Guoxin Securities·2025-06-23 09:29Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][81]. Core Views - The home appliance retail sector experienced strong growth during the 618 shopping festival, with major brands like Midea achieving over 20% year-on-year retail growth [2][3][39]. - The domestic retail sales of home appliances saw a significant increase, with May's sales growing by over 50% year-on-year, driven by the 618 promotion and government subsidy policies [2][18]. - Despite a decline in exports, certain categories like washing machines and vacuum cleaners showed resilience, with washing machine exports increasing by 3.9% and vacuum cleaner exports rising by 14.7% in May [4][50]. Summary by Sections Investment Rating - The report provides an "Outperform the Market" rating for key companies in the home appliance sector, including Midea, Gree, Haier, and others [6][81]. Market Performance - The home appliance sector's retail sales in May increased by 53.0% year-on-year, with significant growth across major categories such as air conditioners and washing machines [2][18]. - The overall market performance for the home appliance sector showed a relative return of +0.22% compared to the broader market [5][58]. Company Performance - Midea's retail sales during the 618 festival grew by over 20%, with a notable increase in customer numbers [3][39]. - Haier maintained the top market share in several categories, including refrigerators and washing machines, during the 618 period [3][41]. - Gree ranked first in air conditioner sales during the same period, showcasing strong competitive positioning [3][43]. Export Trends - In May, the overall export value of home appliances decreased by 7.6% year-on-year, with specific categories like air conditioners and refrigerators experiencing declines [4][50]. - The U.S. announced a 50% import tariff on several categories of home appliances, which may further impact export dynamics [51]. Key Data Tracking - The report highlights that the prices of raw materials such as copper and aluminum have increased, which may affect production costs in the home appliance sector [5][61]. - The shipping index for major routes has shown an upward trend, indicating potential changes in logistics costs [5][74]. Company Recommendations - The report recommends investing in leading companies such as Gree, Midea, and Haier for white goods, and Stone Technology and Bear Electric for small appliances, based on their strong market positions and growth potential [5][14][17].