家电行业周报：政策驱动内销改善，出口展现韧性
Yong Xing Zheng Quan·2024-10-14 09:42

Investment Rating - The report maintains an "Accumulate" rating for the home appliance industry [3][4]. Core Viewpoints - The implementation of the old-for-new policy has positively impacted domestic sales of home appliances, showing significant improvement in sales figures [3][9]. - In August, the home appliance exports increased by 12%, demonstrating strong resilience despite a slight slowdown compared to previous periods [3][10]. - The overall sales volume of major white goods (air conditioners, refrigerators, washing machines) saw approximately 10% growth in August, with exports being the primary driver of this increase [3][13]. Summary by Sections 1. Market Tracking - The home appliance sector index rose by 7.44% last week, ranking 26th among all sectors, and underperformed the CSI 300 index by 1.04% [7]. 2. Fundamental Tracking 2.1. Impact of Old-for-New Policy - The old-for-new policy initiated on July 24 has led to a notable improvement in domestic sales, with air conditioner retail volume reaching 4.921 million units in August, a year-on-year increase of 22.1% [3][9]. 2.2. Export Growth - Home appliance exports in August amounted to a 12% year-on-year increase, with specific categories like air conditioners, refrigerators, and washing machines seeing export growth rates of 37.2%, 22.8%, and 1.3% respectively [3][10]. 2.3. Overall Sales Growth - The total sales volume for air conditioners, refrigerators, and washing machines in August showed approximately 10% growth, with air conditioner exports increasing by 31.5% [3][13]. 3. Industry Data Tracking - The report highlights that the domestic sales of air conditioners and refrigerators experienced slight declines, while washing machines showed positive growth in domestic sales [3][13][22]. 4. Investment Recommendations - The report suggests focusing on companies such as Midea Group, Haier Smart Home, Gree Electric Appliances, Vatti Corporation, and Roborock Technology due to the improving domestic sales and resilient export performance [4][27].