家用电器行业跟踪报告：家电行业2024年三季度业绩综述

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [1][30]. Core Insights - The overall performance growth of the home appliance industry further declined in Q3 2024 due to weak domestic sales and rising raw material prices. However, the implementation of the trade-in policy is expected to boost domestic sales in Q4 [1][28]. - The report suggests continuous attention to leading white goods companies with strong domestic and foreign sales performance, as well as opportunities for valuation recovery in real estate-related stocks due to ongoing supportive policies [1][28]. Summary by Sections 1. Q3 2024 Performance Overview - The home appliance industry achieved a revenue scale of CNY 1,140.85 billion in the first three quarters of 2024, representing a year-on-year growth of 4.6%, which is a slowdown compared to the first half of the year. The revenue growth rates for various segments are as follows: small appliances (7.9%), appliance components (5.31%), white goods (5.28%), black goods (3%), lighting equipment (-3.4%), and kitchen and bathroom appliances (-7.1%) [1][10]. - The profit scale for the home appliance industry in the first three quarters of 2024 was approximately CNY 90.52 billion, with a year-on-year increase of 5.9%. White goods maintained a double-digit profit growth of 13.2%, while other segments experienced declines [1][10]. 2. Domestic and Foreign Sales Situation 2.1 Domestic Sales - The implementation of the trade-in policy has significantly strengthened domestic sales, with retail sales of home appliances growing by 4.4% year-on-year in the first nine months of 2024. In September, the growth rate surged to 20.5% [1][22]. 2.2 Foreign Sales - The export value of home appliances in the first nine months of 2024 increased by 16.1% year-on-year, with strong performance in air conditioners, refrigerators, washing machines, vacuum cleaners, and televisions, all achieving double-digit growth rates [1][26].