2024W27家电行业周报：家电行业并购频发，面板价格保持平稳

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [1]. Core Insights - The home appliance industry is experiencing frequent mergers and acquisitions, potentially initiating a wave of industry consolidation [5]. - Global TV shipments increased by 4.8% year-on-year in May, driven by sports events, while domestic shipments decreased by 18.2% due to market sluggishness during the 618 shopping festival [6][8]. - Panel prices remained stable in early July, with average prices for various sizes of LCD TV panels showing year-on-year increases [13][15]. Summary by Sections Mergers and Acquisitions - Shield Environment plans to acquire 62.95% of Shanghai Dacreat Automotive Technology for 215 million yuan and will increase its capital by 30 million yuan, resulting in a 65.95% stake post-transaction [5]. - Bear Electric intends to acquire 61.78% of Roman Smart for 154 million yuan, which will enhance its product line in personal care small appliances [5]. Global TV Shipments - In May, global TV shipments reached 18.9 million units, a 4.8% increase year-on-year, while domestic shipments were 2.7 million units, down 18.2% [6][8]. - Samsung and LG saw recovery in shipments, while Hisense and TCL experienced short-term fluctuations, particularly in North America [8]. Panel Prices - Panel prices remained stable in early July, with average prices for 65", 55", 43", and 32" panels at $178, $130, $65, and $37 respectively, reflecting year-on-year increases of 12.66%, 12.07%, 6.56%, and 5.71% [15][18]. - The demand for panels has decreased due to weakened TV stocking needs, while supply adjustments have supported price stability [18]. Investment Recommendations - The report recommends several stocks, including TCL Electronics (12.8X), Stone Technology (18.7X), Midea Group (12.1X), Shield Environment (11.8X), Haier Smart Home (13.2X), and others, highlighting their growth potential and market positioning [34].