业[Ta绩bl回e_顾Su：m2m02a1ry前] 三季度，家电行业整体实现营收 9183.5 亿元，同比增长 19.2%；实现归母净利润661.4 亿元，同比增长20.8%。如果剔除2021 新上 市公司 ，2021 前三季度家电行业整体营收相较于2019 同期增长16.7%，归 母净利润相较于2019 年同期上升1.4%。其中2021Q3 家电整体实现营收 3134.7 亿元，同比增长3.9%；实现归母净利润235.6 亿元，同比下降4.5%。

1 需求稳步回暖，短期业绩承压 ................................................................................................................................................................. 1

2 龙头稳健边际改善可期，新品推动细分赛道高涨 ............................................................................................................................. 2

2.1 白电：静待终端需求恢复，龙头稳健边际向好........................................................................................................................... 2

2.2 厨电：传统品类需求平稳，新品渗透率快速提升 ...................................................................................................................... 7

2.3 小家电：高基数效应减弱，龙头引领产品革新.........................................................................................................................11

3 原材料价格趋稳，盈利好转可期...........................................................................................................................................................14

4 重点标的推荐 ..............................................................................................................................................................................................16

5 风险提示 .......................................................................................................................................................................................................16

6 附录 ................................................................................................................................................................................................................17