家电行业周报：出口链，2024M9家电出口金额稳健增长，空调持续较大幅提升

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% over the next six months [7]. Core Insights - The report highlights a steady year-on-year growth of 4% in the home appliance export value for September 2024, with continued strong demand [2][5]. - Among different segments, white goods and kitchen small appliances showed positive export growth, while black goods and smart projectors, as well as kitchen and electrical lighting, exhibited mixed performance [2][5]. - Specific product categories such as air conditioners, refrigerators, projectors, coffee machines, and hair dryers performed particularly well, with air conditioner exports increasing significantly by 27% and refrigerators showing a double-digit growth of 12% [2][5]. Summary by Category - White Goods: Air conditioner exports increased by 27%, refrigerators grew by 12%, and fans saw a slight increase of 3% [2][5]. - Black Goods and Smart Projectors: Projectors experienced a double-digit growth of 12%, while liquid crystal televisions saw a modest increase of 6% [2][5]. - Kitchen Appliances and Electrical Lighting: Demand for range hoods faced pressure with a decline of 16%, while plugs and sockets remained stable with a growth of 1% [2][5]. - Cleaning Appliances: Vacuum cleaner demand declined by 6% [2][5]. - Kitchen Small Appliances: All major categories achieved positive export growth, with coffee machines or kettles seeing a double-digit increase of 15% [2][5]. - Personal Care and Massage Appliances: Hair dryers maintained a double-digit growth rate of 12%, and electric shavers showed stable growth of 3% [2][5].