家电行业周报：2023年海信家电、长虹美菱业绩增速亮眼，石头科技发布G20S等多款新品

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [27]. Core Insights - The home appliance sector has shown a 2.10% increase this week, with a year-to-date growth of 10.26%, ranking second among Shenwan's primary industries [2][6]. - Notable companies such as Hisense Home Appliances and Changhong Meiling reported impressive growth rates for 2023, while Midea and Haier achieved double-digit profit growth [18][19]. - The real estate market is under pressure, with a significant decline in transaction volumes, but recovery is anticipated, which may benefit major appliance segments like air conditioners, refrigerators, and washing machines [11][25]. - Raw material prices have shown mixed trends, with aluminum prices slightly rebounding while prices for plastics, steel, and copper have decreased [13][24]. Market Performance Review - The home appliance sector's index performance has outpaced major indices like the CSI 300, with individual stocks such as Sichuan Jiuzhou, Changhong Meiling, and Hisense leading in year-to-date gains [2][6]. - Northbound capital inflow reached 5.381 billion yuan, an increase of 13.158 billion yuan from the previous week, while southbound inflow decreased by 24.526 billion yuan [9][10]. Real Estate Data Tracking - In February 2024, the transaction area and number of units sold in 30 major cities dropped significantly, with a decrease of 58.47% in area (4.8461 million square meters) and 57.80% in units (48,400 units) year-on-year [11][12]. Raw Material Price Tracking - As of March 25-29, 2024, LME aluminum prices slightly increased by 0.27%, while steel and copper prices fell by 0.18% and 1.63%, respectively [13][15]. - Year-to-date changes in raw material prices show steel down by 4.44%, plastics up by 2.92%, copper down by 2.80%, and aluminum down by 2.80% [13]. News Highlights - The report highlights the successful launch of multiple new products by Stone Technology, including the G20S, which has achieved the highest sales in the global market for robotic vacuum cleaners [24]. - The production of major appliances in April 2024 is expected to increase by 16.6% year-on-year, with air conditioners, refrigerators, and washing machines all showing significant growth [24]. Investment Recommendations - The report suggests focusing on white goods, kitchen appliances, and electrical lighting, which are currently undervalued, and anticipates a recovery in demand driven by improved consumer confidence and real estate market stabilization [25].