家用电器联合研究点评：国联消费研究团队2024年10月金股推荐

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [8]. Core Views - The report highlights key stock recommendations across various sectors, including Haier Smart Home in home appliances, Yadea Holdings in light industry, Mindray Medical in pharmaceuticals, Luzhou Laojiao in food, Miniso in retail, and Haida Group in agriculture [4][10]. Summary by Sector Home Appliances - Haier Smart Home is recommended due to the implementation of provincial old-for-new policies, which are expected to boost demand starting from September. The company is anticipated to see steady revenue growth and improved profitability driven by cost reduction, efficiency enhancement, and high-end product offerings. EPS forecasts for 2024 and 2025 are 2.00 and 2.28 CNY, respectively, with a "Buy" rating assigned [13][20]. Light Industry - Yadea Holdings is highlighted as a key player with the new national standards providing clarity in the industry. The company is expected to benefit from the old-for-new policy, enhancing demand. EPS estimates for 2024 and 2025 are 0.88 and 1.18 CNY, respectively, with a "Buy" rating [14][20]. Pharmaceuticals - Mindray Medical is positioned well due to increased procurement demand for medical devices driven by the old-for-new policy. The company has shown strong overseas performance, with H1 2024 overseas revenue at 7.906 billion CNY, a year-on-year increase of 18.10%. EPS projections for 2024 and 2025 are 11.51 and 13.83 CNY, respectively, with a "Buy" rating [15][20]. Food - Luzhou Laojiao is expected to see steady growth with a projected revenue increase of around 15%. EPS forecasts for 2024 and 2025 are 10.16 and 11.36 CNY, respectively, with a "Buy" rating [17][20]. Retail - Miniso remains focused on its core business despite the impact of its acquisition of Yonghui. The company is expected to maintain steady growth, with EPS estimates for 2024 and 2025 at 2.26 and 2.81 CNY, respectively, maintaining an "Overweight" rating [18][20]. Agriculture - Haida Group is anticipated to benefit from rising fish prices and improved demand in the livestock sector. EPS estimates for 2024 and 2025 are 2.46 and 2.94 CNY, respectively, with a "Buy" rating [19][20].