家电及相关：小家电行业的破晓时分

中金公司2025-06-04

投资建议在家电以旧换新政策带动及低基数效应下，我们预计今年小家电行业需求有望延续复苏态势。在此背景下，行业竞争缓解、公司聚焦高质量发展，行业均价进一步修复，同时平台降费减轻公司压力，综合影响下，我们预计小家电公司盈利能力或将明显改善。理由低基数叠加国补，小家电行业需求温和复苏。2020 年之前，厨房小家电行业每年均保持稳步增长，2016-2019 年线上零售额CAGR 7%。2020 年疫情期间...

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亿元（同比+31.8%）。2）产品开发策略，技术创新与场景化。东菱电蒸锅借鉴咖啡机的即热式锅炉技术实现速蒸，明显提升产品单价。德尔玛针对喝水场景推出可快速出冷水、制冰块的台式净饮机，在该品类上弯道超车。3）市场开发策略，布局海外市场。2024 年小熊/北鼎/德尔玛海外业务收入同比+81%/+95%/+20%，但目前海外渠道在各公司收入占比偏低，处于快速发展阶段。4）多元化经营，拓展新品类。苏泊尔积极拓展大厨电、生活电器、清洁电器、个护小家电、母婴小家电等品类，公司其它家用电器收入2020-2024 CAGR 13%。盈利预测与估值公司盈利能力改善带来业绩弹性，我们推荐利润率同比基数较低的小家电公司小熊电器、飞科电器、德尔玛等，推荐穿越周期、经营稳健的高股息行业龙头苏泊尔，净水产业链标的还包括云米科技（未覆盖）。风险市场竞争加剧风险；市场需求波动风险；原材料价格波动风险。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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; 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