家电行业2024年中报总结：白电行业收入业绩双增长，以旧换新落地持续催化

Industry Investment Rating - The report maintains a "Positive" rating for the home appliance industry, particularly highlighting the growth potential in the white goods sector [2][4] Core Views - The home appliance industry experienced a 4% YoY increase in revenue and an 8.59% YoY increase in net profit in Q2 2024, driven by strong performance in white goods and export sectors [2][4] - White goods sector saw a 5.23% YoY revenue growth and a 14% YoY increase in net profit, with gross and net margins improving by 0.29 pcts and 0.78 pcts respectively [2][4] - The export sector benefited from RMB depreciation and recovering overseas demand, with companies like Supor and Roborock showing strong performance [2][4] - Core components sector, driven by white goods demand, saw a 15.97% YoY revenue growth, though net profit declined by 5.34% [2][4] Sub-Sector Performance White Goods - Revenue grew by 5.23% YoY to 2837.33 billion yuan, with net profit increasing by 14% YoY to 286.99 billion yuan [2][4] - Gross margin improved by 0.29 pcts to 27.88%, and net margin increased by 0.78 pcts to 10.48% [2][4] - Air conditioner sales grew by 12.52% YoY, with exports surging by 38.67% [4][46] Kitchen Appliances - Revenue declined by 4.18% YoY to 86.69 billion yuan, with net profit dropping by 31.43% YoY to 9.43 billion yuan [2][4] - Gross margin fell by 2.28 pcts to 39.78%, and net margin decreased by 0.96 pcts to 10.74% [2][4] Small Appliances - Revenue increased by 13.05% YoY to 326.31 billion yuan, with net profit growing by 1.03% YoY to 30.46 billion yuan [2][4] - Gross margin declined by 1.33 pcts to 32.69%, and net margin dropped by 1.12 pcts to 9.39% [2][4] Black Appliances - Revenue decreased by 4.34% YoY to 927.08 billion yuan, with net profit falling by 32.01% YoY to 11.78 billion yuan [2][4] - Gross margin dropped by 1.35 pcts to 12.79%, and net margin declined by 2.91 pcts to 0.62% [2][4] Components - Revenue grew by 15.97% YoY to 317.43 billion yuan, while net profit declined by 5.34% YoY to 19.92 billion yuan [2][4] - Gross margin remained stable at 16.92%, but operating expenses increased by 1.61 pcts [2][4] Key Investment Themes - White Goods: The sector is expected to benefit from policy support, with companies like Haier and Gree recommended for their low valuation and high dividend yields [2][4] - Export Sector: Companies like Supor and Roborock are expected to see improved performance due to recovering overseas demand and favorable exchange rates [2][4] - Core Components: Companies like Huaxiang and Sanhua are recommended due to strong demand from the white goods sector and growth in new energy vehicle components [2][4] Key Companies Performance - Haier: Q2 revenue grew by 0.1% YoY to 666.45 billion yuan, with net profit increasing by 13.2% YoY to 56.47 billion yuan [49] - Gree: Q2 revenue declined by 1% YoY to 636.91 billion yuan, but net profit grew by 10% YoY to 94.61 billion yuan [50] - Roborock: Overseas revenue grew significantly, with North America sales increasing by over 50% [52] - Sanhua: Q2 revenue grew by 6% YoY to 72.37 billion yuan, with net profit increasing by 9% YoY to 8.67 billion yuan [55]