2026 年 02 月 13 日 叶传动/分别 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 25H2 厨电换新高基数压力 26 年补贴聚焦核心品类 -2025 年 12 月厨电品类零售数据点评 本期投资后了 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 ○ 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外,新增热水器、家用灶具、吸油烟机 3 个品类,共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1.3%， 燃热实现零售额 296 亿元，同比增长 8.8%。 25Q ...

行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 家用电器 2026 年 02 月 13 日 25H2 厨电换新高基数压力渐显， 26 年补贴聚焦核心品类 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - ⚫ 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外，新增热水器、家用灶具、吸油烟机 3 个品类，共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1. ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

每经AI快讯，华帝股份（002035.SZ）2月6日在投资者互动平台表示，公司海外业务覆盖欧盟，该区域 收入占比较小，相关销售均采用直接销售模式。 （文章来源：每日经济新闻） ...

Core Viewpoint - The kitchen appliance industry is at a critical transformation point, with declining sales projected for key products by 2025, prompting companies to seek new strategies for growth and customer engagement [1][10][11]. Group 1: Industry Challenges - Sales for range hoods, cooktops, and integrated stoves are expected to decline by 17.8%, 23%, and 48.6% respectively during the 2025 "Double 11" shopping festival, indicating a weak market performance [1][10]. - The 2026 national subsidy list will exclude core kitchen appliance categories, adding further pressure on industry development [1][10]. Group 2: Company Initiatives - Vatti, a leading brand in high-end kitchen appliances, has launched a "Terminal Upgrade Renewal Plan" aimed at enhancing service quality and customer experience, addressing consumer demands for efficient service [1][11]. - The plan focuses on creating a comprehensive service system characterized by "efficiency, quality, and warmth," aiming to provide a complete experience from purchase to usage [1][11]. Group 3: Service Experience Enhancements - Vatti's service upgrade includes faster response times, with a standard of 1.5 hours for initial responses, and aims for installation within 48 hours and repairs within 72 hours [2][12]. - The company has implemented a digital approach to service, allowing for online appointment scheduling, real-time tracking of service progress, and enhanced transparency throughout the service process [2][15]. Group 4: Digital Transformation - Vatti's long-term strategy emphasizes digitalization as a core component, transforming service from a supporting element to a key growth driver [4][15]. - The introduction of the "Experience Home" service monitoring system allows for continuous collection of user feedback, driving service improvements based on customer needs [15]. Group 5: Strategic Impact - The synergy between product renewal and service enhancement is expected to create a complete high-quality experience for users, moving beyond traditional cost-focused service strategies [9][19]. - Vatti's approach positions excellent service as a vital investment in brand growth, rather than merely an expense, reshaping industry perceptions of service value [19].

在中国制造业转型升级的大背景下，厨电行业也步入以品质、智能与技术为导向的新阶段。 近期，新东方创始人、东方甄选CEO俞敏洪携团队走进人杰地灵的大湾区，感受到南粤大地浓厚的改革 开放精神的同时，对话中国高端厨电领导品牌华帝股份董事长兼总裁潘叶江，双方以"沉浸式体验+产 品推荐+企业访谈"为核心，通过直播对话的形式，围绕品牌发展、技术创新、创业精神等话题展开了 深度交流。 18年前，华帝是北京奥运会"祥云"火炬的制造商，在此之后，华帝将"火炬品质"融入产品研发、制造、 检测等各个环节，成为独属于华帝的"火炬精神"，让赛事级的"火炬品质"延伸至华帝的每一台产品。 以新质生产力对话时代 当前，中国经济增长的动力已从要素驱动全面转向创新驱动，粤港澳大湾区作为中国改革开放的前沿阵 地，其孕育的创新精神与市场活力深深植根于华帝的企业基因。作为大湾区的代表性企业，自1992年创 立以来，华帝一方面以"用户主义"持续驱动产品价值升维，在厨电行业陷入"低价内卷"的背景下， 将"用户至上"作为核心价值观，并系统性构建了以"好用、好看、好清洁"为核心的"三好"产品标准 与"产品之净、空间之净、感官之净"的"净洁厨房"体系。 另一方面 ...

Group 1 - The central economic work conference has emphasized the strategy of "domestic demand as the mainstay, building a strong domestic market," providing strong policy support for the home appliance industry [1][8] - The kitchen appliance industry is transitioning from a phase of scale expansion to quality competition, focusing on discovering new growth points in a saturated market through model innovation and service upgrades [1][8] - Vatti, a leading brand in high-end kitchen appliances in China, is closely aligning with the "two new" policies and the trend of upgrading consumption in housing, launching a terminal product renewal plan centered on "product + service" dual upgrades [1][8] Group 2 - Vatti has accumulated 4,690 national-level patents, including 835 invention patents and 543 "good cleaning" patents, positioning itself at the forefront of the industry in terms of technological reserves [3][10] - The company aims to enhance the product structure at the national terminal level, ensuring that new products are available immediately upon launch, allowing consumers to experience the latest technology and products in real-time [3][10] Group 3 - Vatti's new products have gained market attention due to the company's strong technological foundation, with several star products standing out due to their innovative advantages [4][13] - Key features of the new products include advanced technologies such as the fourth-generation surfing steam washing, real-time PM2.5 detection, and multi-stage fire control, certified as "internationally leading" by the China Light Industry Federation [4][13] - The "Giant Wash" dishwasher B6S has achieved over 99.9% cleaning coverage and received the industry's first "一级洗净覆盖率" certification, showcasing Vatti's commitment to high-quality kitchen appliances [4][13] Group 4 - The service aspect is a crucial part of the terminal renewal plan, with the company focusing on providing exceptional service as a form of sales strength [7][15] - Vatti plans to implement digital upgrades, including AI integration and service mini-programs, to ensure rapid response times and enhance user experience with a standard of "1.5 hours response, 48 hours precise installation, and 72 hours repair completion" [7][15] - The company's localized innovations aim to meet diverse consumer demands for high-quality kitchen appliances while balancing traditional cooking with health and cleanliness needs [7][15]

Core Insights - The core viewpoint of the article is that the kitchen appliance industry is facing significant challenges in the post-subsidy era, and companies must find sustainable growth paths to navigate through cycles. Vatti, a leading high-end kitchen appliance brand in China, has announced a major update called the "Terminal Renewal Plan" to address these challenges and enhance profitability [1][7]. Group 1: Industry Challenges and Strategic Responses - The kitchen appliance industry is experiencing difficulties after moving away from real estate benefits, with blind expansion and price competition becoming unsustainable. Companies need to open up sustainable growth paths to survive [1][9]. - The "Terminal Renewal Plan" by Vatti focuses on meeting core consumer demands for high-end products, aiming to enhance growth resilience and optimize profitability [1][7]. - The 2025 Central Economic Work Conference encourages companies to launch high-end, intelligent, and green products to meet quality consumption demands, indicating a shift in industry focus [9]. Group 2: Product and Service Innovations - Vatti's renewal plan includes introducing new and high-end products across authorized sales outlets, significantly increasing the proportion of these products in stores [2][9]. - The service renewal aspect aims to enhance user experience through digital technology and innovative service models, transitioning from passive to proactive service [3][10]. - Vatti has set clear service benchmarks, such as "installation within 48 hours" and "repair completion within 72 hours," to address service efficiency, especially in second and third-tier cities [4][11]. Group 3: Long-term Vision and Market Impact - The renewal plan is expected to shift the industry from a "price war" to a "value war," redefining service value and transforming after-sales service into a brand investment [6][13]. - This systematic supply-side reform is anticipated to create a more sustainable growth model, positively impacting product pricing and terminal health, thereby opening new profit sources [6][13]. - Vatti's approach reflects a long-term commitment to overcoming cyclical fluctuations and fierce competition, enhancing the stability and predictability of its profitability [6][13].

Group 1 - The core point of the article is that Vatti Corporation (002035) reported a total of 36,734 accounts combining both ordinary and margin trading accounts as of January 30, 2026 [1]

Group 1 - The kitchen and bathroom appliance sector increased by 1.86% on February 3, with Zhejiang Meida leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Zhejiang Meida rising by 6.51% to a closing price of 9.49 [1] Group 2 - The main capital inflow in the kitchen and bathroom appliance sector was 28.25 million yuan, while retail investors experienced a net outflow of 5.27 million yuan [1] - Among individual stocks, Boss Electric had a main capital inflow of 34.75 million yuan, but also saw a retail outflow of 16.90 million yuan [2] - Zhejiang Meida experienced a main capital inflow of 10.21 million yuan, with retail investors contributing a net inflow of 0.49 million yuan [2]