家用电器行业季报：行业收入利润维持增长，白电护航整体盈利能力

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry, indicating expected performance above the market average [1]. Core Insights - The overall revenue and profit of the home appliance industry continue to grow, with a projected revenue of 7637.5 billion yuan for 2024, reflecting a year-on-year increase of 14.7% [1][2]. - The industry has experienced a gradual slowdown in revenue growth over the past four quarters, with growth rates of 8.3%, 5.1%, and 2.3% respectively [2][3]. - The white goods segment remains robust, contributing significantly to overall profitability, while other segments like small appliances and kitchen appliances face challenges [1][4]. Summary by Segment White Goods - In the first three quarters of 2024, the white goods segment achieved a revenue of 499.8 billion yuan, with a year-on-year growth of 10.3% [1][3]. - The net profit margin for white goods has shown a consistent increase, reaching 8.48% in Q3 2024 [1][2]. Small Appliances - The small appliances segment reported a revenue of 852.3 billion yuan in the first three quarters of 2024, with a year-on-year increase of 7.1% [2][3]. - Profitability in this segment has declined, with a notable drop in the personal care category, which saw a revenue decrease of 17.7% in Q3 2024 [2][4]. Kitchen Appliances - The kitchen appliances segment generated a revenue of 229 billion yuan in the first three quarters of 2024, down 7.1% year-on-year [3][4]. - The profit margin for kitchen appliances has also decreased significantly, with Q3 2024 profits down 47.5% compared to the previous year [3][4]. Lighting - The lighting segment achieved a revenue of 189.9 billion yuan in the first three quarters of 2024, reflecting a decline of 3% year-on-year [4][5]. - The net profit margin for the lighting segment has remained relatively stable, with a slight decrease in Q3 2024 [4][5]. Upstream Components - The upstream components segment reported a revenue of 829.2 billion yuan in the first three quarters of 2024, marking an 18% increase year-on-year [5]. - Despite revenue growth, net profit has decreased by 6.7%, indicating pressure on profitability [5].