Jinwu Financial News | Guotai Junan said that since April 30, several core cities have relaxed housing purchase restrictions, and it is expected that the rest of the regions will follow suit at an accelerated pace. In the home appliance sector, sales in some categories are strongly correlated with real estate sales and completion data, and continued relaxation of real estate policies is expected to drive up the performance and valuation of the home appliance sector. Looking ahead to 2024, the bank expects the valuation of the kitchen appliance sector to continue to rise as accounts receivable risks generated by the real estate side are gradually resolved, and driven by consumer stimulus policies such as trade-in.
According to the bank, although the overall growth rate of completion has put a certain amount of pressure on subsequent home appliance sales, as the share of demand for updates increases and the penetration rate of new categories gradually increases, the revenue side performance of leading companies is expected to be far better than the industry as a whole. At the same time, with the continuous implementation of subsequent real estate policy expectations, the overall home appliance sector is expected to experience a double blow from Davis. The bank anticipates that the new and stronger real estate-related kitchen appliance sector is expected to benefit first.