Appliances and Tools Model Updates: Outlook Remains Tough

研报英文原文证据摘录

Appliances and Tools Model Updates: Outlook Remains Tough

market share, especially on-line. We

studied the consumer subsidy programs announced by JD.com and Tmall. We noticed that

the two major platforms focus their subsidies to a shorter list of brands, while Gree didn't make

into the main subsidy lists, per our observations.

KDT Machinery: From low-base rebound to structural improvements. We expect the

business to resume growth momentum into 2027. In 4Q25 and 1Q26, KDT Machinery enjoyed

a low base rebound both in sales and gross margin. Having said that, the company is also

executing new capacity and new products to fuel structural market share gain globally. We

also model higher payout ratio to reflect the company's improving shareholder return program.

Haier: We remain cautious on the Casarte Brand. Our checks indicate growing risks that

the Casarte brand may enter an inventory destocking cycle. We estimate the consumption

downgrade environment may risk the demand of Casarte, especially its premium refrigerators.

Casarte carries a much higher margin than Haier's corporate average. Casarte's revenue

pressure may deteriorate Haier's margin and earnings growth.

Robam: Consumption downgrade and competition may continue to suppress earnings.

Robam and its premium kitchen appliances business represents one of the weaker sub-

segments in the 4Q25 and 1Q26 results. We hence cut our earnings forecasts on Robam more

significantly vs. other appliances companies. We continue to see pressure from consumption

downgrade as well as intensifying competition. These led us to assume slower revenue growth

and greater margin pressure for Robam. We cut our DCF-based PT accordingly. John Chou * | Equity Analyst

852 3743 8792 | john.chou@jefferies.com

Supor: Continue to find new drivers.