海通证券晨报-20250710

Group 1 - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape in the small home appliance sector has improved, driving profit recovery, while leading players in the major appliance sector are helping to concentrate market share, suggesting an increase in holdings [2][29]. - The report recommends focusing on two main investment lines: 1) The improvement in the competitive landscape of small home appliances brings profit elasticity, particularly in the vacuum cleaner sector, which has high growth potential and low penetration rates. The kitchen small appliances sector is gradually returning to growth after two years of decline, with a significant increase in sales during the 618 shopping festival [2][29]. - The report indicates that leading brands in the white goods sector are dominating the current price competition, leading to increased industry concentration. The export performance of major appliance manufacturers is expected to gradually recover as uncertainties around tariff policies are clarified [3][31]. Group 2 - The company Salted Fish's differentiated product, the konjac sauce, achieved over 100 million in monthly sales within 16 months, setting a record for the fastest-selling snack product. The konjac snack segment is still in a high-growth phase, supported by a strong supply chain and channel capabilities [7][8]. - The company is expanding its overseas market presence with its own brand "Mowon," developing localized products based on local tastes, which is expected to drive growth in international markets [8][9]. - The report maintains an "increase holdings" rating for the company, projecting EPS of 2.99, 3.73, and 4.63 for 2025-2027, with a target price of 100.00 yuan based on strong performance in konjac products [7][8].