家电行业周报：家电板块估值上修，行业涨幅排名靠前

Investment Rating - The report indicates an upward adjustment in the valuation of the home appliance sector, with the sector's year-to-date increase of 24% ranking third among all sectors [1][9]. Core Insights - The home appliance sector has experienced a valuation recovery driven by strong export data and stable Q1 performance, followed by a decline due to falling order production data, increased macroeconomic uncertainties overseas, and weak market sentiment. However, the sector rebounded due to the "trade-in" policy and an overall positive market backdrop, currently standing at a valuation of around 15x, which is near a historical high [1][9]. - The home appliance sector's year-to-date increase of 24% places it among the top three sectors as of November 3, 2024, with individual stock performance and quarterly earnings showing significant divergence, where some leading companies continue to exhibit strong alpha performance [1][9]. Summary by Sections Market Overview - The home appliance sector index fell by 2.89% in the week of October 28 to November 1, 2024, underperforming the CSI 300 index by 1.21 percentage points. The weekly performance of sub-sectors includes black appliances (+16.1%), appliance components (-3.6%), kitchen and bathroom appliances (-1.6%), small appliances (-9.2%), lighting equipment (-0.3%), and white appliances (-4.5%) [1][18]. - The overall PE (TTM) for the home appliance industry is 15 times, ranking 25th among 28 primary sectors, indicating a relatively low valuation level [1][19]. Key Data - The report highlights significant changes in raw material prices, with SHFE rebar prices down by 1.1%, aluminum prices down by 0.8%, and copper prices down by 0.2%. The retail sales data for home appliances in September 2024 showed a total of 841 billion yuan, an increase of 20.5% compared to the same period in 2023 [1][9]. - The production and sales data for air conditioners in August 2024 indicated a production of 11.77 million units, up 3.4% year-on-year, and total sales of 13.06 million units, up 7.3% year-on-year. Retail sales for September 2024 showed significant growth, with online and offline retail sales increasing by 81.6% and 71.3%, respectively [1][9].