HTSC·2025-06-16 06:08Group 1 - The core viewpoint of the report emphasizes the importance of embracing core assets in the home appliance sector, focusing on innovation and overseas localization capabilities to capture growth opportunities [2][6][19] - The home appliance sector has shown positive fundamentals, with a year-on-year revenue growth of 13.7% and a net profit growth of 25.3% in Q1 2025, indicating a strong recovery in domestic demand [3][42] - The report identifies three major trends: anchoring on core assets in the home appliance sector, strengthening overseas localization capabilities, and focusing on AI and innovation for growth [2][6][20] Group 2 - The domestic demand structure is balanced, with domestic sales accounting for approximately 59% and exports for 41%, supported by strong growth in emerging markets [14][15] - The "old-for-new" policy continues to support domestic demand, with an expansion of covered categories from 8 to 12 in 2025, maintaining a subsidy rate of 15%-20% [16][54] - The report highlights the importance of innovation in the home appliance sector, with a shift towards smart and health-oriented products driving market growth [17][30] Group 3 - The report recommends several companies as investment opportunities, including Haier Smart Home, Gree Electric, and TCL Electronics, which exhibit strong market positions and growth potential [21][22][26] - Companies like Stone Technology and Ecovacs are highlighted for their global expansion strategies and potential for revenue growth [24][25] - The report also emphasizes the importance of companies with strong localization capabilities to mitigate risks associated with tariffs and enhance competitiveness in overseas markets [5][23][53]