Shenwan Hongyuan Securities·2025-06-27 13:43Investment Rating - The report gives a "Buy" rating for major companies in the home appliance sector, including Midea Group, Gree Electric, and Haier Smart Home, indicating a positive outlook for these stocks [6]. Core Insights - The report highlights the strong performance of cleaning appliances during the 618 sales event, driven by government subsidies for trade-ins and the introduction of new products while maintaining price levels. Sales of robotic vacuum cleaners reached 3.3 billion yuan, with a year-on-year growth of 27% [5]. - Stone Technology and Ecovacs have emerged as leading brands in the cleaning appliance market, with Stone Technology holding a 32.76% market share in sales for robotic vacuum cleaners and 24.54% for washing machines [5]. - The report identifies three main investment themes: the white goods sector, export opportunities, and core components, recommending companies like Hisense, Midea, and Gree for their strong fundamentals and growth potential [5]. Summary by Sections Cleaning Appliances - The 618 sales event saw significant growth in cleaning appliances, particularly robotic vacuum cleaners, which experienced a 35% increase in sales volume year-on-year [5]. - High-performance models with good cost-effectiveness are preferred by consumers, with the price range of 3500-4000 yuan accounting for the largest market share [5]. Investment Opportunities - The report suggests that the white goods sector is poised for growth due to favorable real estate policies and the potential for government trade-in incentives to stimulate demand [5]. - Companies recommended for investment include Midea Group, Gree Electric, and Haier Smart Home, which are characterized by low valuations, high dividends, and stable growth [5]. Key Companies and Valuations - Midea Group: Buy rating, with projected net profits of 42.48 billion yuan for 2025 [6]. - Gree Electric: Buy rating, with projected net profits of 35.12 billion yuan for 2025 [6]. - Haier Smart Home: Buy rating, with projected net profits of 21.55 billion yuan for 2025 [6].