2024年9月黑电行业月报：政策刺激显效，头部品牌受益明显

Investment Rating - The report rates the home appliance industry as "Overweight" [2] Core Viewpoints - The report highlights that the sales volume of televisions in the domestic market has improved marginally due to the "old-for-new" policy, benefiting leading brands significantly [3][9] - Panel prices remain stable, alleviating cost pressures for color TVs, and the ODM landscape shows a trend where stronger players continue to dominate [3][18] - The report recommends specific stocks, including Hisense Visual (11.4x PE), XGIMI Technology (22.2x PE), and TCL Electronics (8.6x PE) [3][29] Summary by Sections Retail Side - In September, the "old-for-new" policy led to a marginal improvement in domestic sales, with online sales of color TVs reaching 1.18 million units, up 19.41% year-on-year, and sales revenue of 3.986 billion yuan, up 38.29% [3][9] - Offline sales also saw growth, with 304,500 units sold, a 6.94% increase, and revenue of 2.341 billion yuan, up 40.16% [3][9] Brand Side - Leading brands like TCL and Hisense benefited significantly from the "old-for-new" policy, with TCL's offline sales revenue reaching 490 million yuan in September, up 84% year-on-year, and Hisense's offline sales revenue at 770 million yuan, up 43% [16][3] ODM Landscape - The ODM landscape is characterized by a divide where stronger players continue to thrive. MOKA led with approximately 1.5 million units shipped in August, while AMTC and KTC followed with significant year-on-year growth [18][3] Profitability - Panel prices remained stable in early October, with average prices for various sizes holding steady. The average prices for 65'', 55'', 43'', and 32'' panels were $171, $124, $63, and $34 respectively [21][25] New Products - Hisense launched a new laser TV model, the Star S1 MAX, featuring advanced audio and visual technology, including a 110% DCI-P3 color gamut and AI applications [29][3] Investment Recommendations - The report emphasizes the positive impact of the "old-for-new" policy on sales and recommends stocks such as Hisense Visual, XGIMI Technology, and TCL Electronics based on their market positions and PE ratios [3][29]