资源描述
识别风险，发现价值 请务必阅读末页的免责声明 1/20 Xml Table_Page 投资策略周报|家用电器 证券研究报告 Table_Title 618 Table_Summary 618 G M V-7%+1 2%2024 618 GMV 7428-7%756 GMV 5717-7%GMV 2068+12%GMV 249+2%GMV 139-17%618 W21-W24 2024.05.20-2024.06.16 618 W21 W22-W24 1-57%-34%-30%6%13%2-40%+17%3-31%-28%-33%-56%4-4%-24%-33%5+16%+11%618 1 40%25%2 GMV 20 108%5.3 61%3 16.3 67%11.5 55%ROE A/H A/H 2 024.0 6.1 7-202 4.0 6.21 300 1.3%3.3%3.6%3.1%Table_Grade 2024-06-23 Table_PicQuote Table_Author SAC S0260517050002 SFC CE No.BNV293 0755-82771936 SAC S0260524010003 021-38003786 Table_DocReport:618 2024-06-17:2024-06-02:6 2024-05-26 Table_Contacts-20%-12%-4%4%12%20%06/23 09/23 11/23 01/24 04/24 06/24 300 识别风险，发现价值 请务必阅读末页的免责声明 2/20 Table_PageText 投资策 略周 报|家用 电器 EPS()PE(x)EV/EBITDA(x)ROE(%)/2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E 000333.SZ 63.95 2024/04/30 80.27 5.35 5.89 11.96 10.85 8.43 7.28 20.09 19.49 000921.SZ 37.18 2024/04/25 39.27 2.46 2.79 15.14 13.32 7.13 6.11 24.16 26.37 00921.HK 32.10 2024/04/25 32.16 2.46 2.79 11.99 10.55 6.11 5.20 24.16 26.37 600690.SH 29.18 2024/04/29 36.41 2.02 2.30 14.42 12.67 8.43 7.60 16.13 16.01 06690.HK 27.55 2024/04/29 35.28 2.02 2.30 12.50 10.98 7.91 7.10 16.13 16.01 000651.SZ 39.71 2024/04/30 54.28 5.43 5.83 7.32 6.81 3.98 3.82 23.27 22.01 688169.SH 413.28 2024/04/28 505.75 20.22 24.07 20.44 17.17 19.88 16.06 18.95 18.41 603486.SH 48.58 2024/04/28 49.80 2.49 3.09 19.51 15.74 14.15 11.04 19.20 20.28 688696.SH 84.75 2024/04/29 106.13 4.25 7.10 19.96 11.94 9.70 5.51 8.71 12.71 Wind 2024/06/21 H 1ZEVzQsPtQrQsMnOnQtMoPbRaO8OmOrRpNrNeRrRqOkPmOrMbRmMuMNZsRyRwMoOnR 识别风险，发现价值 请务必阅读末页的免责声明 3/20 Table_PageText 投资策 略周 报|家用 电器.5 2024.06.17-2024.06.21.12 2024W24 2024.06.10-2024.06.16.12.15.15 125.15.17.18 识别风险，发现价值 请务必阅读末页的免责声明 4/20 Table_PageText 投资策 略周 报|家用 电器 1 5+3.7%.8 2 5-19.0%-12.3%.8 3 5+11.7%.9 4 5-1.4%.9 5 5+36.8%.10 6 3.3%.12 7 2024W24 2024.06.10-2024.06.16.13 8 2024W24 2024.06.10-2024.06.16.13 9 2024W24 2024.06.10-2024.06.16.13 10 2024W24 2024.06.10-2024.06.16.14 11 2024W24 2024.06.10-2024.06.16.14 12 2024W24 2024.06.10-2024.06.16.14 13 2024W24 2024.06.10-2024.06.16.14 14 2024W24 2024.06.10-2024.06.16.14 15 LME/0.9%.17 16 LME/0.5%.17 17/0.9%.17 18/3.2%.17 19 2024 5/17 20 1=7.2613 1=7.2557.17 1 2024 618.5 2 24W21-24.5 3 2024 618.6 4.11 5 2.0pct.12 63iUm1gBqRxzy55x7b5zK5DzSda0ryHb0G1WUCrSdD7kwK82Fq4iebucOrwAnxC5 识别风险，发现价值 请务必阅读末页的免责声明 5/20 Table_PageText 投资策 略周 报|家用 电器 618 GMV-7%+12%2024 618 GMV 7428-7%756 10%GMV 5717-7%GMV 2068+12%GMV 249+2%GMV 139-17%1 2024 618 2023GMV 2024GMV 7987 7428-7%6143 5717-7%1844 2068+12%243 249+2%167 139-17%5 20 20:00-6 18 23:59 5 31 20:00-6 18 23:59 618 6 18 23:59 618 W21-W24 2024.05.20-2024.06.16 618 W21 W22-W24 1-57%-34%-30%6%13%2-40%+17%3-31%-28%-33%-56%4-4%-24%-33%5+16%+11%2 24W21-24 2024W21 2024W22 2024W23 2024W24 2024W21-24 yoy yoy yoy yoy yoy yoy yoy&2622 133%2420-75%1339-65%3134-60%9515-57%-51%-13%1620 301%1799-58%1183 8%1424-57%6026-34%-29%-6%830 185%1102-51%693 7%855-53%3480-30%-22%-11%61 962%44-42%17 64%28-62%151-9%4%-13%1049 188%1197-59%813-8%1102-59%4161-40%-49%17%415 240%334-57%196-19%351-52%1296-31%-30%-1%识别风险，发现价值 请务必阅读末页的免责声明 6/20 Table_PageText 投资策 略周 报|家用 电器 224 223%189-56%123-7%197-49%733-28%-15%-15%49 154%46-41%33 14%53-32%180-11%-15%5%280 968%188-71%100 29%193-51%761-33%-31%-3%197 406%94-82%50 0%89-75%430-56%-50%-11%434 428%342-62%172-16%325-56%1273-34%-31%-4%805 1439%563-53%240 66%385-44%1993-4%-7%3%381 631%288-60%161 22%205-55%1035-24%-10%-16%144 278%100-64%69 2%82-59%395-33%-32%-1%53 283%27-55%25 58%25-30%129 4%1%3%15 1077%5-63%3-58%2-80%25-18%3%-20%39 40%33-63%31-14%35-55%139-40%-30%-15%109 69%106-56%89 6%110-50%414-32%-35%4%20 25%21-49%23 15%25-40%88-25%-6%-20%44 46%40-44%39 1%47-32%170-19%-19%0%32 58%31-5%33 38%37-2%133 16%36%-15%27 70%22-38%20 8%24-27%93-9%-7%-2%70 107%55-62%46 7%59-49%229-32%-18%-17%29 47%22-45%27 24%29-27%108-12%-5%-7%12 107%11-39%9 25%11-20%42-4%-5%1%26 100%22-51%19 9%24-36%91-19%-13%-8%16 47%14-14%15 29%18 0%63 11%15%-4%30 39%27-41%24-15%28-46%109-26%-20%-7%23W21-24 2023.05.22-2023.06.18 24W21-24 2024.05.20-2024.06.16 618 1 40%25%Leader 30%2 GMV 20 108%5.3 61%3 16.3 67%11.5 55%3 2024 618 618 23 GMV 24 GMV 15 COLMO 30%40%TOP1 25%识别风险，发现价值 请务必阅读末页的免责声明 7/20 Table_PageText 投资策 略周 报|家用 电器 NO.1+NO.1 Leader 30%16%4.55+GMV 20 108%TOP1 TOP2 TOP1 TOP2 TOP1 TOP1 20+108%150 5.3 Laifen 105 3.7 Laifen 45 1.6 3.3 5.3+61%GMV&Play5 RS10 4K 16.3+67%11.5+55%15.5+75%34.5+84%11.04+61%24.3+71%TOP1 8059 4836 TOP1 6.52+11.5+55%618 5+3.7%+3.4%+12.9%1-5+4.1%+4.0%+7.0%识别风险，发现价值 请务必阅读末页的免责声明 8/20 Table_PageText 投资策 略周 报|家用 电器 1 5+3.7%5-19.0%-22.2%-12.3%1-5 2024 1-5-23.6%-25.0%-19.8%2 5-19.0%-12.3%5+36.8%2024 5 2119+11.1%2153+11.7%1246-1.4%907+36.8%2024 1-5 9415+18.0%9453+18.2%5030+11.2%4423+27.4%320-12.3%1-5 1400+2.4%315+37.0%1-5 1490+30.1%-20%-10%0%10%20%30%40%50%:-60%-40%-20%0%20%40%60%80%100%120%识别风险，发现价值 请务必阅读末页的免责声明 9/20 Table_PageText 投资策 略周 报|家用 电器 320-13.5%1-5 1280+0.9%125+5.9%1-5 583+8.4%148+14.7%1-5 621+19.4%49+40.0%1-5 274+32.4%145+48.0%1-5 435+39.6%80+50.9%1-5 492+34.4%67-1.5%1-5 280+20.1%73+62.0%1-5 382+28.9%3：5+11.7%4：5-1.4%-30%-20%-10%0%10%20%30%40%50%60%1 2 3 4 5 6 7 8 9 10 11 12 2023 YOY 2024 YOY-40%-20%0%20%40%60%80%100%1 2 3 4 5 6 7 8 9 10 11 12 2023 YOY 2024 YOY 识别风险，发现价值 请务必阅读末页的免责声明 10/20 Table_PageText 投资策 略周 报|家用 电器 5 5+36.8%ROE A/H A/H-30%-20%-10%0%10%20%30%40%50%60%1 2 3 4 5 6 7 8 9 10 11 12 2023 YOY 2024 YOY 识别风险，发现价值 请务必阅读末页的免责声明 11/20 Table_PageText 投资策 略周 报|家用 电器 4/EPS/PE x 23A 24E 25E 23A 24E 25E 23A 24E 25E 000333.SZ 63.95 4.80 5.35 5.89 14%11%10%10.9 12.0 10.9 600690.SH 29.18 1.76 2.02 2.30 13%15%14%11.9 14.4 12.7 000921.SZ 37.18 2.04 2.46 2.79 98%20%14%10.0 15.1 13.3 002668.SZ 9.08 0.73 0.81 0.90 69%11%12%9.1 11.2 10.0 000651.SZ 39.71 5.15 5.43 5.83 18%5%7%6.2 7.3 6.8 002959.SZ 51.47 2.84 3.04 3.44 15%7%13%17.9 16.9 15.0 002705.SZ 14.64 1.19 1.38 1.52 2%15%11%11.9 10.6 9.6 002242.SZ 10.88 0.51 0.57 0.64-27%12%12%24.8 19.2 17.1 002032.SZ 50.70 2.70 2.85 3.03 5%5%7%18.7 17.8 16.7 301332.SZ 9.18 0.24 0.41 0.47-43%75%14%51.3 22.3 19.6 300824.SZ 7.40 0.22 0.26 0.30 52%19%17%40.4 28.5 24.3 603215.SH 13.26 1.07 1.23 1.34 13%15%10%15.8 10.8 9.9 603486.SH 48.58 1.06 2.49 3.09-64%135%24%38.8 19.5 15.7 688169.SH 413.28 15.60 20.22 24.07 73%30%19%18.1 20.4 17.2 688696.SH 84.75 1.72 4.25 7.10-76%147%67%65.6 20.0 11.9 688007.SH 17.20 0.22 0.38 0.52-14%70%37%115.9 45.6 33.2 600060.SH 27.42 1.61 1.81 1.99 25%18%118%13.0 15.1 13.8 688793.SH 29.78-0.59 1.26 1.69 59%313%34%-56.9 23.6 17.6 002508.SZ 22.59 1.83 1.97 2.14 10%8%9%11.4 11.5 10.6 002677.SZ 8.21 0.72 0.76 0.80 3%6%6%13.1 10.8 10.2 300911.SZ 24.90 1.68 1.49 1.68-15%15%13%16.8 16.7 14.9 300894.SZ 13.23 0.60 0.73 0.82-21%21%12%26.0 18.1 16.1 605336.SH 11.42 1.03 1.10 1.15-12%6%5%14.4 10.4 9.9 603195.SH 78.68 4.34 3.53 4.11 21%18%16%14.8 22.3 19.1 603515.SH 17.80 1.24 1.36 1.49 18%10%9%14.0 13.1 11.9 002050.SZ 21.70 0.78 0.95 1.17 14%22%23%37.2 22.8 18.5 002011.SZ 10.30 0.70 0.88 1.06-12%27%21%19.7 11.7 9.7 605555.SH 19.36 0.87 1.06 1.31 8%22%24%26.0 18.3 14.8 Wind 2024/06/21 2024-2025 识别风险，发现价值 请务必阅读末页的免责声明 12/20 Table_PageText 投资策 略周 报|家用 电器 2024.06.17-2024.06.21 5 2.0pct 6 2024 300-1.3%-2.4%1.9%-3.3%-2.0-3.5%10.8%()-3.6%-2.4-5.2%-10.3%()-3.1%-1.9-2.0%23.2%Wind 2024.06.17-2024.06.21 2024W24 2024.06.10-2024.06.16 AVC YoY-12.3%YoY-51.3%YoY-14.9%YoY-53.0%YoY-12.1%YoY-46.6%YoY-2.3%YoY-49.6%YoY-11.3%YoY-46.0%YoY-10.4%YoY-34.5%YoY-10.6%YoY-51.9%YoY+9.0%YoY-24.2%YoY-22.5%YoY-35.1%6 3.3%Wind 2024.06.17-2024.06.21-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%6 识别风险，发现价值 请务必阅读末页的免责声明 13/20 Table_PageText 投资策 略周 报|家用 电器 7 2024W24 2024.06.10-2024.06.16 8 2024W24 2024.06.10-2024.06.16 9 2024W24 2024.06.10-2024.06.16-80%-70%-60%-50%-40%-30%-20%-10%0%-100%-80%-60%-40%-20%0%20%-12%-15%-12%-11%-51%-53%-47%-46%-60%-50%-40%-30%-20%-10%0%YoY YoY 识别风险，发现价值 请务必阅读末页的免责声明 14/20 Table_PageText 投资策 略周 报|家用 电器 10 2024W24 2024.06.10-2024.06.16 11 2 024 W24（20 24.06.10-2 024.0 6.16）12 2024W24 2024.06.10-2024.06.16 13 2024W24 2024.06.10-2024.06.16 14 2024W24 2024.06.10-2024.06.16 40787729480844482471 24791762 17380100020003000400050006000700080009000-5%2%-1%-1%-18%-9%-11%-11%-20%-15%-10%-5%0%5%YoY YoY-17%-13%-8%-5%-26%-3%4%-14%-30%-25%-20%-15%-10%-5%0%5%10%YoY YoY4208 6845 4157 4116 2830 2360 1482 1534 010002000300040005000600070008000-2%2%-2%0%-6%-1%-6%-1%-8%-6%-4%-2%0%2%4%YoY YoY 识别风险，发现价值 请务必阅读末页的免责声明 15/20 Table_PageText 投资策 略周 报|家用 电器 6 18 6 21 4 31();64.4 5;129 15 17.5%50%15 80%125 6 18 6 18()()20.00%6.58%6.58%26.58%6 19 识别风险，发现价值 请务必阅读末页的免责声明 16/20 Table_PageText 投资策 略周 报|家用 电器 2019 18.29 2021-2023 42.8 65.7 79.6 55.26%53.16%21.27%2021-2023-2.21%45.24%-5.35%2030()2030 2030 16 GE TCL 识别风险，发现价值 请务必阅读末页的免责声明 17/20 Table_PageText 投资策 略周 报|家用 电器 15 LME/0.9%16 LME/0.5%wind wind 17/0.9%18/3.2%wind wind 19 2024 5/20 1=7.2613 1=7.2557 wind wind 450055006500750085009500105001150019/08 20/04 20/12 21/08 22/04 22/12 23/08 24/04140019002400290034003900440019/08 20/04 20/12 21/08 22/04 22/12 23/08 24/04360041004600510056006100660071007600810019/08 20/04 20/12 21/08 22/04 22/12 23/08 24/04153555759511513519/08 20/04 20/12 21/08 22/04 22/12 23/08 24/0405010015020025017/04 18/05 19/06 20/07 21/08 22/09 23/1032Open Cell 49Open Cell55Open Cell 43Open Cell5.60005.80006.00006.20006.40006.60006.80007.00007.20007.40007.600019/09 20/04 20/11 21/06 22/01 22/08 23/03 23/10 24/05:识别风险，发现价值 请务必阅读末页的免责声明 18/20 Table_PageText 投资策 略周 报|家用 电器 识别风险，发现价值 请务必阅读末页的免责声明 19/20 Table_PageText 投资策 略周 报|家用 电器 Table_ResearchTeam 2017 2017 2020 2021 2022 Table_RatingIndustry 12 10%12-10%+10%12 10%Table_RatingCompany 12 15%12 5%-15%12-5%+5%12 5%Table_Address 26 47 6001 31 2 18 429 37 81 27 510627 518026 100045 200120-Table_LegalDisclaimer/4 1 2/识别风险，发现价值 请务必阅读末页的免责声明 20/20 Table_PageText 投资策 略周 报|家用 电器 1 2/5 Table_InterestDisclosure(1)12 Table_Copyright
展开阅读全文