9月家电行业出口数据点评：9月家电出口增长稳健，短期趋势向好

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The home appliance export sector showed steady growth in September, with total export revenue reaching $8.56 billion, a year-on-year increase of 4.5%. The two-year compound growth rate compared to September 2022 is 8.4%, indicating a solid performance despite a slowdown from the double-digit growth seen from April to August 2024 [2] - For the first nine months of 2024, the total export revenue for home appliances reached $75.27 billion, reflecting a year-on-year growth of 11.8% [2] - The air conditioning segment saw significant growth, with September exports generating $450 million, a year-on-year increase of 27.4%, and a two-year compound growth rate of 16.9% [2] - The refrigerator exports in September amounted to $840 million, up 11.5% year-on-year, with a two-year compound growth rate of 22.5% [2] - The washing machine exports slightly declined by 0.4% year-on-year to $320 million, but maintained a two-year compound growth rate of 11.0% [2] - The vacuum cleaner segment experienced a decline in September, with exports of $570 million, down 5.6% year-on-year, but showing a two-year compound growth rate of 6.6% [2] - The liquid crystal television exports reached $1.53 billion in September, marking a year-on-year increase of 5.6% and a two-year compound growth rate of 15.9% [2] Summary by Relevant Sections Export Performance - In September, the overall home appliance export revenue was $8.56 billion, with a year-on-year growth of 4.5% and a two-year compound growth rate of 8.4% [2] - Cumulative exports from January to September 2024 reached $75.27 billion, reflecting an 11.8% year-on-year increase [2] Product Category Insights - Air conditioners: September exports of $450 million, up 27.4% year-on-year, with a two-year compound growth rate of 16.9% [2] - Refrigerators: September exports of $840 million, up 11.5% year-on-year, with a two-year compound growth rate of 22.5% [2] - Washing machines: September exports of $320 million, down 0.4% year-on-year, with a two-year compound growth rate of 11.0% [2] - Vacuum cleaners: September exports of $570 million, down 5.6% year-on-year, with a two-year compound growth rate of 6.6% [2] - Liquid crystal televisions: September exports of $1.53 billion, up 5.6% year-on-year, with a two-year compound growth rate of 15.9% [2] Future Outlook - The export production for air conditioners is expected to show good growth, with production figures of 6.44 million units in October, a 51.0% increase year-on-year [3] - Refrigerator production is also on the rise, with October figures at 4.23 million units, a 14.2% increase year-on-year [3] - Washing machine production is more cautious, with October figures at 3.69 million units, a 5.0% increase year-on-year [3] Investment Recommendations - The report suggests focusing on companies such as Haier, Midea, Gree, Boss Electric, Vatti, Roborock, and Feike Electric, as the home appliance sector's fundamentals remain positive [4]