard promotes the industry's transition towards high efficiency, large space, and smart technology [5] - The new national standard significantly raises energy consumption limits and efficiency levels for refrigerators, which will lead to a substantial increase in the demand for VIP boards [2][5] Summary by Sections Industry Overview - The new national standard for household refrigerators will be implemented on June 1, 2026, tightening the first-level energy efficiency threshold from a comprehensive energy efficiency index of ≤50% to ≤20% [1] - The introduction of a comprehensive energy consumption evaluation system and a volume utilization rate correction factor will enhance the effective volume of refrigerators [1] Market Potential - The current penetration rate of VIP boards in China's refrigerator market is only 3%, indicating significant room for growth [3] - Assuming a 50% penetration rate of VIP boards by 2028, the potential market for VIP boards in China could reach 14.753 billion yuan, with a CAGR of 19.42% from 2018 to 2028 [3] Key Companies - Saitex New Materials is identified as a leading company in the VIP board sector, holding over 30% market share in the domestic cold chain sales field [4] - Zaiseng Technology is one of the first companies to produce VIP board core materials, with a production capacity of 10,700 tons as of June 2022 [4]