银河证券：家电板块估值依然处于较低位置关注三条投资主线

智通财经网2023-12-22

银河证券发布研究报告称，随着地产端筑底改善和促消费政策逐步发力，家电内需有望得到支撑，叠加节庆促销来临，助力家电消费活力释放。海外库存逐渐去化、海运费回落等利好因素共振，出口改善态势有望延续。从估值来看，板块估值依然处于较低位置，安全边际较高。建议关注三条投资主线，一、有望受益于景气改善的白电龙头，推荐美的集团(000333.SZ)等;二、有望受益于地产边际改善的厨电，推荐老板电器(002508....

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Pay attention to three main investment lines","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688169":1,"002508":1,"000333":1},"content_text":"银河证券发布研究报告称，随着地产端筑底改善和促消费政策逐步发力，家电内需有望得到支撑，叠加节庆促销来临，助力家电消费活力释放。海外库存逐渐去化、海运费回落等利好因素共振，出口改善态势有望延续。从估值来看，板块估值依然处于较低位置，安全边际较高。建议关注三条投资主线，一、有望受益于景气改善的白电龙头，推荐美的集团(000333.SZ)等;二、有望受益于地产边际改善的厨电，推荐老板电器(002508.SZ);三、国内外节庆促销带动景气回升的清洁电器，推荐石头科技(688169.SH)。▍银河证券主要观点如下：环境电器需求显著改善，白电线上消费孱弱。根据奥维云网，2023年第50周(2023-12-04~2023-12-10)，全国全品类家电线下销额同比+0.46%，销量同比-9.10%，均价同比+3.15%;全品类家电线上销额同比-32.86%，销量同比-35.2%，均价同比+3.62%。其中，白电方面，空调/冰箱/洗衣机的线上零售额和销量同比分别-34.26%/-31.02%、-36.59%/-37.92%、-39.14%/-38.63%，下降趋势显著。小家电中，除豆浆机保持增长外，其余品类多数呈价降量减的疲弱态势，需求端表现不振。线下渠道方面，微蒸烤电器中，嵌入式复合机、嵌入式整体线下销售额和销量保持强劲增长，多数环境电器线下销售额实现双位数增长，其中扫地机、洗地机景气延续复苏;部分品类大幅降价拉动消费，电风扇、净化器、净饮机均价同比调降500元以上，但仅净饮机成功拉动销量增长100%，电风扇和净化器需求仍在收缩。空调出口增速连续6个月达双位数以上，在“双十一”大促和低基数效应的共同影响下，11月内销表现稳健。产业在线发布11月空调产销数据，2023年11月家用空调生产1073万台，同比下降2.6 %，销售1067万台，同比上升9.9%，销售实绩好于排产。其中内销出货523万台，同比增加3.5%，国内市场看，双十一大促推动全渠道销售发展，叠加去年同期疫情导致低基数，内销有所改善;出口出货544万台，同比增长16.8%，海外市场 “黑五”、圣诞新年等节日促销带来新订单的持续性修复，出口延续强势。分厂商来看，奥克斯和海信11月内销同比分别增长55.9%和20%，弹性显著强于行业，格力、美的市占率略有下滑;出口端低基数下二线品牌表现强劲，11月奥克斯、长虹出口同比增长100%、50%，美的外销市占率同比下降9.1PCT，行业外销集中度松动，主要与转型调整和出口表现弱于二线品牌有关。风险提示原材料价格变动的风险;房地产政策改善不及预期的风险;消费复苏不及预期的风险。\n\n股市回暖，抄底炒股先开户！智能定投、条件单、个股雷达……送给你>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2393946890"}

银河证券：家电板块估值依然处于较低位置 关注三条投资主线

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银河证券：家电板块估值依然处于较低位置关注三条投资主线