Investment Rating - Industry rating: Recommended [4] Core Insights - The Double Eleven shopping festival has started early, with trade-in incentives and additional discounts stimulating home appliance sales [3] - The home appliance sector has shown a cumulative increase of 30.28% in 2024, with white goods up by 48.31% [2][21] - The report highlights three investment directions: domestic trade-in programs, export chains, and tool sectors [20] Market Data - For the week of October 14-18, 2024, the home appliance sector saw a weekly change of -0.02%, with white goods down by 1.95% and black goods up by 16.21% [2][21] - Year-to-date, the home appliance sector has increased by 30.28%, with white goods up by 48.31% [2][21] Key Developments - Major platforms have extended their promotional periods for Double Eleven, with additional coupons and trade-in subsidies to boost consumer demand [3] - Companies like Midea Group, Haier Smart Home, and Hisense are recommended for their stable growth and cash flow [20] Sales Performance - Air conditioners saw online sales increase by 56.64% and offline sales by 436.74% in the week of October 7-13, 2024 [22] - Refrigerators experienced online sales growth of 49.97% and offline sales growth of 315.69% during the same period [24] - Washing machines had online sales growth of 35.28% and offline sales growth of 272.31% [26] - The integrated stove segment saw online sales increase by 97.60% and offline sales by 107.59% [26] - Robotic vacuum cleaners reported a significant online sales increase of 567.78% and offline sales increase of 299.09% [27] Raw Material Data - As of October 18, 2024, LME copper prices decreased by 1.3% and aluminum prices decreased by 3.5% compared to the previous week [29]
家电行业周报（2024W41）：双十一大促提前开启，以旧换新叠加优惠刺激家电销售
HUAXI Securities·2024-10-21 08:03