轻工行业2024年三季报前瞻：政策提振信心，龙头预期改善

Investment Rating - The investment ratings for key companies in the report are as follows: - 欧派家居 (603833.SH): Buy [4] - 顾家家居 (603816.SH): Accumulate [4] - 慕思股份 (001323.SZ): Accumulate [4] - 喜临门 (603008.SH): Accumulate [4] - 申洲国际 (2313.HK): Accumulate [4] - 思摩尔国际 (6969.HK): Buy [4] Core Viewpoints - The report indicates that the home furnishing sector is expected to improve due to supportive policies aimed at stabilizing the real estate market and boosting consumer demand. The People's Bank of China has announced measures to lower mortgage rates and unify down payment ratios, which are anticipated to benefit the home furnishing sector [3][6] - Retail sales in the home furnishing and sanitary ware sectors have shown significant growth, with furniture sales increasing by 8.9% and sanitary ware sales by 12% from April to August, indicating a positive trend in consumer spending [3] - The report highlights the long-term growth potential of leading companies in the vaping industry, particularly due to improved overseas regulations and the increasing market share of compliant brands. 思摩尔国际 is expected to benefit from these trends [3][6] Summary by Relevant Sections Real Estate and Consumer Demand - The report emphasizes the importance of real estate stabilization policies and their expected positive impact on the home furnishing sector. The government has implemented several measures to support the market, which is likely to lead to a recovery in home furnishing sales [3][6] Home Furnishing Sector Performance - The report forecasts a recovery in the home furnishing sector, with key companies expected to benefit from improved management efficiency and consumer demand. 欧派家居 is focusing on enhancing operational efficiency, while 顾家家居 is transitioning towards a channel-driven model [6][3] Vaping Industry Outlook - The report notes that the vaping industry is seeing stricter regulations on non-compliant products, which is expected to favor leading brands like 思摩尔国际. The company is also investing in research and development for heated tobacco products, which could contribute to future revenue growth [3][6]