家用电器行业专题研究：从海外龙头2024Q3财报评估家电外销走势

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [7]. Core Insights - The overseas home appliance market continues to show recovery trends, with U.S. core appliance shipments increasing by 5% year-on-year in Q3 2024, while Western Europe saw a slight decline of 1% [11][24]. - China's home appliance exports grew by 17% in volume and 11% in both USD and RMB terms in Q3 2024, indicating strong demand [12][37]. - Major overseas companies reported improved revenue and profitability in Q3 2024, with most maintaining or raising their annual forecasts [13][14]. Summary by Sections Overseas Home Appliance Demand - U.S. core appliance shipments increased by 5% year-on-year, while Western Europe experienced a decline of 1% [11][24]. - The U.S. retail sector for home appliances is gradually recovering, with low inventory levels and no signs of restocking [30]. China's Home Appliance Exports - In Q3 2024, China's home appliance exports rose by 17% in volume, with significant increases in air conditioners (+38%), refrigerators (+14%), washing machines (+10%), and color TVs (+11%) [12][37]. - The outlook for continued strong export growth is supported by improving demand in mature markets and low inventory levels [12][37]. Performance of Overseas Leaders - Most overseas companies reported improved revenue growth and profitability in Q3 2024, with nine out of fourteen companies showing sequential growth [13]. - The HVAC segment continues to outperform consumer appliances, with many companies experiencing double-digit growth [13]. Conclusion and Recommendations - The report suggests that the home appliance sector will maintain a favorable growth trajectory, driven by strong export performance and improving overseas demand [14]. - Recommended stocks include leading white goods manufacturers such as Midea Group, Gree Electric Appliances, and Haier Smart Home, as well as companies in the post-cycle segment like Vatti Corporation and Boss Electric [14].