黑电海外分区观察

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, highlighting its potential to benefit from short-term growth in Europe and long-term advantages in emerging markets [3]. Core Insights - The report emphasizes that domestic brands in the black electrical appliance sector are shifting their growth focus from the US market to Europe and emerging markets, with significant potential for volume increases [3]. - In the US, competition is intensifying, particularly in the low-end market, while domestic brands are expected to gain market share in the mid-to-high-end segments through MiniLED technology [3]. - In Europe, major sporting events are expected to drive short-term sales growth, with domestic brands like TCL and Hisense actively expanding their market presence [3]. - Emerging markets, particularly in Latin America and the Middle East, present substantial growth opportunities for domestic brands, driven by localization strategies [3]. Summary by Sections US Market Analysis - The US black electrical appliance market has stabilized at 35-40 million units, with a notable price competition initiated by channel brands like ONN, which has led to a 50% increase in sales [8][11]. - Domestic brands are responding to price cuts from ONN, with TCL and Hisense adjusting their pricing strategies to maintain competitiveness [11][12]. - The report forecasts that if domestic brands can capture more market share in both low-end and mid-to-high-end segments, they could see an increase of approximately 3 million units in the US market by 2028 [3][28]. European Market Analysis - The European black electrical appliance market is stable at around 50 million units, with a projected 9.2% year-on-year growth in H1 2024 due to upcoming sports events [32][33]. - Domestic brands like TCL and Hisense are expected to increase their market share significantly, with estimates suggesting an increase of about 800,000 units by 2028 [3][42]. - The report highlights that TCL is actively expanding its channel coverage in Europe, while Hisense is focusing on high-end market penetration [39][41]. Emerging Markets Analysis - Emerging markets are projected to have a combined black electrical appliance shipment of over 70 million units, with Southeast Asia showing steady growth [47]. - The report indicates that domestic brands are gaining ground in Latin America and the Middle East, with significant potential for market share increases [51][56]. - By 2028, domestic brands are expected to capture a market share of 35% in Southeast Asia, 40% in Latin America, and 45% in the Middle East, translating to substantial volume increases [56][57].