20240103_国信证券_家电行业2024年研究框架：白电高股息增速稳关注性价比、低渗透和零部件新领域_44页.pdf

|2024 01 03 2024 0755-S0980520120004 0755-S0980520110004 0755-S0980523020001 01 02 K 03+04 051ZEVwPrMsRqRoQmPsPqPqR9PcMaQtRqQtRmQkPqQmNeRqQmQbRoPpMwMrMrPuOsOrN 01-40%-30%-20%-10%0%10%20%30%300 2023 2023 12 31 15.15%+56%+14%+1%+5%-6%-9%H1 H2 13(TTM)25%PEG 4 2023(TTM)Wind 0%5%10%15%20%25%30%35%40%1012141618202224262830家用电器(申万)沪深300 行业利润增速 0%2%4%6%8%10%12%14%16%0.6 1.1 1.6PEPEG(2023-25)Wind Wind 20002500300035004000450060006500700075008000850090009500100001050011000LME3/LME3/-20%-10%0%10%20%30%40%50%28.029.030.031.032.033.02011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 7%-30%-20%-10%0%10%20%30%40%23()wind 23 2023 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 23 24 2024E 909 927 881 739 966 1,012 946 846 3,770 4,078 10.3(%)10%1%0%-8%6%9%7%14%9%8%72 88 85 51 80 102 95 60 337 373(%)11%3%0%-1%12%16%12%18%14%11%8%5%4%3%5%9%603 616 629 588 651 666 670 650 2,636 2,848 9.9(%)10%8%9%2%8%8%6%11%8%8%35 44 37 30 40 50 42 37 168 192(%)15%17%20%-3%13%13%13%21%15%14%9%8%7%6%8%8%355 603 525 418 357 641 560 495 2,053 2,189 6.1(%)6%3%11%-17%0%6%7%18%8%7%40 75 68 62 41 86 74 74 275 297(%)16%24%11%-16%3%15%9%19%12%8%3%5%9%-1%4%7%wind 2023 2024 wind 0100020003000400050006000700080009000100002005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 5716 6235 7001 6280 6049 8857 9281 9216 8028 8470 8329 10000-6%9%12%-10%-4%46%5%-1%-13%6%-2.3%17%5567 5577 5299 4894 4725 4471 4310 4338 4270 4255 4123 4000-6%0%-5%-8%-3%-5%-4%1%-2%0%-3.1%-3%3481 3769 3763 3905 4115 4414 4532 4504 4293 4453 4033 4083 0%8%0%4%5%7%3%-1%-5%4%-9%1%2011 0-5%4600 4.6 4200 2-3 2-3 200%-300%&2006&92%96.8%2008 2008 2011&2020&103%100%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 88%95%100%107%112%122%127%102%107%115%124%129%142%148%150%161%163%7%9%10%12%16%23%25%30%34%39%48%53%65%71%73%89%92%92%95%94%95%97%97%98%89%92%94%96%98%101%103%103%104%104%22%26%30%37%45%62%67%73%78%83%90%92%92%99%100%103%103%97%97%95%96%97%97%98%88%91%92%94%96%98%99%100%100%100%43%46%49%53%57%63%67%71%75%79%84%86%89%92%93%96%97%0100002000030000400005000060000050100150200250300 GDP/050010001500200025003000350040004500 2009 2010 2011 2012 2013 2014 2015 20162017 2018 2019 2020 2021 2022 2023 2022 5,645 2,200 810 49,416 23 10/2009 2021 12 2696 3884 3.09%2931 5475 5.35%1854 3780 6.12%250030003500400045005000 2000300040005000600070008000 150025003500450055006500 2023 2024 2020 2023 1-10 1.9%/5.1%3068/4270 2023H1 2024 2023 1-10 10.7%/5.5%2501/6575 2023 1-10 0.6%/1.5%1770/4323 2024 2020-40%-30%-20%-10%0%10%20%30%40%100015002000250030003500400045005000-20%-15%-10%-5%0%5%10%15%20%25%30%010002000300040005000600070008000-15%-10%-5%0%5%10%15%20%25%0500100015002000250030003500400045005000 -40%-20%0%20%40%60%80%100%120%140%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023-40%-20%0%20%40%60%80%100%120%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023-40%-20%0%20%40%60%80%100%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Data Type Unit 2022 2022 USD per units 493.6 627.3 CNY per units 2,443.3 3,218.2 JPY per units 91,709.0 115,330.5 KRW per units 1,376,917.3 1,680,245.6 TWD per units 20,997.1 24,697.7 USD per units488.3 514.7 938.2 1,518.1 2024 40%+40%+2023 9 0%5%10%15%20%25%30%35%40%45%50%0%10%20%30%40%50%60%0%10%20%30%40%50%60%2022 0.4pct 14.3%0.3pct 9.2%0.1pct 4.8%2014-2022 4.0pct/1.9pct,2022/0.3pct/0.6pct 22.9%/23.0%2014-2022 4.1pct/7.6pct 2022 2014-2022/2.2pct/3.8pct/0.7pct/0.7pct Euromonitor Euromonitor Euromonitor 0%2%4%6%8%10%12%14%16%2014 2015 2016 2017 2018 2019 2020 2021 2022 0%5%10%15%20%25%2014 2015 2016 2017 2018 2019 2020 2021 2022 0%5%10%15%20%25%2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 1 2 11 30/PE:TTM 2019 2.3%/3.6%/10.3%/30.7%202310.8/6.9/12.4/10.9 PEG 1 2023 11 30 2023/4.3%/9.1%/2.8%/3.2%wind wind 2023 2024 2019-2022 05101520253035404550PE:TTM 46.42%62.33%34.42%34.99%2021A 285.74 230.64 130.67 9.732022A 295.54 245.07 147.11 14.352023E 336.91 270.85 168.59 27.992024E 372.35 294.87 192.69 32.49 2021A 116.78 166.1 43.2 2.922022A 171.89 112.28 52.98 7.172023E 156.38 168.81 58.03 9.792024E 172.83 183.79 66.33 11.37 11 30 2023E 10.77 6.85 12.38 10.912024E 9.75 6.29 10.83 9.40 11 30 2023E 4.31%9.10%2.78%3.21%2024E 4.76%9.90%3.18%3.72%0%5%10%15%20%25%15-20 2010-2014 SEB 3.05%0.55%-1.04%6.01%14.66%-2.98%7.27%3.09%2010-2014 15-20 Wind SEB 2010-2014 PE 15-30 SEB2010 12.4 13.1 19.8 13.12011 10.2 20.8 13.7 14.32012 16.4 17.9 16.5 14.52013 16.0 78.6*20.5 15.42014 20.1 24.4 19.1 18.5 PE 15.0 19.1 17.9 15.2 Wind*2013 SEB 2010 21.0%1.3 65.3 2.0%45.8%51.9 1,763 2.9%12.3%4.91 523 0.9%25.4%0.56 29 1.9%2011 39.1%1.5 53.4 2.9%47.9%62.8 1,921 3.3%23.8%4.91 429 1.1%28.5%0.67 34 2.0%2012 38.7%1.6 58.0 2.7%42.3%57.7 2,133 2.7%18.9%4.91 464 1.1%34.9%0.68 28 2.4%2013 23.7%2.0 101.4 1.9%63.9%83.4 2,468 3.4%73.2%4.91 527 0.9%36.8%0.74 31 2.4%2014 35.9%2.3 119.5 2.0%59.3%90.4 2,614 3.5%21.9%4.91 547 0.9%45.9%0.78 32 2.5%22%23%24%25%26%27%28%29%2010-2014 Wind Wind 02 2017 2018 2019 2020 2021 2022 2023 1-10 144789 147929 150144 154878 156532 114631 79386 2%1%3%1%-27%-16%71815 66016 68011 65910 73016 62539 40079-8%3%-3%11%-14%19%2017 2018 2019 2020 2021 2022 660 680 659 730 625 430 430 426 420 393 326 1090 1106 1079 1123 951 16-27 44-172 1640 1638 1383 218 280 274 1858 1918 1657 10%-20%8857 9281 9216 8028 8470 8329 2%4471 4310 4338 4270 4255 4123 5%4414 4532 4504 4293 4453 4033 5%03 K 20+2023 GMV/GMV+1-9.8%-14.5%-4.7%-24.5%5.0%-7.1%-7.2%117.8%12.9%8.9%2 0.9%-3.4%7.2%-4.4%27.9%18.3%-3.1%240.5%25.4%-8.3%3-1.5%-2.7%-6.5%-8.8%23.7%21.7%6.7%344.6%-7.7%2.4%4 6.1%37.1%12.1%-7.7%44.3%8.5%0.1%36.9%38.3%15.6%5 48.2%93.8%17.2%5.0%45.3%6.9%35.9%140.3%24.3%98.7%6-4.5%6.8%5.6%-2.7%40.3%-45.3%-5.5%54.5%-13.4%58.2%7 10.4%34.9%-3.7%-1.3%40.6%8.0%-0.6%45.4%-48.4%14.9%8 1.7%25.0%-3.0%-5.4%22.5%1.5%-7.8%23.0%47.9%13.6%9 3.3%18.4%0.9%-8.5%9.5%4.2%-15.2%15.0%26.8%51.8%10-0.4%10.3%-5.1%-4.5%-8.2%6.9%-38.5%11.6%-2.8%39.9%11 3.0%0.3%-6.6%-5.9%2.1%-24.1%-26.3%0.7%26.8%71.5%1-11 3.8%14.5%0.0%-6.7%20.0%-7.1%-10.2%49.7%8.3%33.9%K K/+/&Mini LED/Micro LED 2024 K/21/4%2%9%4%6%75+15%-1%/18%-41%53%-50%-40%-30%-20%-10%0%10%20%30%40%50%高速吹风机(2%)洗地机(4%)投影仪(6%)扫地机(9%)局部按摩仪(4%,右)2021 2022 2023H1 2023 1-10/-7.8%/1.6%4500 10%2023 2024/2023H1/208%/42%20%2022 2024 K 2023 1-10/37%/23%28%100%K 2024 22 050100150200250300-40%-20%0%20%40%60%80%100%120%140%160%180%201901201904201907201910202001202004202007202010202101202104202107202110202201202204202207202210202301202304202307202310局部按摩器销量增速 均价(右)05001,0001,5002,0002,5003,0000%5%10%15%20%25%2020 2021 2022 2023H1高速电吹风销量渗透率 高速电吹风均价&10/0%5%10%15%20%25%30%35%40%0%10%20%30%40%50%60%70%202110202111202112202201202202202203202204202205202206202207202208202209202210202211202212202301202302202303202304202305202306202307202308202309202310100 以下 100-200 200+便携产品比例(右)2023 1-10/1.3%/4.9%10%2023 P10 23H1 3k J4 23H2 4k 2024 2024 2023 1-10/33.5%/16.9%5%2023(M1-10 17%)X P P60 23274 422 613 628 654 579 441 352-40%-30%-20%-10%0%10%20%30%40%50%60%0100200300400500600700()42185348 399 0%50%100%150%200%250%300%350%400%050100150200250300350400450()1-10 2024/2023 1-9 2022 21%25%3000-4000 2023 K 2024 GMV 2021 30%2023 40%2021 10%2023 20%24 0%10%20%30%40%50%60%3k-3.5k 3.5-4k 4k-4.5k 4.5-5k 2022 2023M1-10 0%5%10%15%20%25%30%35%40%45%50%coblt SKG 500-1000 2023 N5 Mini 529 2024,2023H1 151 2024 SKU 25 500-1000 0%10%20%30%40%50%60%70%SKG 0%5%10%15%20%25%SKG 0204060801001201401601802001001101201301401501601701801902002018 2019 2020 2021 2022 2023H1()04+4.1 /HUD A,2025 40 2030/110/275 DLP LED DLP 2025/2030 4.1%/14.0%2025/634/757(AR-HUD)HUD AR AR-HUD 1%AR-HUD AR-HUD 2025/2030 4%/23%31/144 688007.SH-28 2022 2025-40 5%10%103 456 634DLP 4%127 LED/(DLP)90%507 AR-HUD 4.9 31/10%/3%4%AR-HUD 104 1 2+C C B B B 1 2-/-AI 10 29 4.2 2023 12 2023H1 7%10%26 Tier1 2023 2023 10-10%0%10%20%30%01,0002,0003,0004,0005,0006,0002020 2021 2022 2023H1()1.27 5 2025.01 3.2 5 2024.04()4.0 7 2024()3.2 5 2022 1.5 3 2022.10 7.8 7 2023.12 3.8 8 2023.07 2.0 4 2023.08 LED-ADB-DLP-2023-2025 10%DLP LED ADB BMS()ECU 0.81 3 2023-2025()VC1 1.8 4 2023-2026()0.6 6 2023-2028 305-10 2021(BMS)12.7 4/10 2021-2024;2023-2033 2023 Q1-Q3 3453 53%Q1-Q3 737 58%CR5 2023Q1 Q3 68%2023H1 158%1.4 HVAC 0%20%40%60%80%100%120%140%160%180%200%02004006008001,0001,2001,4001,6002022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3电动压缩机内销(万台)新能源冷媒阀件销量（万只）压缩机同比 阀件同比 65%68%2023Q3()Q1 0%50%100%150%200%250%300%350%2022 2023H1三花汽零收入增速 盾安汽零增速 4.3/2024 2021 2023 3 1-10 8.8%2024 vs 2022Q2-Q4 vs vs Wind-50%-40%-30%-20%-10%0%10%20%30%40%50%60%1.451.501.551.601.651.701.751.8026000270002800029000300003100032000330003400035000:2022 5 2023 3 2022+10.7%433 40%IEA 2020 13%2023 9 2030 2000 2022+11.0%458 4 10%2023 增速YoY 2017 2018 2019 2020 2021 20222017年销量（万台）2022年销量（万台）2017-2022年CAGR保有率（大/小家电更新周期为10年/4 年）数据来源大家电 4.0%1.1%-1.5%-0.1%6.6%-3.1%6801 6986 0.5%/Euromonitor空调 6.5%2.4%-4.8%-4.0%15.5%-6.6%947 956 0.2%80.2%冰箱 2.6%1.9%-2.4%0.8%6.6%-1.8%1651 1732 1.0%135.2%洗衣机 2.3%-4.8%-0.5%0.2%12.9%-9.3%1727 1678-0.6%137.1%其他大家电 5.2%4.2%-0.4%0.5%-0.4%1.9%2476 2621 1.1%/小家电 1.6%2.2%2.0%3.6%1.6%0.0%48167 52837 1.9%/吸尘器 4.0%1.3%0.0%4.9%0.9%1.8%3561 3886 1.8%116.6%个护小家电 1.2%0.9%0.8%2.6%1.4%-1.4%15317 15963 0.8%/加热类小家电-1.1%0.3%1.6%1.7%2.4%-1.5%1658 1732 0.9%/厨房小家电 2.6%4.6%3.9%8.2%0.1%0.2%12574 14840 3.4%/其他小家电 1.0%2.0%2.1%0.4%3.3%0.8%15056 16417 1.7%/扫地机 33.7%27.1%18.1%25.7%11.6%11.0%196 458 18.5%11.9%Euromonitor投影仪热泵 7.8%11.5%6.5%9.9%14.6%10.7%262 433 10.6%约13%（IEA/2020）AHRI,出货量 2023 Euromonitor Cobalt-100%-50%0%50%100%150%2022+38.9%300 1979 20 1.2 EHPA 16%2022+4.6%357 2023 30%增速YoY 2017 2018 2019 2020 2021 20222017 年销量（万台）2022年销量（万台）2017-2022年CAGR保有率（大/小家电更新周期分别为10年/4 年）数据来源大家电 3.3%-1.8%0.0%3.8%5.3%-4.8%10423 10659 0.4%/Euromonitor空调 15.5%-8.0%5.0%-6.5%17.5%8.2%575 660 2.8%25.1%冰箱 3.0%-3.3%-0.9%9.1%2.2%-4.5%2470 2523 0.4%121.3%洗衣机 2.9%-1.8%0.6%2.7%3.3%-3.6%2645 2672 0.2%128.1%其他大家电 2.4%-0.3%-0.4%3.0%6.9%-7.2%4733 4805 0.3%/小家电 2.3%0.3%0.8%4.5%2.6%-3.5%32512 34010 0.9%/吸尘器 2.6%1.0%0.7%5.7%3.3%-4.0%3453 3678 1.3%174.7%个护小家电 2.9%1.4%1.7%3.7%-0.2%-0.8%10146 10738 1.1%/加热类家电-0.4%-3.4%-1.9%0.3%0.1%-6.5%1086 966-2.3%/厨房小家电 0.1%-1.4%-1.1%7.3%4.6%-4.7%9623 10046 0.9%/其他小家电 4.4%1.1%2.3%2.6%3.7%-4.9%8205 8582 0.9%/扫地机 20.5%26.6%17.4%19.2%12.3%4.6%171 357 15.8%5.8%Euromonitor空气炸锅 16.5%52.2%13.2%10.8%273 607 22.1%9.0%Statista热泵 12.0%13.4%18.9%6.0%35.0%38.9%112 300 21.8%约16%EHPA 2023-100%-50%0%50%100%150%200%Feb/22Mar/22Apr/22May/22Jun/22Jul/22Aug/22Sep/22Oct/22Nov/22Dec/22Jan/23Feb/23Mar/23Apr/23May/23Jun/23Jul/23Aug/23-100%-50%0%50%100%150%200%020040060080010001200 YOY Euromonitor Cobalt-*2022/164/104/101/121 2022 527 1 8/4 2 2030 参考：2022 年中国城镇每百户拥有量：数据来源：国家统计局家庭户数（万户）：数据来源：Euromonitor空调 163.5 印度 29975电冰箱 104.4 东南亚六国 16177洗衣机 100.6 俄罗斯 6773彩色电视机 120.6 中东三国 36852022 年全国小家电户均保有：527.1 根据Euromonitor测算2022 2030 2022 1323 9470 31.6%100%2563 1184 183.3%1255 9123 56.4%100%882 1140 61.1%432 3047 45.0%100%466 381 95.9%467 3504 95.1%120%115 438 18.3%4624 23808 79.4%175%3581 4762 80.4%5628 27088 167.5%190%456 5418 4.4%818 3953 58.4%175%988 791 117.5%590 2791 75.7%175%457 558 72.3%835 5787 19.3%100%3024 723 348.9%893 6718 41.5%100%1182 840 126.6%338 2437 36.0%100%542 305 150.8%316 2633 71.4%100%132 329 45.7%1965 13368 44.6%120%2825 1671 128.8%1623 11872 73.4%120%943 1484 49.5%616 5096 75.2%120%379 637 64.8%463 4164 113.0%120%32 521 19.3%11250 44714 149.2%600%16892 11178 149.5%12527 48083 297.2%600%6122 12021 44.8%7204 29385 433.8%600%1407 7346 21.5%4483 17445 473.3%600%584 4361 10.3%0100002000030000400005000060000 Euromonitor Euromonitor 2022年销量（万台）市场存量（万台）预计当前保有率2030年目标保有率年均增量规模（万台）年均更新规模（万台）较2022年增速冰箱印度 1323 9470 31.6%100%2563 1184 183.3%东南亚六国 1255 9123 56.4%100%882 1140 61.1%俄罗斯 432 3047 45.0%100%466 381 95.9%中东三国 467 3504 95.1%120%115 438 18.3%空气印度 4624 23808 79.4%175%3581 4762 80.4%东南亚六国 5628 27088 167.5%190%456 5418 4.4%俄罗斯 818 3953 58.4%175%988 791 117.5%中东三国 590 2791 75.7%175%457 558 72.3%洗衣机印度 835 5787 19.3%100%3024 723 348.9%东南亚六国 893 6718 41.5%100%1182 840 126.6%俄罗斯 338 2437 36.0%100%542 305 150.8%中东三国 316 2633 71.4%100%132 329 45.7%电视印度 1965 13368 44.6%120%2825 1671 128.8%东南亚六国 1623 11872 73.4%120%943 1484 49.5%俄罗斯 616 5096 75.2%120%379 637 64.8%中东三国 463 4164 113.0%120%32 521 19.3%Euromonitor India Philippines Vietnam Russia Middle East and Africa冰箱Haier 18.6%Haier 18.6%Samsung 6.8%Haier 19.1%Haier 19.1%Samsung 6.8%Samsung 6.8%LG 6.4%Samsung 6.8%Samsung 6.8%LG 6.4%LG 6.4%Panasonic 2.0%LG 6.4%LG 6.4%Whirlpool 4.4%Whirlpool 4.4%Hon Hai Precision Industry 1.8%Whirlpool 5.8%Midea 5.4%Electrolux AB 3.0%Electrolux AB 6.0%Haier 1.4%Electrolux AB 3.3%Electrolux AB 5.4%Panasonic 2.0%Hisense 3.0%Midea 1.0%Hisense 3.2%Whirlpool 4.8%Hitachi 0.7%Panasonic 2.0%Hitachi 0.7%Panasonic 2.0%Hisense 3.0%Others 58.1%Others 52.8%Others 79.9%Others 53.4%Others 49.1%洗衣机LG 25.3%Hon Hai Precision Industry 12.2%LG 19.0%Whirlpool 31.3%LG 16.5%Samsung 21.9%Panasonic 11.6%Midea 19.0%Haier 18.4%Samsung 12.4%Whirlpool 10.3%LG 10.1%Haier 17.7%LG 12.3%Midea 11.7%IFB Industries 8.0%Samsung 7.8%Panasonic 16.8%Arelik AS 12.0%Arelik AS 8.4%Godrej&Boyce Mfg 6.6%Whirlpool 7.4%Samsung 14.4%Samsung 10.9%BSH 3.5%Haier 3.5%Haier 6.8%Electrolux AB 9.8%Midea 4.5%Haier 5.5%BSH 3.3%Midea 3.9%Hon Hai Precision Industry 1.6%BSH 3.7%Electrolux AB 4.1%Others 21.1%Others 40.2%Others 1.7%Others 6.9%Others 37.9%空调Crompton Greaves 23.9%Fortune Buddies 13.2%Tan Tien SENKO 16.8%Arima Holding 7.2%Fresh Electric 15.6%Usha International 14.5%Panasonic 12.2%SEB 15.3%Haier 7.2%Euro Suisse International 7.8%Bajaj Electricals 9.0%Northern Islands 11.6%Panasonic 10.6%Golder Electronics 5.5%El Araby 6.2%Havells India 8.5%Asahi Electric Mfg 10.1%Kangaroo 8.0%Midea 4.5%Midea 6.1%Orient Electric 7.8%Union Global Marketing 6.6%Midea 9.9%Polaris International 4.2%Choice International 5.1%Khaitan Electricals 5.9%United Technologies 6.0%Thong Nhat Electromechanical JSC 6.0%Golder Electronics 3.3%Haier 4.9%Symphony 2.3%Imarflex Industrial 5.3%Mitsubishi Electric 5.9%Gree 1.2%LG 3.1%Others 28.1%Others 35.0%Others 27.5%Others 66.9%Others 51.2%电视Samsung 18.1%Samsung 33.8%Samsung 39.3%Samsung 30.1%Samsung 31.8%LG 17.6%LG 23.7%Sony 19.5%LG 20.0%LG 22.8%Xiaomi 10.7%TCL 13.1%LG 16.6%Haier 7.5%Hisense 16.1%Sony 9.1%Panasonic 2.8%TCL 9.0%Sony 6.7%TCL 7.1%TCL 6.5%Sony 1.6%DNS OOO 4.9%Sony 2.1%Panasonic 3.0%Hisense 1.3%Hisense 0.8%Koninklijke Philips NV 1.8%Others 35.0%Others 23.7%Others 15.6%Others 30.0%Others 18.3%小家电Crompton Greaves Consumer Electricals 10.2%Imarflex Industrial 14.9%Panasonic 11.5%SEB 8.4%SEB 5.0%Bajaj Electricals 9.8%Northern Islands 11.6%Tan Tien SENKO 8.9%Golder Electronics 6.5%Koninklijke Philips NV 4.3%Usha International 7.0%Fortune Buddies 11.4%SEB 8.7%Arima Holding 5.3%Spectrum Brands Holdings 3.6%Philips Domestic Appliance 5.7%Asahi Electric Mfg 4.7%Midea 8.0%Polaris International 3.9%Procter&Gamble 3.5%Koninklijke Philips NV 4.6%Union Global Marketing 4.4%Philips Domestic Appliance 7.5%Ph