家用电器专题报告：关税的挑战、应对和影响

Investment Rating - The investment rating for the home appliance industry is "Positive" and maintained [3]. Core Viewpoints - The report highlights that the conclusion of the U.S. election has raised expectations for tariff increases, and Chinese home appliance companies have shifted focus to overseas markets to mitigate tariff risks. The report assesses potential impacts based on the historical context of tariff increases from 2018 to 2019 [3][18]. Summary by Sections Introduction - The report discusses the implications of the recent U.S. election on tariff expectations and the strategic shifts of Chinese home appliance companies towards overseas markets, particularly in the U.S. [3][18]. Challenges: Impact of Previous Tariff Increases - The previous tariff increases from 2018 to 2019 affected various segments of the home appliance industry, with rates generally between 25% and 30%. The report notes that while some companies have high overseas sales ratios, their global production capacity has helped limit profit fluctuations. The white goods sector has shown relatively stable valuation despite tariff expectations [4][19][30]. Responses: Strategies of Chinese Home Appliance Companies - Chinese companies are expanding their global production capacity in response to changing tariff policies, focusing on regions like Mexico and Southeast Asia. This strategy has allowed them to maintain competitiveness in the North American market while mitigating tariff risks [5][36]. Impact: Strengthening Overseas Production Capacity - The report indicates that the overall impact of tariff increases on Chinese white goods and small appliance companies is expected to be limited due to their established overseas production capabilities. The correlation between profit fluctuations and U.S. business exposure is noted, with higher U.S. business ratios leading to greater volatility [6][29]. Investment Recommendations: Focus on Growth Leaders - The report suggests focusing on leading companies with lower exposure to U.S. tariffs or well-established overseas production. Key recommendations include Midea Group and Gree Electric, with additional suggestions for Haier Smart Home and Hisense Home Appliances. The report also highlights opportunities in companies benefiting from domestic replacement policies and those with strong brand power in the small appliance sector [7].