Shenwan Hongyuan Securities·2025-09-11 05:44Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "Look Forward" investment rating for 2025 [3][5]. Core Insights - The home appliance industry experienced a year-on-year revenue growth of 7.34% in Q2 2025, with total revenue reaching 482.5 billion yuan [4][19]. - The net profit for the industry in Q2 2025 was 37.41 billion yuan, reflecting a year-on-year increase of 3.14% [4][22]. - The report identifies three main investment themes: 1) White goods benefiting from real estate policy changes and trade-in incentives; 2) Export opportunities driven by large customer orders; 3) Core components seeing increased demand due to the favorable market conditions for white goods [4][6]. Summary by Sections 1. Industry Performance Overview - The home appliance sector underperformed the market, with a decline of 5.3% from April 1 to June 30, 2025, compared to a 1.3% increase in the CSI 300 index [14][18]. 2. Q2 2025 Home Appliance Industry Performance - Revenue growth of 7.34% year-on-year, with total revenue of 482.5 billion yuan [4][19]. - Net profit growth of 3.14% year-on-year, totaling 37.41 billion yuan [4][22]. - The gross margin decreased by 1.36 percentage points to 23.21% [25]. 3. Sub-Industry Performance 3.1 White Goods - Revenue reached 300.21 billion yuan, growing by 5.81% year-on-year [41]. - Net profit was 30.38 billion yuan, with a year-on-year growth of 5.86% [42]. 3.2 Kitchen Appliances - Revenue declined by 8.36% to 7.944 billion yuan, with net profit down 13.80% to 0.813 billion yuan [46]. 3.3 Small Appliances - Revenue increased by 14.10% to 37.23 billion yuan, but net profit fell by 14.68% to 2.599 billion yuan [51]. 3.4 Black Goods - Revenue grew by 8.23% to 100.34 billion yuan, with net profit increasing by 13.93% to 1.342 billion yuan [55]. 4. Key Investment Targets - The report recommends investing in leading companies in the white goods sector, such as Hisense, Midea, Haier, and Gree, due to their favorable valuation and growth potential [4][5][6].