【券商聚焦】中信证券:家电出口韧性延续,品类景气分化

金吾财讯
Jun 05

金吾财讯 | 中信证券表示,因欧洲及新兴市场需求支撑及世界杯备货启动,家电4月出口表现较好。分品类看,白电各品类有所分化,空调受高基数和库存消化影响,冰洗在欧洲、非洲等市场支撑下表现更优;黑电海外需求边际改善,中资品牌份额继续提升;小家电4月出口有所修复,品类延续分化。投资策略包括:1)Mini LED处于全球快速普及期,中资龙头领跑全球,传统龙头面临出货下滑和产品结构转型压力,叠加2026年世界杯催化,格局优化有望加速。2)关注在海外有制造和品牌优势的中资家电企业。面对规模较大的海外市场,具备全球化产能布局和自主品牌能力的企业优势显著,通过“区域供区域”的本地化供应链建设,可有效规避贸易风险,提升盈利稳定性,并持续享受新兴市场增长红利。

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