Zhong Guo Yin He Zheng Quan·2026-03-04 10:24Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1]. Core Insights - The home appliance industry is experiencing significant marketing efforts from companies like Chase, which has led to an increase in market share for cleaning appliances. Chase has invested heavily in marketing since 2026, including partnerships with major events like the Chinese Spring Festival and the Super Bowl in the U.S. [3]. - The cleaning appliance market remains competitive, with Chase's market share improving after a decline due to price increases in late 2025. Recent data shows Chase's online retail market share for vacuum cleaners rose to 15.0% and 16.6% for washing machines in the weeks monitored [3]. - The global market for cleaning appliances is expected to grow rapidly, with the penetration rate still low. The competition is primarily among three leading brands: Stone Technology, Ecovacs, and Chase. The report recommends investing in Stone Technology, anticipating a steady increase in net profit margins from 2026 to 2027 [3]. Summary by Sections Cleaning Appliance Data Tracking - China Market - Online retail prices for vacuum cleaners showed a decline in 2025, with an average price of 3,391 yuan per unit, down 2.5% year-on-year. By early 2026, prices dropped to 2,872 yuan during promotions, later recovering to 3,658 yuan [3]. - The online retail price for washing machines has been declining, with an average of 2,053 yuan in 2025, down 3.0% year-on-year. In January 2026, the price fell to 1,820 yuan, the lowest since 2018 [3]. Cleaning Appliance Data Tracking - Global Market - The global shipment volume for vacuum cleaners is projected to increase, with significant market shares held by brands like Stone Technology and Chase. The report highlights the competitive landscape and the potential for Chinese brands to expand their market share, especially in the U.S. following the restructuring of iRobot [3].