家用电器8月产业在线冰洗数据点评：8月冰洗外销拉动作用继续显现，维持“增持”评级
机构：华泰证券
评级：增持
8 月冰洗海外拉动作用较明显，重视海外二次疫情下出口提速
产业在线数据，2020 年8 月，冰箱在外销拉动下出货量继续回升，洗衣机出货量仍有压力，其中冰箱总销量 YOY+22.0%（前值+20.3%）、洗衣机总销量 YOY-2.7%（前值-8.3%）。海外疫情影响再次凸显，冰箱外销需求旺盛，2020 年 8 月冰箱出口 YOY+44.4%，而洗衣机出口降幅缩窄，洗衣机出口 YOY-3.5%（前值-20.6%）。冰箱内销需求恢复常态水平，而洗衣机内销同比依然有所下滑，考虑到疫情影响下，消费者对于食品储存需求依然较高，冰箱外销或保持较高增速。
冰箱：8 月冰箱内外销分别同比+4.0%/+44.4%
产业在线数据显示，2020 年 8 月冰箱总销量 800.5 万台，YOY+22.0%，内销 378.9 万台，YOY+4.0%；出口 421.6 万台，YOY+44.4%。1-8 月累计冰箱销量 5267.5 万台，YOY+1.3%，内销 2650.6 万台，YOY-6.6%；出口 2616.9 万台，YOY+10.8%。
冰箱：8 月美的、海信份额继续同比增长
2020 年 8 月海尔智家总销量 YOY+6.3%（内销 YOY+6.6%、外销YOY+3.5%），市占率 YOY-2.6pct。美的集团销量 YOY+29.7%（内销YOY+19.3%、外销 YOY+39.4%），市占率 YOY+0.98pct。海信家电销量YOY+55.0% （ 内 销 YOY+4.7% 、 外 销 YOY+117.8% ）， 市 占 率YOY+3.19pct。
洗衣机：8 月洗衣机内外销分别同比-2.3%/-3.5%
产业在线数据显示，2020 年 8 月洗衣机总销量 576.4 万台，YOY-2.7%，内销 397.0 万台，YOY-2.3%；出口 179.3 万台，YOY-3.5%。1-8 月累计洗衣机销量 3710.5 万台，YOY-12.4%，内销 2512.0 万台，YOY-11.5%；出口 1198.5 万台，YOY-14.3%。
洗衣机：8 月仅海尔洗衣机内销同比增长
2020 年 8 月海尔智家总销量 YOY+2.6%（内销 YOY+2.8%、外销YOY+0.9%），市占率 YOY+1.45pct；美的集团总销量 YOY+3.2%（内销YOY-1.2%、外销 YOY+20.2%），市占率 YOY+1.64pct；惠而浦总销量YOY-9.7%（内销 YOY-5.0%、外销 YOY-22.8%），市占率 YOY-0.33pct。海外市场冰洗后续表现参考疫情期间国内需求变化，冰箱出口仍较为乐观冰洗出口订单变化或类似于国内疫情期间及之后表现，冰箱内外销需求均有望延续较好表现，且由于海外疫情影响下，工厂产能不足，或进一步驱动全球订单向中国优势出口企业集中，国内冰箱龙头有望维持冰箱出口的较好态势。
风险提示：冰洗行业景气度下行；行业竞争加剧；疫情冲击及宏观经济下行。
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