中信证券：家电原材料价格波动 影响相对可控

Core Viewpoint - The report from CITIC Securities indicates that fluctuations in raw material prices have a limited impact on the gross profit margins of the white goods industry [1] Group 1: Raw Material Price Impact - Since Q4 2025, the prices of copper and aluminum are expected to rise due to tight supply and structural demand increases, but their impact on white goods profitability is deemed limited [1] - The increase in copper and aluminum prices is offset by a decrease in plastic prices, which mitigates overall cost pressures [1] - Leading home appliance companies are likely to hedge against fluctuations in bulk raw material prices [1] Group 2: Future Cost Pressures - If raw material prices remain high and fluctuate upwards, CITIC Securities anticipates that cost pressures may become evident in Q2 and Q3 of 2026 [1]