国泰海通 · 晨报0710｜黑白电龙头引领，小家电格局改善

Core Viewpoint - The article discusses the improvement in the competitive landscape of small home appliances and the leadership of major players in the white and black appliance sectors, highlighting growth opportunities and market dynamics [1][3]. Group 1: Investment Recommendations - Two main investment themes are suggested: 1) The improvement in the competitive landscape of small home appliances is expected to bring profit elasticity, particularly in the robotic vacuum cleaner sector, which has high growth potential and low penetration rates. The industry is anticipated to stabilize after a period of competition and the leading companies are expected to see profit improvements [3]. 2) The concentration of market share among leading companies and their high dividend yields provide a stable investment option. Major brands are leading the current price competition, resulting in increased industry concentration. The global production capacity of leading home appliance manufacturers is well-established, allowing them to adjust production plans based on tax rate changes [3]. Group 2: Domestic and Export Performance - Domestic sales have seen growth driven by government subsidies, with various categories achieving double-digit growth despite some limitations in Q2. The sales growth during the 618 shopping festival showed significant increases in categories such as cleaning appliances (+26%), water appliances (+22%), and kitchen small appliances (+22%) [4]. - Export performance in Q2 was negatively impacted by uncertainties in tariff policies, leading to a reduction in shipment volumes. However, as tariff policies become clearer, a gradual recovery in export performance is expected in subsequent quarters [4]. Group 3: Segment Growth Expectations - The expected growth ranking for different segments of the home appliance industry is as follows: white appliances > cleaning appliances > black appliances > small kitchen appliances > components > personal care appliances > large kitchen appliances [5].