家电：乘风破浪，稳中求胜

Investment Rating - The report indicates a positive outlook for the industry, with expectations for revenue and profit growth in Q4 2024 due to effective government subsidies stimulating consumer demand [3][7]. Core Insights - The industry showed steady performance in the first three quarters of 2024, with total revenue reaching 1,128.79 billion yuan, a year-on-year increase of 5.1%, and net profit of 64.2 billion yuan, up 10.2% [7]. - Key variables for 2025 include government subsidies and tariffs, which are expected to influence market dynamics significantly [51]. - The white goods sector is well-positioned to resist operational risks due to global diversification, with high dividend yields and low valuations providing a safety margin [57]. - The small appliance segment is highlighted for its high-growth potential in specific niches, focusing on growth opportunities [51]. - The kitchen appliance sector is expected to benefit from favorable policies, leading to a sustained recovery in market sentiment [51]. - The black goods sector anticipates stabilization in panel prices in the short term, with long-term improvements in market structure [51]. Summary by Sections Industry Performance - The industry maintained robust performance in the first three quarters, with Q4 2024 expected to see a rebound in revenue and profit growth driven by government subsidies [3][7]. Policy Variables - The report emphasizes the importance of government subsidies and tariffs as critical factors influencing the industry in 2025 [51]. White Goods Sector - The white goods sector benefits from global diversification strategies, high dividend yields, and low valuations, which provide a safety margin against operational risks [57]. Small Appliances Sector - The small appliance segment is advised to focus on high-growth niches, with continued strong performance expected [60]. Kitchen Appliances Sector - The kitchen appliance market is anticipated to recover as it aligns with supportive policies, fostering positive market sentiment [51]. Black Goods Sector - The black goods sector is projected to see short-term stabilization in panel prices, with long-term structural improvements expected [51].