China Home Appliance White goods, or white space?

研报英文原文证据摘录

China Home Appliance White goods, or white space?

J P M O R G A N Asia Pacific Equity Research

09 June 2026

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China Home Appliance

White goods, or white space?

What if China HA should no longer be valued as a domestic appliance cycle, but Co-Head of Asia Pacific Consumer

as a mix of cash-cow earnings, global challenger growth and industrial-tech option Research and Head of Asia Gaming/

value? That is the re-rating question we think investors should ask. The old Leisure Research

framework — subsidy, replacement cycle and margin — still matters, but it misses DS Kim AC

the more important transition: China B2C is becoming the funding base, overseas (852) 2800-8597

OBM is becoming the growth engine, and B2B industrial tech could become the ds.kim@jpmorgan.com

multiple-expansion driver. This matters now because the sector is still priced for Yibo Wu

the old world: 10x P/E, 6% div. yield and ~20% ROE (2027E), with heavy (852) 2800-8559

yibo.wu@jpmorgan.com

skepticism around the 2026–27 domestic slowdown. We agree China demand will J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

soften, but that is unlikely to be where alpha is made. Alpha should come from Morgan Broking (Hong Kong) Limited

identifying which companies can use China cash flow to build global share and

B2B capability. That is why Midea screens best to us. Our pecking order: Midea

(OW; top pick) > Haier H/A (OWs) > Supor (OW) > Gree (N) > Robam (N) > Addressable market size (2025E)

Ecovacs (UW; top avoid).