家用电器行业2024Q3家电板块财报综述：短期承压，改善可期

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [4]. Core Insights - The home appliance sector's revenue for Q1-Q3 2024 increased by 5.00% year-on-year to 1,145.6 billion yuan, with Q3 showing a 1.58% increase year-on-year, indicating a slowdown compared to previous quarters [5][9]. - The net profit attributable to shareholders for the same period rose by 7.91% to 95.1 billion yuan, with Q3 showing a 1.51% increase year-on-year, reflecting resilience in profitability despite cost pressures [5][9]. - The report highlights that the policy impact has been limited, and cost pressures are evident, but leading companies continue to improve operational efficiency [5][9]. Summary by Sections Overall Performance - The home appliance sector's revenue growth has slowed, but profitability remains resilient, with Q1-Q3 2024 net profit showing a year-on-year increase of 7.91% [5][9]. - The sector's gross margin has been under pressure due to rising raw material costs and a shift in revenue structure, with Q3 gross margin down by 1.58 percentage points year-on-year [10][11]. White Goods - Revenue for the white goods segment increased by 4.54% year-on-year to 793.9 billion yuan, with Q3 showing a 0.37% increase year-on-year [5][9]. - The net profit for this segment rose by 12.74% to 73.7 billion yuan, with Q3 showing a 9.57% increase year-on-year, indicating strong performance in exports and operational efficiency [5][9]. Black Goods - The black goods segment saw a revenue increase of 8.59% year-on-year to 140.7 billion yuan, with Q3 showing a 10.40% increase year-on-year [5][9]. - However, net profit for this segment decreased by 14.70% to 3.3 billion yuan, with Q3 showing a significant decline of 31.18% year-on-year, reflecting volatility in performance [5][9]. Post-Cycle Products - The post-cycle segment experienced a revenue decline of 2.59% year-on-year, with Q3 showing a 9.18% decrease [5][9]. - Net profit for this segment fell by 8.48% year-on-year, with Q3 showing a 20.50% decline, indicating ongoing challenges in this area [5][9]. Smart Home Products - The smart home segment's revenue grew by 6.15% year-on-year to 26.9 billion yuan, with Q3 showing a 2.66% increase [5][9]. - However, net profit for this segment decreased by 5.99% to 2.59 billion yuan, with Q3 showing a significant drop of 46.97% year-on-year, highlighting performance challenges [5][9]. Kitchen Small Appliances - Revenue for kitchen small appliances increased by 6.39% year-on-year, with Q3 showing a 2.09% increase [5][9]. - Net profit for this segment decreased by 6.70%, with Q3 showing a 16.81% decline, indicating ongoing pressure on profitability [5][9]. Upstream Sector - The upstream sector's revenue increased by 2.93% year-on-year to 25.2 billion yuan, with Q3 showing a slight decline in profitability [5][9]. - Net profit for the upstream sector fell by 3.21% year-on-year, reflecting cost pressures and market dynamics [5][9]. Investment Recommendations - The report suggests that the home appliance sector is approaching a turning point in domestic demand, with significant potential for growth driven by policy support and seasonal demand in Q4 [5][9]. - Recommended stocks include leading companies in the white goods sector such as Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances, as well as key players in the post-cycle and smart home segments [5][9].