20240911-万联证券-家用电器行业跟踪报告_家电行业2024H1业绩综述_10页_1mb

家电行业2024H1业绩综述总结

2024年Q2家电行业整体业绩增速放缓。收入端，上半年行业营收达76600亿元，同比增长64%；利润端约6076亿元，同比增长83%。细分领域中，白电与小家电表现优异，分别实现74%和106%的营收增速，而厨卫电器和照明设备增速为负。毛利率整体提升，白电与照明设备尤为突出，净利率稳步上升。

白电是Q2拉动板块业绩增长的核心，小家电与家电零部件二季度增速依然高于行业平均。内销方面，6月家电零售额同比增速趋弱，但白电表现稳健，而外销维持高景气，1-7月出口额同比增长181%。

国内政策如以旧换新预计内销将受益，白电在内外销表现突出。维持行业“强于大市”评级，重点关注龙头稳经营、高分红标的、出口机会以及有第二增长曲线的个股。

风险提示：原材料、汇率、出口政策等。

Summary

2024Q2 overall household appliance industry performance growth slowed. Revenue reached 766 billion yuan (+64% YoY), profit was 607.6 billion yuan (+83% YoY). Sub-sectors: white appliances and small appliances led with robust revenue growth (74% and 106% respectively), though others were mixed. Profitability improved overall, with white appliances as a standout performer in Q2. Domestic consumption eased in June, while export demand remained strong with household appliance exports growing 181% YoY (Jan-Jul). Government policies like trade-in subsidies are expected to support domestic sales. Continued focus on leading firms with stable operations, high dividends, export linkages, and second-growth potential. Risks: commodity prices, exchange rates, export slowdown.