CITIC Construction Investment: The home appliance and smart hardware sector is transitioning from "domestic stock competition" to "global expansion + growth of new technology categories."

CITIC Construction Investment Research Report points out that the home appliance and smart hardware sector is shifting from "domestic stock competition" to "global expansion + growth of new technology categories," with the investment focus balancing robust value and emerging growth. In traditional home appliances, leading white goods companies are reinforcing their quasi-dividend attributes through stable patterns, operational efficiency improvements, overseas expansion, and high dividends; in black goods, structural upgrades like larger sizes and Mini LED are expected to elevate profitability as global market share increases. The peak of capital expenditures and depreciation in the panel industry is gradually passing, entering a period of profit and cash flow release. Growth directions should focus on cleaning appliances, smart imaging, consumer-grade 3D printing, and AI NAS, where low penetration rates, technology iterations, and expanding overseas demand are expected to drive industry growth, with leading companies possessing R&D, supply chain, and global channel advantages anticipated to increase their market share.