SINOLINK SECURITIES·2025-05-25 10:05Investment Rating - The report suggests a positive outlook for the home appliance industry, particularly focusing on domestic demand and emerging market exports [4][54]. Core Insights - In April, home appliance exports showed a mixed performance with a slight increase in quantity (+1.5%) but a decrease in value (-1.7%). Air conditioner exports rose significantly by 14.5% [11][13]. - The report highlights strong growth in emerging markets, particularly Southeast Asia and Africa, with export values increasing by 70% and 43% respectively [13][16]. - The air conditioning production for June is projected to increase by 35%, driven by domestic demand and favorable market conditions [21][23]. Summary by Sections 1. April Home Appliance Export Performance - Home appliance exports in April showed a quantity increase of 1.5% but a value decrease of 1.7%. Air conditioners, refrigerators, washing machines, and LCD TVs had varied performances with air conditioners and washing machines showing notable growth [11][12][14]. 2. Regional Export Trends - Southeast Asia and Africa led the growth in exports, while North America and Europe experienced significant declines. For instance, air conditioner exports to South America and the Middle East grew by 37% and 31% respectively [16][18]. 3. Production Insights - The report indicates that air conditioning production in June is expected to reach 20.75 million units, a 17% increase year-on-year, with domestic production rising by 35.4% [21][23]. 4. Market and Sector Tracking - The report tracks market performance, noting a slight decline in the Shanghai Composite Index but a 0.4% increase in the home appliance sector index. Key stocks showed varied performance, with notable gains in companies like Stone Technology and Aishida [24][27]. 5. Investment Recommendations - The report recommends focusing on domestic demand and subsidy-driven growth in the white goods sector, as well as opportunities in the black goods sector and small appliances [4][54].