《2025/12/22-2025/12/26》家电周报：三花智控发布25年业绩预告，海尔智家出售印度子公司49%股权-20251227

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth in leading companies with low valuations and high dividends [6][7]. Core Insights - The home appliance sector has underperformed compared to the Shanghai and Shenzhen 300 Index, with the sector index rising by 0.5% while the broader index increased by 1.9% [6][8]. - Key companies such as Feike Electric, Guangfeng Technology, and Sanhua Intelligent Control have shown significant gains, while companies like Beilong and Hisense Vision have faced declines [6][10]. - Sanhua Intelligent Control is projected to achieve a net profit of 3.874 to 4.649 billion yuan in 2025, representing a year-on-year growth of 25-50% [6][13]. - Haier Smart Home has sold a 49% stake in its Indian subsidiary, maintaining control while partnering with local investors to enhance market presence [6][14]. Summary by Sections Air Conditioning - Online retail volume for air conditioners in November 2025 was 2.09 million units, down 26.2% year-on-year, while offline sales dropped by 44.8% to 351,000 units [4][35]. - The average online retail price increased by 0.2% to 3,131 yuan per unit, while the offline average price decreased by 13.0% to 4,205 yuan [4][35]. Kitchen Appliances - For range hoods, online sales fell by 15.2% to 502,000 units, and offline sales decreased by 34% to 132,000 units [5][37]. - The average online price for range hoods rose by 17.4% to 2,011 yuan, while the offline price dropped by 7.7% to 4,296 yuan [5][37]. - Dishwashers saw online sales decline by 29.3% to 170,000 units and offline sales drop by 40.2% to 28,000 units [5][41]. - The average online price for dishwashers increased by 2.7% to 4,590 yuan, while the offline price decreased by 1.1% to 8,241 yuan [5][41]. Industry Dynamics - The home appliance sector is expected to benefit from the continued effects of the trade-in policy and the growing demand in emerging markets [7]. - Companies are diversifying into new technology sectors, including robotics and data center temperature control, to drive growth [7]. - The report highlights the resilience of leading companies in the face of international trade fluctuations and their strategic positioning in global markets [7].