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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.
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?
Research reports｜CICC Securities: maintains a "buy" rating on Hisense Ha, expecting Q3 overseas sales revenue to continue to grow significantly.
On November 11, according to a research report from Changjiang Securities, Hisense Ha (000921.SZ) achieved a year-on-year revenue growth of 8.75% in the company's first three quarters, with Q1/Q2/Q3 respectively increasing by +20.87%/+6.98%/-0.08%. The decline in Q3 revenue scale may be mainly due to the relatively weak domestic demand for home appliances during the reporting period and reduced revenue from other businesses. It is expected that Q3 overseas sales revenue will still maintain a high growth. The company covers multiple home appliance categories, has a well-established brand matrix system, actively seeks synergy between brands, supply chain optimization, and efficiency improvements, and strives to penetrate the market more effectively.
Hisense Ha (000921): The company's operation is under pressure due to external environmental influences.
The company disclosed the 2024 third quarter report: In the first three quarters of 2024, the company achieved revenue of 70.579 billion yuan, an 8.75% year-on-year increase, and achieved a net income attributable to the parent company of 2.793 billion yuan, a 15.1% year-on-year increase.
Hong Kong stock concept tracking | Shanghai household appliances and home furnishings expand by exchanging old for new, domestic sales of household appliances in the fourth quarter may continue to actively improve (concept stocks attached)
Htsc stated that the home appliance replacement policy is taking the lead, and domestic demand for household appliances is gradually improving in the third quarter of 2024. With the ongoing consolidation of the domestic sales market through the replacement policy, domestic sales of household appliances in the fourth quarter may be able to continue the positive trend of improvement.
Shanghai promotes consumer upgrading and expansion of automobile and green home consumption.
Shanghai Municipal Commission of Commerce and other 12 departments issued the "Implementation Opinions on Better Utilizing Consumer Credit to Promote the Improvement and Upgrading of Consumption", with the goal of launching a number of leading high-quality, diversified, and integrated new consumer scenes in the fields of commerce, culture and tourism, sports, education, and civil affairs by the end of 2026; commercial banks, consumer finance companies, and automobile finance companies and other financial institutions fully leverage their respective competitive advantages and differentiation, professional positioning, combine with the demand for innovative consumer scenes, launch a number of personalized, customized consumer credit products, forming a new trend of mutual promotion and integration between consumer scenes and consumer credit.
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