家电行业周报：家电以旧换新销售额突破两千亿，美的巴西全新制造基地正式量产

Investment Rating - The report maintains a "Positive" outlook on the home appliance industry, highlighting its recent performance against the Shanghai and Shenzhen 300 Index [3][14]. Core Insights - The home appliance sector has shown resilience, with a 1.1% increase in the sector index while the Shanghai and Shenzhen 300 Index decreased by 1.0% during the same period [3][14]. - The sales revenue from the national home appliance replacement program has exceeded 200 billion yuan, indicating a rapid acceleration in consumer demand [4][19]. - Midea's new manufacturing base in Brazil has officially commenced production, with an investment exceeding 700 million yuan and an annual capacity of over 1 million units [4][18]. Industry Dynamics - Midea's new factory in Brazil is built to "lighthouse factory" standards, utilizing innovative technologies such as automated production processes and AI to ensure efficient and sustainable manufacturing [4][18]. - The national home appliance replacement program has seen significant uptake, with 29.638 million consumers purchasing 45.85 million units, generating sales of 20.197 billion yuan, with over 90% of sales attributed to energy-efficient products [4][19]. - The time taken to reach 1 billion yuan in sales was 79 days, while the subsequent 1 billion yuan took only 40 days, indicating a surge in consumer replacement demand [4][19]. Data Observations - In November 2024, air conditioner sales saw a substantial increase, with online sales rising by 12.8% to 2.84 million units and offline sales increasing by 67.6% to 635,000 units [5][35]. - The average price of air conditioners also increased, with online prices rising by 5.5% to 3,147 yuan per unit and offline prices increasing by 7.0% to 4,831 yuan per unit [5][35]. - For kitchen appliances, the online sales of dishwashers rose by 24.7% to 240,000 units, while offline sales increased by 36.3% to 46,000 units [5][40]. Investment Highlights - Three main investment themes are identified: 1. White goods, benefiting from favorable real estate policies and the potential for price and volume growth due to the replacement program [6]. 2. Export opportunities driven by large customer orders, particularly for companies like Ousheng Electric and Dechang Shares [6]. 3. Core components, with increased demand for key parts driven by the robust performance of the white goods sector, recommending companies like Huaxiang Shares and Shun'an Environment [6].