Home appliance stocks continued their recent decline, with Hisense Ha (00921) down 4.15% to HKD 19.84, Haier SmartHome (06690) down 2.99% to HKD 22.75, Quanfeng Holdings (02285) down 2.11% to HKD 17.6, and Vesync (02148) down 0.72% to HKD 4.15 at the time of publication.
According to the Zhitong Finance app, home appliance stocks continued their recent decline, with Hisense Ha (00921) down 4.15% to HKD 19.84, Haier SmartHome (06690) down 2.99% to HKD 22.75, Quanfeng Holdings (02285) down 2.11% to HKD 17.6, and Vesync (02148) down 0.72% to HKD 4.15 at the time of publication.
Guosen Securities pointed out that in July, the year-on-year decline in domestic retail sales of consumer electronics narrowed by 2.4%, while the month-on-month decline also narrowed. Exports continued to show higher growth, with China's home appliance exports increasing by 16.8% year-on-year in July, of which air conditioner exports increased by 45.4%, maintaining strong growth. Qinghai Province has implemented a plan to exchange old consumer goods for new ones.
CITIC Securities previously stated that the short-term concerns for the white goods sector (air conditioning base, shipping material fees, and overseas inventory reductions) have caused short-term disturbance to the valuation of the home appliance sector. However, considering that the base problem is not a growth problem, there is still about 20% growth space in the mid-term air conditioning domestic sales volume; after the rapid rise of raw materials, it will fall back without demand support, and shipping costs will continue to fall after the peak demand; China's home appliance industry's global competitiveness can support its overseas market share to continue to increase. If North America raises tariffs, it may accelerate the pace of capacity outflow in the medium to long term. The short-term concerns have provided a relatively good opportunity for the mid-term configuration of home appliances.