小家电行业跟踪报告：国补刺激加码 Q2拐点可期

华创证券2025-05-23

2025 国补加力品类扩围，小家电有望加速回暖。2025 国补政策延续，并将微波炉、净水器、洗碗机、电饭煲4 类家电产品纳入中央规定补贴范围，部分地区在此基础上拓展至更多小家电品类。从平台来看：京东覆盖补贴小家电品类及地区最广泛，包括34 类厨小电、14 类个护仪器等，已覆盖30 个省份/自治区/直辖市。国补显著刺激厨房小家电行业销额增速，价盘贡献大于量盘，25M4 销额及均价增速环比加速。...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2537029299?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-05-23 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2537029299","market":"sh","top_or_hot":-1,"title":"小家电行业跟踪报告：国补刺激加码 Q2拐点可期","media":"华创证券","content":"<div>\n<p>2025 国补加力品类扩围，小家电有望加速回暖。2025 国补政策延续，并将微波炉、净水器、洗碗机、电饭煲4 类家电产品纳入中央规定补贴范围，部分地区在此基础上拓展至更多小家电品类。从平台来看：京东覆盖补贴小家电品类及地区最广泛，包括34 类厨小电、14 类个护仪器等，已覆盖30 个省份/自治区/直辖市。国补显著刺激厨房小家电行业销额增速，价盘贡献大于量盘，25M4 销额及均价增速环比加速。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250523145116a48940f3&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小家电行业跟踪报告：国补刺激加码 Q2拐点可期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小家电行业跟踪报告：国补刺激加码 Q2拐点可期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-05-23 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250523145116a48940f3&s=b><strong>华创证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025 国补加力品类扩围，小家电有望加速回暖。2025 国补政策延续，并将微波炉、净水器、洗碗机、电饭煲4 类家电产品纳入中央规定补贴范围，部分地区在此基础上拓展至更多小家电品类。从平台来看：京东覆盖补贴小家电品类及地区最广泛，包括34 类厨小电、14 类个护仪器等，已覆盖30 个省份/自治区/直辖市。国补显著刺激厨房小家电行业销额增速，价盘贡献大于量盘，25M4 销额及均价增速环比加速。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250523145116a48940f3&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"688793","symbol_name":"倍轻松","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250523145116a48940f3&s=b","article_id":"2537029299","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250523145116a48940f3&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2537029299","pubTimestamp":1747929600,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2025 国补加力品类扩围，小家电有望加速回暖。国补显著刺激厨房小家电行业销额增速，价盘贡献大于量盘，25M4 销额及均价增速环比加速。24Q4 国补扩大至小家电品类后，厨小销额增速12%，25Q1延续增长趋势。电饭煲、破壁机、电压力锅等主要厨小品类24Q4 后销额增速幅度加大，各小家电公司收入增速拐点显现。板块估值水平较低，Q2 有望迎来景气拐点。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"603215":"比依股份","603219":"富佳股份","603355":"莱克电气","603868":"飞科电器","605555":"德昌股份","688169":"石头科技","688793":"倍轻松","BK0201":"可转债","BK0224":"电气机械","BK0175":"白马股"},"translate_title":"Small home appliance industry tracking report: state subsidy stimulus increases, Q2 inflection point can be expected","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"603215":0.9,"603219":0.9,"603355":0.9,"603868":0.9,"605555":0.9,"688169":0.9,"688793":0.9},"content_text":"2025 国补加力品类扩围，小家电有望加速回暖。2025 国补政策延续，并将微波炉、净水器、洗碗机、电饭煲4 类家电产品纳入中央规定补贴范围，部分地区在此基础上拓展至更多小家电品类。从平台来看：京东覆盖补贴小家电品类及地区最广泛，包括34 类厨小电、14 类个护仪器等，已覆盖30 个省份/自治区/直辖市。国补显著刺激厨房小家电行业销额增速，价盘贡献大于量盘，25M4 销额及均价增速环比加速。24Q4 国补扩大至小家电品类后，厨小销额增速12%，25Q1延续增长趋势。25Q1 厨小行业销额、销量、均价同比分别+6%、-6%、+14%，均价同比明显上行。25M4 厨小行业销额、均价增速分别为8%、15%，环比25Q1 分别+2pct、+1pct，国补脉冲效应仍在边际加速。电饭煲、破壁机、电压力锅等主要厨小品类24Q4 后销额增速幅度加大，各小家电公司收入增速拐点显现。分品类来看，24Q4 开始，电饭煲、破壁机、电压力锅等主要小家电品类收入增速幅度加大，拉动各小家电公司收入增速拐点显现；25Q1 小熊、新宝系、北鼎线上增速分别为21%、6%、83%，环比24Q4继续加速；25Q2 进入线上大促季后，预计增速将持续边际改善。九阳、新宝、小熊、北鼎24Q2 利润低基数效应明显，叠加抖音渠道降费预计后续将刺激小家电公司利润弹性。从23Q1 到25Q1，受24Q2 平台价格竞争影响，新宝、小熊、北鼎24Q2 为利润低值水平，低基数效应明显。25Q1 至4 月补贴脉冲效应逐渐释放，预计需求并未透支，25Q2 低基数下国补叠加618 大促，将有望释放明显利润弹性。25Q1 苏泊尔、北鼎和新宝系抖音渠道占比超15%，小家电公司此前抖音渠道流量费用较高，预计将受益平台降费释放利润弹性。板块估值水平较低，Q2 有望迎来景气拐点。新宝、苏泊尔和小熊处于历史估值分位数低位，2019 年至今苏泊尔、九阳、小熊、新宝、北鼎静态估值分位数分别为27%、99%、46%、6%、68%。新宝和小熊静态估值水平及PEG 均较低。从2025 年静态估值水平来看，截至2025 年5 月16 日，新宝、小熊和苏泊尔分别为11.4、25.9、19.9 倍，估值水平相对较低。从2025 年PEG 来看，九阳、小熊、新宝分别为1.4、1.5、0.9，九阳主要为2024 年利润基数较低，综合来看新宝和小熊静态估值及PEG 水平较低。风险提示：政策刺激不及预期，内需修复不及预期，新品推新不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2537029299","isCrawlerRequest":true}