Industry Investment Rating - The report maintains a positive outlook on the home appliance industry, with key companies such as Midea Group (增持), Haier Smart Home (买入), Roborock (增持), Hisense Visual (增持), and Xinbao Electric (增持) receiving favorable ratings [2] Core Views - Strong Export Growth: In October 2024, China's home appliance exports reached 390 million units, a year-on-year increase of 24.9%, with export value in USD terms rising by 23.2% to $8.58 billion [11] - Regional Performance: Emerging markets outperformed developed markets, with Latin America showing better growth than Southeast Asia and Africa, and Europe outperforming North America [18] - Category Performance: Air conditioner exports saw the highest monthly growth in three years, with significant improvements in exports of refrigerators, washing machines, TVs, and vacuum cleaners [14] - Price Trends: Copper and aluminum prices declined in week 47 of 2024, while ABS prices remained flat, and panel prices stayed unchanged [41][48] Key Price Tracking - Copper and Aluminum: Copper prices averaged 74,368 yuan/ton, down 0.95% week-on-week, while aluminum prices averaged 20,618 yuan/ton, down 1.76% week-on-week [41] - Panel Prices: Global panel prices for 65", 55", 43", and 32" sizes remained flat at $171, $124, $63, and $34 per piece, respectively [48] - Shipping Indices: The CCFI composite index and Europe index rose by 2.01% and 3.42% respectively, while the US West index fell by 5.16% in week 47 of 2024 [50] Investment Recommendations - White Goods Leaders: Continued recommendation of leading white goods companies such as Gree Electric, Midea Group, Haier Smart Home, and Hisense Household Appliances [54] - Subsidy-Driven Growth: Positive outlook on Hisense Visual, TCL Electronics, and Ecovacs due to potential subsidy-driven performance elasticity [54] - Kitchen Appliances: Focus on kitchen appliance leaders like Fotile and Vatti [54]
家用电器行业周报：外销景气延续，10月家电出口增长强劲
INDUSTRIAL SECURITIES·2024-11-26 04:50