家用电器2018年年度投资策略：优质资产稀缺，估值有望重构

《家用电器2018年年度投资策略：优质资产稀缺，估值有望重构》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、行业研究/年度策略

2、2017年11月30日正文目录优质资产稀缺，估值有望重构...........................................................................................3龙头强者恒强，外资涌入重构估值体系.....................................................................3稀缺的核心资产，家电龙头强者恒强......................................

3、..........................3外资涌入，估值中枢上移，波幅收窄................................................................6汇率干扰短期业绩，未来弹性可期............................................................................7子行业分析：多点开花，众彩纷呈........................................................

4、............................9空调：炎夏推动销售高增长，渠道库存水平处低位..................................................9洗衣机：滚筒替代，均价提升领跑全行业...............................................................10冰箱：出口增速快于内销，产品升级延续...............................................................11彩电：

5、内销平淡，夏普异军突起.............................................................................12厨电：产品普及率提升，龙头份额扩张，嵌入式打造新亮点..................................13小家电：寻找“隐形冠军”.....................................................................................15个股推荐................

6、.........................................................................................................16格力电器：空调龙头増势延续.................................................................................16美的集团：全品类快速增长，国际竞争力持续提升..............................................

7、..16青岛海尔：高端发力，整合GEA超预期................................................................17小天鹅A：滚筒替代，份额扩张..............................................................................17老板电器：烟灶消领跑，渠道持续拓展...................................................................17TCL

8、集团：持续推动架构调整，面板价值有待重估................................................17苏泊尔：小家电龙头，确定性优选..........................................................................18飞科电器：个护龙头正起航.....................................................................................18欧普照明：家居照明龙头

9、，份额持续扩张...............................................................18新宝股份：未来弹性可期....................