CMS·2025-05-08 13:35Investment Rating - The report maintains a strong buy rating for major companies in the home appliance sector, including Midea Group, Gree Electric, Hisense Home Appliances, and others, all receiving a "Strong Buy" recommendation [2]. Core Insights - The home appliance industry showed strong performance in Q1 2025, supported by national subsidies, booming exports to emerging markets, and increased shipments to North America. The report suggests focusing on new consumer trends domestically and leveraging tariff opportunities for exports [1][6]. - Major appliances reported impressive results, with Midea's exports growing over 30%, particularly in air conditioning and kitchen appliances. Hisense and other second-tier brands also experienced significant export growth [6]. - The report highlights the emergence of new consumer trends in small appliances, with companies like Ninebot and Roborock showing exceptional growth. The tariff situation presents a strategic opportunity for companies with high exposure to the U.S. market [6]. Industry Overview - The home appliance sector consists of 88 listed companies, with a total market capitalization of 1,846.4 billion and a circulating market value of 1,761.9 billion [3]. - The industry index has shown varied performance, with absolute performance at -1.4% over one month, but a relative performance of 14.9% over six months [5]. Company Performance - Midea Group's EPS for 2024 is projected at 5.03, increasing to 5.62 in 2025, with a PE ratio of 13.4 and a PB of 2.5 [2]. - Gree Electric is expected to see EPS rise from 5.75 in 2024 to 6.25 in 2025, with a PE of 7.4 and a PB of 1.8 [2]. - Hisense Home Appliances anticipates an EPS increase from 2.42 to 2.71, with a PE of 10.3 and a PB of 2.3 [2].