家电行业周报：极米、光峰车载项目再获推进，三大白电三季度业绩稳健

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly on major white goods manufacturers, indicating a "Buy" recommendation for companies like Midea, Haier, and Gree [3][7]. Core Insights - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 Index, with a decline of 2.9% against a 1.7% drop in the index [3][9]. - Key companies such as Hisense and Boss Electric showed strong performance, while companies like Roborock and Beike experienced significant declines [3][9]. - The report highlights the robust performance of major white goods manufacturers in Q3 2024, with Midea achieving a revenue of 318.975 billion yuan, a 10% year-on-year increase, and a net profit of 31.699 billion yuan, up 14% [4][14]. - Haier's revenue for the same period was 202.971 billion yuan, a 2% increase, with a net profit of 15.154 billion yuan, up 15% [4][14]. - Gree's revenue decreased by 5% to 146.722 billion yuan, but net profit increased by 9% to 21.961 billion yuan [4][15]. Sales Data - In September 2024, sales of cleaning appliances such as robotic vacuums and washing machines saw significant increases, with robotic vacuum sales up 32.86% year-on-year to 208,800 units, and washing machines up 42.27% to 132,900 units [5][23]. - The average price of robotic vacuums decreased by 14.11% to 1,210.90 yuan per unit, while washing machines saw a 28.80% drop to 1,449.00 yuan [5][23]. - Personal care products like hair dryers and electric shavers showed mixed results, with hair dryer sales down 1.76% but revenue up 36.48%, while electric shaver sales fell 22.95% [6][27]. Industry Dynamics - The report notes the ongoing development of automotive projects by companies like XGIMI and Light Peak, which are expanding into smart lighting components for vehicles [4][13]. - The white goods sector is expected to benefit from favorable real estate policies and the "trade-in" program, which could stimulate demand [7]. - Export orders are recovering, indicating potential revenue growth for companies involved in both domestic and international sales [7]. Raw Material Prices - As of November 1, 2024, copper prices increased by 13.16% year-on-year to 76,460 yuan per ton, while aluminum prices rose by 8.60% to 20,780 yuan per ton [16][17].