轻工制造行业24Q3综述：顺周期筑底，深挖国货、出海亮点

Investment Rating - The industry investment rating is optimistic [2] Core Viewpoints - The report highlights that the light industry is experiencing a cyclical bottoming, with significant opportunities in domestic brands and export-oriented companies [5][6] - The outlook for Q4 2024 indicates a positive trend in orders driven by old-for-new subsidies and favorable second-hand housing transaction data [5][24] Summary by Sections Performance Overview - In Q3 2024, the home goods sector saw a revenue decline of 4.42% year-on-year, with net profit decreasing by 24% [6] - The paper industry experienced a revenue drop of 3.99% year-on-year, with net profit declining by 74.8% due to falling pulp prices and weakened demand [6] - The packaging sector reported a slight revenue increase of 0.2% year-on-year, while net profit decreased by 3.98% [6] - The cultural and entertainment products sector had a revenue growth of 8.34% year-on-year, but net profit fell by 15.12% [7] - Personal care products saw an 8.45% increase in revenue year-on-year, but net profit dropped by 72.41% [7] Fund Holdings Analysis - The fund holding ratio for the light industry sector decreased to 2.50%, down 0.48 percentage points from Q2 2024 [12] - Among the sub-sectors, the paper and packaging sectors saw slight increases in fund holdings, while home goods and personal care products experienced declines [12] Institutional Holdings - The top five companies by fund holdings in the light industry are Sun Paper, Morning Glory, Bull Group, Gujia Home, and Sophia [16] - Notable increases in institutional holdings were observed in Sun Paper, Bull Group, and Gujia Home [16] Price Performance - The report identifies the top five companies with the highest price increases since the beginning of 2024, including Pop Mart and Hujiang Materials [21]