24Q3家电关注公司前瞻

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report emphasizes that the home appliance sector is experiencing a recovery driven by the "trade-in" policy, with expectations for trends in Q4 and 2025 to remain positive [1] - It notes that leading companies are generally increasing their market share, with white goods showing resilience in Q3, while black goods are benefiting from structural upgrades and cost improvements [1] - The report suggests specific investment recommendations across different segments, including major players in white goods, black goods, technology, and small appliances [1] Summary by Segment White Goods - Significant recovery observed in September, with Q3 profit growth expected to be comparable to Q2 [1] - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, Hisense Home Appliances, and Changhong Meiling, with a focus on TCL Smart Home [1] Black Goods - Anticipated acceleration in miniLED upgrades, with cost improvements expected [1] - Recommended company is TCL Electronics [1] Technology - Continued growth trend expected, with improvements anticipated under new product launches [1] - Recommended companies include Ecovacs, Roborock, Yadea, Ninebot, and Anker Innovations [1] Small Appliances - Although the replacement cycle is lagging behind larger appliances, a promotional peak in Q4 is expected to drive improvement [1] - Recommended company is Supor [1] Company Performance - Midea Group reported revenue of 102.15 billion with a 8% YOY increase and a net profit of 10.62 billion, up 12% YOY [2] - Haier Smart Home reported revenue of 67.03 billion with no growth and a net profit of 4.60 billion, up 10% YOY [2] - Gree Electric Appliances reported revenue of 56.02 billion with no growth and a net profit of 7.79 billion, up 5% YOY [2] - Hisense Home Appliances reported revenue of 21.96 billion with no growth and a net profit of 0.84 billion, down 10% YOY [2] - Changhong Meiling reported revenue of 7.29 billion with a 15% increase and a net profit of 0.18 billion, up 25% YOY [2] - TCL Smart Home reported revenue of 3.33 billion with a 15% increase and a net profit of 0.23 billion, up 18% YOY [2] - Ecovacs reported revenue of 3.39 billion with no growth and a net profit of 0.30 billion, up 1425% YOY [2] - Roborock reported revenue of 2.66 billion with a 15% increase and a net profit of 0.67 billion, up 8% YOY [2] - Supor reported revenue of 5.71 billion with a 6% increase and a net profit of 0.51 billion, up 6% YOY [2]