中国家电行业中期信用观察：“政策托底”对冲“关税冲击”，家电行业保持信用韧性

Investment Rating - The report does not explicitly state an investment rating for the home appliance industry Core Insights - The home appliance industry in China is experiencing structural growth driven by the "old-for-new" policy, with a total of 162 billion yuan allocated in the first half of 2025 to stimulate consumer spending [5][7][10] - The impact of U.S.-China tariff policies has created short-term disruptions in exports, prompting companies to accelerate global capacity layout and enhance supply chain adaptability [5][12] - The overall credit risk in the home appliance industry remains controllable, with revenue growth and stable gross profit levels, although profitability varies across sub-sectors [5][35] Summary by Sections Key Points - The "old-for-new" policy has effectively stimulated consumer demand, with over 66 million consumers purchasing more than 109 million appliances, resulting in sales exceeding 1.4 trillion yuan [8][10] - The black appliance sector shows strong performance from leading brands, while the white appliance sector benefits significantly from national subsidies [5][6] - The kitchen and bathroom appliance market is constrained by ongoing adjustments in the real estate sector, but new subsidies are driving growth in this area [5][25] Major Focus Factors - The home appliance industry is a significant category of durable consumer goods, with a large scale and high degree of globalization [6] - The report analyzes the domestic and international policy environment, market performance of key segments (black appliances, white appliances, kitchen appliances, and cleaning appliances), and financial performance of 47 representative listed companies [6] Financial Analysis - In the first half of 2025, the home appliance industry saw a 9.74% increase in revenue to 770.69 billion yuan, with varying growth rates across sub-sectors [35] - The average operating profit margin decreased by 0.81 percentage points to 25.88%, with significant declines in kitchen appliance profitability [35][36] - The overall capital expenditure decreased by 13.58%, indicating a cautious investment approach in a mature industry [38] Conclusion - The home appliance industry is expected to maintain growth momentum in the domestic market, driven by policy support and product upgrades, despite challenges from international trade tensions and competitive pressures [5][10][20]