家电行业W41周报：主线重回内销，把握政策发力、格局改善契机

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [1]. Core Viewpoints - The report anticipates continued growth in the white goods sector for Q3 2024, driven by strong performance in exports and a recovery in domestic sales due to policy support [3]. - The focus of investment is shifting back to domestic sales as the primary driver, with expectations of improved competition dynamics across sub-industries [4]. - The report highlights that leading companies in the white goods sector, such as TCL Smart Home, Midea Group, and Haier Smart Home, are expected to outperform in Q4 2024 [4]. Summary by Sections Market Review - In the 40th week of 2024, the Shenyin Wanguo home appliance index decreased by 2.27%, outperforming the CSI 300 index, which increased by 0.98% [4]. - Leading companies like Gree Electric (+1.36%) and Midea Group (+0.93%) showed strong defensive characteristics during the market pullback [4]. Q3 Performance Outlook - The report indicates that the overall performance of home appliance exports remains strong, with Q3 showing significant growth despite high base effects from previous periods [4]. - Domestic sales improved in September due to effective policies, particularly in the white goods and cleaning appliance segments [4]. Investment Recommendations - The report recommends specific stocks: Midea Group (15.7X), TCL Smart Home (12.7X), Haier Smart Home (15.5X), Gree Electric (9.2X), and TCL Electronics (9.2X), with a new recommendation for Vatti Corporation (12.9X) [4][6].