家电行业周报：九阳预计25年关联交易1.26亿美元，10月空调出口北美市场高增

Investment Rating - The report maintains a positive outlook on the home appliance sector, with the sector index rising by 3.0% compared to a 1.4% increase in the CSI 300 index during the same period [3][10]. Core Insights - The report highlights significant growth in air conditioning exports to North America, with a 43.9% increase in October 2024, driven by low base effects and the U.S. elections [4][17]. - The report emphasizes the strong performance of major companies in the sector, with notable gains from Sanhua Intelligent Controls (7.2%), XGIMI Technology (6.7%), and Roborock Technology (5.4%) [3][12]. Summary by Sections Industry Dynamics - Air conditioning exports saw a substantial increase, with North America growing by 43.9% and Latin America by 46.5% in October 2024 [4][17]. - The report notes that the home appliance sector has shown resilience, with significant sales figures reported for various appliances [33][40][43]. Data Observations - In October 2024, the air conditioning industry produced 14.06 million units, a year-on-year increase of 48.03%, with total sales reaching 12.87 million units, up 37.91% [5][33]. - The refrigerator sector also experienced growth, with production at 9.16 million units (up 17.13%) and sales at 8.85 million units (up 13.09%) [40]. - The washing machine sector reported production of 9.23 million units, reflecting a 16.55% increase, and sales of 9.31 million units, up 17.58% [43]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and the "trade-in" program, with a focus on leading companies like Midea, Haier, and Gree [7]. 2. Export-driven companies such as Ousheng Electric and Dechang Shares, which are expected to see revenue growth from large customer orders [7]. 3. Core component manufacturers like Huaxiang Shares and Shun'an Environment, which are positioned to benefit from increased demand in the white goods sector [7].