家用电器行业深度：外销保持增长，政策加码刺激内销，家电景气度持续向好

Investment Rating - The report maintains a "Market Perform" rating for the home appliance industry [1] Core Insights - The home appliance industry is experiencing sustained growth in exports and domestic sales, supported by government policies aimed at stimulating consumption [1][6] - The overall performance of the home appliance sector in H1 2024 shows a revenue increase of 6.28% year-on-year, reaching 797.34 billion yuan, with a net profit growth of 7.87% to 62.31 billion yuan [6][21] - The white goods segment is particularly strong, with revenue growth of 5.98% and net profit growth of 12.56% in H1 2024 [6][36] Summary by Sections 1. Home Appliance Industry Overview - The home appliance sector's stock performance increased by 13.39% in H1 2024, outperforming the CSI 300 index by 0.28 percentage points [13] - The white goods segment led the growth, with a notable increase in both domestic and international sales [28] 2. Performance Analysis - H1 2024 saw the home appliance sector achieve a revenue of 797.34 billion yuan and a net profit of 62.31 billion yuan, indicating a positive trend despite a slight slowdown in Q2 [21][29] - The white goods segment reported a revenue of 537.83 billion yuan and a net profit of 47.43 billion yuan, reflecting strong operational performance [36] 3. Segment Analysis 3.1 White Goods - The white goods segment showed robust growth with a revenue increase of 5.98% and a net profit increase of 12.56% in H1 2024 [36] - The segment's gross margin improved to 27.20%, indicating enhanced profitability [36] 3.2 Black Goods - The black goods segment experienced a revenue increase of 7.08% but faced profit pressures, with a net profit decline of 10.55% [29][36] 3.3 Kitchen Appliances - The kitchen appliance segment struggled, with a revenue decline of 1.88% and a net profit drop of 23.27% due to pressures from the real estate market [29][36] 3.4 Small Appliances - The small appliances segment achieved a revenue growth of 9.78% in H1 2024, driven by increased exports, although profit margins faced challenges [29][36] 4. Investment Outlook - The report highlights the positive impact of government policies promoting the replacement of old appliances, which is expected to boost domestic demand [6][28] - The export market remains strong, with a cumulative export value of 52.4 billion USD in the first eight months of 2024, reflecting an 11.64% year-on-year increase [6][28]