交银国际发布研报称，以旧换新政策的延续并扩围，支持春节期间的家电更换需求加速释放，空调购买数量限额的大幅提升和品类增速值得关注。受益于以旧换新支持政策的产品类目中，高能效等级和智能家电零售额连续四个月超两位数同比增长，智能化产品表现优异，持续看好品类布局多样、渠道完善且具备成熟空调市场竞争力的家电龙头企业。Expanding the old-for-new program, the potential for Consumer spending on household appliances is expected to continue to be released.
At the State Council press conference on January 8, 2025, it was announced that the 'Two New' policy will continue in 2025 and detailed documents will be released. The number of categories for consumer goods in the appliance market will expand from 8 to 12.
Bank Of Communications International stated that for the first quarter of this year: according to the presentation at the press conference, considering the consumer demand during the New Year and Spring Festival, a subsidy of 81 billion yuan for the replacement of old products has been issued. Compared to last year's 50 billion yuan in home appliances with a subsidy ratio of 20%, it is expected that the first quarter will drive sales of categories such as home appliances and digital products to exceed 150 billion yuan, compared to the total retail sales of communication equipment and household appliances of 383.2 billion yuan in the first quarter of 2024.
BOCOM INTL released a Research Report stating that the continuation and expansion of the replacement policy will support the accelerated release of home appliance replacement demand during the Spring Festival, and the significant increase in the purchase limits for air conditioners and the growth rate of categories are noteworthy. Among the product categories benefiting from the replacement policy, retail sales of high-efficiency and Asia Vets appliances have continued to grow by double digits for four consecutive months year-on-year, with smart products performing excellently. There is a sustained bullish outlook for leading appliance companies that have a diverse category layout, complete channels, and mature market competitiveness in air conditioning.
According to the news from the Zhitong finance APP, the old-for-new appliance policy in 2024 has proved effective, and the policy will continue in 2025, with categories gradually extending from major appliances to kitchen appliances and Small Appliances. The potential for home appliance consumption is expected to continue to be released, and the product structure will be optimized.
HAITONG INT'L Research Report stated that retail sales of home appliances are expected to achieve both volume and price increases in 2025. Leading enterprises' domestic sales revenue is likely to achieve steady growth, with the old-for-new policy significantly raising the average sales price of home appliances and improving profit margins for appliance companies. As interest rates trend downwards, the dividend yield of leading appliance stocks remains attractive, with a focus on benefiting from the old-for-new policy and having Global competitiveness in both white and black appliances.
Leading appliance companies in the Hong Kong stock market:
HISENSE HA (00921), HAIER SMARTHOME (06690), TCL ELECTRONICS (01070), Midea Group Co., Ltd (00300), XIAOMI-W (01810), etc.
