新春看消费之家电篇：只属于白电的狂欢

Investment Rating - The report indicates a strong performance in the home appliance industry, with an overall annual increase of 25.4%, outperforming the Shanghai Composite Index by approximately 12.8 percentage points, ranking 4th among 31 industry categories [6]. Core Insights - The home appliance industry is experiencing a significant boost due to the "old-for-new" policy, which provides cash subsidies for eight categories of traditional appliances, leading to a recovery in profit expectations [3][4]. - The market saw a surge of over 30% in just one month following the implementation of the "old-for-new" policy and a subsequent market-wide rally [3]. - The report highlights the importance of export growth, particularly in mature markets, which has driven the performance of export-oriented appliance companies [2]. Company Summaries Midea Group - Midea Group's stock price increased by 43.7%, outperforming the appliance industry by 18.3% [12]. - The company reported a revenue of 320.35 billion and a net profit of 31.699 billion for the first three quarters of 2024, with year-on-year growth of 9.6% and 14.4% respectively [13]. - Midea's business aligns well with the trends of "going global" and "old-for-new" [13]. Haier Smart Home - Haier's stock price rose by 40.0%, surpassing the industry average by 14.6 percentage points [22]. - The company achieved a revenue of 202.971 billion and a net profit of 15.154 billion in the first three quarters of 2024, with year-on-year growth of 2.2% and 15.3% respectively [24]. - Haier is the only one among the top three appliance giants to have a majority of its revenue from overseas sales [30]. Gree Electric Appliances - Gree's revenue and net profit for the first three quarters of 2024 were 147.416 billion and 21.961 billion, with year-on-year growth of -5.3% and 9.3% respectively [40]. - The company has the lowest export revenue and growth rate among the top three appliance companies [45]. - Despite a decline in revenue, Gree's stock price increased by 49.6%, the highest among the three giants [46]. Sanhua Intelligent Control - Sanhua's stock price decreased by 18.8%, making it the only company in the report to experience a decline [55]. - The company reported a revenue of 20.563 billion and a net profit of 2.302 billion for the first three quarters of 2024, with year-on-year growth of 8.4% and 6.6% respectively [56]. Sichuan Changhong - Sichuan Changhong's stock price surged by 84.2%, the highest among the ten companies, despite a net profit decline of 28.0% [60][61]. - The company reported a revenue of 77.298 billion, with a year-on-year growth of 10.3% [61]. Supor - Supor's stock price increased by 5.4%, underperforming the industry index by 20 percentage points [75]. - The company reported a revenue of 16.512 billion and a net profit of 1.433 billion for the first three quarters of 2024, with year-on-year growth of 7.5% and 5.2% respectively [74]. Roborock Technology - Roborock's stock price rose by 10.3%, slightly outperforming Supor but still lagging behind the industry index [79]. - The company experienced a 43.4% year-on-year decline in net profit for the third quarter, primarily due to increased sales expenses [85]. Hisense Home Appliances - Hisense's stock price increased by 47.4%, significantly outperforming the industry [94]. - The company reported a revenue increase driven by its central air conditioning business, which has become a new growth engine [99]. Ecovacs Robotics - Ecovacs' stock price rose by 14.1%, slightly outperforming Roborock [104]. - The company reported a net profit growth of 1.9% for the first three quarters of 2024 [105]. Zhaochi Co., Ltd. - Zhaochi's stock price recorded a modest increase of 6.0% [120]. - The company reported a revenue growth of 27.4% and a net profit growth of 7.9% for the first three quarters of 2024 [118].