证券研究报告 | 2025年05月19日 家电行业周报（25 年第 20 周） 优于大市 4 月家电内销需求加速增长，受关税影响出口额微降 2% 本周研究跟踪与投资思考：4 月我国家电零售需求迎加速增长，线上线下零 售额同比增长约 20%。618 大促开启，今年活动时间提前，周期拉长。4 月受 美国关税影响，我国家电出口额微降 2%，但空调、洗衣机等增长依然良好。 4 月家电零售需求加速增长，线上线下均表现良好。奥维云网数据显示，4 月我国家电零售需求迎来环比加速增长，线上线下零售额同比分别增长 21.8%/18.6%，1-4 月累计同比增长 9.1%/14.8%。分量价来看，在国补政策 的带动下，量价均有明显的增长，4 月线上线下零售量同比分别增长 6.5%/10.8%，1-4 月累计同比增长 1.2%/4.5%。分品类看，白电增长良好， 空调线上线下均有双位数增幅；大厨电中，油烟机、燃气灶线上线下均有较 快增长；厨房小家电线上线下零售表现有所改善，电饭煲线下增长较快；扫 地机及洗地机延续强劲增长趋势，清洁电器增长靓丽。 4 月家电出口额微降 2%，受美国加征关税影响有限。据海关总署发布的数据， 4 月我国 ...

Group 1 - The core viewpoint of the articles highlights the challenges faced by the home appliance industry, including a shift towards brand concentration and the struggles of small to medium enterprises amid a cooling consumer market [2][3] - The 618 shopping festival has become a stage for leading appliance brands, with overall market activity being subdued and promotional events returning to a normalized state [2] - The home appliance sector is experiencing significant changes, including leadership changes in major small appliance companies like Midea, Supor, and Joyoung, indicating operational challenges and the need for strategic adjustments [8] Group 2 - The home appliance industry is undergoing a standardization push, with 10 new industry standards set to be implemented by November 2025, focusing on quality upgrades and technological innovation [4] - The recent adjustment of tariffs between China and the U.S. is seen as a potential turning point for appliance companies, allowing for increased cross-border trade and production acceleration [5][6] - The after-sales service sector is being enhanced, with 105 leading service companies recognized, including Haier and Midea, reflecting a growing emphasis on service quality in the appliance market [7] Group 3 - Midea is actively pursuing acquisitions to strengthen its market position, including the purchase of Teka Group and strategic agreements with other companies to enhance its capabilities in the HVAC sector [10] - Haier and Hisense are launching innovative products aimed at improving consumer health and sleep quality, with Haier's "washing air" air conditioner and Hisense's new air conditioning solutions [11][12] - The financial performance of companies like Aucma has deteriorated, with a reported loss in 2024, highlighting the operational uncertainties faced by traditional appliance manufacturers [13] Group 4 - TCL has achieved significant market success during the 618 event, securing multiple top rankings in sales, showcasing the effectiveness of its product strategy focused on high-end and large-screen technology [14] - Samsung is expanding its presence in the HVAC market through a major acquisition, while Panasonic is selling "slightly flawed" appliances at discounted prices, indicating a strategic shift in product offerings [15] - Sony and Sharp are facing operational challenges, with Sony projecting a decline in revenue for the upcoming fiscal year and Sharp announcing the sale of its LCD panel factory due to poor performance [16]

发布日期：2025年05月18日 本报告由中信建投证券股份有限公司在中华人民共和国（仅为本报告目的，不包括香港、澳门、台湾）提供。在遵守适用的法律法规情况下，本报告亦可能由中信建投（国际）证券有限公司在香港提供。 请务必阅读正文之后的免责条款和声明。 证券研究报告行业简评报告 家电板块超额复盘：以沪深300作为业绩基准，家电板块配置价值凸显 分析师：马王杰 mawangjie@csc.com.cn SAC 编号：S1440521070002 分析师：付田行 futianhang@csc.com.cn SAC 编号：S1440524070015 以沪深300作为业绩基准，家电板块配置价值凸显 2 核心观点：复盘过去十年：家电板块在长周期维度中大部分时间段均能明显跑赢沪深300。 即使部分时点受短期因素影响阶段性跑输，但跑输幅度基本控制在10%；而一旦市场风格 与板块自身基本面相配合，板块则会取得非常可观的超额收益，基本都在25%及以上的水 平。整体来看，如果以沪深300作为业绩基准，家电板块无论是从获取超额弹性维度，还 是回撤控制维度均具备极大的配置价值。 投资建议：1）推荐黑电龙头的拐点性机会，海信视像受益于 ...

北交所信息更新 冰箱铰链龙头扩产+储能/商用设备突破， 2025Q1 营收同比+21% 2025 年 05 月 17 日 投资评级：增持（维持） | 日期 | 2025/5/16 | | --- | --- | | 当前股价(元) | 18.10 | | 一年最高最低(元) | 21.45/8.23 | | 总市值(亿元) | 16.41 | | 流通市值(亿元) | 7.51 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.41 | | 近 3 个月换手率(%) | 358.35 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 营收 3.25 亿元（+21.37%），归母净利润 1788.34 万元（-12.18%） 2025 年一季度公司实现营业收入 3.25 亿元，同比增长 21.37%；归母净利润 1788.34 万元，同比减少 12.18%；扣非归母净利润 1699.71 万元，同比减少 13.60%。 2025 年家电"以旧换新"政策延续，我们维持 2025-2026 年盈利预测，新增 202 ...

夫妻吵架，丈夫在净水器前战术性接水"好烫！"，妻子担心丈夫被烫到，前去调节到适应的温度："活 该你烫到，这点事都做不好。"丈夫笑了喝水："好喝"。水杯的温度密码，就是夫妻间未说出口的"互相 理解"。 …… 很多时候，一件件的厨房电器，替代我们表达了那些未说出口的爱，比如，既是载人航天太空厨房研制 单位，又是国民品牌的九阳，将健康家电融进每个小家的那一抹烟火气里，记录和陪伴"中国式健康生 活"。 九阳0涂层电饭煲 重新连接起两代人的家庭亲情 四十出头的张新林忙于工作总是不常回家，与父母沟通少之又少，偶有一次回家，看到父母用的电饭煲 年代久远，涂层都刮花了，他知道电饭煲的涂层脱落有多大风险，铝基材与食物直接接触，铝元素会随 食物进入体内累积，并可能造成慢性伤害。 而且父亲还很喜欢酸甜口，常用电饭煲做酸辣汤和糖醋排骨，这更让他担心，长时间的烹煮会增加铝溶 出的风险，可能会导致家人摄入过多的铝元素。而无论是什么样的涂层，最终都避免不了脱落的风险。 张新林经过对比后，决定买一个九阳0涂层电饭煲。 中国人是不擅长表达爱的，我们可能很少在家庭中听到"我爱你"这类表达，但我们却总在这样的场景中 感受到爱，闻到"家味"： 加班 ...

Core Viewpoint - The recent announcement by Kuka Home Furnishing Co., Ltd. regarding a private placement of shares to its controlling shareholder, Yingfeng Group, is seen as a significant step in promoting the integration strategy of "home furnishing + home appliances" following the entry of the Midea Group into Kuka Home [2][5]. Group 1: Share Issuance Details - Kuka Home plans to issue up to 104 million A-shares at a price of 19.15 yuan per share, raising a total of no more than 1.997 billion yuan [1][4]. - The issuance is directed solely to Yingfeng Group, which will increase its shareholding from 29.42% to 37.37%, thereby strengthening its control over the company [5][6]. Group 2: Financial Performance - For the fiscal year ending December 31, 2024, Kuka Home reported a revenue of 18.48 billion yuan, a year-on-year decrease of 3.81%, and a net profit attributable to shareholders of 1.417 billion yuan, down 29.38% [9]. - This marks the first instance since the company's listing in 2016 that both revenue and net profit have declined simultaneously [9]. Group 3: Business Strategy and Market Position - Kuka Home is recognized as a leading soft furniture enterprise, maintaining the position of "China's largest sofa sales brand globally" for three consecutive years from 2021 to 2024, according to Frost & Sullivan [4]. - The company is undergoing a transformation towards smart and integrated home solutions, particularly in response to the downturn in the real estate market [11]. Group 4: Financial Health and Fund Utilization - As of March 31, 2025, Kuka Home reported cash and cash equivalents totaling 3.616 billion yuan, with a low debt-to-asset ratio of 38.96%, indicating a relatively healthy financial position [7]. - The largest portion of the raised funds, amounting to 1 billion yuan, will be allocated to supplementing working capital, despite the company appearing financially stable [6][7].

Group 1 - The core point of the news is that Kuka Home intends to issue up to 104 million A-shares at a price of 19.15 yuan per share, raising a total of no more than 1.997 billion yuan, marking a significant capital move since the "Midea system" took control of the company in early 2024 [2][4] - The funds raised will be used for various projects, including smart upgrades of home product production lines, expansion of functional frame production lines, R&D of smart home products, digital transformation projects, and to supplement working capital, with 1 billion yuan allocated for working capital [5] - Kuka Home has maintained its position as the number one global sofa seller in China for three consecutive years from 2021 to 2024, according to Frost & Sullivan [4] Group 2 - Kuka Home's revenue for 2024 was 18.48 billion yuan, a year-on-year decrease of 3.81%, and the net profit attributable to shareholders was 1.417 billion yuan, down 29.38%, marking the first time since its listing in 2016 that both revenue and net profit declined simultaneously [6] - The company's domestic business revenue was 9.361 billion yuan, a decline of 14.4%, compounded by a full impairment of 213 million yuan on bonds from Red Star Macalline, further dragging down profit levels [6] - The company's main business segments include furniture manufacturing, information technology services, and others, with furniture manufacturing being the primary revenue source, generating 17.03 billion yuan, accounting for 92.13% of total revenue [9]

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Core Viewpoint - The report from Industrial Securities indicates that the home appliance sector is expected to benefit from continued national subsidies and a favorable domestic demand environment, with leading companies in the industry poised to gain from both domestic and international markets [1] Group 1: Home Appliance Sector Overview - The home appliance sector is anticipated to see sustained improvement in domestic demand due to ongoing national subsidies, with a year-on-year increase of 19.3% in retail sales of home appliances in Q1 2025 [1] - Export growth is expected to remain resilient, with a year-on-year increase of 8.7% in export value and 13.1% in volume for home appliances in Q1 2025, driven by emerging markets and a "grab export" effect [1] - The average dividend yield for the home appliance industry is 3.3%, ranking second among 31 primary industries, indicating a strong defensive attribute for the sector [1] Group 2: White Goods - The white goods segment is benefiting from national subsidy policies and a favorable real estate environment, with expectations for increased sales elasticity in Q2 and Q3 [2] - Leading brands are expected to outperform second-tier brands in terms of sales, with structural upgrades in product offerings enhancing profitability for top companies [2] - Despite potential short-term disruptions due to tariff fluctuations, domestic white goods leaders have established overseas production capabilities to mitigate trade barriers [2] Group 3: Color TVs - The domestic color TV market is experiencing a recovery trend, supported by national subsidies and the upcoming U.S. sports events, which are expected to stabilize demand [3] - Domestic brands are focusing on high-end product offerings, while overseas production capabilities are reducing tariff risks, allowing for market share gains against Korean competitors [3] Group 4: Kitchen Appliances - The kitchen appliance sector is closely linked to the real estate market, with ongoing policy support expected to enhance demand and improve valuations [4] - The continuation of national subsidies is anticipated to further stimulate demand, leading to gradual improvements in the sector's fundamentals [4] Group 5: Small Appliances - The small appliance sector is projected to recover significantly due to national subsidies, with a notable increase in demand expected in early 2025 as more product categories are included [5] - The industry is entering a concentrated replacement cycle, driven by the average product lifespan of 3-5 years, which is expected to boost growth for leading small appliance manufacturers [5] - Short-term export orders may face volatility due to U.S. trade tariffs, but the reliance of the U.S. kitchen appliance industry on Chinese supply chains is expected to favor leading manufacturers [5] Group 6: Robotic Vacuums - The robotic vacuum segment is showing strong growth potential, with Q1 2025 data indicating it is one of the most elastic consumer categories benefiting from national subsidies [6] - The domestic market is expected to see accelerated penetration rates as product prices reach attractive levels, with significant sales elasticity anticipated throughout the year [6] Group 7: Export Outlook for Robotic Vacuums - The demand for robotic vacuums in overseas markets remains uncertain due to U.S. trade tariffs and economic conditions, but leading Chinese brands are expected to capture market share in the mid-to-low-end price segments [7] - The potential exit of foreign brands and smaller Chinese brands due to tariffs may create new expansion opportunities for established Chinese brands [7]