家电行业周报：出口提速，内销向好

Investment Rating - The industry investment rating is "Increase" [6][29] Core Viewpoints - In October, the home appliance export accelerated with a revenue of $8.58 billion, a year-on-year increase of 22.8%, and a month-on-month increase of 18.3 percentage points [2][10] - The overall export volume reached 388 million units, a year-on-year increase of 24.5%, with a month-on-month increase of 16.6 percentage points [2][10] - The cumulative export revenue from January to October 2024 was $83.85 billion, reflecting a year-on-year growth of 12.9% [2][10] - The performance of the home appliance sector is expected to improve continuously in Q4 2024 and 2025 due to the effectiveness of the old-for-new policy and improving terminal demand [5][24] Summary by Sections 1. Market Performance Tracking - The home appliance industry index rose by 2.32% from November 4 to November 8, ranking 28th among all first-level industries [4][9] - The performance of sub-sectors included white goods up by 0.58%, black goods down by 2.31%, small appliances up by 2.87%, kitchen and bathroom appliances up by 8.55%, lighting equipment up by 8.04%, and home appliance components up by 13.98% [4][9] 2. Fundamental Tracking 2.1 October Home Appliance Export Acceleration - October home appliance exports showed significant acceleration with a revenue of $8.58 billion, a year-on-year increase of 22.8% [2][10] - The average export price decreased by 1.4% year-on-year, but the growth rate improved by 1.8 percentage points compared to the previous month [2][10] - The combined export revenue for September and October was up 12.9% year-on-year, maintaining a double-digit growth trend since April 2024 [2][10] 2.2 Improvement in Domestic Sales of Air Conditioners and Refrigerators - Domestic sales of air conditioners and refrigerators improved in September, with air conditioner sales growing by 7.4% year-on-year [11][19] - The production of air conditioners in September was 12.21 million units, a year-on-year increase of 26.0% [11][19] - The production of refrigerators in September was 8.76 million units, a year-on-year increase of 11.7% [11][19] 3. Industry Data Tracking - In the real estate sector, the number of transactions in 30 major cities increased by 12% year-on-year, and the transaction area increased by 6% year-on-year [3][19] - Raw material prices showed a decline, with LME copper down by 1.08% and aluminum down by 0.50% as of November 8 [22][24] - The exchange rate of USD to RMB was 7.1433, an increase of 0.42% compared to November 1 [22][24] 4. Investment Recommendations - The report suggests focusing on companies such as Haier Smart Home, Midea Group, Boss Electric, Vatti, Roborock, and Feike Electric due to expected performance improvements in the home appliance sector [5][25]