家用电器：9月家用空调产销高增，家电国补刺激需求恢复

Investment Rating - The industry investment rating is "Market Perform" [1] Core Viewpoints - The home appliance industry is experiencing a positive trend with strong growth in both domestic and international sales, particularly in air conditioning [3] - The implementation of trade-in policies has stimulated domestic demand, leading to a significant increase in sales during the recent holiday period [3] - The report suggests focusing on leading companies in the home appliance sector that are benefiting from both domestic and international demand, such as Haier, Midea, Gree, and Hisense [3] Summary by Sections Industry Performance - In September 2024, the production of home air conditioners reached 12.213 million units, marking a 26.0% year-on-year increase, while sales reached 12.125 million units, up 21.4% year-on-year [3] - Domestic sales accounted for 6.103 million units, a 7.4% increase, and exports reached 6.023 million units, showing a 39.8% growth [3] Future Outlook - The production of home air conditioners is expected to maintain a positive growth trend, with November 2024 production projected at 13.14 million units, a 33.6% year-on-year increase [3] - The report highlights strong overseas demand, particularly in emerging markets such as Southeast Asia, Africa, and South America, contributing to the high growth rate of exports [3] Investment Recommendations - The report recommends focusing on leading home appliance companies that are expected to benefit from the dual growth in domestic and international demand, including Haier, Midea, Gree, and Hisense [3] - It also suggests looking at small appliance leaders like Roborock and Supor, which are expected to benefit from the expanded subsidy policies [3] - Companies like Boss Electric and Vatti, which are expected to perform steadily due to the recovery of real estate in first and second-tier cities and the stimulus from subsidy policies, are also highlighted [3]