家用电器行业跟踪报告：龙头股息价值显著，后周期信心修复

Industry Investment Rating - The report highlights a positive outlook for the real estate-linked appliance sector, with low valuations providing a strong safety margin and potential for valuation and performance recovery [1][3] Core Views - Central policies, including interest rate cuts and demand stimulation, are expected to benefit leading real estate-linked appliance companies [1][3] - The kitchen appliance sector's valuation is low, with strong safety margins, and long-term growth is anticipated as real estate recovers [1][3] - Leading companies in the household appliance sector maintain high dividend yields, with average dividend yields at the 80% quantile [2][3] Company Analysis Traditional Kitchen Appliances - Hangzhou Robam Appliances, Opple Lighting, Vatti, and Vanward Electric have market capitalization rankings of 15%/17%/43%/58% and PE-TTM valuations of 12.18x/14.36x/12.86x/14.28x [1][3] Integrated Stoves - Marssenger, Zhejiang Meida Industrial, Zhejiang Entive Smart Kitchen Appliance Co Ltd, and SANFER have market capitalization rankings of 11%/5%/6%/11% and PE valuations of 18.09x/9.03x/15.12x/9.18x [1][3] High Dividend Yield Companies - Midea Group, Gree Electric Appliances Inc of Zhuhai, Haier Smart Home, Hisense Home Appliances Group, and Zhejiang Supor have dividend yields of 4.7%/6.1%/3.4%/3.7%/4.2%, at 82%/37%/92%/74%/85% quantiles [2][3] - Minimum dividend yields for these companies were 1.6%/4.5%/1.2%/1.2%/1.6%, with potential increases of 191%/36%/186%/199%/157% [2][3] - Median dividend yields were 3.2%/6.4%/2.3%/2.9%/2.2%, with potential increases of 45%/-5%/48%/25%/88% [2][3] Investment Recommendations - Focus on high dividend, stable growth, low valuation appliance leaders like Midea Group, Gree Electric Appliances Inc of Zhuhai, Haier Smart Home, and Hisense Home Appliances Group [2][3] - Consider growth companies expanding globally, such as Beijing Roborock Tech and TCL Electronics Holdings [2][3] - Real estate-linked leaders like Hangzhou Robam Appliances, Vatti, Opple Lighting, and flexible integrated stove leaders like Marssenger, Zhejiang Meida Industrial, and Zhejiang Entive Smart Kitchen Appliance Co Ltd are also recommended [2][3]