Shenwan Hongyuan Securities·2025-09-27 08:44Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Hisense, Midea, and Gree [2][29]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 0.7% while the index rose by 1.1% [2][3]. - Key developments include the official launch of Haier's air conditioning industrial park in Thailand, which has an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [8][57]. - Hisense's HHA smart manufacturing industrial park has commenced construction, aiming to enhance its presence in Thailand and the ASEAN market [9][58]. - Sales data for August shows a significant increase in the sales volume and revenue of cleaning appliances like vacuum cleaners and floor washers, while sales of hair dryers and electric shavers declined [29][35]. Summary by Sections Industry Dynamics - Haier's Thailand air conditioning industrial park officially started production on September 23, with a capacity of 6 million units annually, covering various air conditioning products [8][57]. - Hisense's HHA smart manufacturing industrial park is set to be the largest overseas facility for the company, with plans for completion by 2030 [9][58]. Sales Data Observations - In August, vacuum cleaner sales increased by 45.13% year-on-year, with revenue rising by 57.96%, while the average price increased by 8.84% to 1181.00 CNY per unit [29][30]. - Floor washer sales also saw a year-on-year increase of 38.07% in volume and 43.66% in revenue, with an average price of 1443.30 CNY per unit [29][31]. - Conversely, hair dryer sales fell by 19.04% in volume and 22.79% in revenue, with an average price decrease of 4.64% to 232.3 CNY per unit [35][36]. - Electric shaver sales increased by 9.79% in volume and 13.11% in revenue, with an average price increase of 3.04% to 206.5 CNY per unit [35][36]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth, recommending stocks like Hisense and leading companies such as Midea, Haier, and Gree [2][29]. 2. Export opportunities driven by large customer orders, highlighting companies like Ousheng Electric and Dechang Shares [2][29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2][29].