Changjiang Securities·2025-08-24 23:31Investment Rating - The report maintains a "Positive" investment rating for the industry [13]. Core Insights - The report highlights that the domestic sales growth in the vacuum cleaner sector will be driven primarily by volume, supported by a favorable market environment due to price reductions and government subsidies [4][11]. - The competitive landscape shows that domestic products continue to exhibit differentiated competition, with brands like Ecovacs rapidly penetrating the market with innovative products [4][9]. - The leading companies, Stone Technology and Ecovacs, are expected to see improved profitability driven by enhanced product capabilities and market expansion strategies [10][11]. Summary by Sections Industry Prosperity - The vacuum cleaner market is experiencing high prosperity, driven by price reductions in full-station products and strong government subsidies. The online sales revenue, volume, and average price are projected to grow significantly in 2024 and the first half of 2025 [8][30]. - The introduction of the Stone P10 has pushed the price of full-station products down to over 3000 yuan, with other manufacturers expected to follow suit, leading to a substantial increase in sales volume [30][32]. Competitive Landscape - The differentiation in domestic products continues to evolve, with key features such as water-washing technology and lightweight designs becoming prominent. By June 2025, the sales proportion of online water-washing and crawler-type products is expected to reach 24% [9][10]. - The pricing strategy among leading brands shows a notable shift, with Ecovacs optimizing its price layout while Stone maintains a stable presence in the 3500-3999 yuan price range [9][10]. Leading Companies' Performance - Ecovacs is leading the trend in water-washing technology, achieving significant growth in both domestic and international markets. The user ratings for its new products have improved markedly, indicating strong market acceptance [10][11]. - Stone Technology is expanding its market presence in underdeveloped regions of Europe and enhancing its product offerings in the mid-range price segment, with expectations of continued growth in sales volume [10][11].