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申万宏源:白电板块股价安全边际高和弹性大兼顾 出口不改长期增长趋势
智通财经网· 2025-10-14 02:41
老板电器:预计公司2025Q3收入同比+2%,业绩同比-7%。亿田智能:预计公司2025Q3收入同 比-40%,业绩预计亏损。华帝股份:预计公司2025Q3收入同比+0%,业绩同比-10%。 小家电:自主品牌出海高成长,内销以旧换新显著受益 智通财经APP获悉,申万宏源发布研报称,25年1-8月白电内销延续增长趋势,白电、厨电受益地产+以 旧换新。地产政策风向大幅反转,而白电板块兼具"低估值、高分红、稳增长"属性,股价安全边际高和 弹性大兼顾。以旧换新政策有望催化,而铜价短期上涨引发渠道看涨情绪升温,持续看好白电产业链量 价齐升。白电景气度超预期带动上游核心零部件需求超预期。 申万宏源主要观点如下: 25年1-8月白电内销延续增长趋势,白电、厨电受益地产+以旧换新 根据产业在线数据显示,2025年1-8月空调行业实现累计产量14932万台,同比增长6%;2025年1-8月空调 行业实现销量15257万台,同比增长7%,其中内销量同比增长9%。冰箱2025年1-8月内销量同比增长 4%;洗衣机2025年1-8月内销量同增长6%。出口方面,2025年1-8月空调外销量累计同比增长4%,1-8月 冰、洗外销量同比分 ...
董明珠称格力向特斯拉提供服务 已有近14万项专利技术
Sou Hu Cai Jing· 2025-10-13 18:27
Core Insights - Gree Electric Appliances has accumulated nearly 140,000 patented technologies, all of which are independently developed, showcasing strong R&D capabilities [1][3] - The company has made significant advancements in high-end equipment, successfully developing over 100 types of CNC machine tools that meet its precision manufacturing needs and serve external industries such as automotive manufacturing and precision processing [1][3] - Gree has provided CNC machine tool services to Tesla, highlighting its international competitiveness in industrial manufacturing and marking a recognition of Chinese equipment manufacturing in the global high-end market [3] - Under the leadership of Dong Mingzhu, Gree has transformed from a traditional air conditioning manufacturer into a diversified, technology-driven global industrial manufacturing group, with products sold in over 190 countries and regions, serving more than 600 million users [3] - The company's achievements are attributed to its continuous self-innovation and commitment to meeting consumer demands for a better life [3]
家电行业 2025 年三季报业绩前瞻:内销将面临以旧换新高基数,关税扰动下出口不改长期增长趋势
Shenwan Hongyuan Securities· 2025-10-13 12:56
Investment Rating - The report maintains a positive investment outlook for the home appliance industry, highlighting the potential for growth driven by real estate policies and the "old-for-new" replacement program [4][6]. Core Insights - The home appliance sector is experiencing a recovery, with significant growth in both domestic and export sales, particularly in the white goods and kitchen appliance segments, supported by favorable government policies [6][7]. - The report identifies three main investment themes: 1) White goods benefiting from real estate policy changes and the "old-for-new" program, with a focus on leading companies like Haier, Midea, and Gree [8][14]. 2) Export opportunities driven by large customer orders and recovering overseas demand, particularly for companies like Ousheng Electric and Dechang [8][14]. 3) Core components seeing increased demand due to the recovery in the white goods sector, with recommendations for companies like Huaxiang and Shun'an [8][14]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning sector saw a cumulative production of 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [11][12]. - The refrigerator and washing machine sectors also reported domestic sales growth of 4% and 6%, respectively, during the same period [11][12]. 2. White Goods and Components - The average price of white goods is expected to rise due to the "old-for-new" policy and increasing raw material costs, with air conditioning prices projected to continue their upward trend [23][24]. - Key companies in the white goods sector are expected to report varying revenue growth for Q3 2025, with Midea projected to grow by 3% in revenue and 8% in profit, while Gree anticipates flat revenue and profit [24][25]. 3. Kitchen Appliances - The kitchen appliance sector is benefiting from real estate policies and the "old-for-new" program, with significant sales growth in major categories like range hoods and gas stoves [7][8]. - Companies like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profit [24]. 4. Small Appliances - The small appliance sector is experiencing a revival, particularly in exports, with companies like Supor and Joyoung expected to report positive revenue growth [7][8]. - The "old-for-new" policy is expected to significantly boost sales in small kitchen appliances, with new categories like microwaves and rice cookers included in the subsidy program [14][15]. 5. New Displays and Lighting - The report notes a turning point in the emerging display sector, with stable prices in the panel market and growth potential in the lighting industry [8][9]. 6. Investment Highlights - The report emphasizes the importance of real estate and export chains, recommending investments in companies that are well-positioned to benefit from the ongoing transformation in the home appliance sector [8][14].
家电行业2025年三季报业绩前瞻:出口链再现关税黄金坑,重视内需价值龙头回归
CMS· 2025-10-13 12:52
Investment Rating - The report maintains a strong buy rating for key companies in the home appliance industry, including Midea Group, Gree Electric, and others, indicating a positive outlook for their stock performance [8]. Core Insights - The home appliance industry is experiencing a recovery in export chains despite the recent announcement of a 100% tariff increase by Trump, with companies better prepared for supply chain shifts and a stabilization in fundamentals [2]. - Domestic demand is expected to strengthen, with significant sales growth observed during the National Day holiday, particularly in categories like robotic vacuums and water purifiers [2]. - The report highlights the importance of specific product champions in the export market, such as portable energy storage and catering equipment, which are anticipated to show strong demand elasticity [7]. Industry Overview - The industry comprises 88 listed companies with a total market capitalization of approximately 1979.5 billion [3]. - The absolute performance of the industry over the past month, six months, and twelve months stands at 0.4%, 36.5%, and 33.2% respectively, indicating a robust recovery trend [5]. Company Performance Expectations - Midea Group and Gree Electric are expected to maintain double-digit revenue growth in the third quarter, driven by strong export orders and effective inventory management [6]. - Companies like Ecovacs and Roborock are projected to exceed expectations, with significant revenue growth anticipated due to strategic product launches and market share gains [6]. - The report notes that companies in the two-wheeler segment, such as Ninebot and Taotao, are also expected to outperform, with revenue growth rates of 80% and 99-133% respectively [6]. Key Financial Metrics - Midea Group is projected to have an EPS of 5.60 for 2025, with a PE ratio of 13.0, while Gree Electric is expected to have an EPS of 6.25 with a PE of 6.5, both receiving a strong buy recommendation [8]. - The report emphasizes the strong financial performance of component suppliers like Shun'an Environment, which is expected to see a revenue increase of over 50% in the third quarter [6].
家电行业2025年三季报业绩前瞻:内销将面临以旧换新高基数,关税扰动下出口不改长期增长趋势
Shenwan Hongyuan Securities· 2025-10-13 10:15
Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for the white goods sector, indicating a "Buy" recommendation for key players like Midea, Haier, and Gree [4][8]. Core Insights - The home appliance sector is benefiting from real estate policies and the "trade-in" program, leading to a sustained growth trend in domestic sales [6][14]. - The report highlights three main investment themes: white goods, export opportunities, and core components, with a focus on companies that are expected to outperform in these areas [8][17]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning industry produced 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [6][14]. - The refrigerator and washing machine sectors also saw domestic sales growth of 4% and 6%, respectively, during the same period [6][14]. 2. White Goods and Components - The report notes that the average price of white goods is increasing due to the trade-in program, with air conditioning prices expected to rise further [27]. - Key companies are projected to show varied performance in Q3 2025, with Midea expected to see a 3% revenue increase and an 8% rise in profits, while Gree anticipates flat revenue and profit [28][29]. 3. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with significant growth in online sales for range hoods and gas stoves [6][14]. - Major players like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profits [6][14]. 4. Small Appliances - The small appliance sector is benefiting from domestic trade-in policies, with companies like Supor and Joyoung expected to see revenue growth of 3% and a profit turnaround, respectively [6][14]. - The report highlights significant growth for companies like Stone Technology, which anticipates an 80% revenue increase [6][14]. 5. New Displays and Lighting - The emerging display sector is at a turning point, with companies like Hisense and Xiaomi expected to report revenue growth of 8% and 15%, respectively [6][14]. - The lighting industry is anticipated to see gradual improvements as market conditions stabilize [6][14]. 6. Investment Highlights - The report emphasizes the attractiveness of the white goods sector due to its low valuation, high dividends, and stable growth potential, recommending a combination of leading companies [8][17]. - Export opportunities are highlighted for companies like Ousheng Electric and Dechang, which are expected to benefit from increased orders and stable profitability [8][17]. 7. Trade-in Policy Impact - The trade-in policy has been expanded to include 12 categories of appliances, significantly boosting sales and consumer interest [17][18]. - The report notes that the trade-in program has already led to over 62 million units sold in 2024, generating nearly 270 billion yuan in consumption [17][18].
珠海格力电器股份有限公司入围《经济观察报》2024—2025年度受尊敬企业
Jing Ji Guan Cha Wang· 2025-10-13 09:53
2025年10月13日,珠海格力电器(000651)股份有限公司在优质运营、创新突破、社会贡献等指标中表 现优异,入围《经济观察报》2024—2025年度受尊敬企业。根据经观中国上市公司综合价值评估体系, 净利润、员工薪酬连续三年实现正增长。 ...
第四批国补资金下达,10月空冰洗排产同比承压:——《2025/9/29-2025/10/10》家电周报-20251012
Shenwan Hongyuan Securities· 2025-10-12 11:37
Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly focusing on white goods, with an emphasis on their undervalued status, high dividends, and stable growth potential [4]. Core Insights - The report highlights the impact of the fourth batch of government subsidies amounting to 69 billion yuan, aimed at promoting the replacement of old appliances, which is expected to stimulate demand in the home appliance market [10][68]. - The production and sales of major appliances such as air conditioners, refrigerators, and washing machines have shown mixed results, with a notable decline in production for October 2025 compared to the previous year [11][32]. - The report identifies three main investment themes: white goods benefiting from favorable real estate policies, export opportunities for companies with strong client orders, and the demand for core components driven by the overall market growth [4]. Summary by Sections Industry Dynamics - The home appliance sector's performance is closely tied to government policies, with the recent 690 billion yuan subsidy expected to enhance consumer purchasing power [10][68]. - October 2025 production for air conditioners, refrigerators, and washing machines is projected to decline by 9.9% compared to the previous year, indicating potential challenges in the market [11]. Sales Data - In August 2025, the air conditioning sector saw a production increase of 9.4% year-on-year, but total sales decreased by 1%, with domestic sales up by 1.2% and exports down by 4.2% [32]. - The refrigerator market experienced a production increase of 3.4% and a sales increase of 2.1%, with domestic sales rising by 5.9% while exports fell by 0.8% [36]. - The washing machine sector reported a production increase of 5.8% and a sales increase of 6.6%, with domestic sales slightly up by 0.6% and exports up by 12.1% [37]. Key Companies - The report notes that major companies such as Midea, Haier, and Gree are well-positioned to benefit from the favorable market conditions and government policies [4]. - Companies like Ousheng Electric and Dechang Co. are highlighted for their stable income growth driven by large client orders and expanding automotive parts businesses [4]. Component Market - The demand for core components is expected to rise due to the overall growth in the white goods sector, with companies like Huaxiang and Sanhua Intelligent Control being recommended for their competitive advantages [4].
家电周报:第四批国补资金下达,10月空冰洗排产同比承压-20251012
Shenwan Hongyuan Securities· 2025-10-12 10:12
行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 2025 年 10 月 12 日 第四批国补资金下达,10 月空冰洗 排产同比承压 看好 ——《2025/9/29-2025/10/10》家电周报 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示: ⚫ 数据观察:8 月白电内销延续增长,外销表现分化 1)空调出货端:总体销量增长,内外销表现分化。根据产业在线披露数据,2025 年 8 月空调行业实现产量 1288.10 万台,同比上升 9.40%;实现总销量 1302.30 万台,同 比下降 1.00%,其中内销 773.70 万台,同比上升 1.20%,出口 528.70 万台,同比下 降 4.20%。 2)冰箱出货端:内销保持增长,外销有所下降。根据产业在线披露数据,2025 年 8 月冰箱行业实现产量 871.00 万台,同比上升 3.4%;实 ...
家用电器:假期消费专题:出境游、线下演出高景气——25W40周观点-20251012
Huafu Securities· 2025-10-12 10:11
Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]
从家电到装备:格力电器多元化之路迎来高光时刻
Jing Ji Ri Bao· 2025-10-11 07:24
科技支撑多元化 近期,第25届中国国际工业博览会在上海举办。格力智能装备携多种创新产品及系统解决方案重磅现身,覆盖汽车及零部件、新能源、3C电子、船舶钢 构、教育培训等领域,展示了格力从消费电器制造商向多元化、科技型的全球工业制造集团战略转型的最新成果。 与上海工博会期间惊艳"长江尾"的格力智能装备展台前人头攒动,参观交流者络绎不绝遥相呼应的是——一个更火爆的直播带货场面在全网上演。一场 以"这一杯 敬黄河"为主题的8小时长直播在位于"黄河腰"的陕西省延安市宜川县壶口瀑布旁拉开帷幕。 格力电器在此开启硬核实验,通过现场净化黄河水活动,展现企业以科技助力美好生活、传承文化根脉的社会责任。 "这一杯,敬黄河!敬我们永不妥协的中国科技!"格力电器市场总监朱磊打上三桶"黄色"黄河水后,将水倒进格力净水器净水池。经过净化处理,打开水 龙头便流出了透明清澈的"可饮用水"。据现场实测,经格力"6个9"净水器过滤后的水,不仅清澈透明,且TDS值大幅降低至可饮用范围。 "国家所需,格力所为。"在朱磊看来,"于格力而言,守护母亲河,就是用好科技,守护好千家万户的每一杯水,让黄河水,乃至全国各地的水,都能通 过格力的产品,变得清澈 ...