【券商聚焦】中国银河:家电板块Q2业绩降幅收窄,盈利能力受多重因素影响

金吾财讯
Sep 02

金吾财讯 | 中国银河证券表示,家电板块Q2业绩降幅收窄,盈利能力受多重因素影响:1)2026Q2,SW家用电器板块收入/归母净利润分别同比-0.1%/-5.2%,较2026Q1的-0.2%/-8.1%降幅收窄,主要源于Q2相较于Q1的低基数压力,以及部分企业在Q2的一次性收益,如美国关税退税、投资带来非经常性损益等;毛利率同比-0.5pct,较Q1的同比-0.1pct压力扩大,金属类大宗原材料及存储价格同比大幅上涨拖累毛利率,原油价格于2026Q2回落后对成本压力减轻;财务费用率同比+1.7pct,提升幅度与Q1保持一致,人民币继续升值导致财务费用率同比大幅提高;销售净利率同比-0.5pct,降幅较Q1略有收窄。2)内销仍受地产后周期及国补退坡影响承压,但龙头表现优于行业整体,市场份额提升;外销表现好于内销,海尔南亚及新兴市场增长对冲美国市场压力,美的海外OBM发展成效显著,清洁电器和彩电行业的中国品牌继续在海外快速增长、提升份额。3)整体来看,彩电和清洁电器龙头表现更优,内销逆势增长,外销继续保持较好表现,收入利润均实现增长;厨卫电器、厨房小家电、照明设备表现较差,Q2利润继续大幅下滑;白电收入利润同比个位数降幅,较Q1降幅扩大,但龙头的国际化和B端布局支撑业绩表现。4)展望后续,2025H2国补开始退坡,2026H2同比基数压力开始减弱,且将于Q4迎来低基数,行业内销有望恢复增长;成本端或将继续面临原材料价格及汇率压力。

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