JPMorgan: Mainland Home Appliance September Retail Data Weak, Reflecting Price Pressure and Weaker End Demand

Stock News10-14 15:20

According to JPMorgan's research report, AVC data shows that China's home appliance retail data for September was weak, with retail sales falling 13% year-on-year, further deteriorating from declines of 9% in both July and August, despite a significantly lower comparison base.

In terms of market share, Haier Smart Home (06690) saw its total market share rise to 26.6%.

The bank noted that average selling prices fell 11% year-on-year and sales volume dropped 2% year-on-year, reflecting price pressure and weakening end demand.

The data reduces the bank's confidence in short-term domestic demand, especially as third-quarter results are expected to face stricter scrutiny.

The bank will not change its constructive view on the industry based on a single month's data, but it proves that the burden has increased, and management's comments on third-quarter results and October sales will be key follow-up data points.

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