家用电器行业周报：空调10月内销大幅提速，出口增长强劲

Investment Rating - The investment rating for the home appliance industry is "Recommended" [3][37]. Core Insights - In October, domestic sales of home air conditioners saw a significant increase, with retail volume up by 29% year-on-year, indicating that channel inventory depletion has ended and shipments are expected to continue to show elasticity [3][8]. - The export volume of home air conditioners in October increased by 54.3% year-on-year, maintaining high growth despite a high base from the previous year, with leading companies experiencing rapid growth in export orders [3][8]. - The overall market performance of the home appliance sector was down by 2.1% in the previous week, ranking 19th among 31 first-level industries in the Shenwan classification [3][10]. Industry Performance Update - In October 2024, total air conditioner sales reached 12.87 million units, a year-on-year increase of 37.9%, with domestic sales at 6.29 million units (up 24.1%) and exports at 6.58 million units (up 54.3%) [8][14]. - The retail end shows that leading brands like Gree and Midea have maintained a stable pricing strategy, with online average prices down by 3% year-on-year [8]. - The outlook for the industry remains positive, with expectations for continued growth in both domestic and export markets, driven by replacement demand and favorable market conditions [9]. Stock Dynamics - The home appliance sector's price-to-earnings ratio (TTM) as of November 22, 2024, is 15x, ranking 26th among 31 first-level industries, indicating a relatively low valuation [3][10]. - Notable stock performances include significant gains for companies like Sichuan Jiuzhou (+60.99%) and Aishida (+51.78%), while companies like Biyi (-15.76%) and Fujia (-12.44%) faced declines [10]. Industry Data Tracking - Air conditioner sales data for October 2024 shows a total of 12.87 million units sold, with domestic sales at 6.29 million units and exports at 6.58 million units [14]. - Other home appliance categories, such as refrigerators and washing machines, also showed positive growth trends in sales [15][16].