Core Viewpoint - The kitchen and bathroom appliance market is experiencing significant differentiation, with varying performance among companies due to the downturn in the real estate sector and changing consumer preferences [2][3][4]. Group 1: Market Performance - Companies focused on integrated stoves, such as Mars and Zhejiang Meida, have seen substantial declines in performance, with Mars reporting a 35.7% drop in revenue to 1.38 billion yuan in 2024 and a 95.5% decrease in net profit [3][4]. - Zhejiang Meida's revenue in Q1 2025 fell by 63.97% to approximately 98.36 million yuan, with net profit dropping by about 90% [3][4]. - The overall retail sales of integrated stoves in China decreased by 30.6% in 2024, with Q4 experiencing a 35.3% decline [3][4]. Group 2: Challenges Faced - The decline in demand for new home renovations, consumer confidence issues, and intensified competition are the primary challenges for integrated stove companies [4]. - Companies are adjusting strategies, with Mars exploring new growth areas such as dishwashers and enhancing brand strategy [4]. Group 3: Traditional Appliance Companies - Traditional kitchen appliance leaders like Vatti and Boss Electric have maintained relatively stable performance, with Vatti achieving a revenue increase of 2.23% to 6.372 billion yuan in 2024 [5][6]. - Boss Electric reported a slight revenue increase of 0.1% to 11.212 billion yuan, although net profit decreased by 8.97% [6][7]. - Both companies benefited from the "old-for-new" appliance policy, which supported their sales channels [7]. Group 4: Product Strategy and Innovation - Vatti is focusing on high-end product development, launching new products like the "Time Capsule" series and investing in R&D, with expenses reaching approximately 263 million yuan in 2024 [7][8]. - Boss Electric faced challenges in expanding new product categories, with sales of integrated stoves and other products declining [8]. - The market share of Vatti's ultra-thin range hood reached 37.17%, maintaining the top position in the online market [10]. Group 5: Future Outlook - The kitchen and bathroom appliance industry is in a deep adjustment phase, with potential for marginal improvement in the second half of 2025 due to supportive policies and market recovery [9][10]. - The continuation of the "old-for-new" policy is expected to be a significant driver for the kitchen appliance market in 2025, with related product categories showing positive growth [10][11]. - The competitive landscape is likely to shift, with market concentration increasing as leading companies adapt to changing consumer trends and focus on innovation [11].

智通财经6月5日电，中金公司研报称，在家电以旧换新政策带动及低基数效应下，预计今年小家电行业 需求有望延续复苏态势。在此背景下，行业竞争缓解、公司聚焦高质量发展，行业均价进一步修复，同 时平台降费减轻公司压力，综合影响下，预计小家电公司盈利能力或将明显改善。 中金：预计小家电公司盈利能力或将明显改善 ...

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry [6] Core Viewpoints - The first quarter results for home appliances generally exceeded expectations, with domestic sales expected to benefit from policy support. There is a notable performance differentiation in high-end positioning and cost-effectiveness. The air conditioning peak season is anticipated to benefit from higher temperatures and lower inventory levels, making the demand for home appliances in the second quarter promising [4][9] - In April, the export of white goods showed steady growth, indicating potential in emerging markets. The disruptions in exports to the U.S. are also expected to ease [4][9] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on quality white goods leaders that benefit from ongoing domestic policies and proactive overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [4] - It recommends companies that are reshaping their market share in mature overseas markets and have short-term global supply chain advantages, such as Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [4] - The report also highlights small appliance companies that are expected to benefit from national subsidy policies in the short term and enjoy demand dividends from emerging appliance categories in the medium to long term, recommending Stone Technology (688169, Buy) and Bear Electric (002959, Overweight) [4] Market Trends - Since May, many regions have experienced average maximum temperatures higher than in previous years, positively impacting air conditioning sales. The demand for air conditioning is closely related to temperature, with a significant increase in sales expected during the peak season from April to July [9] - In April, air conditioning exports reached 7.51 million units, a year-on-year increase of 12.1%, while washing machine exports grew by 10.9%. The export of refrigerators saw a slight decline [9][20] - The report indicates that the risk of a price war in the air conditioning market is manageable, with efficiency improvements and high-end upgrades occurring simultaneously. The average prices for air conditioners in April were 2,609 yuan online and 4,418 yuan offline, showing a slight decrease and increase respectively [9]

为贯彻执行汾阳市政府关于开展家电消费品以旧换新惠民专项活动政策，5月18日，市总工会再度携手志泰家电联合各大厂家开展了"情暖职工事·心系千 万家"工会会员家电三重补贴专项惠民活动。市总工会领导班子、市商务局相关领导、志泰家电负责人、各镇（街道）、系统（行业）工会主席以及30名 新业态劳动者（物流快递员）参加活动。 一位来自乡镇的工会会员说："最近刚装修好房子，正准备买家电，工会正好开展家电普惠活动，我将自己想买的产品在店里和网上都作了比价，店里竟 然比网上还便宜，这次活动为我们带来实实在在的优惠，真的感谢工会组织和政府补贴的好政策。 市总工会副主席何娜就活动的开展提出了两点希望：一是希望各参会单位要高度重视开展此次活动的意义，充分发挥基层工会组织桥梁纽带作用，把此项 普惠政策宣传到位，让利好政策惠及广大职工，让职工朋友们都能够参与到活动中来；二是希望志泰家电将此次专项补贴政策落实到位，为广大干部职工 提供优质、优惠的家电产品和服务，极大地激发市场活力，提振消费意愿和信心，让职工真正享受到"换新福利"，进一步提高职工的生活品质，增强他们 的获得感和幸福感。 下一步，市总工会将继续关注职工需求，积极拓展普惠服务内 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 325 million yuan in Q1 2025, representing a year-on-year increase of 21.37%, while the net profit attributable to shareholders decreased by 12.18% to 17.88 million yuan [5] - The continuation of the "old-for-new" policy in the home appliance sector is expected to drive performance growth, with profit forecasts for 2024-2026 set at 81 million, 94 million, and 112 million yuan respectively [5] - The company is expanding its production capacity in the refrigerator hinge sector and making breakthroughs in energy storage and commercial equipment [5][6] Financial Summary - Revenue is projected to grow from 1,049 million yuan in 2023 to 1,653 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.1% [8][11] - The net profit attributable to shareholders is expected to increase from 62 million yuan in 2023 to 112 million yuan in 2027, with a CAGR of approximately 18.7% [8][11] - The earnings per share (EPS) are forecasted to rise from 0.69 yuan in 2023 to 1.23 yuan in 2027, indicating a positive growth trajectory [8][11] Market Trends - The home appliance market in China is expected to see significant growth in 2024, with retail sales projected to reach 1,030.7 billion yuan, a year-on-year increase of 12.3% [6] - The total export of home appliances is anticipated to reach 100.1 billion USD in 2024, reflecting a year-on-year growth of 14.04% [6] - The sales volume of refrigerators in China is projected to reach 96.71 million units in 2024, marking a year-on-year increase of 10.87% [6] Business Expansion - The company is actively expanding into non-home appliance sectors, with projects such as commercial refrigerators and ecological planting boxes expected to commence production in Q3 2025 [7] - The company is also establishing a super factory in the refrigerator hinge segment, with equipment installation planned for Q3 2025 and production expected to start by the end of 2025 [7]

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]

Investment Rating - The industry is rated as "Buy" with expectations of an upward movement exceeding 15% in the next 3-6 months [38] Core Insights - April exports showed strong resilience with a year-on-year increase of 8.1%, driven primarily by robust demand from non-US regions [11][1] - The HVAC industry experienced significant sales growth in Q1 2025, with exports outperforming domestic sales due to preemptive stocking by overseas distributors amid tariff uncertainties [2][11] - The domestic appliance sector is expected to benefit from strong domestic demand and continued high demand from emerging markets, which is likely to sustain export growth [5][36] Summary by Sections Export Data - In April, China's exports (in USD) increased by 8.1% year-on-year, continuing a positive growth trend [11] - Major trading partners included ASEAN, Europe, and the US, with export values of 1.48 trillion, 1.21 trillion, and 1.07 trillion respectively, showing year-on-year changes of +12.6%, +6.1%, and -1.5% [11] HVAC Industry Performance - The HVAC industry saw a total sales volume of 58.873 million units in Q1 2025, a 15.3% increase year-on-year, with exports at 31.521 million units (+24.5%) outpacing domestic sales [12][15] - Central air conditioning sales reached 36.1 billion yuan, up 7.9% year-on-year, with both domestic and export markets showing growth [12][15] Market Trends - The Shanghai Composite Index rose by 2.00% and the home appliance index increased by 3.3% in the latest week [16] - Key stocks showed significant gains, with Springlight Technology up 46.41% and Greer up 16.79% [16] Raw Material Prices - Recent trends indicate a slight decline in copper and aluminum prices, with copper down 0.15% and aluminum down 0.12% in the last week [20][21] - Year-to-date, copper prices have increased by 9.21%, while aluminum has decreased by 5.32% [21] Real Estate Data - In March 2025, new residential construction area decreased by 24.3% year-on-year, indicating a slowdown in the real estate sector [27][30] - The total area under construction and completed also showed declines of 10.0% and 14.8% respectively [27][30] Investment Recommendations - Focus on domestic demand and subsidy-driven growth in the white goods sector, with specific attention to companies like Gree Electric, Midea Group, and Haier Smart Home [36] - Consider opportunities in the black goods sector, which continues to see structural upgrades, and small appliances that are recovering from previous challenges [36]

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 ...

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]

Group 1 - The core message indicates that since the implementation of the "old-for-new" appliance policy in August 2024, consumers have purchased over 100 million appliances, with more than 40 million purchased in 2025 alone, highlighting a strong consumer trend towards domestic products [1] - The "May Day" holiday is approaching, and the consumer market is experiencing a continuous increase in activity, with Chongqing Suning launching the "May Day Renewal Week" to offer significant discounts on over 100 appliance models [1][3] - The promotional activities include a commitment to "genuine products, genuine subsidies, and genuine 50% off," with a focus on providing a wide selection of products at competitive prices [3] Group 2 - During the "May Day" holiday, Chongqing Suning is actively participating in local government consumption promotion activities, creating unique experiences that combine city characteristics with quality consumption [4] - The company plans to host over 100 free interactive experiences, such as music concerts and food tasting events, across various stores to enhance customer engagement [4] - Additional services during this period include a 30-day price guarantee, a 7-day no-reason return policy, and personalized assistance from appliance consultants to ensure a seamless shopping experience [4]