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Guolian Securities: Policy catalyzes domestic sales prosperity, and kitchen appliances and white goods deserve attention.
Guolian research reports indicate that this round of subsidies for replacing old with new cars is on par with the initiative for rural household appliances. Starting in September, the policy implementation has entered the redemption phase. Since late August, weekly retail sales growth has been on the rise, with demand bottoming out and improving, contributing to incremental growth in emerging markets and OBM; the policy is bullish on structural upgrades, with domestic average prices steadily increasing.
midea group co., ltd (000333): Q3 net profit YOY +15% in line with expectations
Conclusion and Recommendations: Company Performance: In Q1-Q3 of 2024, the company achieved revenue of 318.97 billion yuan, +9.6% year-on-year, with a net profit attributable to the parent company of 31.7 billion yuan, +14.4% year-on-year, and a net profit attributable to the parent company after non-deduction
In 2024, the total online sales of household appliances on november 11 shopping festival-related reached 193 billion yuan, a year-on-year increase of 26.5%, with Haier being the best-selling brand.
In Singles' Day sales on November 12th, 2024, according to data from Xingtudata, the total sales of household appliances in China reached 193 billion yuan, accounting for 16.3% of the total online sales, ranking first in the category, with a year-on-year growth of 26.5%. The top 5 brands on Tmall are: Haier, Midea, Little Swan, TCL, Xiaomi; the top 5 brands on JD.com are: Haier, Midea, Xiaomi, Little Swan, Gree.
The old-for-new policy continues to stimulate the home appliances sector, with Hisense Ha's H shares rising by more than 4%.
① What are the stimuli of the old-for-new policy for the home appliances industry? ② How do institutions view the performance of home appliance stocks in the future?
Guotou Securities: Q3 home appliance subsidy policies promote economic improvement, while exports continue to grow rapidly.
Since the end of August, various provinces and cities have successively implemented detailed rules for the 'old for new' subsidy for household appliances, effectively boosting the consumer electronics consumption sentiment. With the continuous efforts of the subsidy policy, the domestic sales outlook for household appliances is expected to bottom out and rebound.
Taobao's november 11 shopping festival-related saw 79 beauty brands exceed 0.1 billion yuan in transactions, with bosideng and UNIQLO both having transaction volumes exceeding 1 billion yuan.
Alibaba Group announced that as of midnight on November 11th, during this year's global November 11 shopping festival, the turnover of the Tmall Double 11 Global Carnival Season exceeded 0.1 billion yuan (RMB) for 79 beauty brands, with multiple international beauty brands experiencing over 100% year-on-year growth in turnover. The Group stated that this year, government subsidies and platform discounts in the Tmall Double 11 festival comprehensively drove sales of home appliances and home furnishings. As of midnight on November 11th, brands such as Haier (06690.HK), Midea (00300.HK), ZUOMI, and Dyson had their turnover exceed 0.1 billion.
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