According to the CITIC Construction Investment Research Report, the home appliance and smart hardware sector is shifting from “domestic stock competition” to “global expansion+new technology category growth,” and the main investment line takes into account steady value and emerging growth. Among traditional home appliances, white electricity has strengthened its dividend-like attributes with a stable pattern, improved operating efficiency, overseas expansion and high dividends; black electricity relies on structural upgrades such as large size, mini LEDs, etc., and an increase in global share, and the profit center is expected to move upward; the peak of capital expenditure and depreciation in the panel industry has gradually passed and entered a period of profit and cash flow release. The growth direction focuses on clean appliances, smart imaging, consumer-grade 3D printing and AI NAS. Low penetration rates, technology iteration, and expansion of overseas demand are expected to drive industry growth, and the share of leaders with R&D, supply chain and global channel advantages is expected to increase.

According to the CITIC Construction Investment Research Report, the home appliance and smart hardware sector is shifting from “domestic stock competition” to “global expansion+new technology category growth,” and the main investment line takes into account steady value and emerging growth. Among traditional home appliances, white electricity has strengthened its dividend-like attributes with a stable pattern, improved operating efficiency, overseas expansion and high dividends; black electricity relies on structural upgrades such as large size, mini LEDs, etc., and an increase in global share, and the profit center is expected to move upward; the peak of capital expenditure and depreciation in the panel industry has gradually passed and entered a period of profit and cash flow release. The growth direction focuses on clean appliances, smart imaging, consumer-grade 3D printing and AI NAS. Low penetration rates, technology iteration, and expansion of overseas demand are expected to drive industry growth, and the share of leaders with R&D, supply chain and global channel advantages is expected to increase.