瑞银-中国-消费电子行业-中国家电业：2017Q4结果与结果和2018投资主题–产品升级和全球扩张-2018.1.25-48页

www.ubssecurities.comThisreporthasbeenpreparedbyUBSSecuritiesCo.Limited.Asummaryofthisreportwasfirstpublishedon25January2018.TheChineseversionofthisresearchreportwaspublishedbyUBSSecuritiesCoLtdon25January2018.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE41.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.abcGlobalResearch25January2018ChinaHomeApplianceSectorQ417resultsand2018investmentthemes–productupgradesandglobalexpansion[ERRATUM]WhitegoodsleadersQ417revenuestillstrong;marginsgrewQoQWethinkwhitegoodsleadersaggregaterevenuegrowth(excludingM&A)inQ417remainedstrong(up26%vs.33%i