家电行业周报：9月空调外销排产延续高增，海尔拟新建年产500万台套空调项目

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the air conditioning segment, with a focus on high export growth and new investment projects [3][4]. Core Insights - The home appliance sector has shown resilience, with significant growth in exports, particularly in air conditioning units, which saw a year-on-year increase of 31.8% in September 2024 [3][12]. - Haier is investing in a new project to produce 5 million air conditioning units annually, with a total investment of approximately RMB 2.494 billion, expected to have a payback period of about 4.98 years [3][13]. - The report highlights the importance of the real estate market's recovery and the potential for increased demand for white goods, supported by government policies promoting upgrades and replacements [4][12]. Summary by Sections Industry Dynamics - In September 2024, the production data for major white goods indicated a total output of 2,662 million units, reflecting a 4.5% increase year-on-year. Specifically, air conditioning units produced were 10.542 million, up 8.8% from the previous year [12]. - The report notes a decline in domestic sales of air conditioning units, with a 14.4% drop year-on-year, while exports continue to thrive [12][3]. Sales and Market Performance - In July 2024, the air conditioning sector experienced a total production of 16.116 million units, with exports rising by 42.65% year-on-year, while domestic sales fell by 21.26% [4][25]. - Gree maintained a market share of 22.87% in air conditioning sales, ranking second among brands, followed by Aux and Haier [28]. Investment Opportunities - The report identifies two main investment themes: the undervaluation and high dividend yield of white goods companies, and the recovery of export orders alongside the depreciation of the RMB against the USD, which is expected to enhance revenue and performance [4][3]. - Recommended companies include Haier, Gree, and Supor, which are expected to benefit from both domestic and international market growth [4][3].