每經AI快訊，2024年1月15日，華創證券(quan)發布研報點評(ping)家電行業。

家(jia)(jia)電(dian)周觀點：2024年1月9日(ri)美國(guo)(guo)消(xiao)費(fei)電(dian)子展(zhan)(zhan)(zhan)會（CES）于拉斯(si)維加(jia)斯(si)舉行(xing)，本(ben)次展(zhan)(zhan)(zhan)商數量超過4000家(jia)(jia)，其中(zhong)智(zhi)能家(jia)(jia)居與電(dian)器(qi)(qi)展(zhan)(zhan)(zhan)商數量最多(duo)(duo)達到740家(jia)(jia)，而作(zuo)為(wei)疫情結束后(hou)中(zhong)國(guo)(guo)企業參加(jia)的首屆CES國(guo)(guo)牌展(zhan)(zhan)(zhan)商超過1100家(jia)(jia)。清潔(jie)電(dian)器(qi)(qi)作(zuo)為(wei)智(zhi)能家(jia)(jia)居的主要品類，國(guo)(guo)內頭部品牌在CES展(zhan)(zhan)(zhan)會上均有(you)諸(zhu)多(duo)(duo)新(xin)品推出。石頭科技推出S8 Max系列(lie)/QRevo系列(lie)是海(hai)外首款機(ji)械臂掃(sao)(sao)地(di)機(ji)，科沃斯(si)X2COMBO則將掃(sao)(sao)地(di)機(ji)與手持(chi)吸塵器(qi)(qi)融合(he)兩(liang)者共用(yong)同(tong)一基站。國(guo)(guo)牌掃(sao)(sao)地(di)機(ji)的產品技術優勢長期領(ling)銜行(xing)業，未來有(you)望加(jia)速替(ti)代(dai)海(hai)外龍頭份額。

板(ban)塊行情：本周(zhou)（2024年1月8日-2024年1月12日）家電(dian)板(ban)塊整體下跌，申(shen)萬(wan)(wan)家用(yong)電(dian)器(qi)(qi)指(zhi)(zhi)數(shu)下跌0.46%，跑贏滬深300指(zhi)(zhi)數(shu)0.89pct。從子(zi)板(ban)塊周(zhou)漲(zhang)跌幅來(lai)看，黑色家電(dian)/廚(chu)衛(wei)電(dian)器(qi)(qi)/白色家電(dian)/家電(dian)零部件/小家電(dian)/照明設(she)備分(fen)別為3.3%/-0.2%/+0.1%/-3.1%/+1.7%/+1.1%，其(qi)中(zhong)小家電(dian)板(ban)塊周(zhou)漲(zhang)幅較大。從行業周(zhou)漲(zhang)跌幅來(lai)看，家用(yong)電(dian)器(qi)(qi)位列(lie)申(shen)萬(wan)(wan)28個(ge)一級行業漲(zhang)跌幅榜第11位。從行業PE（TTM）看，家電(dian)行業PE（TTM）為12.4倍，位列(lie)申(shen)萬(wan)(wan)28個(ge)一級行業的第24位，估值處于相對較低水(shui)平。

個股行情(qing)：漲幅(fu)前四(si)：比依股份(fen)（+6.3%）、石(shi)頭科技（+5.2%）、老板電(dian)器(qi)（+4.0%）、海信家電(dian)（+3.9%）；跌幅(fu)前四(si)：泉峰控股（-10.8%）、澳柯瑪（-7.6%）、創維數(shu)字（-6.9%）、螢石(shi)網絡(luo)（-5.9%）。

原材料價(jia)(jia)(jia)格(ge)(ge)：SHFE螺紋鋼價(jia)(jia)(jia)格(ge)(ge)相(xiang)較(jiao)(jiao)(jiao)上(shang)期(qi)(qi)-2.4%；SHFE鋁價(jia)(jia)(jia)格(ge)(ge)相(xiang)較(jiao)(jiao)(jiao)上(shang)期(qi)(qi)-0.94%；SHFE銅價(jia)(jia)(jia)格(ge)(ge)相(xiang)較(jiao)(jiao)(jiao)于上(shang)期(qi)(qi)-0.38%；DCE塑料價(jia)(jia)(jia)格(ge)(ge)相(xiang)較(jiao)(jiao)(jiao)上(shang)期(qi)(qi)-1.28%。液晶面(mian)板12月(yue)價(jia)(jia)(jia)格(ge)(ge)下(xia)(xia)跌，32寸(cun)(cun)、43寸(cun)(cun)、55寸(cun)(cun)、65寸(cun)(cun)分(fen)別較(jiao)(jiao)(jiao)11月(yue)環(huan)比(bi)下(xia)(xia)降(jiang)2、3、5、5美元/片。地產竣工及銷(xiao)售數據：2023年(nian)11月(yue)住(zhu)宅(zhai)(zhai)竣工面(mian)積上(shang)升(sheng)、銷(xiao)售面(mian)積下(xia)(xia)降(jiang)，住(zhu)宅(zhai)(zhai)竣工面(mian)積累計同(tong)(tong)比(bi)上(shang)升(sheng)17.9%；商品房住(zhu)宅(zhai)(zhai)銷(xiao)售面(mian)積累計同(tong)(tong)比(bi)下(xia)(xia)降(jiang)8.0%。家電(dian)社零數據：2023年(nian)11月(yue)社零總(zong)額4.3萬億元，較(jiao)(jiao)(jiao)2022年(nian)同(tong)(tong)期(qi)(qi)增(zeng)加(jia)10.1%，其中家電(dian)類社零總(zong)額946.0億元，較(jiao)(jiao)(jiao)2022年(nian)同(tong)(tong)期(qi)(qi)增(zeng)加(jia)2.7%。

空調產銷(xiao)量(liang)(liang)及零(ling)(ling)(ling)售(shou)(shou)：2023年11月(yue)空調產量(liang)(liang)1073.6萬臺(tai)，同(tong)比減(jian)少2.6%，總(zong)銷(xiao)量(liang)(liang)1066.6萬臺(tai)，同(tong)比增加9.9%。零(ling)(ling)(ling)售(shou)(shou)端(duan)方面(mian)，2023年11月(yue)空調線(xian)(xian)上/線(xian)(xian)下零(ling)(ling)(ling)售(shou)(shou)額同(tong)比+1.9%/+22.6%、線(xian)(xian)上/線(xian)(xian)下零(ling)(ling)(ling)售(shou)(shou)量(liang)(liang)同(tong)比+5.6%/+21.0%，線(xian)(xian)上/線(xian)(xian)下零(ling)(ling)(ling)售(shou)(shou)均價同(tong)比-3.5%/+0.4%。

冰(bing)箱產銷(xiao)量及(ji)零(ling)售(shou)：2023年11月冰(bing)箱產量783.0萬臺，同比(bi)增(zeng)加(jia)25.6%，總銷(xiao)量783.6萬臺，同比(bi)增(zeng)加(jia)27.2%。零(ling)售(shou)端方(fang)面，2023年11月冰(bing)箱線(xian)上/線(xian)下零(ling)售(shou)額同比(bi)-1.3%/+31.5%、線(xian)上/線(xian)下零(ling)售(shou)量同比(bi)-6.3%/+24.2%，線(xian)上線(xian)下零(ling)售(shou)均價同比(bi)+5.3%/+5.2%。

洗衣機產銷(xiao)量及零售(shou)：2023年11月(yue)洗衣機產量742.0萬臺，同(tong)比增加24.7%，總銷(xiao)量748.3萬臺，同(tong)比增加26.1%。零售(shou)端(duan)方(fang)面，2023年11月(yue)洗衣機線(xian)上/線(xian)下零售(shou)額同(tong)比-18.9%/+38.6%、線(xian)上/線(xian)下零售(shou)量同(tong)比-18.8%/+38.5%，線(xian)上/線(xian)下零售(shou)均價(jia)同(tong)比-0.2%/-0.1%。

油煙(yan)機(ji)產銷量(liang)(liang)及零售(shou)：2023年(nian)11月(yue)油煙(yan)機(ji)產量(liang)(liang)262.1萬臺，同(tong)(tong)(tong)(tong)比增(zeng)加23.1%，總銷量(liang)(liang)261.5萬臺，同(tong)(tong)(tong)(tong)比增(zeng)加24.4%。零售(shou)端方(fang)面，2023年(nian)11月(yue)油煙(yan)機(ji)線(xian)(xian)上/線(xian)(xian)下(xia)零售(shou)額同(tong)(tong)(tong)(tong)比+16.6%/+57.1%、線(xian)(xian)上/線(xian)(xian)下(xia)零售(shou)量(liang)(liang)同(tong)(tong)(tong)(tong)比+10.0%/+51.3%，線(xian)(xian)上/線(xian)(xian)下(xia)零售(shou)均價同(tong)(tong)(tong)(tong)比+6.1%/+3.1%。

清潔電器銷量(liang)及零(ling)售(shou)：2023年11月掃地(di)機(ji)線(xian)(xian)(xian)上(shang)(shang)/線(xian)(xian)(xian)下零(ling)售(shou)額同(tong)比(bi)-3.9%/+115.6%、線(xian)(xian)(xian)上(shang)(shang)/線(xian)(xian)(xian)下零(ling)售(shou)量(liang)同(tong)比(bi)-8.7%/+94.9%，線(xian)(xian)(xian)上(shang)(shang)/線(xian)(xian)(xian)下零(ling)售(shou)均價(jia)同(tong)比(bi)+5.3%/+11.2%。2023年11月洗地(di)機(ji)線(xian)(xian)(xian)上(shang)(shang)/線(xian)(xian)(xian)下零(ling)售(shou)額同(tong)比(bi)-4.2%/+32.8%、線(xian)(xian)(xian)上(shang)(shang)/線(xian)(xian)(xian)下零(ling)售(shou)量(liang)同(tong)比(bi)+16.5%/+35.9%，線(xian)(xian)(xian)上(shang)(shang)/線(xian)(xian)(xian)下零(ling)售(shou)均價(jia)同(tong)比(bi)-17.8%/-1.0%。

投(tou)資策略：中國(guo)(guo)系品(pin)牌掃地(di)機的(de)產品(pin)技術優勢已(yi)獲得用戶高度體(ti)驗認(ren)可(ke)，有(you)望加速替代海(hai)外龍頭份額，建議關注(zhu)石(shi)頭科技、科沃(wo)斯等國(guo)(guo)牌的(de)新(xin)品(pin)表現。

風險提示：宏觀經濟(ji)波(bo)(bo)動(dong)，行業競爭加(jia)劇，原材料(liao)價格大幅波(bo)(bo)動(dong)

(來源：慧博投研)

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(編輯 曾健輝)