Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 - 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 2025 年 09 月 27 日 海尔泰国春武里空调工业园正式投 产，海信泰国智能制造工业园开工 看好 ——《2025/9/22-2025/9/26》家电周报 资料来源：iFinD，申万宏源研究 重点公司方面，海信视像（12.7%）、海信家电（7.2%）、比依股份（3.6%）领涨， 光峰科技（-8.7%）、亿田智能（-6.9%）、荣泰健康（-5.2%）领跌。 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 光峰科技 亿田智能 荣泰健康 老板电器 火星人 浙江美大 极米科技 华帝股份 苏泊尔 公牛集团 飞科电器 海尔智家 小熊电器 奥佳华 倍轻松 新宝股份 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41.7 yuan [1]. Core Views - The company reported a revenue of 2.12 billion yuan for the first half of 2025, a year-on-year decrease of 8.8%, while the net profit attributable to shareholders was 320 million yuan, an increase of 1.77% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 960 million yuan, down 16.2% year-on-year, and a net profit of 140 million yuan, up 3.5% year-on-year [1]. - The decline in revenue is attributed to the company's strategic choice to reduce marketing expenses and optimize its business structure for higher profitability [8]. - The overall gross margin improved to 57.5%, an increase of 1.9 percentage points year-on-year, with Q2 2025 gross margin reaching 59.1%, up 5.0 percentage points year-on-year [8]. - The net profit margin for the first half of 2025 was 15.2%, an increase of 1.6 percentage points year-on-year, with Q2 2025 net profit margin at 14.6%, up 2.8 percentage points year-on-year [8]. - The company is recognized as a leading player in the domestic personal care small appliance sector, with significant channel transformation and continuous product innovation to meet diverse consumer needs [8]. - Future earnings per share (EPS) are projected to be 1.5 yuan in 2025, 1.8 yuan in 2026, and 2.0 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 25, 21, and 19 respectively [8]. Financial Summary - Total revenue for 2024 is estimated at 4.147 billion yuan, with a year-on-year growth rate of -18.0%, followed by 4.243 billion yuan in 2025 with a growth rate of 2.3% [4]. - The net profit attributable to shareholders is projected to be 458 million yuan in 2024, with a significant decline of 55.1%, and is expected to recover to 646 million yuan in 2025, reflecting a growth of 41.0% [4]. - The company’s total assets are expected to grow from 3.776 billion yuan in 2024 to 5.258 billion yuan in 2027 [9].

Core Viewpoint - The company, Feike Electric, reported a decline in revenue for the first half of 2025, contrasting with the overall growth in the electric shaver market, indicating potential issues with its business strategy and market positioning [1][2][22]. Financial Performance - Feike Electric's revenue for the first half of 2025 was 2.116 billion yuan, a year-on-year decrease of 8.76%, while net profit attributable to shareholders was 321 million yuan, an increase of 1.77% [1][6]. - The company experienced a significant decline in revenue in 2024, with total revenue of 4.147 billion yuan, down 18.03%, and net profit down 55.10% [4][22]. Market Position and Strategy - The domestic electric shaver market saw a retail revenue increase of 10.5% in the first half of 2025, highlighting Feike's underperformance relative to industry trends [2]. - Feike Electric's sales expenses from 2021 to 2025H1 were significantly higher than its R&D expenses, with sales expenses reaching 704 million yuan in the first half of 2025, 18 times the R&D expenses of 38.88 million yuan [3][15]. Brand and Product Performance - The sales proportion of mid-to-high-end products decreased to 56.37% in the first half of 2025, down 8.51 percentage points from the previous year [8]. - The sub-brand Borui's revenue was 411 million yuan, a decline of 18.07%, indicating challenges in brand positioning and market acceptance [8][9]. Distribution and Sales Channels - Feike Electric reduced its number of distributors by 83, a decline of 18.16%, as part of a strategy to adapt its sales model [4][17]. - The company is shifting towards a mixed sales approach, combining distribution and direct sales through various channels, including e-commerce and experience stores [17]. Competitive Landscape - The company faces increasing competition from brands like Xiaomi and Leifeng, which have adopted innovative marketing strategies and high cost-performance products, impacting Feike's market share [16][22]. - The reliance on traditional marketing methods has become less effective, necessitating a reevaluation of the company's marketing strategy [17][22]. Dividend Policy - Since 2016, Feike Electric has distributed a total of 5.5748 billion yuan in cash dividends, with a payout ratio close to 81.03%, raising concerns about the sustainability of its growth and investment potential [19][21].

Core Viewpoint - The company, Feike Electric, reported a decline in revenue for the first half of 2025, contrasting with the overall market trend in the electric shaver industry, which saw a growth in retail sales [3][5][8]. Financial Performance - Feike Electric's revenue for the first half of 2025 was 2.116 billion yuan, a year-on-year decrease of 8.76%, while net profit attributable to shareholders was 321 million yuan, an increase of 1.77% [3][5]. - The company experienced a significant decline in revenue in 2024, with total revenue of 4.147 billion yuan, down 18.03%, and net profit down 55.10% [5][6]. Marketing and R&D Strategy - Feike Electric is characterized as a "heavy marketing, light R&D" company, with sales expenses significantly higher than R&D expenses, reaching 18 times the R&D costs in the first half of 2025 [4][17]. - The company has reduced its dealer network by 83 dealers, a decline of 18.16%, indicating a shift in its distribution strategy [4][18]. Brand Strategy and Market Position - The sales proportion of mid-to-high-end products decreased to 56.37% in the first half of 2025, down 8.51 percentage points from the previous year [10][11]. - The sub-brand Borui's revenue was 411 million yuan, a decline of 18.07%, indicating challenges in the dual-brand strategy [10][11]. Product Performance - The sales volume of electric shavers has declined from 56.558 million units in 2020 to 41.907 million units in 2024, while the sales of hair dryers have also stagnated [13][15]. - The company's core business, personal care appliances, has seen a decrease in revenue contribution, with electric shavers being the largest segment [12][13]. Leadership and Dividend Policy - Chairman Li Gaiteng has overseen a cumulative cash dividend of 5.5748 billion yuan since 2016, with a dividend payout ratio close to 81.03% [4][20][22]. - The high dividend payouts have raised concerns about the company's retained earnings and future investment capabilities [23].

Core Insights - On Qixi Festival, Meituan's non-food instant retail order volume reached a record high of 27 million, driven by the "Flash Purchase Gifts" demand [1][4] - The overall gift consumption scale for Meituan's flash purchase also hit a new peak, with significant increases in sales across various categories including flowers, electronics, beauty products, and jewelry [1][4] Group 1: Sales Performance - The sales of flowers on Meituan reached a new high, with significant growth in high-priced categories such as digital products, beauty care, and jewelry [4] - On Qixi Festival, sales of electric shavers and children's smartwatches increased by over 6 times year-on-year, while neck massagers saw a growth of over 3 times [4] - Sales of gold jewelry increased by over 6 times, and pearl jewelry grew by 4 times, indicating a strong demand for premium gifts [4] Group 2: Consumer Behavior - Consumers are shifting from traditional gifts like flowers and chocolates to a more diversified and quality-oriented approach, leading to a dual increase in order volume and average transaction value [4] - The trend of instant retail is becoming an important growth driver for brands and retailers, with over 500 brands experiencing multiple-fold growth in sales on the platform [4]

Group 1 - The home appliance sector underperformed the CSI 300 index this week, with the Shenwan household appliance index declining by 0.9% while the CSI 300 index rose by 2.7% [1] - Key companies such as Guangfeng Technology and Ecovacs led the gains with a rise of 6.5%, while companies like Beike and Gree Electric faced declines of 6.2% and 5.6% respectively [1] - The production data for major white goods in September 2025 shows a total output of 27.07 million units, a decrease of 7.2% compared to the same period last year [1] Group 2 - In September 2025, the production of household air conditioners was 10.75 million units, down 12.0% year-on-year; refrigerators produced were 8.21 million units, down 6.3%; and washing machines saw production of 8.11 million units, down 1.1% [1] - Haier Smart Home announced its first mid-term dividend, proposing a cash dividend of RMB 2.69 per 10 shares, totaling over RMB 2.5 billion [1] Group 3 - In July 2025, the online sales volume of hair dryers decreased by 6.44% to 932,200 units, while sales revenue increased by 11.46% to RMB 209 million, with an average price rise of 19.16% to RMB 223.9 per unit [2][3] - The online sales volume of electric shavers increased by 21.32% to 927,700 units, with sales revenue rising by 23.61% to RMB 164 million, and an average price increase of 1.90% to RMB 177.0 per unit [2][3] Group 4 - The investment focus includes the white goods sector, which is characterized by low valuations, high dividends, and stable growth, with expectations for a boost from trade-in policies and rising copper prices [4] - Recommendations include leading companies such as Hisense, Midea, Haier, and Gree, as well as companies like Ousheng Electric and Dechang Co., which are expected to benefit from large customer orders and improved profitability [4] - The demand for core components in the white goods sector is expected to exceed expectations, with recommendations for companies like Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control, which are positioned to benefit from the industry's growth [4]

Core Insights - On August 29, during the Qixi Festival, Meituan's non-food instant retail order volume reached a record high of 27 million, indicating a significant increase in consumer demand during traditional holidays [2][3] - The growth in orders is attributed to a shift in gifting trends towards diversification and quality, with consumers moving from traditional gifts like flowers to a wider range of high-value products [2] - Instant retail has become a crucial growth area for brands and retailers, with over 500 brands experiencing multiple-fold increases in sales on the platform during the Qixi Festival [3] Group 1 - Meituan's instant retail orders on Qixi Festival reached 27 million, marking a significant increase compared to previous years [2] - The platform saw substantial growth in high-value categories such as electronics, beauty products, and jewelry, with sales of electric shavers and children's smartwatches increasing over six times year-on-year [2] - The sales of gold jewelry and pearl accessories also saw significant growth, with gold jewelry sales increasing over six times and pearl sales increasing four times [2] Group 2 - Instant retail is becoming an important business increment for major brands and retailers, with over 500 brands experiencing substantial sales growth on the platform [3] - The trend of gifting has evolved from traditional items like flowers and chocolates to a broader range of products, indicating a shift in consumer behavior [3] - Brands such as Huawei, Sephora, and Watsons reported multiple-fold increases in sales, highlighting the effectiveness of instant retail during festive occasions [3]

Group 1 - The core observation from Meituan's Qixi consumption report indicates a 50% increase in order volume compared to the same period last year, with overall gift consumption reaching a new high [1] - Flower sales peaked on Qixi Day, with significant growth in categories such as digital products, beauty and skincare, and jewelry, highlighting a trend of diverse gift-giving [1][5] - Collaborations with brands like Disney and cultural institutions have revitalized traditional gifts, making them more personalized and appealing to consumers [1] Group 2 - The trend of "flash purchase gifting" has expanded beyond flowers to include a wide range of categories, with notable increases in sales for children's smartwatches, electric shavers, and neck massagers [5] - Beauty products remain a major category for gifting, with eye care sets seeing nearly a 5-fold increase in sales, and other skincare items doubling in sales [5] - Major brands like Dell and Huawei experienced substantial sales growth on Qixi Day, with Dell's sales increasing over 20 times and Huawei's nearly 6 times, indicating a strong performance in the retail sector [5]

Core Viewpoint - The recent controversy surrounding the electric shaver comparison has highlighted the competitive pressures faced by the company, Lefin, particularly in the context of its pricing strategy and market positioning against competitors like Feike [1][9]. Group 1: Controversy and Response - The controversy began when a reviewer, Robin Lou, concluded that Feike's shaver priced at 399 yuan outperformed Lefin's 699 yuan model based on performance metrics [3][6]. - Lefin's CEO, Ye Hongxin, publicly criticized the reviewer, suggesting bias due to familial ties with a former Lefin employee, and questioned the integrity of the review process [6][9]. - The dispute escalated until Ye Hongxin decided to move on from the issue, indicating a desire to focus on broader goals [7]. Group 2: Market Position and Challenges - Lefin's core product has traditionally been high-end hair dryers, which gained significant market share by offering a lower price point compared to Dyson [9][10]. - The electric shaver market is experiencing rapid growth, with retail sales expected to increase by 10.5% year-on-year by mid-2025, indicating a lucrative opportunity for Lefin [12]. - However, the market is becoming saturated, with increased competition from brands like Xiaomi and Panasonic, which are offering similar products at lower prices [10][13]. Group 3: Strategic Shifts and Future Outlook - In response to market pressures, Lefin is diversifying its product line, having recently launched a new electric toothbrush and shaver series, although initial sales have been challenging [11][12]. - The company aims to leverage its previous success in the hair dryer market by applying its cost-effective strategies to the electric shaver segment, focusing on high performance and competitive pricing [13]. - The transition from hair dryers to shavers presents unique challenges, including differing consumer demographics and established brand loyalty in the shaver market [13].