The Zhitong Finance App learned that GF Securities released a research report saying that Baidian's performance is steady, has the advantage of stable ROE and high dividends, and is expected to benefit from the trade-in policy. Black electricity leaders enjoy the triple resonance of product iteration dividends, improved domestic competition, and overseas share expansion. The improvement logic of the competitive pattern of clean appliances continues, and we are optimistic about the flexibility of profit margin restoration in 2026. Domestic sales improvement in the two-wheeler industry+rapid expansion of overseas sales in Southeast Asia.
The main views of GF Securities are as follows:
Market review
Since October 1 (October 1 to October 16), the home appliance sector has outperformed the Shanghai Composite Index by 3.06 pct. By sector, white goods (up 3.91%) performed best since the beginning of the month, followed by kitchen and bathroom appliances (down -3.84%) and small appliances (down -5.51%). White power: According to data from Aowei Cloud Network, online retail sales of air conditioners, refrigerators, and washing machines have been -19.67%, -13.17%, and -12.95%, respectively; offline retail sales of air conditioners, refrigerators, and washing machines have been -21.01%, -16.39%, and -14.52%, respectively.
Black electricity
The online penetration rate of Mini LED declined slightly year-on-year, and the share of leading brands was divided. According to the latest weekly data for October (26W40-41, 2026.09.28-2026.10.11), the online MiniLED sales penetration rate was 36.24%, -0.85pct year over year, and +5.24pct month-on-month. Redmi/Hissen/VidDA/TCL/Skywei/Thunderbird/Changhong's online retail sales share was 11.46%/24.08%/8.85%/17.16%/11.05%/5.24%/2.76%, +1.62/+2.28/-0.77/-0.74/+0.73/-1.28/-0.27pct, respectively.
small household appliances
Since October 2026 (2026.09.28-2026.10.11), the sweeper industry's online sales volume was -26%, and Covos/Stone/Cloud Whale was -17%/-31%/-51%, respectively, with shares of 35%/34%/7%/8%, respectively, +3.6pct/-2.4pct/+0.3pct/-4.2pct. The floor washer industry's online sales volume during the same period was -23%, and Tianko/Stone was -35%/+13%, respectively, and the share was 33%/37%, respectively, and -6.1 pct/+11.7 pct.
Risk warning: raw material prices have risen; exchange rates have fluctuated greatly; industry demand is weakening; industry competition is intensifying.