家电行业周报：光峰、极米获得新定点，双十一大家电全渠道销售量额齐增

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating that the sector has outperformed the CSI 300 index during the week [1][6]. Core Insights - The report highlights that the Double Eleven sales event saw a significant increase in both volume and value across all channels for major appliances, with expectations for high growth in Q4 2024 [2][14]. - Key companies such as XGIMI and Guangfeng Technology received new project designations, indicating potential growth opportunities [2][15]. Summary by Sections Industry Dynamics - The report notes that the Double Eleven event resulted in a simultaneous increase in volume and value for major appliances, with Q4 2024 expected to show high growth. Air conditioning is projected to grow by 27.9% in Q4, despite an annual decline of 1.9%, while the refrigerator and washing machine markets are expected to grow by 10.8% and 7.7% respectively [2][14]. - Guangfeng Technology and XGIMI have received new project designations from major automotive manufacturers, which could enhance their market positions [15][53]. Data Observations - In October 2024, air conditioning sales saw a significant increase, with online sales rising by 40.1% to 2.56 million units and offline sales increasing by 96.6% to 655,000 units. The average price for online air conditioning units rose by 5.7% to 3,161 yuan per unit, while offline prices increased by 9.1% to 4,932 yuan per unit [3][30]. - The kitchen appliance sector also performed well, with online sales of range hoods increasing by 27.4% to 1.275 million units and dishwashers seeing a 60.4% rise in online sales to 264,000 units [3][39]. Investment Highlights - The report identifies three main investment themes: 1. White goods, benefiting from favorable real estate policies and the potential for a "trade-in" program to stimulate sales. The report recommends companies like Hisense, Midea, and Gree for their strong growth potential [4]. 2. Export orders are recovering, with companies like Supor and Stone Technology expected to benefit from increased overseas demand [4]. 3. Core components are seeing increased demand due to the robust performance of white goods, with recommendations for companies like Huaxiang and Shun'an Environment [4]. Macro Economic Environment - As of November 22, 2024, the USD to RMB exchange rate has increased by 1.66% since the beginning of the year, which may impact import costs for raw materials [45]. - The report also notes that retail sales in October 2024 reached 4.5396 trillion yuan, reflecting a year-on-year increase of 4.8% [47].