Home Appliances June Observations: Quantifying The Hot Summer

研报英文原文证据摘录

Home Appliances June Observations: Quantifying The Hot Summer

China (PRC) | Home Appliances EquityJulyResearch6, 2026

Home Appliances June Observations:

Quantifying The Hot Summer

We conducted checks focusing on Haier and Midea's June and 2Q26

performance. In the overseas market (non-China), we expect Haier to miss

market expectations due to US demand drag while Midea grew faster, partly

thanks to sufficient compressor supply. We expect broad-based weakness

in China sales, especially in June. We continue to prefer Midea over Haier

over Gree.

Overseas (non-China) home appliances demand: Our 2Q26 forecast for Haier is likely below

market expectations:

*Haier: US drag remains: We forecast Haier's 2Q26 overseas sales (in RMB terms) to grow

by around 5% YoY, this is likely lower than market consensus (>10% YoY). We forecast Haier's

US business recovery to be slower than expected. Demand pull forward effect likely impacted

US washing machine and refrigerator demand, on top of unfavorable exchange rates. For the

EU, we expect double-digit ppt YoY sales growth thanks to the strong AC demand and Carrier

consolidation. Having said that, we estimate AC (air conditioner) is less than 30% of Haier's EU

sales. For the rest of the world, we saw very strong growth in the Middle East & Africa, thanks

to ramping capacity in Egypt, on top of the Kwikot revamp. However, we view Haier's growth

in India and South East Asia as below expectations. We estimate compressor shortage could

be a risk.

We expect Haier to guide revenue acceleration for 3Q26 for the overseas markets. However,

we continue to see downside to consensus forecasts (>10% YoY in RMB terms).

*Midea: AC and refrigerator strength: We forecast Midea's 2Q26 overseas sales (in RMB

terms) to grow by 10-15% YoY.