Galaxy Securities: The national subsidy policy will continue in 2025, helping to restore the performance of the leading home industry

On February 11, Jinshi Data reported that the Galaxy Securities research report stated that the continuation of the national subsidy policy in 2025 will help the recovery of leading performance in the home industry. It is expected that the national subsidy funds will be gradually issued to localities after the two sessions. It is recommended to continue to follow the implementation progress and marginal changes of the national subsidy policy in 2025. Compared with 2024, it is expected that the national subsidy in 2025 will: 1) The subsidy amount is expected to increase; 2) The subsidy intensity is strengthened: the highest discount rate for home decoration kitchen and bathroom subsidies is expected to reach 30%; 3) The application and subsidy restrictions are stricter: local subsidies can only be received and used locally. From the perspective of performance, the national subsidy in 2024 has a significant catalytic effect on company performance, but due to factors such as order cycles, it is expected to be concentrated in the first quarter of 2025, and the performance of the whole year of 2024 is temporarily under pressure. Optimistic about the sustained recovery of leading companies' performance in 2025.