(可编辑报告)家电行业2023年投资策略分析报告：隧道尽头的曙光.pptx

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2022收入（需求）EPS2022股价表现利润率（竞争格局）PE2022估值2022交易结构4

ToP10??2022.01.01-2022.12.092022.11.01-2022.12.092021.01.01-2021.12.31板块年初至今表现2022年11月至今表现2021年度表现CS家电-11%21%27%12%12%12%28%-7%CS白色家电ⅡCS黑色家电ⅡCS小家电ⅡCS照明电工及其他CS厨房电器Ⅱ-15%-18%11%-16%4%-3%-8%11%-14%5%ToP10年初至今涨跌幅%区间最大涨幅%区间最大跌幅%ToP10年初至今涨跌幅%区间最大涨幅%区间最大跌幅%科陆电子飞科电器创维数字申菱环境日出东方万和电气彩虹集团长虹美菱大元泵业东方电热8075514236352928241922712616920323019019566-20-24-47-33-46-41-45-21-38-33帅丰电器荣泰健康海容冷链春光科技亿田智能火星人科沃斯倍轻松极米科技石头科技-34-35-36-37-43-44-46-48-50-5319314745393647823229-47-45-45-57-59-58-64-69-60-671741535

???线上(奥维)全渠道空调98.4%13.7%35.3%4.0%冰箱28.1%19.4%23.9%26.2%9.4%洗衣机31.7%17.8%26.0%26.7%9.7%油烟机30.2%14.0%7.7%23.7%-5.5%-0.5%电饭煲集成灶17.6%57.9%26.0%11.7%27.7%-5.5%电蒸锅养生壶洗碗机扫地机58.5%43.4%1.9%8.2%-10.9%355.9%洗地机投影仪彩电2017201820192020202122.6%13.1%17.9%7.5%-5.5%-12.8%-1.0%12.1%-2.2%0.6%-15.4%5.0%销量同比22.9%53.8%36.6%31.6%22.0%25.3%23.3%-0.2%-11.2%-17.9%75.0%23.0%8.0%16.0%40.2%-3.6%-1.1%0.5%2022至今-2.2%1.9%-5.2%-22.1%57.2%线上(奥维)全渠道空调冰箱洗衣机38.6%21.1%21.6%32.5%20.4%-3.0%油烟机40.0%8.4%9.9%15.9%5.1%电饭煲21.4%15.8%9.6%1.4%-2.7%-7.6%集成灶50.8%47.8%17.6%13.8%40.7%5.6%电蒸锅养生壶洗碗机129.2%28.1%24.0%25.3%14.9%9.0%扫地机40.4%47.9%2.0%23.7%28.9%3.8%洗地机投影仪彩电-8.2%-22.9%20172018201920202021119.3%19.7%25.6%-2.8%9.7%37.6%31.4%19.1%33.2%22.6%1.7%销额同比47.8%54.3%8.5%-15.2%375.5%48.5%16.5%-7.5%62022至今1.2%3.2%

????20%10%0%100%90%80%70%60%50%40%30%20%10%0%-10%-20%10%5%0%2021Q12021Q22021Q32021Q42022Q12022Q22022Q3-5%油烟机养生壶洗碗机扫地机集成灶投影仪电饭煲彩电电蒸锅空调-10%-15%-20%7

EPS??10.0%5.0%0.0%-5.0%-10.0%-15.0%2022Q12022Q22022Q325.020.015.010.05.00.0%-20.0%-40.0%-60.0%0.02019202020212022Q1-Q3CS白色家电ⅢCS黑色家电ⅢCS照明电工CS小家电ⅢCS厨房电器ⅢCS照明电工及其他6个月3个月8

/???0%20%0%100%50%0%极米科沃斯石头火星人美的格力海尔老板电器-20%-40%飞科小熊新宝苏泊尔-80%-50%年初至今估值（PETTM)变动幅度年初至今股价变动幅度年初至今股价变动幅度年初至今估值（PETTM)变动幅度年初至今股价变动幅度年初至今估值（PETTM)变动幅度今年来一致预期盈利变化幅度今年来一致预期盈利变化幅度今年来一致预期盈利变化幅度230.020.010.00.00.050.00.020.010.00.05.040.020.00.010.00.0-10.0-20.00.0-10.022Q122Q222Q322Q422Q122Q222Q322Q4-10.0-20.0-40.022Q122Q222Q322Q4-20.0-30.0-2