家用电器行业投资策略周报：10月空调内外销均高速增长

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - In October 2024, the air conditioning production reached 14.06 million units, a year-on-year increase of 48.0%, while sales were 12.87 million units, up 37.9% year-on-year. Domestic sales accounted for 6.29 million units, increasing by 24.1%, and external sales were 6.58 million units, up 54.3% year-on-year [30][31] - The report recommends investing in companies such as Haier Smart Home and Hisense Home Appliances, which are expected to benefit from the policy of replacing old appliances with new ones. Other recommended companies include Hisense Visual, Aima Technology, Yadea Holdings, and XGIMI Technology, which are also expected to benefit from domestic demand recovery [37][61] - The report highlights a significant increase in retail data for major appliances during the week of November 11-17, 2024, with air conditioning offline sales up 319.2% and online sales up 252.9% year-on-year [47] Summary by Sections Investment Recommendations - The white goods sector shows steady growth with stable ROE and high dividend advantages, likely benefiting from the old-for-new policy [37] Weekly Market Review (November 18-22, 2024) - The Shanghai and Shenzhen 300 index fell by 2.6%, while the home appliance sector index decreased by 2.1% [42][46] Industry Overview - The report notes that in October 2024, the cumulative production of air conditioners from January to October was 166.7 million units, a year-on-year increase of 15.5%, with cumulative sales of 167.71 million units, up 14.6% year-on-year [30][31] - The report discusses the trend of Chinese home appliance companies expanding into emerging markets, with exports to Latin America and Africa showing significant growth [61][63]