家用电器行业出口专题：新兴市场驱动增长，龙头全球布局领先

Investment Rating - The report recommends a "Buy" rating for leading companies in the home appliance industry, specifically Haier Smart Home and Hisense Home Appliances, due to their robust growth and overseas expansion strategies [5][9]. Core Insights - The home appliance export scale has shown steady growth, increasing from approximately $31.32 billion in 2009 to$88.88 billion in 2023, with a compound annual growth rate (CAGR) of about 9.3% over the past five years, outperforming domestic retail growth by approximately 7.3 percentage points [3][27]. - The export structure indicates that white goods account for the highest share at 37%, followed by black goods at 27%, small appliances at 34%, and kitchen appliances at 2% in 2023 [3][35]. - The primary export regions for Chinese home appliances in 2023 were Asia (36%), Europe (26%), and North America (16%), with a notable decline in North America's share by 15% from 2018 to 2023 [3][57]. Summary by Sections Home Appliance Exports: Steady Growth and Regional Changes - The total export volume has shown robust growth, significantly outpacing domestic sales over the last five years [27]. - By product category, white goods have the highest export share, while small appliances have demonstrated strong growth potential [35]. - The export distribution by region shows dominance in Asia and Europe, with a shrinking share in North America and rapid growth in emerging markets [57][63]. Future Outlook: Tariff Impacts and Leading Global Layouts - A potential new round of tariffs targeting imports from Mexico, Canada, and China has been announced, which could impact the home appliance sector [4]. - Leading companies like Midea and Haier have established extensive global operations, which may mitigate the adverse effects of tariffs [5]. Investment Recommendations - The report suggests that both domestic and international sales will be influenced by policy factors, with domestic sales benefiting from trade-in programs and expected recovery in demand [5]. - Recommended stocks include Haier Smart Home and Hisense Home Appliances for their stable growth and overseas expansion, as well as Hisense Visual, Aima Technology, Yadea Holdings, and XGIMI Technology for their domestic recovery potential [5].