家用电器行业2024H1业绩点评：家电行业收入与净利润稳步增长，白色家电最为稳健

Investment Rating - The report rates the home appliance industry as "Positive" [1] Core Insights - In the first half of 2024, the home appliance industry achieved a revenue of 798.69 billion yuan, representing a year-on-year growth of 6.27%, and a net profit of 62.31 billion yuan, with a year-on-year increase of 7.87% [2][14] - The export scale of the domestic home appliance industry saw rapid growth, with a total export value of 347.9 billion yuan in the first half of 2024, marking an 18.3% increase year-on-year [3][14] - Government policies promoting "old-for-new" appliance exchanges are expected to boost domestic demand in the latter half of 2024 [4][28] Summary by Sections 1. Overview of 2024H1 & 2024Q2 Home Appliance Industry Performance - The home appliance industry reported a revenue of 798.69 billion yuan in 2024H1, with a net profit of 62.31 billion yuan, showing growth in both metrics [2][14] - In 2024Q2, the revenue was 424.14 billion yuan, with a net profit of 35.96 billion yuan, reflecting a year-on-year growth of 4.69% and 6.30% respectively [2][14] 2. Performance of Various Sub-sectors in 2024H1 - The white goods sector accounted for 67.51% of the total revenue in 2024H1, with a net profit contribution of 76.04% [18][23] - The small appliance sector showed a net profit of 5.10 billion yuan in 2024H1, growing by 6.55% year-on-year [23][24] 3. Policy Support for Domestic Demand Growth - The government initiated a large-scale equipment update and "old-for-new" appliance exchange program in March 2024, with various local governments providing subsidies to encourage consumer upgrades [4][28] - The implementation of these policies is expected to enhance domestic demand for home appliances in the second half of 2024 [4][28] 4. Investment Recommendations - The report suggests focusing on the white goods sector, highlighting companies such as Haier, Midea, and Gree as stable investments [5][29] - It also recommends monitoring companies in the small appliance sector that are expanding their overseas business, such as Roborock [5][29]