轻工制造行业快评报告：1-9月消费品制造业保持良好增长，家具行业利润同比涨幅扩大

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][3] Core Viewpoints - In the first nine months of 2024, the profits of industrial enterprises above designated size decreased by 3.5% year-on-year, with total profits amounting to 5.23 trillion yuan. The profit growth rate turned negative due to high base effects, declining industrial product prices, and insufficient effective demand [1] - The consumer goods manufacturing industry maintained good growth, with profits increasing by 2.4% year-on-year, which is 5.9 percentage points higher than the average profit growth of industrial enterprises above designated size. Most sub-sectors showed positive profit growth, particularly in the paper industry (+48.4%), chemical fiber (+42.2%), furniture (+11.0%), and textiles (+11.5%) [1] - Investment suggestions include focusing on resilient sectors such as food and beverages, cosmetics, and home appliances, especially with the upcoming Double Eleven shopping festival and various subsidies stimulating demand [1] Summary by Sections Profit Trends - In the first nine months of 2024, the total operating income of industrial enterprises was 99.20 trillion yuan, with a year-on-year growth of 2.1%, a slight decline from the previous month. Operating costs increased by 2.4% year-on-year, leading to a decrease in gross profit margins [1] - In September alone, profits fell by 27.1% year-on-year, exacerbated by high base effects from the previous year [1] Consumer Goods Manufacturing - The consumer goods manufacturing sector showed resilience, with nine out of thirteen major categories reporting positive profit growth. Notably, furniture and tobacco sectors saw an increase in profit growth rates [1] - The report highlights that the recovery of domestic consumption demand, supported by policies to expand domestic demand, has positively impacted the consumer goods manufacturing sector [1] Investment Recommendations - The report recommends focusing on sectors such as food and beverages, cosmetics, and home appliances, which are expected to benefit from strong consumer demand and policy support [1]