家用电器行业：3月家电社零高增，空调产销有所放缓

Investment Rating - The industry investment rating is "Hold" [3] Core Views - The report highlights a significant increase in retail sales for home appliances, with a year-on-year growth of 35.1% in March, while the overall retail sales increased by 5.9% [6][15] - The air conditioning sector showed a production increase of 13.9% and sales growth of 8.5% in March, indicating a robust demand despite some signs of slowdown [6][16] - The report recommends several companies in the white goods sector, including Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances, as well as leading players in the two-wheeler and black goods sectors [24] Summary by Sections Investment Recommendations - The white goods sector is expected to maintain stable growth with a solid return on equity (ROE) and high dividend advantages, benefiting from policies encouraging upgrades [24] - Recommended stocks include Midea Group, Gree Electric Appliances, Haier Smart Home (A/H), Hisense Home Appliances (A/H), and leading two-wheeler companies like Aima Technology, Ninebot, and Yadea Holdings [24] Weekly Market Review (April 14-18, 2025) - The report notes that the Shanghai and Shenzhen 300 index rose by 0.6%, while the home appliance sector index increased by 0.2% [30][33] - The black appliance index rose by 1.5%, while the white appliance index saw a modest increase of 0.2% [30][33] Industry Review - Retail sales data from the National Bureau of Statistics shows a 5.9% year-on-year increase in March, with home appliances and audio-visual equipment growing by 35.1% [15] - The real estate sector is facing challenges, with a 1.2% decline in residential sales area in March and significant drops in new construction and completion areas [6][15] Air Conditioning Production and Sales - In March 2025, air conditioning production reached 24.85 million units, up 13.9% year-on-year, while sales totaled 24.34 million units, reflecting an 8.5% increase [16] - Cumulative production for the first three months of 2025 was 58.31 million units, a 14.4% increase, with total sales of 58.87 million units, up 15.3% [16] Company Performance - Gree's domestic sales in March were 3.1 million units, a 1.6% increase year-on-year, while Haier's domestic sales were 1.8 million units, up 5.9% [20] - Hisense's domestic sales decreased by 4.0%, but its export sales increased by 15.3% [20] Price Trends - The report indicates a decline in raw material prices, with LME copper and aluminum prices dropping by 0.83% and 1.54% respectively [57][63] - The report also notes a slight appreciation of the RMB against the USD, which may impact import costs [61]