[Table_Author] 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 收入韧性，盈利优化 ——家电行业 2025 年三季报综述 报告要点 [Table_Summary] 从单三季度业绩来看，面临内销国补退坡、外销关税挑战的形势下，家电板块龙头整体表现出 较强的盈利韧性，但在对外因扰动的担忧情绪下，家电板块持仓已环比显著回落至相对低位， 估值亦处于合理偏低水平。在此背景下，我们建议把握业绩趋势性高增长龙头成长机会和确定 性稳定在龙头的价值回归机会。 分析师及联系人 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title 收入韧性，盈利优化 2] ——家电行业 2025 年三季报综述 [Table_Summary2] 整体：收入稳健增长，盈利能力提升 2025 年 前 三 季 度 家 电 行 业 营 收 实 现 中 高 个 位 数 增 长 ， 其 中 Q1/Q2/Q3 分 别 +13.97%/+5.46%/+3.5 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [8]. Core Insights - The home appliance sector reported a revenue increase of 2.68% year-on-year to 389.7 billion yuan in Q3 2025, with a net profit increase of 4.50% to 32.5 billion yuan. The gross margin improved by 0.66 percentage points, while the net profit margin increased by 0.14 percentage points [4][19][28]. Summary by Sections Overall Performance - The home appliance sector showed resilience despite challenges such as the decline of domestic subsidies and external tariff disruptions. The sector achieved steady growth, with revenue and profit margins performing better than expected [4][19]. White Goods - The white goods segment saw a revenue increase of 3.83% year-on-year to 269.7 billion yuan, with net profit rising by 3.32% to 25.6 billion yuan. The gross margin remained stable at 26.00% [10][30]. Black Goods - The black goods segment experienced a revenue decline of 2.64% to 48.6 billion yuan, but net profit improved significantly by 37.21% to 1.5 billion yuan, driven by better profitability from leading brands [11][30]. Post-Cycle Appliances - The post-cycle segment (kitchen appliances and electrical lighting) reported a revenue decline of 4.09% to 11.7 billion yuan, with net profit down 12.73% to 1.6 billion yuan. The segment continues to face low demand [12][30]. Smart Home - The smart home segment achieved a remarkable revenue growth of 24.81% to 11.4 billion yuan, with net profit soaring by 93.18% to 0.9 billion yuan, reflecting strong market demand [13][30]. Traditional Small Appliances - The traditional small appliances segment saw a revenue decline of 4.03% to 22.5 billion yuan, with net profit down 28.32% to 1.0 billion yuan, primarily due to external sales pressures [14][30]. Upstream Performance - The upstream sector reported a slight revenue increase of 2.91% to 25.9 billion yuan, with net profit rising by 22.75% to 1.9 billion yuan, indicating improved performance in raw material supply [19][30].