家电行业行业周报：特朗普胜选引发关税隐忧，龙头估值吸引力回升

Investment Rating - The report maintains a "Neutral" rating for the home appliance industry [3]. Core Views - The home appliance sector is expected to benefit from domestic demand support and a recovery in overseas demand, leading to a sustained upward trend in industry prosperity. Current valuations of industry leaders still possess a safety margin [2][27]. - The report recommends focusing on white goods leaders that are likely to benefit from improvements in both domestic and export sales, specifically highlighting Midea Group (000333.SZ) and Haier Smart Home (600690.SH), as well as kitchen appliance leaders like Robam Appliances (002508.SZ) and Vatti Corporation (002035.SZ) [2][27]. Summary by Sections Market Review - The home appliance index rose by 2.32% from November 4 to November 8, underperforming the CSI 300 index, which increased by 5.50%. The cumulative annual return of the home appliance index as of November 8 was 27.27%, outperforming the CSI 300 index by 6.08 percentage points [1][8]. - Among the sub-sectors, the performance of home appliance components was notable, with returns of 13.98%, while white goods, black goods, small appliances, kitchen and bathroom appliances, and lighting equipment had returns of 0.58%, -2.31%, 2.87%, 8.55%, and 8.04% respectively [1][10]. Industry Data Tracking and Latest Insights - Retail data for the week of October 28 to November 3, 2024, showed a decline in online retail sales and volumes for air conditioners, refrigerators, and washing machines, with year-on-year changes of -1.52%/-6.38%, -42.76%/-38.20%, and -42.64%/-31.40% respectively. The average prices showed mixed results [1][17]. - Following the U.S. elections, there is uncertainty regarding export tariffs, which may impact investment sentiment in the export chain. However, domestic consumption policies are expected to strengthen internal sales support [1][18]. Valuation Insights - As of November 8, 2024, the price-to-earnings ratio (TTM) for the home appliance sector was 17.76, reflecting a 2.74% increase from the previous week and nearing the historical average of 17.84 since 2008. The valuation of the black goods sector has increased by 58.39% year-to-date [1][14].