Shenwan Hongyuan Securities·2025-08-02 09:36Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the undervaluation, high dividends, and stable growth attributes of the white goods segment [5]. Core Insights - The home appliance sector has shown resilience, with the home appliance index outperforming the CSI 300 index, remaining flat while the latter declined by 2.1% [4][6]. - The report identifies three main investment themes: white goods, exports, and core components, recommending key players such as Hisense, Midea, and Gree for white goods, and companies like Ousheng Electric and Dechang for exports [5]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales reached 1.032 million units, up 40.4% [2]. - The average online price decreased by 5.6% to 2,429 RMB/unit, and the offline average price fell by 2.5% to 4,031 RMB/unit [2][24]. Kitchen Appliances Data - For range hoods, online sales were 565,000 units, up 13.7%, and offline sales were 180,000 units, up 32.8% [3]. - The average online price for range hoods decreased by 2.0% to 1,662 RMB/unit, while the offline price increased by 4.8% to 4,674 RMB/unit [3][26]. - Dishwashers saw online sales of 192,000 units, up 8.9%, and offline sales of 49,000 units, up 24.3% [3]. - The average online price for dishwashers fell by 8.0% to 4,196 RMB/unit, while the offline price rose by 3.9% to 8,464 RMB/unit [3][30]. Industry Dynamics - The total production of major home appliances in August 2025 was 26.97 million units, a decrease of 4.9% year-on-year [11]. - Air conditioner production was 11.44 million units, down 2.8% year-on-year; refrigerator production was 7.62 million units, down 9.5%; and washing machine production was 7.91 million units, down 3.0% [11]. Investment Opportunities - The report suggests that the white goods sector is poised for growth due to favorable real estate policies and potential catalysts from trade-in programs [5]. - The report highlights the increasing demand for core components driven by the robust performance of the white goods sector, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [5].