2024W20家电行业周报：央行发布重磅地产政策，家空内外销延续较好表现

Investment Rating - The report rates the home appliance industry as "Overweight" [1] Core Insights - The central bank has released significant real estate policies, which are expected to enhance the valuations of kitchen and white goods sectors. The policies include adjustments to down payment ratios and interest rates for housing loans, as well as a 300 billion yuan support for affordable housing loans [3][7] - In April, the domestic and foreign sales of home appliances continued to perform well, with Midea leading in both domestic and export sales. Domestic sales reached 12.1 million units, up 14.2% year-on-year, while exports totaled 9.84 million units, up 34.6% year-on-year [3][8] - The year-on-year growth rate of retail sales has narrowed, indicating marginal improvements in the real estate sector. The total retail sales in April amounted to 35,699 billion yuan, growing by 2.3% year-on-year, while the retail sales of home appliances and audio-visual equipment reached 641 billion yuan, up 4.5% year-on-year [3][11] Summary by Sections 1. Key Insights - The central bank's real estate policies are expected to support the demand for new and second-hand homes, alleviating inventory pressure in the real estate market, which is closely linked to the kitchen and white goods sectors [7] - April's home appliance sales showed strong performance, with Midea leading in both domestic and export markets. The domestic market saw a 14.2% increase year-on-year, while exports grew by 34.6% [8] - Retail sales growth has slowed, with April's total retail sales increasing by 2.3% year-on-year, and home appliance retail sales growing by 4.5% [11] 2. Investment Recommendations - The report recommends focusing on companies with strong growth potential, such as Stone Technology and Ecovacs in the cleaning appliance sector, and Haier in the white goods sector. Specific stock recommendations include Stone Technology (PE 21.8X), Haier (PE 15.6X), Midea Group (PE 12.8X), and Hisense Home Appliances (PE 15.9X) [4][28][30] 3. Market Trends - The report notes that from May 13 to May 17, the home appliance sector showed a slight increase, with small appliances performing particularly well. The overall market indices saw declines, while the home appliance sector rose by 0.11% [17] - Northbound capital flows indicated a reduction in holdings of Midea Group by 933 million yuan, while Haier and Gree Electric saw increases in their holdings [22][17] 4. Company Announcements - Key announcements from companies include board elections and dividend distributions from various firms, indicating ongoing corporate governance activities and shareholder returns [23][27] 5. Overall Market Outlook - The report emphasizes the potential for continued growth in the home appliance sector, driven by supportive real estate policies and strong sales performance, while also highlighting the importance of monitoring market conditions and company-specific developments [4][28]