家电行业24年三季报总结：24Q3业绩增长放缓，政策驱动改善将至

Investment Rating - The investment rating for the home appliance industry is "Maintain Buy" [5] Core Viewpoints - The overall revenue growth of the home appliance industry slowed down in Q3 2024, but an improvement is expected in Q4 2024 due to the effects of the old-for-new policy [2] - In Q3 2024, the total revenue of the home appliance industry was 391.19 billion yuan, with a year-on-year growth of 1.0%, marking a decline of 3.2 percentage points from Q2 2024 [2] - The gross margin for the home appliance industry in Q3 2024 was 24.8%, a year-on-year decrease of 1.5 percentage points, continuing the downward trend since Q2 2024 [3] - The net profit attributable to the parent company for the home appliance industry in Q3 2024 was 30.40 billion yuan, with a year-on-year growth of 0.8%, indicating a slowdown in growth [4] Summary by Sections Revenue Performance - In the first three quarters of 2024, the overall revenue of the home appliance industry reached 1,189.88 billion yuan, with a year-on-year growth of 4.3% [2] - The revenue growth rates for various sub-sectors in Q3 2024 were as follows: white goods 0.4%, black goods 10.3%, small appliances 3.1%, kitchen and bathroom appliances -16.3%, lighting equipment -4.2%, and appliance components 3.9% [2] Gross Margin Analysis - The overall gross margin for the home appliance industry in the first three quarters of 2024 was 25.2%, a year-on-year decrease of 0.2 percentage points [3] - The gross margins for sub-sectors in Q3 2024 were: white goods 26.7%, black goods 12.3%, small appliances 30.6%, kitchen and bathroom appliances 41.0%, lighting equipment 27.6%, and appliance components 19.4% [3] Profitability Insights - The overall net profit margin for the home appliance industry in Q3 2024 was 7.9%, a year-on-year decline of 0.2 percentage points [4] - The net profit growth rates for sub-sectors in Q3 2024 were: white goods 9.5%, black goods 2.5%, small appliances 6.5%, kitchen and bathroom appliances 8.5%, lighting equipment 6.5%, and appliance components 6.3% [4] - The net profit attributable to the parent company for the first three quarters of 2024 was 92.72 billion yuan, with a year-on-year growth of 5.4% [4] Investment Recommendations - The report suggests focusing on companies such as Haier Smart Home, Midea Group, Gree Electric Appliances, Robam Appliances, Vatti Corporation, Roborock Technology, and Feike Electric [5]