家电行业W44周报：三季报业绩揭榜，白电业绩领跑

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [2]. Core Insights - The third quarter of 2024 has shown that the white goods sector leads in performance, with overall revenue and profit growth in the home appliance sector at +1.5% and +0.7% year-on-year, respectively [3][6]. - The "old-for-new" policy, supported by national subsidies, has positively impacted the sales growth across all home appliance categories, both online and offline [3][18]. - The report anticipates a turning point in Q4, driven by the "old-for-new" policy and the upcoming Double Eleven shopping festival, which is expected to stimulate sales significantly [3][6]. Summary by Sections 1. Performance of the Home Appliance Sector - The home appliance sector's revenue and profit growth has been declining for three consecutive quarters, with Q3 showing a decrease of 3.8 percentage points in revenue growth compared to Q2 [3][6]. - White goods have shown a revenue increase of +0.9% and a profit increase of +9.8% in Q3 2024, indicating a robust performance compared to other segments [3][6]. 2. Sales Growth and Market Dynamics - The online sales growth for selected categories such as dryers, robotic vacuums, and floor washers has significantly improved, with year-on-year growth rates increasing by 29 percentage points, 16.9%, and 4.7%, respectively [3][18]. - The report highlights that the competitive landscape is crucial for profit enhancement, with white goods maintaining a favorable competitive position [3][6]. 3. Raw Material Prices and Shipping Costs - Prices for copper, aluminum, and plastics have increased year-on-year, while steel and crude oil prices have seen a decline [20][21]. - The shipping price index for Chinese exports has shown a cumulative increase of 46% year-on-year, with a quarterly decline of 36% [21]. 4. Real Estate Market Trends - There is a marginal recovery in real estate sales data, with significant increases in second-hand home transactions in cities like Beijing and Shenzhen [3][21].