家電行業(yè)2023Q4機(jī)構(gòu)持倉分析：外銷表現(xiàn)優(yōu)于內(nèi)銷2024尋求突破

家電行業(yè)2023Q4機(jī)構(gòu)持倉分析外銷表現(xiàn)優(yōu)于內(nèi)銷，2024尋求突破西南證券研究發(fā)展中心家電研究團(tuán)隊(duì)2024年2月2日分析師：龔夢泓執(zhí)業(yè)證號：

S1250518090001電話箱：gmh@聯(lián)系人：方建釗電話箱：fjz@swsc.com.cn主要觀點(diǎn)1重倉市值環(huán)比微降，家電重倉占比環(huán)比提升：從持倉絕對值看，2023年Q4家電行業(yè)基金重倉股合計(jì)市值為744億元，環(huán)比下降2.5%；從持倉占比看，2023年Q4公募基金重倉SW家電板塊的總市值占比為2.71%，環(huán)比提升0.12pp，家電持倉占比有所提升。一方面，前期困擾家電行業(yè)的不利因素在2023年整體得到改善；另一方面，23Q4冰洗、小家電延續(xù)出口高景氣度，冰洗出口數(shù)量分別同比增長63.8%、37.9%、21%。從估值水平來看，當(dāng)前申萬家電指數(shù)動(dòng)態(tài)PE為12倍，安全邊際較強(qiáng)。其他家電配置提升明顯：從家電子行業(yè)持倉市值變化來看，2023Q4家用電器子行業(yè)重倉市值變化情況排序依次為：白電板塊重倉市值為444.4億元，環(huán)比下降3.1%，在家電行業(yè)里面占比達(dá)到59.7%，環(huán)比下降0.4pp；家電零部件板塊重倉市值為167.9億元，環(huán)比增加3.5%；小家電板塊重倉市值為58.1億元，環(huán)比下降15.8%；黑電板塊重倉市值為65.2億元，環(huán)比增加5%；廚衛(wèi)電器板塊重倉市值為4.4億元，環(huán)比下降44%；其他家電板塊重倉市值為3.8億元，環(huán)比增加39.3%。關(guān)注終端需求持續(xù)向好的個(gè)股：目前來看，我們建議關(guān)注四條投資主線：1）家電整體行業(yè)估值已經(jīng)位于近幾年的底部區(qū)間，我們推薦關(guān)注高股息率、經(jīng)營穩(wěn)健的龍頭標(biāo)的：美的集團(tuán)、海爾智家、格力電器、蘇泊爾；2）推薦業(yè)務(wù)多元化持續(xù)推進(jìn)，外延業(yè)務(wù)貢獻(xiàn)新動(dòng)能的標(biāo)的：三花智控、盾安環(huán)境、兆馳股份等；3）推薦關(guān)注內(nèi)部運(yùn)營提效，盈利持續(xù)改善的標(biāo)的：海信家電、海信視像、長虹美菱等；4）推薦關(guān)注新興品類在海外滲透率持續(xù)提升，有望通過功能升級提升均價(jià)的掃地機(jī)器人標(biāo)的：石頭科技、科沃斯等。風(fēng)險(xiǎn)提示：原材料價(jià)格大幅波動(dòng)風(fēng)險(xiǎn)；匯率波動(dòng)風(fēng)險(xiǎn)；終端需求修復(fù)不及預(yù)期風(fēng)險(xiǎn)。2.7%2%1%0%3%4%7%6%5%743.991,4001,2001,00080060040020002018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q4家電行業(yè)基金持倉市值（億元）家電行業(yè)占比2從公募基金持倉看家電行業(yè)持倉占比提升。從持倉絕對值看，2023年Q4家電行業(yè)基金重倉股合計(jì)市值為744億元，環(huán)比下降2.5%。從持倉占比看，2023年Q4公募基金重倉SW家電板塊的總市值占比為2.71%，環(huán)比提升0.12pp，家電持倉占比有所提升。其他家電配置提升明顯。從家電子行業(yè)持倉市值變化來看，2023Q4家用電器子行業(yè)重倉市值變化情況排序依次為：白電板塊重倉市值為444.4億元，環(huán)比下降3.1%，在家電行業(yè)里面占比達(dá)到59.7%，環(huán)比下降0.4pp；家電零部件板塊重倉市值為167.9億元，環(huán)比增加3.5%；小家電板塊重倉市值為58.1億元，環(huán)比下降15.8%；黑電板塊重倉市值為65.2億元，環(huán)比增加5%；廚衛(wèi)電器板塊重倉市值為4.4億元，環(huán)比下降44%；其他家電板塊重倉市值為3.8億元，環(huán)比增加39.3%。數(shù)據(jù)來源：wind，西南證券整理（注：公募基金持倉分析是基于Wind基金數(shù)據(jù)庫內(nèi)開放式和封閉式公募基金披露的2023年半年度重倉持股明細(xì)匯總，存在因?yàn)椴糠止善痹谑笾貍}股之外導(dǎo)致的樣本誤差風(fēng)險(xiǎn)。）

家電配置有所提升

各子板塊在家電持倉市值的占比

60.15%9.7%8.1%8.8%1.0%0.6%9.1%7.8%21.32%2.6%0.4%0.5%0%10%20%30%40%50%60%白電黑電廚電0.1%0.0%小家電 照明零部件

其他家電2023Q3 2023Q43從公募基金持倉看從持股基金的數(shù)量來看，公募基金數(shù)量前五的分別為：美的集團(tuán)（694支）、三花智控（388支)、格力電器（227支）、海爾智家（211支）、石頭科技（133支），基金數(shù)量增加前五支股票分別是：美的集團(tuán)（+80支）、盾安環(huán)境（+42支）、三花智控（+29支）、兆馳股份（+23支）、創(chuàng)維數(shù)字（+13支）。從公募基金持倉總市值來看，持倉總市值排名前五分別是：美的集團(tuán)（255.5億元）、三花智控（154.0億元）、海爾智家（100.7億元）、格力電器（67.6億元）、海信視像（45.7億元）；變動(dòng)情況來看，基金持倉市值增加前五分別為：美的集團(tuán)（+50.0億元）、兆馳股份（+5.6億元）、盾安環(huán)境（+5.1億元）、三花智控（+2.7億元）、創(chuàng)維數(shù)字（+2.1億元）。從公募基金持倉占比情況來看，1）持倉占流通股比例前五分別為：海信視像（17.0%）、三花智控（14.2%）、盾安環(huán)境（10.2%）、石頭科技（9.9%）、海爾智家（7.6%）；2）持倉占總市值比例前五分別為：海信視像（16.8%）、三花智控（14.0%）、石頭科技（9.9%）、盾安環(huán)境（8.8%）、美的集團(tuán)（6.7%）。2023年Q4基金持倉情況2023年Q4持股基金數(shù)量TOP20數(shù)據(jù)來源：Wind，西南證券整理4代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%1992070669.HK創(chuàng)科實(shí)業(yè)2253.60.90.2%0.0%0.2%0.0%22%-1,707000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181603486.SH科沃斯16-12.20.30.9%0.2%0.9%0.2%-15%236239002032.SZ蘇泊爾1518.41.32.0%0.1%2.0%0.1%9%426428603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220605555.SH德昌股份1250.90.52.8%1.5%1.0%0.5%25%3185688696.SH極米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279000404.SZ長虹華意1130.6-0.11.4%-0.2%1.4%-0.2%-3%41410921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234002705.SZ新寶股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17.4%119120備注：標(biāo)紅公司為A+H上市公司2023年Q4基金持倉情況2023年Q4持股基金數(shù)量季度增加前20數(shù)據(jù)來源：Wind，西南證券整理5代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值000333.SZ美的集團(tuán)694+80255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002011.SZ盾安環(huán)境62+4212.85.110.2%2.6%8.8%2.3%24%126145002050.SZ三花智控388+29154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097002429.SZ兆馳股份36+2313.95.65.5%1.9%5.5%1.9%11%252253000810.SZ創(chuàng)維數(shù)字19+132.32.11.3%1.2%1.3%1.2%15%176181688609.SH九聯(lián)科技8+80.50.51.2%1.2%0.0%0.0%32%43660669.HK創(chuàng)科實(shí)業(yè)22+53.60.90.2%0.0%0.2%0.0%22%-1,707605555.SH德昌股份12+50.90.52.8%1.5%1.0%0.5%25%3185002959.SZ小熊電器9+40.20.10.2%0.2%0.2%0.2%-11%8081000404.SZ長虹華意11+30.6-0.11.4%-0.2%1.4%-0.2%-3%4141301187.SZ歐圣電氣3+30.10.11.2%1.2%0.3%0.3%10%1036001326.SZ聯(lián)域股份2+20.10.10.9%0.9%0.2%0.2%-15%1040301362.SZ民爆光電2+20.00.00.1%0.1%0.0%0.0%-10%941603657.SH春光科技2+20.00.00.0%0.0%0.0%0.0%5%2222002032.SZ蘇泊爾15+18.41.32.0%0.1%2.0%0.1%9%426428002035.SZ華帝股份9+12.60.75.3%1.3%4.9%1.2%4%4853002677.SZ浙江美大9+10.1-0.00.1%0.0%0.1%0.0%-5%3865000801.SZ四川九洲4+10.20.00.3%0.0%0.3%0.0%-2%7979603112.SH華翔股份3+10.3-0.10.6%-0.1%0.6%-0.1%2%5353600983.SH惠而浦1+10.40.40.5%0.5%0.5%0.5%21%68682023年Q4基金持倉情況2023年Q4持股基金數(shù)量季度減少前20備注：標(biāo)紅公司為A+H上市公司數(shù)據(jù)來源：Wind，西南證券整理6代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002705.SZ新寶股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283603215.SH比依股份3-130.1-0.30.8%-1.8%0.3%-0.7%-13%1233000521.SZ長虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220300217.SZ東方電熱3-70.0-1.30.0%-1.9%0.0%-1.6%-4%67800921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234603551.SH奧普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243002723.SZ小崧股份0-4--0.50.0%-1.3%0.0%-1.3%-17%3233605336.SH帥豐電器0-4--0.20.0%-1.9%0.0%-0.6%-13%2727600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273603579.SH榮泰健康4-30.20.20.7%0.6%0.7%0.6%-12%2929603355.SH萊克電氣1-30.0-0.20.0%-0.1%0.0%-0.1%-16%127128600839.SH四川長虹6-20.9-0.10.4%-0.1%0.4%-0.1%17%244244002860.SZ星帥爾4-20.2-0.10.7%-0.2%0.5%-0.2%-2%2740300342.SZ天銀機(jī)電0-2--0.40.0%-0.8%0.0%-0.8%32%64652023年Q4基金持倉情況2023年Q4基金持股市值TOP20備注：標(biāo)紅公司為A+H上市公司數(shù)據(jù)來源：Wind，西南證券整理7代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220002032.SZ蘇泊爾1518.41.32.0%0.1%2.0%0.1%9%4264286690.HK海爾智家10-16.6-0.91.2%0.8%0.3%0.0%-11%2,0812,0810669.HK創(chuàng)科實(shí)業(yè)2253.60.90.2%0.0%0.2%0.0%22%-1,707002035.SZ華帝股份912.60.75.3%1.3%4.9%1.2%4%4853000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181603486.SH科沃斯16-12.20.30.9%0.2%0.9%0.2%-15%236239688696.SH極米科技1101.70.23.3%0.6%0.0%-1.7%-8%52790921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207600839.SH四川長虹6-20.9-0.10.4%-0.1%0.4%-0.1%17%2442442023年Q4基金持倉情況2023年Q4基金持股市值增加前20數(shù)據(jù)來源：Wind，西南證券整理8代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181002032.SZ蘇泊爾1518.41.32.0%0.1%2.0%0.1%9%4264280669.HK創(chuàng)科實(shí)業(yè)2253.60.90.2%0.0%0.2%0.0%22%-1,707002035.SZ華帝股份912.60.75.3%1.3%4.9%1.2%4%4853605555.SH德昌股份1250.90.52.8%1.5%1.0%0.5%25%3185688609.SH九聯(lián)科技880.50.51.2%1.2%0.0%0.0%32%4366600983.SH惠而浦110.40.40.5%0.5%0.5%0.5%21%6868603486.SH科沃斯16-12.20.30.9%0.2%0.9%0.2%-15%236239688696.SH極米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279603579.SH榮泰健康4-30.20.20.7%0.6%0.7%0.6%-12%2929002959.SZ小熊電器940.20.10.2%0.2%0.2%0.2%-11%8081301187.SZ歐圣電氣330.10.11.2%1.2%0.3%0.3%10%1036603515.SH歐普照明110.10.10.1%0.1%0.1%0.1%-17%129130001326.SZ聯(lián)域股份220.10.10.9%0.9%0.2%0.2%-15%1040002543.SZ萬和電氣110.10.10.1%0.1%0.1%0.1%5%5966301362.SZ民爆光電220.00.00.1%0.1%0.0%0.0%-10%9412023年Q4基金持倉情況2023年Q4基金持股市值減少前20備注：標(biāo)紅公司為A+H上市公司數(shù)據(jù)來源：Wind，西南證券整理9代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207002705.SZ新寶股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%2202200921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234300217.SZ東方電熱3-70.0-1.30.0%-1.9%0.0%-1.6%-4%67806690.HK海爾智家10-16.6-0.91.2%0.8%0.3%0.0%-11%2,0812,081000521.SZ長虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858002723.SZ小崧股份0-4--0.50.0%-1.3%0.0%-1.3%-17%32331070.HKTCL電子0-1--0.40.0%-0.6%0.0%-0.5%-16%-64300342.SZ天銀機(jī)電0-2--0.40.0%-0.8%0.0%-0.8%32%6465603215.SH比依股份3-130.1-0.30.8%-1.8%0.3%-0.7%-13%1233605336.SH帥豐電器0-4--0.20.0%-1.9%0.0%-0.6%-13%2727603551.SH奧普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243603355.SH萊克電氣1-30.0-0.20.0%-0.1%0.0%-0.1%-16%127128300403.SZ漢宇集團(tuán)1-10.0-0.10.0%-0.4%0.0%-0.3%12%36532023年Q4基金持倉情況2023年Q4基金持股流通市值占比TOP20備注：標(biāo)紅公司為A+H上市公司數(shù)據(jù)來源：Wind，西南證券整理10代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283688793.SH倍輕松5-10.7-0.15.9%-3.1%0.0%-2.4%-8%1129002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253002035.SZ華帝股份912.60.75.3%1.3%4.9%1.2%4%4853603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812688696.SH極米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279605555.SH德昌股份1250.90.52.8%1.5%1.0%0.5%25%31850921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234002032.SZ蘇泊爾1518.41.32.0%0.1%2.0%0.1%9%426428000404.SZ長虹華意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181000521.SZ長虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858301187.SZ歐圣電氣330.10.11.2%1.2%0.3%0.3%10%10362023年Q4基金持倉情況2023年Q4基金持股流通市值占比增加前20備注：標(biāo)紅公司為A+H上市公司數(shù)據(jù)來源：Wind，西南證券整理11代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253605555.SH德昌股份1250.90.52.8%1.5%1.0%0.5%25%3185000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002035.SZ華帝股份912.60.75.3%1.3%4.9%1.2%4%4853000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181301187.SZ歐圣電氣330.10.11.2%1.2%0.3%0.3%10%1036688609.SH九聯(lián)科技880.50.51.2%1.2%0.0%0.0%32%43660921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234001326.SZ聯(lián)域股份220.10.10.9%0.9%0.2%0.2%-15%10406690.HK海爾智家10-16.6-0.91.2%0.8%0.3%0.0%-11%2,0812,081688696.SH極米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279603579.SH榮泰健康4-30.20.20.7%0.6%0.7%0.6%-12%2929600983.SH惠而浦110.40.40.5%0.5%0.5%0.5%21%6868603486.SH科沃斯16-12.20.30.9%0.2%0.9%0.2%-15%236239603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220002959.SZ小熊電器940.20.10.2%0.2%0.2%0.2%-11%8081301362.SZ民爆光電220.00.00.1%0.1%0.0%0.0%-10%9412023年Q4基金持倉情況2023年Q4基金持股流通市值占比減少前20數(shù)據(jù)來源：Wind，西南證券整理12代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值688793.SH倍輕松5-10.7-0.15.9%-3.1%0.0%-2.4%-8%1129002705.SZ新寶股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120605336.SH帥豐電器0-4--0.20.0%-1.9%0.0%-0.6%-13%2727000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812300217.SZ東方電熱3-70.0-1.30.0%-1.9%0.0%-1.6%-4%6780603215.SH比依股份3-130.1-0.30.8%-1.8%0.3%-0.7%-13%1233688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207002723.SZ小崧股份0-4--0.50.0%-1.3%0.0%-1.3%-17%3233000521.SZ長虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858300342.SZ天銀機(jī)電0-2--0.40.0%-0.8%0.0%-0.8%32%64651070.HKTCL電子0-1--0.40.0%-0.6%0.0%-0.5%-16%-64600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273300894.SZ火星人0-2--0.10.0%-0.4%0.0%-0.1%-17%2366300403.SZ漢宇集團(tuán)1-10.0-0.10.0%-0.4%0.0%-0.3%12%3653603551.SH奧普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243002860.SZ星帥爾4-20.2-0.10.7%-0.2%0.5%-0.2%-2%2740000404.SZ長虹華意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097603112.SH華翔股份310.3-0.10.6%-0.1%0.6%-0.1%2%53532023年Q4基金持倉情況2023年Q4基金持股總市值占比TOP20數(shù)據(jù)來源：Wind，西南證券整理13代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002035.SZ華帝股份912.60.75.3%1.3%4.9%1.2%4%4853000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812002032.SZ蘇泊爾1518.41.32.0%0.1%2.0%0.1%9%426428000404.SZ長虹華意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181000521.SZ長虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858605555.SH德昌股份1250.90.52.8%1.5%1.0%0.5%25%3185603486.SH科沃斯16-12.20.30.9%0.2%0.9%0.2%-15%236239002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207603579.SH榮泰健康4-30.20.20.7%0.6%0.7%0.6%-12%29290921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234備注：標(biāo)紅公司為A+H上市公司2023年Q4基金持倉情況2023年Q4基金持股總市值占比增加前20數(shù)據(jù)來源：Wind，西南證券整理14代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值002011.SZ盾安環(huán)境624212.85.110.2%2.6%8.8%2.3%24%126145002429.SZ兆馳股份362313.95.65.5%1.9%5.5%1.9%11%252253000333.SZ美的集團(tuán)69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002035.SZ華帝股份912.60.75.3%1.3%4.9%1.2%4%4853000810.SZ創(chuàng)維數(shù)字19132.32.11.3%1.2%1.3%1.2%15%176181603579.SH榮泰健康4-30.20.20.7%0.6%0.7%0.6%-12%2929600983.SH惠而浦110.40.40.5%0.5%0.5%0.5%21%6868605555.SH德昌股份1250.90.52.8%1.5%1.0%0.5%25%3185002050.SZ三花智控38829154.02.714.2%-0.2%14.0%0.4%-1%1,0851,097301187.SZ歐圣電氣330.10.11.2%1.2%0.3%0.3%10%1036603486.SH科沃斯16-12.20.30.9%0.2%0.9%0.2%-15%236239001326.SZ聯(lián)域股份220.10.10.9%0.9%0.2%0.2%-15%1040603868.SH飛科電器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220002959.SZ小熊電器940.20.10.2%0.2%0.2%0.2%-11%8081002032.SZ蘇泊爾1518.41.32.0%0.1%2.0%0.1%9%426428600690.SH海爾智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002543.SZ萬和電氣110.10.10.1%0.1%0.1%0.1%5%5966603515.SH歐普照明110.10.10.1%0.1%0.1%0.1%-17%129130301362.SZ民爆光電220.00.00.1%0.1%0.0%0.0%-10%941301008.SZ宏昌科技110.00.00.1%0.1%0.0%0.0%1%7242023年Q4基金持倉情況2023年Q2基金持股總市值占比減少前20數(shù)據(jù)來源：Wind，西南證券整理15代碼 名稱持股基金數(shù)量持股總市值(億元)流通市值占比總市值占比季度漲跌幅最新市值（億元）最新季度變化最新季度變化最新季度變化最新季度變化流通市值總市值688793.SH倍輕松5-10.7-0.15.9%-3.1%0.0%-2.4%-8%1129002705.SZ新寶股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120000651.SZ格力電器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812688696.SH極米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279300217.SZ東方電熱3-70.0-1.30.0%-1.9%0.0%-1.6%-4%6780688169.SH石頭科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002508.SZ老板電器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207002723.SZ小崧股份0-4--0.50.0%-1.3%0.0%-1.3%-17%3233000521.SZ長虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858000921.SZ海信家電60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283300342.SZ天銀機(jī)電0-2--0.40.0%-0.8%0.0%-0.8%32%6465603215.SH比依股份3-130.1-0.30.8%-1.8%0.3%-0.7%-13%1233605336.SH帥豐電器0-4--0.20.0%-1.9%0.0%-0.6%-13%27271070.HKTCL電子0-1--0.40.0%-0.6%0.0%-0.5%-16%-64600060.SH海信視像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%2692730921.HK海信家電11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234603551.SH奧普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243300403.SZ漢宇集團(tuán)1-10.0-0.10.0%-0.4%0.0%-0.3%12%3653002860.SZ星帥爾4-20.2-0.10.7%-0.2%0.5%-0.2%-2%2740000404.SZ長虹華意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141備注：標(biāo)紅公司為A+H上市公司板塊估值位于近三年底部

板塊估值已經(jīng)位于近三年底部水平

板塊估值安全邊際較強(qiáng)：當(dāng)前申萬家用電器指數(shù)動(dòng)態(tài)PE為12倍，低于近10年的均值，已經(jīng)位于近三年的底部，安全邊際較強(qiáng)，長期投資潛力凸顯。

近一年家電行業(yè)漲跌幅居前（%）-18.8%數(shù)據(jù)來源：Wind，西南證券整理16-30%-40%0%-10%-20%10%銀行煤炭傳媒通信非銀金融交通運(yùn)輸紡織服飾社會服務(wù)公用事業(yè)汽車家用電器石油石化建筑裝飾鋼鐵輕工制造商貿(mào)零售計(jì)算機(jī)機(jī)械設(shè)備環(huán)保農(nóng)林牧漁電子房地產(chǎn)食品飲料醫(yī)藥生物建筑材料綜合有色金屬美容護(hù)理基礎(chǔ)化工國防軍工電力設(shè)備內(nèi)外銷邊際向好，盈利持續(xù)好轉(zhuǎn)數(shù)據(jù)來源：Wind，西南證券整理172023年家電行業(yè)海外需求表現(xiàn)好于內(nèi)需，一方面得益于海外渠道商、品牌商去庫存結(jié)束進(jìn)入補(bǔ)庫周期，另一方面我國家電廠商技術(shù)進(jìn)步，新品持續(xù)功能升級，競爭力和品牌力顯著增強(qiáng)，在海外市占率顯著提升。我們認(rèn)為，2024年家電市場需求有望延續(xù)2023年以來的溫和回暖趨勢，但天氣變化導(dǎo)致的旺季需求波動(dòng)、原材料價(jià)格波動(dòng)、人民幣匯率波動(dòng)等因素仍具有不確定性。長期發(fā)展來看，國內(nèi)的增長著重于產(chǎn)品高端化、套系化進(jìn)而向全屋智能家居方向突破；海外市場增長重點(diǎn)在于區(qū)域擴(kuò)展、提升區(qū)域市占率等?；谝陨希覀冋J(rèn)為2024年需要關(guān)注4條投資主線。建議關(guān)注高股息龍頭標(biāo)的。家電整體行業(yè)估值已經(jīng)位于近幾年的底部區(qū)間，我們推薦關(guān)注高股息率、經(jīng)營穩(wěn)健的龍頭標(biāo)的：美的集團(tuán)（000333）、海爾智家（600690）、格力電器（000651）、蘇泊爾（002032）；建議關(guān)注多元業(yè)務(wù)標(biāo)的。長期來看，國內(nèi)高速成長期已經(jīng)過去，多元化業(yè)務(wù)成為家電企業(yè)長期發(fā)展的重要議題，推薦關(guān)注：三花智控（002050）、盾安環(huán)境（002011）、兆馳股份（002429）等；建議關(guān)注內(nèi)部提效，盈利改善的標(biāo)的。如海信家電（000921）、海信視像（600060）、長虹美菱（000521）等；建議關(guān)注海外滲透率提升標(biāo)的。掃地機(jī)器人在海外滲透率持續(xù)提升，同時(shí)有望通過功能升級提升均價(jià)的掃地機(jī)器人標(biāo)的：石頭科技（688169）、科沃斯（603486）等。西南證券研究發(fā)展中心分析師承諾報(bào)告署名分析師具有中國證券業(yè)協(xié)會授予的證券投資咨詢執(zhí)業(yè)資格并注冊為證券分析師，報(bào)告所采用的數(shù)據(jù)均來自合法合規(guī)渠道，分析邏輯基于分析師的職業(yè)理解，通過合理判斷得出結(jié)論，獨(dú)立、客觀地出具本報(bào)告。分析師承諾不曾因，不因，也將不會因本報(bào)告中的具體推薦意見或觀點(diǎn)而直接或間接獲取任何形式的補(bǔ)償。重要聲明西南證券股份有限公司（以下簡稱“本公司”）具有中國證券監(jiān)督管理委員會核準(zhǔn)的證券投資咨詢業(yè)務(wù)資格。本公司與作者在自身所知情范圍內(nèi)，與本報(bào)告中所評價(jià)或推薦的證券不存在法律法規(guī)要求披露或采取限制、靜默措施的利益沖突?！蹲C券期貨投資者適當(dāng)性管理辦法》于2017年7月1日起正式實(shí)施，本報(bào)告僅供本公司簽約客戶使用，若您并非本公司簽約客戶，為控制投資風(fēng)險(xiǎn)，請取消接收、訂閱或使用本報(bào)告中的任何信息。本公司也不會因接收人收到、閱讀或關(guān)注自媒體推送本報(bào)告中的內(nèi)容而視其為客戶。本公司或關(guān)聯(lián)機(jī)構(gòu)可能會持有報(bào)告中提到的公司所發(fā)行的證券并進(jìn)行交易，還可能為這些公司提供或爭取提供投資銀行或財(cái)務(wù)顧問服務(wù)。本報(bào)告中的信息均來源于公開資料，本公司對這些信息的準(zhǔn)確性、完整性或可靠性不作任何保證。本報(bào)告所載的資料、意見及推測僅反映本公司于發(fā)布本報(bào)告當(dāng)日的判斷，本報(bào)告所指的