家电行业周报：房地产销售数据景气提升，欧圣电气等发布24年业绩预告

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "Buy" rating for key players in the sector [3]. Core Insights - The home appliance sector is expected to benefit from a rebound in the real estate market and the implementation of old-for-new policies, which will stimulate demand for appliances [61][63]. - Key companies such as Eu Sheng Electric and Feike Electric have released optimistic earnings forecasts for 2024, with Eu Sheng Electric projecting a net profit increase of 40%-55% [11][49]. - The report highlights significant sales growth in air conditioning and kitchen appliances, with online and offline sales showing substantial year-on-year increases [27][29]. Summary by Sections Sales Data - In December 2024, air conditioning sales reached 136,000 units online (up 29.3% YoY) and 46,900 units offline (up 84.3% YoY) [27]. - Kitchen appliances also saw strong performance, with range hood online sales at 526,000 units (up 35.7% YoY) and offline sales at 146,000 units (up 90.4% YoY) [29]. Company Performance - Eu Sheng Electric expects a net profit of 244.8 million to 271.0 million yuan for 2024, a growth of 40%-55% [11]. - Feike Electric anticipates a net profit of 464 million yuan for 2024, a decline of 54.45% [49]. Market Trends - The real estate market is showing signs of recovery, with new home sales declining only 23% year-on-year, indicating a narrowing of the decline [10]. - The report notes that the old-for-new policy will expand the range of appliances eligible for subsidies, further boosting market demand [63]. Component Data - In November 2024, the sales of key components such as rotary compressors and electronic expansion valves saw significant increases, with rotary compressors up 32.1% YoY [17]. Economic Environment - The report indicates a stable macroeconomic environment, with the USD/CNY exchange rate showing minimal fluctuation [36].