可编辑文档：2024年家电行业投资策略分析报告：成长高股息，估值性价比.pptx

《2024家电行业中期策略报告：兼具成长与高股息，估值性价比仍具吸引力》2024年6月16日

概要行业整体：低估值高股息提供安全边际，出海提供成长空间白电板块：出海保障成长，高股息增厚收益小家电板块：期待内外销共振，清洁电器底部加速回升厨电及地产链：地产政策持续推进，行业估值有望修复黑电板块：长期格局持续优化，短期面板价格逐渐趋稳2

低估值高股息提供安全边际，龙头收益稳中求进图行业年初至今涨跌幅及排名（2024-06-03）图行业当前估值水平排名（倍，PE-TTM）2024-06-0325.00%20.00%15.00%10.00%5.00%80.070.060.050.040.030.020.010.00.016.72%4.34%0.00%-5.00%-10.00%-15.00%-20.00%15.212.0图行业重点公司年初至今涨跌幅及对比（%）2024-06-03122.0130.0110.090.099.468.270.055.247.340.750.031.127.426.523.720.430.016.215.515.29.65.110.0-10.0-30.0-1.0-3.8-4.2-4.7-5.4-7.1-10.1-20.8年度至今涨跌幅沪深300涨跌幅家电（中信）涨跌幅资料：Wind，证券研究所3

低估值高股息提供安全边际，龙头收益稳中求进图家电行业核心公司股息与估值情况对比现金分红率(%)股息率（%）PE（X）PEG净利润增速细分板块股票代码简称2018201920202021202223E24E2018201920202021202220232024E2324E202324E21222324E000333.SZ美的集团42%46%41%41%58%62%68%2.7%3.2%2.4%2.1%4.4%4.4%5.5%13.912.4000651.SZ格力电器48%29%102%72%46%45%50%4.7%2.2%6.4%5.6%5.8%5.6%6.7%8.17.41.00.41.30.20.10.70.31.10.95%4%3%14%12%6%18%8%白电600690.SH海尔智家30%30%39%33%36%45%50%2.1%2.3%2.5%1.6%2.3%2.6%3.4%17.114.9000921.SZ海信家电30%30%30%30%50%49%50%3.0%3.5%2.8%1.5%4.1%2.4%3.0%20.216.8000521.SZ长虹美菱162%93%-61%99%38%42%45%1.6%1.4%1.5%1.4%2.3%3.0%3.9%14.011.5600060.SH海信视像30%30%30%10%50%50%50%0.7%1.4%2.2%0.7%5.1%3.0%3.4%17.014.81.047%13%13%15%0.8-38%48%98%20%0.5-161%371%203%22%1.0-5%48%25%15%黑电/1070.HKTCL电子48%22%14%35%71%54%50%6.1%6.3%5.6%4.1%4.1%2.7%3.3%20.015.10.5-67%-62%66%33%0.5105%-49%-14%80%0.480%4%-76%74%0.7-29%21%2%16%1.6-34%36%15%12%电子设备688007.SH光峰科技0%18%22%20%21%31%32%688696.SH极米科技0%0%30%31%30%17%20%——0.2%0.2%0.4%0.2%0.4%0.8%74.241.2-5.50.5%0.8%0.3%0.7%53.030.5-0.7——002705.SZ新宝股份56%47%44%21%34%33%35%3.6%3.3%1.8%0.6%2.1%2.5%3.0%13.511.7002959.SZ小熊电器0%45%44%33%32%42%40%1.5%1.2%0.9%1.4%1.9%2.1%21.519.2苏泊尔002032.SZ73%68%57%80%167%100%80%3.0%2.3%1.7%3.0%8.6%5.0%4.4%