如何看待家电零部件企业产业延展机会？

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [11]. Core Insights - The home appliance industry is entering a phase of stock competition, with traditional product demand becoming saturated. The domestic market may face challenges with a downward shift in growth momentum due to the "National Subsidy" policy causing demand front-loading and high base pressure. In this context, the strategic value of upstream component manufacturers needs to be reassessed. The transition towards smart and green technologies is accelerating the iteration of component technologies, reconstructing competitive barriers. Some component manufacturers are extending into high-growth sectors such as new energy vehicles and robotics, forming a "second growth curve" [2][6]. Summary by Sections Introduction: Why Focus on Component Manufacturers Now? - The report emphasizes the need to analyze upstream component manufacturers as the home appliance industry faces challenges from saturated demand and policy impacts. The shift towards AI and robotics presents new investment opportunities, with component manufacturers actively seeking growth avenues [6][19]. Core Business Situation of Component Manufacturers - The report outlines that most component manufacturers are focused on providing parts for major appliances, with companies like Sanhua Intelligent Controls and Haier leading in their respective segments. Financially, most companies have maintained a growth trend over the past five years, with significant revenue contributions from leading firms [7][22][30]. Business Extension of Component Manufacturers - In response to slowing growth in traditional sectors, component manufacturers are increasingly leaning towards the automotive parts industry. The report identifies several reasons for this shift, including the large market size of the automotive industry and the high degree of technology reuse between home appliances and automotive components. Companies like Dongfang Electric and Xingshuai are also exploring new areas such as optical communication and AI [8][34]. Investment Recommendations: Selective Growth Opportunities - The report suggests focusing on companies with strong growth potential amidst domestic demand fluctuations and international challenges. Key recommendations include leading white goods manufacturers like Gree Electric, Midea Group, and Haier Smart Home, as well as emerging companies with global capabilities such as Anker Innovations and Roborock. Additionally, it highlights the importance of component manufacturers that are actively pursuing industry transformation and business expansion [9][39].