HTSC research report indicates that the long-term logic of household appliances going abroad is smooth, and short-term export-driven power is prominent. According to data from the General Administration of Customs, in May 2024, the overall export volume/revenue (RMB) of household appliances increased by +29.7%/+23.5% year-on-year, and the overall export volume/revenue (RMB) of household appliances from January to May increased by +24.6%/+17.8% YoY, continuing the positive performance since Q3 2023. We still bullish on the household appliance industry benefiting from the global cycle and income growth driven by exports. Among them, cleaning appliances benefit from global consumer demand growth, and television exports benefit from the catalysis of major sports events, both showing great growth potential. Recently, after a retracement in the household appliance sector valuation, cost-effectiveness is prominent. Pay attention to high-quality leading companies in the sector and overseas stocks with high growth.