太平洋证券：家电行业周报：TCL智家2024Q2业绩超预期，光峰提供享界S9核心器件-20240812

Investment Rating - The report does not provide specific ratings for individual sub-industries but maintains a positive outlook on the home appliance sector overall [1][24]. Core Insights - TCL Smart Home's Q2 2024 performance exceeded expectations, driven by strong overseas sales [2][17]. - The home appliance sector has shown resilience, with TCL Electronics leading the market with a year-to-date increase of 85.10% [6][9]. - The real estate market is under pressure, with July 2024 data showing a significant decline in transaction volumes, which may impact demand for major appliances [10][22]. Market Overview - The home appliance sector experienced a decline of 2.84% in the week of August 5-9, 2024, but has a year-to-date increase of 1.56%, ranking third among major industries [6][9]. - Northbound capital saw a net outflow of 14.76 billion yuan, while southbound capital had a net inflow of 13.95 billion yuan during the same period [9]. Real Estate Data Tracking - In July 2024, the transaction area of commercial housing in 30 major cities was 8.151 million square meters, down 18.45% year-on-year, and the number of transactions was 83,000, down 22.85% [10][11]. Raw Material Price Tracking - Prices for plastic, copper, and aluminum have shown year-on-year increases, while steel prices have decreased [13][22]. - As of August 2024, the prices for 32/43/50/55/65-inch LCD TV panels have varied, with some showing slight declines and others stable or increasing [13]. Notable News - TCL Smart Home reported a strong Q2 2024 performance, with significant revenue growth [18]. - The launch of Edifier's Comfo Clip earphones and the introduction of the Enjoy S9 projector by Huawei, featuring core components from Guangfeng Technology, were highlighted [19][21]. Investment Recommendations - The report suggests focusing on white goods, kitchen appliances, and electrical lighting, which are currently undervalued, and anticipates a recovery in demand driven by improved consumer confidence and real estate market stabilization [22].