中信证券：海外家电公司2025Q3业绩稳健，商用暖通高景气

Core Insights - The report from CITIC Securities indicates that overseas home appliance companies will continue to show steady performance in Q3 2025, with slight revenue growth and differentiated profitability [1] Regional Analysis - North America: Demand is weak, with consumers favoring cost-effective products, leading to price pressure. Residential HVAC is still in destocking, and corporate profitability is varied. However, commercial HVAC is performing well, driven by high demand from data centers and optimized product structures [1] - Europe: A weak recovery is ongoing, but demand remains at historically low levels, with heat pump demand potentially being a bright spot [1] - Emerging Markets: Performance is mixed; in Latin America, demand is weak due to high interest rates, inflation, and extreme weather, alongside increased competition. In the Middle East, demand is strong, driven by large projects and data centers [1]