2025年1月厨电品类零售数据点评：开年烟灶表现不俗，春节后景气度加速上行

Investment Rating - The report assigns a "Buy" rating to several companies in the home appliance industry, indicating a positive outlook for their performance relative to the market [4]. Core Insights - The "old-for-new" policy implemented by the government is expected to significantly stimulate the market, with a total of approximately 300 billion yuan allocated to support large-scale equipment updates and consumer goods replacement [3]. - Retail data for January 2025 shows strong performance in kitchen appliances, with notable increases in sales volume and revenue for products like range hoods and gas stoves, particularly after the Spring Festival [3]. - The report highlights the potential for continued growth in the kitchen appliance sector, driven by the expanded subsidy policy that now includes additional product categories such as microwaves and dishwashers [3]. Summary by Sections Market Performance - In January 2025, the retail sales of range hoods reached 3.59 billion yuan, up 3.6% year-on-year, while gas stoves generated 2.1 billion yuan, reflecting a 5.3% increase [3]. - Online sales for range hoods saw a 14.2% increase in volume, while gas stoves experienced a 12.3% rise, indicating robust online market performance [3]. Policy Impact - The "old-for-new" policy has expanded to include eight categories of appliances, which is expected to attract consumers and drive sales [3]. - The report anticipates that the overall sales in the industry will benefit from a low base effect in the first eight months of 2025, particularly in the kitchen appliance segment [3]. Company Recommendations - The report recommends investing in companies with strong positions in traditional categories, such as Vatti Corporation, Robam Appliances, and Vanward Electric, which are expected to benefit from the favorable market conditions [3].