家电行业周报：出口链，2024M12家电出口双位数增长，空调保持较快增速

Investment Rating - The industry rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [10]. Core Insights - The report highlights that the home appliance industry is experiencing a double-digit growth in export value, with a year-on-year increase of 14% in December 2024 [4][8]. - Among the sub-sectors, white goods and personal care small appliances are showing stronger performance, particularly in categories such as air conditioners, refrigerators, and various kitchen appliances [5][10]. Summary by Sections Overall Industry Performance - The home appliance industry saw a year-on-year export growth of 14% in December 2024, maintaining a double-digit increase [4][8]. Sub-sector Analysis - White Goods: Air conditioners and fans experienced rapid export growth of 35% and 31% respectively, while refrigerators and washing machines also saw double-digit growth of 16% and 14% [5]. - Black Goods and Smart Projection: LCD TVs and audio systems both recorded a 10% increase, while projectors saw a slight rise of 8% [5]. - Kitchen Appliances and Electrical Lighting: Range hoods showed a steady increase of 2%, and plugs and sockets achieved high single-digit growth of 9% [5]. - Cleaning Appliances: Vacuum cleaners experienced a modest increase of 7% [5]. - Kitchen Small Appliances: Coffee machines or kettles grew rapidly at 28%, and blenders and juicers saw a double-digit increase of 17% [5]. - Personal Care Small Appliances: Hair dryers and irons performed well with increases of 18% and 12% respectively, while electric shavers saw a high single-digit growth of 8% [5].