Investment Rating - The report maintains a "Buy" rating for the home appliance industry [1] Core Viewpoints - The home appliance industry is experiencing a shift from a "price war" to a "quality war," driven by Xiaomi's announcement of a 10-year free warranty for its air conditioners, which aims to enhance consumer confidence in product quality [3][41] - The impact of national subsidies is significant, with a projected increase in retail sales due to the "old-for-new" policy, which is expected to contribute to a 29.9% year-on-year growth in retail sales from September to December 2024 [5][19] - The air conditioning market is facing challenges due to a high base from the previous year and the reduction of national subsidies, leading to cautious production forecasts for the upcoming months [3][22] Summary by Sections 1. Domestic Sales and Export Trends - The "old-for-new" policy has positively impacted domestic sales, with a notable increase in retail sales of home appliances [5] - In August 2024, air conditioning domestic sales volume reached 7.737 million units, a year-on-year increase of 1.2%, driven by high temperatures [3][22] - Export volumes for air conditioners are expected to decline, with a forecast of approximately 9.581 million units for the entire year 2025, a year-on-year decrease of 1% [48] 2. Air Conditioning Industry Growth - The air conditioning market is experiencing a decline in retail sales, with online and offline sales showing significant year-on-year decreases in September 2025 [3][22] - The average retail price of air conditioners has shown signs of recovery after a price war, with offline prices rising to 4,301 yuan per unit in September 2025 [41][42] - The air conditioning industry is transitioning towards a focus on quality and service, as evidenced by Xiaomi's extended warranty offering [3][41] 3. Valuation and Investment Recommendations - The home appliance sector is currently undervalued, with a price-to-earnings ratio of 15.3, below the historical average of 17.3 [74] - Investment recommendations include companies with strong dividend yields and successful digital transformation, such as Midea Group and Haier Smart Home [76] 4. Heat Pump Industry Development - The heat pump industry is expected to benefit from favorable policies, with a projected market space of 100 billion yuan [65] - Exports of heat pumps are showing signs of recovery, with a year-on-year growth of 21.6% in the first seven months of 2025 [65]
暖通空调跟踪：国补退坡零售下滑，十年包修开启“品质战”
Yin He Zheng Quan·2025-09-23 06:25