家电行业周报：终端改善，看好板块触底回升

Investment Rating - The report maintains an "Overweight" rating for the home appliance sector [4][5]. Core Viewpoints - The home appliance industry experienced a slowdown in performance growth in Q3 2024, with overall revenue for the first three quarters reaching 1,189.88 billion yuan, a year-on-year increase of 4.3% [10][11]. - In Q3 2024, the revenue was 391.19 billion yuan, showing a year-on-year growth of 1.0%, with a sequential decline of 3.2 percentage points compared to Q2 2024 [10]. - The report highlights that while the black home appliance sub-sector saw a significant increase in growth, other sub-sectors such as white goods, small appliances, and kitchen appliances experienced a decline in growth rates [10][11]. - The net profit attributable to the parent company for the first three quarters of 2024 was 92.72 billion yuan, a year-on-year increase of 5.4%, with Q3 2024 net profit at 30.40 billion yuan, reflecting a slight increase of 0.8% [11]. Summary by Sections 1. Market Performance Tracking - The home appliance industry index fell by 2.89% from October 28 to November 1, ranking 28th among all first-level industries [9]. - The performance of various sub-sectors during this period included declines in white goods (-4.53%), small appliances (-9.22%), and kitchen appliances (-1.57%), while black appliances saw an increase of 16.08% [9]. 2. Fundamental Tracking 2.1 Q3 2024 Performance Slowdown - The report notes a continued slowdown in revenue growth across most sub-sectors, with specific year-on-year growth rates for Q3 2024 being: white goods (-0.4%), black appliances (10.3%), small appliances (3.1%), kitchen appliances (-16.3%), lighting equipment (-4.2%), and appliance components (3.9%) [10]. 2.2 Improvement in September Sales - Data from September indicates a recovery in domestic sales for air conditioners and refrigerators, with air conditioner production reaching 12.21 million units, a year-on-year increase of 26.0% [12][20]. - Refrigerator production in September was 8.76 million units, up 11.7% year-on-year, while washing machine production was 8.20 million units, reflecting a 3.3% increase [20]. 3. Industry Data Tracking - The report highlights a 13% year-on-year increase in the number of transactions for commercial housing in 30 major cities, with a 20% increase in transaction area [21]. - Raw material prices have seen slight increases, with LME copper and aluminum prices rising by 0.43% and 0.50%, respectively, as of November 1 [23]. 4. Investment Recommendations - The report suggests focusing on companies such as Haier Smart Home, Midea Group, Gree Electric Appliances, Boss Electric, Vatti, Roborock, and Feike Electric, anticipating improved performance in Q4 2024 and 2025 due to the positive effects of the old-for-new policy [5][25].