家用电器：当“双11”遇见“以旧换新”，内销景气突出

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the home appliance industry [2][6]. Core Insights - The home appliance sector has shown strong performance during the recent "Double 11" shopping festival, with traditional categories experiencing both volume and price increases, while new categories are poised for growth opportunities. The "trade-in" policy has led to a significant acceleration in domestic sales growth, with expectations for the expansion of subsidy categories and scales, indicating a potential release of demand for industry upgrades [2][6]. Summary by Sections Sales Performance - During the "Double 11" period from October 14 to November 11, 2024, the sales revenue for home appliances reached 193 billion yuan, accounting for 16.3% of total sales across all categories, ranking first [2][6]. - The home appliance sector's retail sales growth was remarkable, with a year-on-year increase of 45% in early November, and the number of consumers participating in the "trade-in" program exceeding 20 million [2][6]. Price and Structure - The average price of major home appliance categories increased significantly during the "Double 11" event, with the average price of eight major appliance categories reaching 4,538 yuan, well above the average retail price of 3,053 yuan from January to August [2][6]. Brand Performance - Major brands like Midea and Haier reported robust growth, with Midea's retail sales increasing by over 30% and generating over 10 billion yuan in revenue during the event. Haier maintained the highest market share in online sales for refrigerators and water heaters [2][6]. - Emerging brands in the small appliance sector, such as Chase and Roborock, also demonstrated impressive sales growth, with Chase achieving a GMV of over 3.2 billion yuan during the "Double 11" period [2][6]. Future Outlook - The report suggests that the home appliance industry is entering a phase of accelerated growth driven by the "trade-in" policy, with expectations for further expansion of subsidy programs. The report continues to recommend leading brands in the white goods sector, such as Midea, Gree, and Haier, as well as emerging players in the small appliance market [2][6].