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Investment Rating - The report maintains a positive outlook on the light industry sector, particularly focusing on home furnishings and paper manufacturing [1]. Core Insights - The third quarter of 2024 saw a decline in domestic demand for light industry products, but there is an expectation for marginal improvement in future demand. Export growth in Q3 remains supported, with individual stocks showing stable profitability against disruptions [1]. - In the home furnishings sector, external sales significantly outperformed domestic sales, with a notable revenue increase for external sales companies [1]. - The report highlights the ongoing recovery in packaging demand, with a narrowing decline in revenue for leading packaging companies in Q3 [1]. Summary by Relevant Sections Home Furnishings - In Q3 2024, domestic sales for home furnishings companies declined, but the drop was less severe than for customized products. External sales showed a significant increase, with companies like Xiangxin and Yongyi performing exceptionally well [5][6]. - The gross profit margin for home furnishings companies in Q3 was 29.2%, down 3.0 percentage points year-on-year, indicating pressure on profitability [7][8]. Light Industry Consumption - Overall domestic demand is under pressure, but high-quality growth companies are gaining market share. Despite a slowdown in income growth, companies like Baiya and Ninebot still achieved high year-on-year growth [1][5]. - The report notes that companies are increasing their expenditure on marketing and operations, leading to profit growth lagging behind revenue growth [1]. Exports - Q3 2024 saw strong demand for exports, with key export companies reporting a 21.4% year-on-year revenue increase. The report emphasizes that certain stocks are mitigating the negative impacts of currency fluctuations through product structure upgrades [1][5]. Packaging - The revenue decline for major packaging companies narrowed in Q3 2024, with a year-on-year decrease of only 1.3%. The report indicates that the profit margin for plastic packaging achieved positive growth due to improved operational efficiency [1][5]. Paper Manufacturing - The report notes a stabilization in paper prices after a previous decline, with expectations for improved industry dynamics as demand increases for certain paper products [1][5].