2024年9月家电零售和企业出货端数据解读：以旧换新政策催化，9月白电内销数据高增

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the white goods sector, driven by favorable policies and strong sales growth [2][4]. Core Insights - The report highlights significant growth in the air conditioning sector, with production increasing by 26% and sales by 21.39% year-on-year in September 2024. Domestic sales showed a positive trend, while exports surged by 39.80% [2][4]. - The report identifies three main investment themes: white goods, export recovery, and core components, recommending companies like Hisense, Midea, Haier, and Gree for their strong fundamentals and growth potential [2][4]. Summary by Sections Air Conditioning - In September 2024, the air conditioning industry saw production of 12.213 million units, a 26% increase year-on-year, and sales of 12.125 million units, up 21.39% [4]. - Domestic sales reached 6.1025 million units, a 7.43% increase, while exports totaled 6.0227 million units, marking a 39.80% rise [4]. - Retail sales for air conditioners also experienced double-digit growth, with offline sales volume and value increasing by 57.3% and 65.2% respectively [12]. Refrigerators and Washing Machines - In September 2024, refrigerator sales volume and value increased by 21.9% and 34.1%, while washing machines saw a 17% rise in volume and a 29.1% increase in value [14]. - Haier maintained a leading market share in both categories, with refrigerator sales volume up 20.7% and washing machine sales volume up 22.4% [14]. Kitchen Appliances - Traditional kitchen appliances like range hoods and gas stoves saw significant sales growth, with range hood sales volume and value increasing by 35.6% and 52.7% respectively [19]. - The report notes that the average price of kitchen appliances is on the rise, with gas stoves seeing a 19.7% increase in average price [21]. Small Appliances - The report indicates a positive trend in small appliances, with rice cookers showing a 1% increase in sales volume and a 5.5% increase in sales value [28]. - However, air fryers experienced a decline in sales volume by 11.5%, although sales value increased by 3.1% [30]. Cleaning Appliances - The cleaning appliance sector saw a significant increase in sales, with robot vacuum cleaners' offline sales value rising by 50.6% year-on-year [32]. - Online sales for vacuum cleaners increased by 12.3% in volume and 49% in value, indicating strong consumer demand [32]. Personal Care Appliances - The report notes a decline in electric shaver sales volume by 23%, although the average price increased by 6.6% [34].