广发家电 | 2025年三季报业绩前瞻:内销维持增长,外销下滑

广发证券研究
Oct 22

文|曾婵 袁雨辰行业整体:内销良好增长,外销下滑。(1)内销:2025年7-8月内销快速增长,显著跑赢消费大盘。(2)出口:2025Q3家电出口下滑。白电:内销增长良好,外销有所放缓。零售端来看,线下好于线上,空调表现最优;价格端来看,价格竞争激烈,出现下滑。小家电:内销方面,厨房小家电品类均价提升显著,部分品类销量表现良好;外销方面,受关税以及出口高基数影响,小家电外销下滑。黑电:电视产品量价...

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