家电行业周报：以旧换新国债资金全部下达，白电外销延续高增

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "Buy" recommendation due to the expected growth driven by government policies and market dynamics [3][5]. Core Insights - The home appliance sector has shown resilience, outperforming the Shanghai and Shenzhen 300 Index, with a decline of 2.3% compared to a 3.3% drop in the index [3][6]. - The issuance of 300 billion yuan in government bonds to support the "old for new" policy is expected to stimulate rapid growth in energy-efficient appliances [3][12]. - The report highlights significant growth in exports, particularly in air conditioning and refrigeration, with air conditioning exports increasing by 31.49% year-on-year in August 2024 [4][22]. Summary by Sections Industry Dynamics - The "old for new" policy has been fully implemented, with 150 billion yuan allocated to local governments to promote appliance upgrades [3][12]. - Major companies like Lek Electric have announced substantial cash dividends, indicating strong financial health and shareholder returns [3][13]. Sales Data - In August 2024, the air conditioning sector produced 11.77 million units, a 3.39% increase year-on-year, with total sales reaching 13.06 million units, up 7.31% [4][22]. - The refrigerator sector saw production of 8.42 million units, a 7.45% increase, with exports rising by 21.70% [4][27]. - The washing machine sector reported production of 8.11 million units, a 12.71% increase, with exports growing by 17.48% [4][28]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and high dividend yields [5]. 2. Export growth driven by recovering orders and currency depreciation [5]. 3. Core component manufacturers experiencing increased demand due to the overall industry growth [5]. Market Trends - The report notes a significant increase in consumer interest in energy-efficient appliances, driven by government subsidies and changing consumer preferences [42][49]. - The "old for new" policy is expected to lead to a long-term promotional period, altering traditional sales strategies in the home appliance market [48][49]. Company Performance - Key companies such as Gree Electric and Midea have shown resilience, with Gree holding a 22.59% market share in air conditioning sales as of August 2024 [4][25]. - Lek Electric's dividend distribution reflects strong operational performance, with a total cash dividend of 860 million yuan announced for the first half of 2024 [3][39].