HeaderT able_User 5017334 1715544668 HeaderT able_Industry 13021400 看好 investRatingChange.sa me 173833716 HeaderTable_StatementCompany Table_Summary 301 2017 33% 18% 15% 39% 38% 2017 12.33% 4.00% 42.97% 34.73% 8.62% 66.79% 49.71% 20% 2015 75.9% 2017 1.9% 2014 42.9 2016 37.9 2016 92% 46% 1. (000651 ) 2. (600060 ) (600690 ) Tabl e_Title Tabl e_Stock EPS PE 17 18E 19E 17 18E 19E 000651 48.27 3.72 4.61 4.91 12.96 10.47 9.83 600060 14.43 0.72 1.02 1.07 20.05 14.15 13.45 ( ) Table_BaseInfo ( ) / /A 2018 05 21 WIND Table_Author 021-63325888*6082 tangsiyuorientsec S0860512070003 Table_Contacter 021-63325888-2505 zhaoyang1orientsec Table_Report 301 2018-04-09 2018-03-21 2017-11-23 -14% 0% 14% 29% 43% 58% 17/05 17/06 17/07 17/08 17/09 17/10 17/11 17/12 18/01 18/02 18/03 18/04 家电 沪 深 300 HeaderTable_TypeTitle 2 一 、“301” 调查涉及我国家电出口 . 5 二、中国家电对美出口现状及分析 . 7 2.1 行业层面：美国是我国各类家电最大进口国 . 7 2.2 上市公司层面：出口业务利润占比低 . 9 三、前车之鉴：美国大型家用洗衣机反倾销 . 12 四、浅析我国家电出口未来及方向 . 17 4.1 全球其他地区对我国家电出口政策分析 . 17 4.2 我国家电行业出口发展方向 . 17 4.2.1 提高出口产品价值 17 4.2.2 拓展出口地区 18 五、投资建议 . 19 5.1 格力电器：内销为王 . 19 5.2 海信电器：布局海外产能. 20 风险提示 . 21 HeaderTable_TypeTitle 3 1 . 5 1 . 7 2 . 7 2 . 7 3 8528 . 8 4 8418 . 8 5 8450 . 8 6 8415 . 8 7 8508 . 9 8 85165000 . 9 3 . 9 4 . 10 5 . 10 6 . 11 7 . 13 8 2018 1 . 13 9 845020 . 14 10 845020 . 14 11 845020 . 14 12 845020 . 14 13 . 15 14 . 15 15 . 15 16 . 16 17 LRW . 16 18 8450 . 16 19 . 16 9 . 17 20 2016 / . 18 21 2016 8528 / . 18 22 2016 851671 / . 18 23 2016 851610 / . 18 24 . 19 25 2016 . 19 HeaderTable_TypeTitle 4 26 2017 . 20 27 . 20 28 . 20 29 . 20 HeaderTable_TypeTitle 5 301 4 4 5 USTR 1300 500 2017 8 301 2018 3 5 ustr.gov/sites/default/files/files/Press/Releases/301FRN.pdf CRT 70 8% 1 HTS subheading 84143040 1/4 Compressors of a kind used in refrigerating equipment (including air conditioning) not exceeding 1/4 horsepower 84143080 1/4 Compressors of a kind used in refrigerating equipment (incl. air conditioning) exceeding 1/4 horsepower 84148005 Turbocharger and supercharger air compressors 84148020 Gas compressors, nesi 84149041 Parts of air or gas compressors, nesoi 84149090 Parts of air or vacuum pumps and ventilating or recycling hoods 84159040 Chassis, chassis bases and other outer cabinets for air conditioning machines 84159080 Parts for air conditioning machines, nesi 84186901 Refrigerating or freezing equipment nesi 84211200 Centrifugal clothes dryers 84219120 8421.12 Drying chambers for the clothes-dryers of subheading 8421.12 and other parts of clothes-dryers incorporating drying chambers 84219140 8421.12 Furniture designed to receive the clothes-dryers of subheading 8421.12 84219160 Parts of centrifuges, including centrifugal dryers, nesi 852849* CRT Color video monitors, w/CRT 852859* Color video monitors w/flat panel screen 852869* Color video projectors HeaderTable_TypeTitle 6 852872* Television reception apparatus 84191100 Instantaneous gas water heaters, nonelectric 84191900 Storage water heaters, nonelectric 84199010 Parts of instantaneous or storage water heaters 84219900 Parts for filtering or purifying machinery or apparatus for liquids or gases 84221100 Dishwashing machines of the household type 84221900 Dishwashing machines other than of the household type 84222000 Machinery for cleaning or drying bottles or other containers 84172000 Bakery ovens, including biscuit ovens 84196050 Machinery for liquefying air or gas, nesoi 84198150 Cooking stoves, ranges & ovens, other than microwave, for making hot drinks or for cooking or heating food, not used for domestic purposes 84198190 Machinery and equipment nesi, for making hot drinks or for cooking or heating food, not used for domestic purposes 84212100 Machinery and apparatus for filtering or purifying water 84212200 Machinery and apparatus for filtering or purifying beverages other than water 84212900