Guoxin Securities·2025-09-16 14:43Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][7][85]. Core Views - The home appliance retail sector showed a strong growth of 14% year-on-year in August, with offline sales improving and online sales remaining stable despite entering a low season [1][2][19]. - Home appliance exports faced challenges, with a 6% year-on-year decline in August, but the resilience of growth is highlighted amid tariff disruptions [3][43]. - Domestic appliance companies showcased new products at the IFA exhibition, indicating a strong commitment to overseas expansion [4][49]. Summary by Sections Retail Performance - In August, the retail sales of home appliances grew by 14.3% year-on-year, with offline sales benefiting from government subsidies [2][20]. - Key categories such as air conditioners and kitchen appliances maintained positive growth, with air fryers seeing over 30% growth in online sales [2][20]. Export Performance - The export value of home appliances in August was 603.7 billion yuan, down 6.3% year-on-year, with a decline in export volume by 3.6% [3][43]. - The average export price decreased by 3.2% to 20.9 USD per unit, reflecting the impact of tariffs since April [3][43]. Product Innovation - Major domestic brands like Midea, Haier, and TCL introduced innovative products at the IFA, showcasing advancements in smart home technology and a commitment to international markets [4][49]. - Stone Technology entered the lawn mower market, indicating diversification in product offerings [4][49]. Company Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group, Gree Electric, and Haier Smart Home, as well as in small appliances like Bear Electric and Stone Technology [5][14][82].