2024W35家电行业数据周报：线上空调表现较好，铜铝价格环比上升

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry [1]. Core Insights - Online air conditioners performed well, with a cumulative year-on-year sales increase of 2.42%. Gas stoves and dishwashers also showed positive performance, with cumulative year-on-year sales increases of 3.90% and 1.61%, respectively. However, offline air conditioners and refrigerators saw a decline, with cumulative year-on-year sales decreases of 11.12% and 6.05% [2][4]. - The Midea brand's online air conditioners showed strong performance, with market share increases of 0.01 percentage points. Other brands like Haier and Hisense also performed well in terms of market share [6][7]. - Copper and aluminum prices increased on a week-on-week basis, with copper averaging 74,910 CNY/ton and aluminum at 19,820 CNY/ton, reflecting increases of 1.77% and 0.87%, respectively [10]. Summary by Sections Retail Data Update - Online air conditioners showed a cumulative year-on-year sales increase of 2.42%. Offline air conditioners and refrigerators experienced declines of 11.12% and 6.05%, respectively [4][5]. - The average prices of various categories showed mixed trends, with air conditioner price declines narrowing and washing machine price declines widening [4]. Brand Performance Update - Midea's online air conditioners, Haier's air conditioners, and Hisense's refrigerators showed positive market share trends, with increases of 0.01 percentage points, 0.02 percentage points, and 0.06 percentage points, respectively [6][8]. Raw Material Price Update - As of August 28, copper and aluminum prices increased by 1.77% and 0.87%, respectively. Year-to-date, copper prices have risen by 8.31% and aluminum by 1.85% [10][14]. Investment Recommendations - The report recommends several companies based on their performance and market positioning, including TCL Electronics, Stone Technology, Midea Group, and Haier Smart Home, among others [18].