Zhi Tong Cai Jing·2025-09-03 02:41Core Viewpoint - The white goods industry is expected to achieve double growth in revenue and profit in the first half of 2025, driven by domestic "trade-in" policies and strong performance in emerging overseas markets [1][2]. Group 1: Industry Performance - The overall revenue and profit of the white goods industry have improved due to the synergy between domestic and overseas sales, leading to enhanced profitability [2]. - The first-tier brands like Midea and Haier have shown stable growth, while second-tier companies like Hisense and Meiling face pressure on profits due to intensified market competition and price wars among leading brands [3]. Group 2: Profitability Factors - The overall gross margin remains stable, with profit increases primarily attributed to a decrease in expense ratios, particularly in sales expenses. National subsidy policies have driven product structure upgrades, and companies have effectively reduced costs and increased efficiency [4]. Group 3: Overseas Market Trends - Emerging markets in South Asia and the Middle East have shown strong performance. However, the North American market has experienced slowed growth due to tariffs, with Midea preemptively shipping products in Q1 to mitigate tariff impacts, while Haier maintains a stable rhythm [5]. Group 4: Domestic Sales Outlook - The "trade-in" policy has limited overdraw effects, and a new round of capped national subsidies is expected to continue stimulating demand. Although growth may slow marginally in Q3 due to a high base, the medium to long-term outlook remains resilient, with optimistic expectations for H2 financial reports [6]. Group 5: External Sales Outlook - The anticipated interest rate cuts in the U.S. may boost real estate and home appliance demand, while growth momentum in emerging markets remains strong. Companies like Haier, with well-established overseas production capacities, are expected to experience good growth [7]. Group 6: Financial Performance of Overseas Listed Companies - Overall revenue growth has slowed, and profit margins are under pressure. However, some companies have managed to improve profitability through cost control and product structure optimization [8]. Group 7: Investment Recommendations - White goods companies are enhancing profitability and risk resistance through cost reduction, product structure optimization, and deepening localization. With ongoing domestic policy support and rising expectations for overseas interest rate cuts, the white goods sector still holds strong growth potential and investment value. Key recommendations include leading brands such as Haier Smart Home, Midea Group, Hisense Home Appliances, and Gree Electric [9].