轻工制造行业专题研究：轻工制造行业2024年三季报总结：业绩整体承压，出口相对较好，需求预期改善

Investment Rating - The report maintains an investment rating of "In Line with the Market" for the light industry manufacturing sector [2][3]. Core Insights - The light industry manufacturing sector achieved a total revenue of 454.604 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 2.14%, marking a recovery from a previous decline [2][8]. - The overall net profit attributable to shareholders was 22.802 billion yuan, down 5.12% year-on-year, but the decline rate has narrowed compared to the previous year [2][8]. - In Q3 2024, the sector's revenue was 157.983 billion yuan, showing a slight decline of 1.00% year-on-year, while net profit dropped significantly by 30.32% [2][8]. Summary by Sections 1. Overall Industry Performance - The light industry manufacturing sector's revenue showed slight growth in the first three quarters, with a notable improvement in performance compared to the previous year [2][8]. - In Q3 2024, the sector experienced a decline in both revenue and profit, contrasting with the previous quarters [2][8]. 2. Sub-industry Analysis 2.1. Paper Industry - The paper industry reported a revenue of 144.768 billion yuan in the first three quarters of 2024, with a year-on-year increase of 0.54% [20][22]. - The net profit for the paper industry was 4.510 billion yuan, reflecting a significant year-on-year increase of 29.10% [22]. - In Q3 2024, the paper industry faced challenges with a revenue of 47.889 billion yuan, down 4.28% year-on-year, and a net profit of 0.476 billion yuan, down 76.51% [20][24]. 2.2. Home Furnishing Industry - The home furnishing sector's revenue was 136.809 billion yuan in the first three quarters, showing a minimal increase of 0.06% year-on-year [12][13]. - In Q3 2024, the home furnishing sector experienced a revenue decline of 5.01% and a net profit drop of 23.54% [12][14]. 2.3. Export Chain - Light industry export enterprises saw double-digit revenue growth in the first three quarters, with profits also increasing [3][12]. - The export sector's performance was notably better than the overall industry, benefiting from favorable export conditions [3][12]. 3. Investment Recommendations - The report suggests focusing on leading companies in the paper sector, such as Sun Paper and Xianhe Co., as well as key players in the home furnishing sector like Oppein and Sophia [3][12]. - For the export chain, companies benefiting from improved external demand, such as Zhiyou Technology and Lekai Co., are recommended for investment [3][12].