家电行业2024年中报综述：弱市彰显韧性，换新弹性可期

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook compared to the broader market [7][11]. Core Insights - The home appliance sector showed resilience in a weak market, with a revenue increase of 6.75% year-on-year to 769.6 billion yuan in H1 2024, and a net profit increase of 11.32% to 64.1 billion yuan [4][11]. - The report highlights the potential for growth driven by government policies encouraging appliance upgrades, which could lead to a reversal in domestic demand trends [7][11]. Summary by Sections Overall Performance - The home appliance sector's revenue grew by 6.75% year-on-year to 769.6 billion yuan in H1 2024, with Q1 and Q2 growth rates of 8.56% and 5.21% respectively [4][11]. - The net profit for the sector increased by 11.32% to 64.1 billion yuan, with Q1 and Q2 showing growth rates of 14.80% and 8.88% respectively [4][11]. - The report notes a slight decline in gross margin due to rising costs, but leading companies have managed to improve their profitability [11][12]. White Goods - The white goods segment saw a revenue increase of 6.65% year-on-year in H1 2024, with Q1 and Q2 growth rates of 8.88% and 4.77% respectively [7][11]. - The net profit for this segment grew by 14.42%, with Q1 and Q2 showing increases of 16.12% and 13.27% respectively [7][11]. Black Goods - The black goods segment experienced a revenue increase of 7.62% year-on-year, with Q1 and Q2 growth rates of 5.93% and 9.16% respectively [7][11]. - However, the net profit for this segment declined by 3.66% year-on-year, indicating short-term volatility in profitability [7][11]. Smart Home - The smart home segment's revenue grew by 8.03% year-on-year, with Q1 and Q2 growth rates of 15.69% and 2.06% respectively [7][11]. - The net profit for this segment increased by 13.65%, with Q1 and Q2 showing growth rates of 29.15% and 3.73% respectively [7][11]. Post-Cycle - The post-cycle segment's revenue increased by 0.96% year-on-year, with Q1 and Q2 growth rates of 8.06% and -4.63% respectively [7][11]. - The net profit for this segment declined by 1.94% year-on-year, reflecting significant operational pressure [7][11]. Small Appliances - The small appliances segment saw a revenue increase of 8.78% year-on-year, with Q1 and Q2 growth rates of 8.12% and 9.41% respectively [7][11]. - The net profit for this segment decreased by 1.88% year-on-year, indicating overall profitability pressure [7][11]. Upstream - The upstream segment's revenue grew by 6.09% year-on-year to 28.1 billion yuan [7][11]. - The gross margin for this segment improved by 0.75 percentage points to 19.05% [7][11]. Investment Recommendations - The report suggests maintaining an "Outperform" rating for the sector, emphasizing the resilience of leading companies and the potential for growth driven by government policies [7][11].