10月家电数据点评：补贴拉动成效显著，多品类内需高增

Investment Rating - The report maintains a positive investment rating for the home appliance industry, recommending "Overweight" for key companies such as Midea Group, Haier Smart Home, and Hisense Visual [2][3]. Core Insights - The home appliance sector experienced significant growth in October 2024, with retail sales increasing by 39.2% year-on-year, driven by government subsidies and promotional activities [2][3]. - The report highlights strong performance across various segments, particularly in white goods and smart home appliances, with expectations for continued growth in Q4 2024 due to the "trade-in" policy [2][3]. Summary by Sections 1. White Goods: Positive Outlook with Strong Air Conditioning Performance - Air conditioning sales saw substantial growth, with online retail sales reaching CNY 4.447 billion, a year-on-year increase of 48.1%, and offline sales at CNY 3.292 billion, up 113.9% [12][13]. - Midea's market share improved, with online sales growth of 53.5% and offline sales growth of 119.5% [12][13]. 2. Refrigerators: Improved Market Conditions - Online sales for refrigerators reached CNY 7.669 billion, up 51.7% year-on-year, while offline sales were CNY 4.251 billion, increasing by 85.7% [14][16]. - Haier maintained its leading position, with market share gains for Hisense and Midea [14][16]. 3. Washing Machines: Growth in Offline Sales - Online sales for washing machines were CNY 4.765 billion, a 25.2% increase, while offline sales reached CNY 2.688 billion, up 78.8% [17][20]. - Haier's market share improved, with significant growth in offline sales [17][20]. 4. Color TVs: Accelerated Growth and Market Share Gains - Online sales for color TVs reached CNY 7.057 billion, a 54.9% increase, while offline sales were CNY 2.949 billion, up 82.1% [22][23]. - Hisense and TCL saw market share increases, with Hisense's share rising to 31.2% online and 34.5% offline [22][23]. 5. Kitchen Appliances: Overall Improvement - Online sales for range hoods reached CNY 2.055 billion, up 40.6%, while offline sales were CNY 0.963 billion, increasing by 116.9% [26][29]. - The report notes strong performance from leading brands like Boss and Fotile, with significant market share in both online and offline channels [26][29]. 6. Robot Vacuums: Strong Market Performance - Online sales for robot vacuums reached CNY 3.993 billion, a remarkable 129.6% increase, with significant growth in unit sales [2][3]. - The report highlights the differentiated performance of leading brands, with Stone Technology showing steady market share growth [2][3].