家电行业财务分析深度报告：从PB-ROE视角看家电各子行业及公司性价比

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating that the sector is currently undervalued and presents attractive investment opportunities through the PB-ROE framework [4][7]. Core Insights - The home appliance sector is experiencing low overall valuations, with a focus on identifying undervalued sub-sectors and companies using the PB-ROE model, which reflects industry/company growth potential and profitability [4][26]. - The white goods segment shows the highest value for money with low PB and high ROE, while the kitchen appliances segment follows closely [4][7]. - The small appliances segment has a high PB but has seen a decline in valuation due to weak demand and intense competition [4][7]. - The black goods segment is characterized by low PB and low ROE, indicating relatively poor value for money [4][7]. - The components segment has a high PB and ROE, benefiting from diversification into new growth areas [4][7]. Summary by Sections 1. PB Analysis - The white goods segment's PB is at a near historical low, with expectations for valuation recovery due to favorable policies and strong overseas demand [36]. - The kitchen appliances segment's PB has declined to approximately 1.6 times, but recent policy changes may lead to a rebound [38]. - The small appliances segment's PB has dropped significantly to around 3.0 times, reflecting weak demand and competitive pressures [42]. - The black goods segment has the lowest PB in the home appliance sector at about 1.9 times, indicating a stagnant market [46]. - The components segment leads with a PB of approximately 3.2 times, driven by expansion into higher-growth sectors [50]. 2. ROE Analysis - The white goods segment boasts a ROE of 20.8%, significantly higher than other sub-sectors, indicating strong profitability [53]. - The kitchen appliances segment has a ROE of 10.7%, with high sales margins but lower asset turnover and equity multiplier affecting overall performance [59]. - The small appliances segment's ROE is around 12.4%, with fluctuations due to external factors impacting profitability [61]. - The black goods segment's ROE is notably low at 3.0%, primarily due to high costs and declining sales [65]. - The components segment's ROE is approximately 12.0%, with improvements in asset turnover due to diversification efforts [69]. 3. PB-ROE Analysis - The overall home appliance sector has a ROE of 16.06%, with the white goods segment showing the best value proposition [73]. - The white goods segment has a PB of 2.34 and a ROE of 20.85%, making it the most attractive sub-sector [73]. - The kitchen appliances and components segments have competitive ROE levels, while the black goods segment remains less attractive due to its low ROE [73][75].