20231205_民生证券_家电行业2024年度策略：成长与韧性兼具探寻家电结构性机会_38页.pdf
*2024 2023 12 5*1 4.88%300 2023 11 26 4.88%300 13.50%31 7/31 2023 2023 1-10+0.3%23Q2 2023 1-10+8.8%+24H1 2 24+3 1 2 3 11ZDWvMtOtQnMqOpMmRpQrQ9P8QaQpNrRnPtQkPpOoMjMmMsM9PpPzQxNoPmOuOmOoN*C O N T E N T S02 0301 04 2 05*01.3*-30%-20%-10%0%10%20%30%300 2023 7/31 300 2023 11 26 4.88%300 13.50%31 7/31 2023 11 26 52.23%12.70%3.31%1.06%-7.87%-9.15%-20%0%20%40%60%80%300 2023 wind 1.14*020406080100120140 2013 PE PE 23 10 2023 11 26 PE 14.43 2013 12.27%16%2023Q3 2.77%2022 10 30%wind 1.10%2%4%6%8%13Q213Q414Q214Q415Q215Q416Q216Q417Q217Q418Q218Q419Q219Q420Q220Q421Q221Q422Q222Q423Q250102030402013/11 2014/11 2015/11 2016/11 2017/11 2018/11 2019/11 2020/11 2021/11 2022/11PE-TTM()80%20%*60200040006000800010000120002018/012018/062018/112019/042019/092020/022020/072020/122021/052021/102022/032022/082023/012023/07:LME/23 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2023 Q3 wind*23Q2 1.4 22Q1 23Q2 Q3 8 9 10 14%8 2023Q2 2023Q2 wind-30%-10%10%30%50%02004006002020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10:-30%-10%10%30%50%05000100001500020000250002020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10:*24H1 1.4 23Q2 wind 22H2 CPI 2023 10 CPI+3.2%+3.7%2021+24H1 23Q2 24H1 9 22H2 CPI 22 1.01.21.41.61.82.01500020000250003000035000400002015-012015-072016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-07:-5%0%5%10%2015-012015-072016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-07-40%-20%0%20%40%60%02004006008001,0001,2002015-012015-092016-052017-012017-092018-052019-012019-092020-052021-012021-092022-052023-012023-09:*02.10*2.1 2023 2023 2023 1-9+16.42%4.69%1.04%Q3+2.89%23 1-6+31.06%Q3+4.35%+0.61%11 2023 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