25W24周观点：美国对部分钢制家电品类加征50%关税-20250615

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [7]. Core Insights - The U.S. has imposed a 50% import tariff on certain steel-based home appliances, effective June 23, which includes washing machines, dishwashers, refrigerators, ovens, dryers, freezers, kitchen garbage disposers, and welding racks. This tariff applies globally, with the exception of the UK, which faces a 25% additional tax. Companies using domestically sourced steel can benefit from exemptions [3][11][17]. - The tariff aims to protect the U.S. steel industry, potentially benefiting companies with domestic production capabilities, such as Haier, while having a limited impact on overall global production capacity in the short term [3][17]. Summary by Sections 1. Tariff Impact - The tariff will be assessed based on the value of steel components in appliances rather than the total product price, affecting products with higher steel content more significantly. For example, refrigerators may see an estimated total tariff of about 65% due to various tariffs combined [11][12][13]. 2. Market Trends - The home appliance sector experienced a decline of 1.4% this week, with specific segments like white goods and kitchen appliances seeing drops of 0.8% and 2.8%, respectively. Meanwhile, raw material prices for copper and aluminum changed by -1.4% and +2.2% respectively [4][24]. 3. Investment Recommendations - The report suggests focusing on several areas for investment: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier, Gree Electric, Hisense, and TCL [18]. 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guibao Pet and Zhongchong Co [18]. 3. Small appliances and branded apparel, which may see a rebound in demand, with a focus on leading brands like Bear Electric and Supor [18]. 4. Electric two-wheelers, which are expected to improve in domestic sales, with recommendations for companies like Ninebot and Yadea [18]. 4. Global Manufacturing Dynamics - The report highlights that Chinese manufacturers maintain a significant advantage in global production, particularly in major appliances and tools, with recommendations for Midea, Haier, and others [19][23]. 5. Company Performance - The report tracks the performance of key companies in the home appliance sector, noting that Haier has substantial domestic production capacity in the U.S., which may mitigate the impact of tariffs compared to competitors with lower U.S. exposure [13][17].