家电行业周报：三大白电12月排产数据发布，小米首座智能家电工厂奠基开工

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly focusing on the white goods sector, which is characterized by low valuation, high dividends, and stable growth [6]. Core Insights - The report highlights significant production increases in major home appliances for December 2024, with air conditioners expected to see a 31.7% year-on-year increase in production, refrigerators up 15%, and washing machines up 9% [3][17]. - Xiaomi has commenced construction of its first smart home appliance factory, which is expected to be completed by November 2025 and enter mass production in 2026, indicating a strategic move towards smart manufacturing [3][18]. - The report identifies three main investment themes: white goods benefiting from favorable real estate policies, export orders recovering, and core component demand exceeding expectations due to the overall industry growth [6]. Summary by Sections Industry Dynamics - December 2024 production forecasts show a total of 33.98 million units for air conditioners, refrigerators, and washing machines, marking a 21.7% increase from the previous year [3][17]. - Xiaomi's new factory project spans 751 acres and aims for large-scale production by 2026, enhancing its competitive edge in smart appliances [3][18]. Data Observations - In October 2024, sales of cleaning appliances like robotic vacuums and washing machines declined, with robotic vacuum sales down 3.83% year-on-year and washing machines down 5.69% [4][33]. - Personal care products showed mixed results, with hairdryer sales down 2.88% but revenue up 0.86%, while electric shaver sales fell 12.97% [5][40]. Investment Highlights - The report emphasizes the white goods sector's resilience, with a recommendation for companies like Hisense, Midea, and Gree, which are expected to benefit from both domestic and export growth [6]. - The report also suggests investing in companies like Supor and Stone Technology, which are poised for significant revenue growth due to strong demand and new product launches [6]. Macro Economic Environment - As of November 29, 2024, the USD to RMB exchange rate has increased by 1.56% since the beginning of the year, impacting import costs for raw materials [48][49]. - The report notes a 32.9% year-on-year increase in residential property sales area in October 2024, indicating a recovering real estate market that could benefit home appliance sales [52].