家用电器：9月扫地机和洗地机景气延续，白电高基数承压

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Views - The cleaning appliance sector, particularly floor cleaning robots and washing machines, continues to show strong growth in September, while the white goods sector faces pressure due to high base effects from last year [3][15] - The overall sales of major white goods categories experienced a decline in September, primarily due to the high base from last year's government subsidies [3][15] - The washing machine segment saw a year-on-year growth rate of 49.4% in September, with volume and price growth rates of +39% and +7% respectively. The floor cleaning robot segment achieved a year-on-year growth rate of 26.2%, with volume and price growth rates of +21% and +4.55% respectively [3][15] Summary by Sections Market Data - The home appliance sector experienced a decline of 2.1% this week, with white goods, black goods, small appliances, and kitchen appliances showing declines of -0.6%, -5.6%, -2.4%, and -2.0% respectively [4][31] - Raw material prices for copper and aluminum decreased by 1.46% and 1.04% respectively compared to the previous week [4][31] Investment Recommendations - The report suggests focusing on the following areas due to expected recovery in domestic demand supported by policy: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, Gree Electric, Hisense Home Appliances, TCL Electronics, and Hisense Visual [5] 2. Pet-related companies as a resilient sector, recommending companies like Guibao Pet, Zhongchong Co., and Petty Holdings [5] 3. Small appliances and branded apparel expected to recover from weak consumer demand, recommending leading companies like Bear Electric, Feike Electric, Supor, and Newell [5] 4. Electric two-wheelers benefiting from new standards and trade-in programs, recommending companies like Ninebot, Yadea Holdings, and Aima Technology [5] Industry Trends - The report highlights that the global restructuring of manufacturing continues to favor Chinese manufacturing advantages, particularly in major appliances, vacuum cleaners, and tools, recommending companies like Midea Group, Haier Smart Home, and Hisense Home Appliances [6] - The report notes that the cleaning appliance sector remains strong globally, with leading brands benefiting from increased penetration rates, recommending companies like Roborock and Ecovacs [5][6] Sales Performance - In September, the sales performance of major brands in the floor cleaning robot segment showed significant growth, with Ecovacs and Roborock leading with year-on-year growth rates of +94% and +27% respectively [16][20] - The washing machine segment also showed strong performance, with brands like Tineco and Roborock achieving year-on-year growth rates of +38% and +115.8% respectively [20][21] Air Conditioning Market - The air conditioning market faced pressure in September, with domestic and foreign sales declining by 2.5% and 18.1% year-on-year respectively [22][26] - Major brands like Gree, Haier, and AUX showed positive growth in domestic sales, while foreign sales for brands like Midea and Gree experienced declines [26][28]