家电行业周报（2024W40）：以旧换新政策下，“十一黄金周”家电销额表现亮眼

Investment Rating - The industry rating is "Recommended" [4] Core Views - The home appliance sector has shown a cumulative increase of 30.30% in 2024, with white goods up by 51.25% and kitchen appliances by 1.70% [2][21] - The "old-for-new" policy has positively impacted sales during the "Golden Week" with significant growth in retail volume and value across major categories [43] - The export market is performing better than domestic sales, indicating a trend of external strength and internal weakness [3][42] Summary by Sections Market Performance - The home appliance sector experienced a weekly decline of 1.89% from October 8 to October 11, 2024, with specific segments like black goods down by 7.49% and kitchen appliances down by 7.84% [2][21] - Year-to-date performance shows white goods up by 51.25%, while black goods have decreased by 3.62% [2][21] Key Dynamics - In August 2024, the overall market performance improved, with air conditioning and kitchen appliances showing significant growth [3][42] - Online retail sales for major categories such as TVs, air conditioners, and refrigerators saw year-on-year increases of 23.4%, 28.7%, and 4.3% respectively during the "Golden Week" [43] Investment Recommendations - Focus on high-dividend stocks in the white goods sector, with companies like Midea Group and Haier Smart Home recommended for their stable cash flow and dividend strategies [4][20] - The export chain is highlighted, particularly for companies like Roborock, which have shown strong overseas performance [4][20] - Tools sector is expected to enter a replenishment cycle, with companies like Giant Star Technology recommended due to anticipated revenue recovery [4][20] Sales Data Tracking - For air conditioners, online sales increased by 45.67% and offline sales by 165.67% in the latest tracking period [25] - Refrigerators saw online sales growth of 56.05% and offline sales growth of 101.79% [29] - Washing machines experienced online sales growth of 35.33% and offline sales growth of 89.54% [30] - Kitchen appliances, particularly range hoods, reported online sales growth of 44.83% and offline sales growth of 122.46% [31] Raw Material and Shipping Data - Recent data indicates a slight decrease in copper and aluminum prices, while the steel price index has increased by 11.9% [38] - Shipping rates have decreased, with the CCFI composite index down by 9.85% [40]