
Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - In Q1 2025, the home appliance export continued to show double-digit growth, with a notable recovery in export growth in March despite the impact of US tariffs. The export volume maintained a high growth rate of +20%, while the average export price in RMB showed a year-on-year decline of -5% [1][12][16] - The global manufacturing PMI averaged 49.9% in Q1 2025, indicating resilience in international market demand, with exports to over 170 countries and regions achieving growth [1][16] - The North American channel replenishment is expected to support the improvement of domestic home appliance companies' export data [2][25] Summary by Sections Export Data - In March 2025, the domestic home appliance export value was 642 billion RMB, up 14% year-on-year, and 9 billion USD, up 13% year-on-year. In Q1 2025, the export value was 1736 billion RMB, up 10% year-on-year, and 242 billion USD, up 9% year-on-year [1][12] Category Performance - In Q1 2025, major categories such as white goods, kitchen appliances, small appliances, and color TVs maintained positive growth, with white goods leading at a growth rate of 23% [2][20] - In the US, white goods export growth reached 15%, while in Latin America, white goods and small appliances saw impressive growth rates of 46% and 18% respectively [2][22] Inventory and Orders - US durable goods inventory has been declining since Q3 2021, with a year-on-year decrease of about 5% as of Q4 2024, indicating a relatively low inventory level [2][25] Market Trends - The home appliance sector showed a positive performance in the stock market, with the home appliance index rising by 1.89% during the week of April 21-25, 2025 [3][29] - The report suggests that the upcoming peak season for air conditioning and the 618 shopping festival in May will further strengthen retail sales [3][4] Investment Recommendations - Recommended stocks include major appliances like Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances, as well as small appliances like Supor and Feike Electric [4]