家电行业周报：国补叠加平台优惠，双十一家电销售高增

Investment Rating - The report maintains a "Recommended" investment rating for the home appliance industry [2]. Core Insights - The 2024 Double Eleven sales event saw a significant increase in home appliance sales, reaching a total of 1,930 billion yuan, a year-on-year growth of 26.5%, making it the top-performing category during the event [2][50]. - The overall online sales during the Double Eleven period reached 14,418 billion yuan, marking a 26.6% increase compared to the previous year [2][46]. - The report highlights that the home appliance sector benefits from national subsidies and platform discounts, which have driven sales growth [5][50]. Summary by Sections 1. Sales Performance - The home appliance category led the market with a sales volume of 1,930 billion yuan during Double Eleven, achieving the highest growth rate among the top 10 categories [50]. - Live-streaming e-commerce platforms, such as Douyin and Kuaishou, experienced remarkable growth, with sales reaching 332.5 billion yuan, a 54.6% increase year-on-year [46][50]. 2. Market Trends - The home appliance sector's sales accounted for 66.8% of the total sales during Double Eleven, indicating strong consumer demand [50]. - Major platforms like JD.com and Tmall accounted for 76.9% of the sales, with JD.com leading in the home appliance category with a 44% market share [54][55]. 3. Stock Market Performance - The home appliance sector index fell by 1.50% during the week of November 11-15, 2024, outperforming the CSI 300 index by 1.80 percentage points [60]. - The report notes that the price-to-earnings (P/E) ratio for the home appliance industry is 15 times, ranking it 25th among 28 primary industries, indicating relatively low valuation levels [60][64]. 4. Company Performance - Leading companies such as Midea and Haier reported significant sales growth driven by trade-in policies, with Midea's retail sales increasing by over 30% [55]. - Other brands like Roborock and Dreame saw sales growth exceeding 100% during the event, showcasing strong performance in the small appliance segment [55][56].