家用电器行业：三季报披露完毕，Q4有望底部改善

Investment Rating - The industry rating is "Hold" as of November 3, 2024 [4]. Core Insights - The home appliance sector's Q3 2024 total revenue reached 357.1 billion yuan, a year-on-year increase of 1.7%, with a net profit of 31.3 billion yuan, reflecting a 0.7% increase year-on-year. The gross margin was 26.4%, down 1.5 percentage points year-on-year, and the net profit margin was 8.8%, down 0.1 percentage points year-on-year [2][15][17]. - Revenue is expected to improve in Q4 2024, driven by policy support and promotional activities, with domestic sales likely to recover following a 10.5% year-on-year increase in retail sales in Q3 [2][16]. - The profitability of the sector has declined for the first time in three years, with the gross margin and net profit margin both decreasing. However, white goods have shown resilience with a net profit margin increase of 0.8 percentage points [2][17]. Summary by Sections Investment Recommendations - White goods are expected to maintain stable growth, benefiting from the trade-in policy. Recommended stocks include Haier Smart Home, Hisense Home Appliances, and Gree Electric. Companies like Hisense Visual, Boss Appliances, and Roborock are also expected to benefit from the recovery in domestic demand [3][20]. Weekly Market Review (October 28 - November 1, 2024) - The Shanghai and Shenzhen 300 index fell by 1.7%, while the home appliance sector index dropped by 2.9%. The black appliance index rose by 16.1%, and the white appliance index fell by 4.5% [3][21]. Industry Performance Data - For Q1-Q3 2024, the sector's total revenue was 1,085 billion yuan, up 5.3% year-on-year, with a net profit of 95.5 billion yuan, up 7.7% year-on-year. The gross margin was 26.8%, down 0.2 percentage points year-on-year, and the net profit margin was 8.8%, up 0.2 percentage points year-on-year [15][18]. Sales Data Overview - In the week of October 21-27, 2024, significant year-on-year increases were observed in offline and online sales across major appliance categories, including air conditioners (offline +82.2%, online +47.1%), refrigerators (offline +79.5%, online +72.3%), and washing machines (offline +68.7%, online +68.4%) [22][23]. Price Trends - As of November 2024, the prices of major panel sizes have slightly decreased, indicating potential cost pressures in the industry [10]. Company Performance - The report covers 62 listed companies in the home appliance sector, with specific mentions of white goods, kitchen appliances, small appliances, and black appliances, highlighting their respective performances and market positions [14][20].