2025-06-07 13:02Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in key companies [2]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with the Shenwan household appliance index declining by 1.8% while the CSI 300 rose by 0.9% [2][3]. - Haier Smart Home completed the acquisition of KLIMA KFT, enhancing its HVAC business in Central and Eastern Europe [8]. - Stone Technology plans to issue H shares and list on the Hong Kong Stock Exchange to boost its global brand recognition and competitiveness [9]. Summary by Sections 1. Market Performance - The household appliance sector lagged behind the CSI 300 index, with a decline of 1.8% compared to a 0.9% increase in the index [2][3]. 2. Company Dynamics - Key companies such as Beileisong (up 21.2%), Yitian Smart (up 13.0%), and Aopu Technology (up 6.6%) led the gains, while Midea Group (down 4.2%), Hisense Visual (down 4.0%), and Gree Electric (down 3.3%) faced declines [5][6]. 3. Industry Developments - Haier Smart Home's acquisition of KLIMA KFT marks a significant step in expanding its HVAC business in Hungary, aiming to promote sustainable HVAC solutions in the region [8]. - Stone Technology's proposed H share issuance aims to enhance its global competitiveness and optimize its capital structure [9]. 4. Sales Data Observations - In April, sales of cleaning appliances like robotic vacuums and washing machines increased, while hairdryer sales declined [27]. - Robotic vacuum sales reached 270,700 units, up 79.69% year-on-year, with sales revenue of 315 million yuan, an increase of 55.46% [27]. - Hairdryer sales fell by 10.81% to 850,900 units, but revenue increased by 12.39% to 227 million yuan [33]. 5. Investment Highlights - Three main investment themes are identified: - White goods, benefiting from favorable real estate policies and the "trade-in" policy, with expected production increases [2]. - Exports, with recommendations for companies like Ousheng Electric and Dechang Co. due to stable profitability and order growth [2]. - Core components, with a focus on companies like Huaxiang Co. and Shun'an Environment, which are positioned to benefit from increased demand in the white goods sector [2].