家用电器业：平台费率正优化小家电利润率有望改善

国泰君安证券股...2025-03-12

本报告导读：对电商平台内卷行为的监管趋严有望大幅度改善小家电企业的费用率水平，从而提升其盈利能力，增持。投资要点：2020-2024年间平台流量费愈发高企，小家电品牌厂利润被挤压，企业面临生存困境。对家电企业而言，影响利润率的核心因素在于销售费用率。因消费者需求处于缓慢弱复苏状态，且前期的地产压制影响因素仍存，导致作为耐用消费品的家电需求尚未恢复到较高增长。与此同时，随着近几年抖音渠道崛起降低了...

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家用电器业：平台费率正优化 小家电利润率有望改善

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家用电器业：平台费率正优化小家电利润率有望改善