截至5月初，A股和港股上市公司2024年财报披露已经收官，中国家电四巨头分别交出了颇为亮眼的"成绩单"。 美的、海尔、TCL、海信在过去的一年里，均经历了不同程度的增长。其中，美的2024年全年营收达到4091亿元，同比增长达到9.5%，是营收增长最快的 企业，也是唯一一家营收超过4000亿的企业。 换句话说，中国家电企业过去一年的高增长成绩单，推力主要来自两点：1.全球化；2.高端化。 | | | | 2024年中国主要家电上市公司海外成绩单 | | | | --- | --- | --- | --- | --- | --- | | 序号 | 企业名称 | 海外营收(亿元) | 变动 | 总营收(亿元) | 占比 | | 1 | 美的集团 | 1690.34 | 12.01% | 4090.84 | 41.32% | | 2 | 海尔智家 | 1439.14 | 5.43% | 2859.81 | 50.32% | | 3 | 格力电器 | 282.03 | 13.25% | 1891.64 | 14.91% | | 4 | 海信家电 | 356.29 | 28% | 927.46 | 38.42% | | ...

证券研究报告 | 2025年05月12日 家电行业财报综述暨 5 月投资策略 优于大市 政策助力景气向上，白电经营表现领先 24Q4 以来国补成效逐步释放，外销延续高增，家电上市公司经营景气攀升， 25Q1 合计营收增速接近 15%。家电企业盈利能力持续改善，虽然受外销占比 提升影响，毛销差有所下降，但费用优化、内部提效下净利率延续提升趋势。 家电行业：景气上行，盈利提升。我们统计的 43 个家电上市公司 2024 年实 现营收 12539 亿元/+5.8%；毛利率同比-1.6pct，毛销差（毛利率-销售费用 率）同比-0.1pct；实现归母净利润 1111 亿元/+9.7%，归母净利率+0.3pct 至 8.9%。25Q1 实现营收 3431 亿/+14.9%；毛利率同比-1.9pct，毛销差同比 -0.6pct；归母净利率同比+0.6pct 至 8.5%。在国补政策带动下，内销逐步 回暖，2024Q4 及 2025Q1 家电上市公司营收连续环比加速增长，Q1 增速创下 2022 年以来单季度新高，盈利能力在费用率优化等带动下持续改善。 白电：经营高景气，盈利进一步提升。白电上市公司 2024 年实现营收 ...

Core Viewpoint - The implementation of the home appliance trade-in subsidy policy in Jinan has significantly stimulated consumer demand and improved sales in the home appliance market, particularly for mid-to-high-end products [1][8]. Group 1: Impact of the Policy - Since the launch of the trade-in subsidy policy on January 23, over 100 days have passed, leading to increased consumer interest and sales in the home appliance sector [1]. - Consumers are taking advantage of the subsidies, with discounts of up to 20% on products like air conditioners, resulting in substantial savings [3][5]. - The policy has encouraged consumers to purchase multiple appliances, with reports of increased transaction rates and a shift towards bundled purchases [5][6]. Group 2: Sales Performance - Sales data indicates a significant increase in home appliance sales, with Gree's air conditioner sales in Shandong province rising by 30% year-on-year from January to April [8]. - Hisense reported a remarkable 78.4% increase in retail sales in Jinan during the first quarter [8]. - The trade-in policy has also positively impacted the sales of mid-to-high-end products, with their market share increasing from 40% to 60% for Gree's air conditioners [8]. Group 3: Consumer Trends - There is a noticeable shift in consumer preferences towards high-quality, smart, and environmentally friendly appliances, with a growing demand for energy-efficient products [9][10]. - The trend towards larger and more advanced appliances, such as big-screen TVs and high-capacity refrigerators, is evident, with significant sales growth reported [12]. - The policy has not only reduced purchase costs but also encouraged consumers to upgrade to higher-quality products, enhancing overall consumer experience [12]. Group 4: Future Outlook - Experts suggest that the trade-in policy will promote long-term upgrades in the home appliance industry, encouraging companies to invest in research and development for greener and smarter products [12]. - Recommendations for the government include optimizing the subsidy policy to better benefit consumers and enhancing awareness of the program to stimulate further market engagement [12].

Core Insights - The article highlights the impact of innovative financial products on consumer behavior, particularly in the context of home appliance upgrades in rural areas [1][2] - It emphasizes the role of government policies and financial institutions in facilitating consumer spending through programs like the "old-for-new" appliance exchange [1][2] Group 1: Consumer Behavior and Financial Solutions - A resident in Jiangxi Province successfully upgraded his home appliances using a flexible installment plan offered by Postal Savings Bank, which alleviated the financial burden of a nearly 30,000 yuan budget gap [1] - The innovative "zero collateral, flexible installment" credit card service provided by the bank allows consumers to enjoy government subsidies and discounts, making it easier to afford new appliances [1] Group 2: Economic Impact and Future Plans - The Postal Savings Bank's efforts have supported nearly 100 families in upgrading their appliances this year, contributing to local appliance sales exceeding 10 million yuan [2] - The bank plans to expand its "scene + finance" model to other consumer areas such as home decoration and education, aiming to enhance rural revitalization and improve the quality of life for urban and rural residents [2]

4 月出口（美元计价）同比+8.1%，表现出较强韧性。据海关总署数据显示，中国 4 月出口（以美元计价）同比增长 8.1%，延续良好增长态势，1-3 月出口同比分别+6.0%、-3.0%、+12.4%。25 年前四个月，东盟、欧洲、美国分别为我 国前三大贸易伙伴，我国对其出口金额分别为 1.48 万亿、1.21 万亿、1.07 万亿，同比分别+12.6%、6.1%、-1.5%。4 月出口表现出较强韧性，预计主要受益于非美地区需求强劲。 暖通产业链 25Q1 销售数据高增。1）整机产品出口表现显著优于内销，主因海外经销商在关税政策不确定性下的提前 备货行为；2）上游零部件受益于下游产量高增长，内需供应端普遍实现较高增速，其中国内补贴政策与"抢出口"效 应形成双向拉动。家用空调：根据产业在线，25Q1 实现总销量 5887.3 万台，同比+15.3%，其中内销 2735.2 万台，同 比 +6.2%，出口 3152.1 万台，同比 +24.5%，出口表现优于内销。受季节性备货节奏影响，出口端占据主导，预计随 着出口淡季和内销旺季备货到来，市场结构将迎来切换。二季度排产数据显示内销端呈现显著提升，反映厂商对旺季 市 ...

证券研究报告 可选消费 24/25Q1 换新显效，关注两个方向 华泰研究 2025 年 5 月 09 日│中国内地 专题研究 24 年家电换新提振内销，25Q1 板块面临关税挑战 2024 年家电板块（申万）累计上涨约 25.4%，涨幅居行业前列，表现明显 优于上证综指与沪深 300。得益于内需"以旧换新"政策红利以及出口补库， 全年板块收入同比+5.6%，归母净利润+7.1%，盈利能力稳健。25 年 1-4 月 家电换新维持拉动力，但出口面临关税挑战，板块承压回调约 1.6%。展望 25Q2，政策持续发力、内需具备支撑，叠加前期高基数效应减退，预计板 块将呈结构性修复态势，机会主要来自内销需求回暖与出口预期修复两端。 白电：尽显格局优势 空调/冰洗板块 24 年收入分别同比+4%/+7%，换新政策驱动下，头部优势凸 显，龙头企业借助价格策略和结构升级，保障盈利能力提升，归母净利分别 同比+13%/+7%。25Q1 换新拉动力维持（空调/冰洗收入同比+17%+14%）， 且随政策深入、费用优化，归母净利分别同比+33%/+33%。展望 25Q2，内 销基数回落、618 备货启动叠加政策催化，白电仍为板块内最具 ...

21世纪经济报道记者 翁榕涛 实习生 赖桂筠 广州报道 此前，盈峰集团及其一致行动人持有顾家家居股份比例为29.42%，本次定增若顺利发行，则持有股份 比例将进一步上升至37.37%。 值得注意的是，自从2024年初盈峰集团入主顾家家居以来，后者的市场表现持续低迷，每股股价从36元 震荡下行到5月9日的25元左右；此外，顾家家居的业绩表现也出现大幅下滑，上市以来首次出现营收和 净利下降。 在顾家家居市场表现和业绩表现都较为低迷的情况下，美的系资本再次加码20亿元投资的逻辑是什么？ 上市以来首次营收净利双降 近日，顾家家居股份有限公司（下称"顾家家居"，603816.SH）发布定向增发预案公告显示，拟向盈峰 集团有限公司（下称"盈峰集团"）定向发行不超过1.04亿股股份，募资资金不超过19.97亿元，发行价格 每股19.15元。 顾家家居近日发布了2024年报和2025年一季报。 2024年报显示，期内公司实现营收184.8亿元，同比下跌3.81%；归母净利润14.17亿元，同比下跌 29.38%。这是顾家家居2016年上市以来，首次出现营收和净利润同时下滑的情况。 在计提减值方面，公司对持有的红星美凯龙债券计 ...

| 包含日韩、东南亚、欧洲、北美洲等地区。公司将持续加强研发投入 | | --- | | 和品牌建设，提升产品品质和核心竞争力，积极开拓新兴市场，推 | | 动公司高质量可持续发展。感谢您的关注！ | | 问：2024 年公司的研发投入增加了 36.48%，这些研发投入的主 | | 要方向是什么？未来公司如何确保研发投入能够带来良好的回报？ | | 答：您好。公司研发费用增加主要系研发人员增加及并购罗曼 | | 智能所致。公司将深入洞察用户与市场需求，分析技术与产业发展 | | 趋势，通过市场拉动与技术助跑双轮驱动产品持续创新与新产品开 | | 发，通过改革研发体系，强化新产品转化效率。感谢您的关注！ | | 问：公司 2024 年的市场份额有没有变化？未来公司会采取什么 | | 样的策略来提升市场份额？ | | 答：您好。市场营销方面，公司将持续构建全域营销能力，强化 | | 精细化运营能力，坚定品牌出海路线，积极开拓新兴市场。产品方 | | 面，公司将以用户价值为产品研发创新核心，研发更多对用户有价 | | 值的产品。品牌建设方面，公司将以产品为载体，传递品牌价值与 | | 形象，整合品牌、品类、渠道资源 ...

Group 1 - The core viewpoint of the article highlights the significant transformation in China's home appliance market from a downturn in the first half of 2024 to a recovery driven by government subsidies for old-for-new exchanges in the second half, resulting in a total retail sales growth of 6.4% year-on-year [2][30] - In the first half of 2024, the retail sales of the home appliance market (excluding 3C) were 415.6 billion yuan, a year-on-year decline of 3.6%, with June alone seeing a dramatic drop of 14.2% [2] - The fourth quarter saw a remarkable retail sales increase of 24.4% year-on-year, reaching 294.1 billion yuan, largely due to the implementation of the old-for-new policy [2] Group 2 - Major players in the small home appliance sector, such as Joyoung, Supor, and Bear Electric, faced varying degrees of revenue decline, with Joyoung experiencing its largest revenue drop in five years [3][9] - The overall revenue for the small appliance segment among these three companies was over 28.8 billion yuan, a year-on-year decline of 1.28%, with an average revenue of 9.6 billion yuan per company [7] - The average net profit margin for the small appliance sector was 9.21%, with Joyoung's net profit margin being the lowest at 1.38% [11][13] Group 3 - The online market share for various home appliance categories shows that air conditioners lead with a 34.5% share, while washing machines and electric cookers also hold significant positions [4][5] - The small appliance market is characterized by low research and development investment, with all three companies having R&D expenditure ratios below 5%, indicating a lack of innovation [20] - The global small appliance market is projected to reach 310 billion dollars by 2028, with kitchen appliances expected to account for a significant portion of this growth [26][30] Group 4 - Companies are exploring international markets for growth, with Bear Electric's overseas revenue increasing by 80.81% in 2024, while Supor's overseas sales also saw a rise [26][29] - Despite the growth in overseas markets, challenges remain, as Joyoung's international sales dropped significantly by 27.97% in 2024 [29] - The government plans to expand the old-for-new subsidy program to include more small appliance categories in 2025, which could provide a boost to the industry [30]