家用电器：10月家电出口提速，前景可期

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry [3][4]. Core Viewpoints - In October, home appliance exports increased by 22.8%, showing a significant month-on-month acceleration, with total export revenue reaching $8.58 billion [2]. - The overall export volume for home appliances in October was 388 million units, a year-on-year increase of 24.5% [2]. - The average export price for home appliances decreased by 1.4% year-on-year, but the growth rate improved by 1.8 percentage points compared to the previous month [2]. - The cumulative export revenue from January to October 2024 reached $83.85 billion, reflecting a year-on-year growth of 12.9% [2]. - The production and export of air conditioners are expected to see significant growth in November and December, with production for November projected at 8.995 million units, a 65.5% increase year-on-year [2]. - The report highlights that the recent "old-for-new" policy has positively impacted domestic sales, with retail sales of home appliances and audio-visual equipment increasing by 20.5% year-on-year in October [3]. Summary by Sections Export Performance - October home appliance export revenue was $8.58 billion, up 22.8% year-on-year, with a month-on-month acceleration of 18.3 percentage points [2]. - The total export volume was 388 million units, a 24.5% increase year-on-year, with a month-on-month acceleration of 16.6 percentage points [2]. - The cumulative export revenue for January to October 2024 was $83.85 billion, reflecting a 12.9% year-on-year growth [2]. Production and Sales Outlook - Air conditioner export production for November is projected at 8.995 million units, a 65.5% increase year-on-year, with December expected to reach 10.88 million units, a 48.5% increase [2]. - Refrigerator and washing machine export production also showed stable growth, with November production for refrigerators at 3.88 million units (up 4.5% year-on-year) and for washing machines at 3.4 million units (up 5.1% year-on-year) [2]. - The report anticipates continued improvement in the home appliance sector's performance in Q4 2024 and into 2025, driven by positive domestic demand trends [3].