2022家电行业三季报情况汇总

行业三季报情况汇总Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

2家电行业及细分收入业绩增速汇总行业内重点公司业绩表现汇总家电板块市场表现及重点公司估值细分板块年度及季度累计收入及其增速（亿元），HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

3细分行业年度增速对比截止11月1日，家电行业内上市公司悉数发布了2022年三季报，我们选取了共计61家行业重点上市公司（其中白电板块7家；黑电板块9家；小家电及护理电器板块17家；厨电板块8家；上游零部件板块15家；照明及其他板块5家。）对行业进行研究分析。细分板块年度及季度累计归母净利润及其增速（亿元），HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

4细分行业年度增速对比单三季度表现看，白电板块带动行业整体Q3收入保持正增，行业收入及利润增速较Q2环比基本持平。前三季度整体看，白电板块实现收入规模6774亿元，实现归母净利润规模573亿元，同比增长6.0%及9.9%。行业整体前三季度实现收入规模10036亿元，同比增长2.4%，实现净利润规模762亿元，同比增长7.6%。细分板块单季度归母净利润增速（%），HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

5细分板块单季度收入增速（%）收入增速归母净利润增速1Q212Q213Q214Q211Q222Q223Q221Q212Q213Q214Q211Q222Q223Q22白电板块42.8%14.6%2.5%14.2%10.6%3.7%4.5%73.7%15.3%-7.1%-0.7%15.1%13.7%8.3%黑电板块46.8%19.3%-3.7%-8.1%-11.7%-11.5%-11.5%942.1%3.0%-6.9%50.1%-3.8%-11.7%27.5%小家电61.8%18.4%7.3%11.2%11.0%1.1%-1.3%123.6%-1.2%-7.1%-3.0%5.2%0.1%2.3%厨电72.6%47.1%11.8%17.8%8.3%-4.1%-4.3%90.7%57.8%-1.8%-76.0%4.0%-15.2%-10.4%上游零部件52.6%37.7%17.0%0.5%8.7%3.9%-4.1%92.9%9.0%-12.2%-150.3%-5.8%7.2%34.7%照明43.7%5.8%3.9%8.2%18.6%12.0%2.1%140.0%-15.3%-26.4%-23.8%-53.0%-4.4%-8.2%行业整体46.0%17.2%2.6%8.0%6.6%1.0%0.5%96.5%12.9%-7.5%-15.0%9.5%8.9%8.2%细分行业增长情况细分板块单季度毛利率（%）Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertolattheestfullreportonourwebsiteat

6细分板块单季度净利率（%）毛利率净利率1Q212Q213Q214Q211Q222Q223Q221Q212Q213Q214Q211Q222Q223Q22白电板块24.49%25.04%25.91%23.75%23.73%25.7%26.77%6.91%8.12%8.40%7.50%7.19%8.9%8.71%黑电板块11.61%17.23%10.85%11.79%11.91%12.6%13.00%2.14%2.25%1.78%1.23%2.33%2.2%2.57%小家电31.29%35.33%30.13%35.45%30.87%36.6%32.69%9.95%9.72%9.45%7.71%9.42%9.6%9.79%厨电40.12%42.66%41.81%37.34%39.42%39.5%42.43%11.42%15.43%13.32%3.35%10.97%13.6%12.47%上游零部件17.96%19.02%17.55%14.38%16.46%16.9%20.61%5.01%5.32%4.95%-2.27%4.34%5.5%6.95%照明26.72%26.87%24.66%20.20%21.94%23.4%25.28%9.44%9.46%7.63%5.25%3.74%8.1%6.86%行业整体22.69%24.59%23.53%22.30%22.43%24.3%25.12%6.32%7.30%7.25%5.62%6.49%7.9%7.80%，HTI细分行业盈利能力情况主品类零售端表现资料来源：奥维云网，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

7白电线下月度销售额增速（%）白电线上月度销售额增速（%）白电线下销售额累计增速（%）

（2022）白电线上销售额累计增速（%）

（2022）主品类零售端表现厨电线下月度销售额增速（%）资料来源：奥维云网，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

8厨电线上月度销售额增速（%）厨电线下销售额累计增速（%）

（2022）厨电线上销售额累计增速（%）

（2022）主品类零售端表现家居清洁线下月度销售额增速（%）资料来源：奥维云网，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

9家居清洁线上月度销售额增速（%）家居清洁线下销售额累计增速（%）（2022）家居清洁线上销售额累计增速（%）（2022）原材料及汇率变化跟踪上游铜价变化情况，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

10上游铝价变化情况上游钢材价格变化情况上游塑料价格变化情况原材料及汇率变化跟踪近三年人民币兑美元汇率变化（CNY/USD），HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

11行业三季报情况汇总Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

12家电行业及细分收入业绩增速汇总行业内重点公司业绩表现汇总家电板块市场表现及重点公司估值收入增速年度及累计单季度标的公司20192020202122Q1-31Q212Q213Q214Q211Q222Q223Q22白电美的集团7%2%20%3%42%13%13%18%10%1%0%海尔智家9%4%9%9%27%8%-1%4%10%8%9%格力电器0%-15%11%6%60%18%-16%16%6%3%11%海信家电4%29%40%14%84%37%28%29%31%8%6%黑电海信视像-3%15%19%-4%53%16%12%9%-2%-5%-5%极米科技28%34%43%9%62%36%32%45%24%17%-12%光峰科技43%-2%28%13%71%42%6%18%0%28%9%创维数字9%-4%27%18%30%18%37%25%25%47%-8%兆驰股份3%52%12%-40%100%23%6%-29%-29%-43%-45%小家电厨房小家电苏泊尔11%-6%16%-4%43%15%2%12%9%-11%-11%九阳股份14%20%-6%-2%32%-12%-9%-15%4%-5%-3%新宝股份8%45%13%0%64%11%0%3%13%1%-12%小熊电器32%36%-1%14%23%-26%-6%7%8%20%16%家居清洁类莱克电气-3%10%27%17%78%47%-2%8%17%5%33%科沃斯-7%36%81%23%131%118%66%57%44%16%14%石头科技38%8%29%15%82%6%23%30%22%26%-1%护理生活类荣泰健康1%-13%29%-16%59%32%17%21%9%-26%-25%飞科电器-5%-5%12%30%23%13%9%7%28%33%29%厨电传统厨电老板电器5%5%25%2%51%24%14%23%9%-2%2%华帝股份-6%-24%28%7%52%65%0%17%7%4%12%万和电气-10%1%20%-10%48%22%5%9%5%-12%-26%集成灶浙江美大20%5%22%-9%229%1%18%6%12%-23%-9%火星人39%22%44%3%180%48%37%18%29%0%-9%亿田智能7%9%72%19%204%66%41%78%63%4%14%上游零部件三花智控4%7%32%33%37%50%24%22%41%26%34%汉宇集团9%9%20%-4%51%26%5%10%-8%2%-7%照明欧普照明4%-5%11%-15%70%12%-1%-2%-17%-14%-16%，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

13重点公司年度及季度收入增速（%）重点公司年度及季度业绩情况归母净利润增速年度及累计单季度标的公司20192020202122Q1-31Q212Q213Q214Q211Q222Q223Q22白电美的集团20%12%5%4%34%-6%4%-2%11%3%0%海尔智家10%8%47%17%185%122%-12%21%15%17%20%格力电器-6%-10%4%17%121%25%-16%-12%16%24%10%海信家电30%-12%-38%15%401%-14%-38%-92%22%-11%45%黑电海信视像42%115%-5%77%295%-41%13%-17%47%59%116%极米科技881%188%80%10%107%91%45%88%36%43%-44%光峰科技5%-39%105%-57%308%9550%101%-68%-67%-71%-24%创维数字91%-39%10%163%105%25%-115%49%34%120%1511%兆驰股份151%58%-81%-44%132%41%6%-291%-26%-69%-33%小家电厨房小家电苏泊尔15%-4%5%5%65%0%-9%-8%7%9%0%九阳股份9%14%-21%-24%23%0%-6%-72%-8%-34%-25%新宝股份37%63%-29%42%37%-53%-41%-5%5%114%27%小熊电器45%60%-34%27%-13%-67%-26%-11%16%-10%85%家居清洁类莱克电气19%-35%53%72%114%-14%-11%128%11%92%132%科沃斯-75%431%214%-16%727%463%307%74%27%-12%-49%石头科技155%75%2%-16%151%1%-17%-18%9%-19%-35%护理生活类荣泰健康19%-35%22%-33%132%3%-20%43%-15%-61%-19%飞科电器-19%-7%0%48%15%5%2%-18%59%33%51%厨电传统厨电老板电器8%4%-20%-8%46%17%8%-102%2%-18%-8%华帝股份10%-45%-49%1%67%37%-65%-152%3%0%2%万和电气22%2%-41%4%21%88%-48%-192%3%-10%59%集成灶浙江美大22%18%22%-17%395%2%19%3%21%-29%-28%火星人160%15%37%-20%595%61%27%-14%36%-18%-40%亿田智能29%46%46%3%422%26%58%12%51%7%-22%上游零部件三花智控10%3%15%26%70%7%5%6%26%19%33%汉宇集团0%25%12%-8%152%10%-16%-21%-42%23%13%照明欧普照明-1%-10%13%-19%1996%20%-30%-2%-51%-27%19%，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

14重点公司年度及季度归母净利润增速（%）重点公司年度及季度业绩情况毛利率年度及累计单季度标的公司20192020202122Q1-31Q212Q213Q214Q211Q222Q223Q22白电美的集团29%25%22%23%24%23%25%18%22%24%25%海尔智家30%30%31%30%34%28%30%34%29%32%31%格力电器27%26%24%25%34%24%25%25%23%25%27%海信家电21%24%20%20%25%21%22%15%19%20%23%黑电海信视像18%18%16%18%21%16%15%16%17%18%18%极米科技23%32%36%37%33%35%38%33%38%37%36%光峰科技40%29%34%31%30%33%36%31%33%29%34%创维数字22%18%16%18%17%16%16%16%17%19%18%兆驰股份15%15%16%16%17%15%11%26%14%17%16%小家电厨房小家电苏泊尔31%26%23%26%29%26%26%15%25%26%26%九阳股份33%32%28%29%34%31%28%23%27%31%29%新宝股份24%23%18%20%17%19%17%18%17%21%24%小熊电器34%32%33%36%25%36%34%30%37%33%37%家居清洁类莱克电气27%26%22%21%23%22%24%20%23%21%20%科沃斯38%43%51%50%45%47%48%55%50%52%47%石头科技36%51%48%49%51%50%49%45%47%49%49%护理生活类荣泰健康31%29%27%26%20%30%25%26%27%24%27%飞科电器39%41%47%54%37%44%49%47%54%54%53%厨电传统厨电老板电器54%56%52%51%54%57%56%44%53%47%52%华帝股份48%43%41%41%38%42%39%39%39%44%40%万和电气33%29%24%27%26%23%25%24%27%25%29%集成灶浙江美大54%53%52%45%55%51%50%51%50%41%43%火星人52%52%46%45%53%47%44%43%44%45%45%亿田智能43%46%45%47%49%44%44%44%44%49%48%上游零部件三花智控30%30%26%25%33%27%27%22%23%25%27%汉宇集团37%38%31%29%39%36%30%25%28%28%32%照明欧普照明37%38%33%34%38%37%35%25%31%33%37%，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

15重点公司年度及季度毛利率（%）重点公司年度及季度盈利能力情况净利率年度及累计单季度标的公司20192020202122Q1-31Q212Q213Q214Q211Q222Q223Q22白电美的集团9%10%8%9%8%9%10%6%8%10%10%海尔智家6%5%6%6%6%7%5%5%6%7%6%格力电器12%13%12%12%10%10%13%15%11%12%13%海信家电5%6%3%4%2%2%2%0%1%2%2%黑电海信视像2%4%3%5%2%2%2%4%3%3%4%极米科技4%10%12%11%11%12%11%13%12%14%7%光峰科技11%4%9%2%10%17%11%3%3%4%7%创维数字7%4%4%8%7%5%-1%5%8%8%8%兆驰股份9%9%2%8%9%10%8%-29%9%5%9%小家电厨房小家电苏泊尔10%10%9%9%10%7%7%12%10%8%8%九阳股份9%8%7%7%8%11%9%2%7%8%7%新宝股份8%9%6%8%5%4%7%5%5%9%10%小熊电器10%12%8%9%10%7%7%8%11%5%11%家居清洁类莱克电气9%5%6%12%9%7%9%1%9%13%15%科沃斯2%9%15%11%15%16%17%14%13%13%7%石头科技19%30%24%19%28%27%25%19%25%18%16%护理生活类荣泰健康12%9%9%8%13%10%8%6%10%5%9%飞科电器18%18%16%20%17%19%17%12%21%19%20%厨电传统厨电老板电器21%21%13%17%19%18%20%0%18%15%18%华帝股份13%10%4%7%7%10%3%-4%7%10%3%万和电气10%10%5%11%7%16%5%-9%7%16%10%集成灶浙江美大27%31%31%27%27%28%31%34%29%26%25%火星人18%17%16%13%13%17%20%14%13%14%13%亿田智能15%20%17%17%19%18%21%13%18%18%14%上游零部件三花智控13%12%11%11%11%11%12%9%9%10%11%汉宇集团18%21%20%21%27%17%21%16%17%21%25%照明欧普照明11%10%10%10%8%14%8%11%5%12%12%Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertolattheestfullreportonourwebsiteat

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16重点公司年度及季度净利率（%），HTI重点公司年度及季度盈利能力情况行业三季报情况汇总Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

17家电行业及细分收入业绩增速汇总行业内重点公司业绩表现汇总家电板块市场表现及重点公司估值家电板块市场表现及重点公司估值板块年度至今涨跌幅对比（%）（2022/11/1）Forfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

18板块PE-TTM估值对比（倍）（2022/11/1），HTI家电板块市场表现及重点公司估值核心公司年度至今涨跌幅对比（2022/11/1）白电及黑电 小家电及清洁厨电上游及照明，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserefertothelatestfullreportonourwebsiteat

19，HTIForfulldisclosureofrisks,valuationmethodologiesandtargetpriceformationonallHTIratedstocks,pleaserelfaetretsotftuhlelreportonourwebsiteat

equities.ht

20备注：表中对应EPS采用一致预期表：家电公司估值表（截至2022/11/1)家电板块市场表现及重点公司估值股票代码股票名称总市值（亿元）收盘价（元）TTM市盈率（X）22E000333.SZ美的集团2810.940.29.59.0600690.SH海尔智家1964.620.813.312.9000651.SZ格力电器1614.528.76.36.2600060.SH海信视像158.112.19.89.8688696.SH极米科技116.4166.222.720.3002032.SZ苏泊尔323.540.016.115.7002242.SZ九阳股份111.514.519.015.2002705.SZ新宝股份132.216.012.711.9002959.SZ小熊电器89.257.226.624.6300824.SZ北鼎股份27.88.541.831.7603486.SH科沃斯334.458.318.616.2688169.SH石头科技220.2235.017.715.1688793.SH倍轻松22.336.2-70.567.3002508.SZ老板电器194.520.515.910.4002035.SZ华帝股份48.15.722.810.0002677.SZ浙江美大64.910.111.110.8300894.SZ火星人88.922.027.723.4300911.SZ亿田智能37.935.117.615.5002050.SZ三花智控763.121.337.833.4688398.SH赛特新材23.629.542.730.9603515.SH欧普照明118.615.715.013.6002239.SZ奥特佳81.72.5-55.6-板块核心观点新消费电器：扫地机及投影仪龙头年初以来已经历较长时间回调，我们看好渗透率提升逻辑下大单品新消费电器公司的长期成长性。石头科技：看好自清洁产品带动国内市场份额、销售结构及均价的提升，打开国内收入增速。公司利润端2022年有望企稳，看好公司今年实现戴维斯双击。科沃斯：公司继去年X1系列站稳最高端市场后今年继续在中高价位段自清洁产品推新，并持续推广性价比品牌yeedi，高低端齐头并进有望带来扫地机器人业务的稳健增长。洗地机品类行业竞争有所加剧，但我们判断公司凭借品牌积累仍将维持龙头地位，受益行业增长。我们认为公司今年扫地机自主品牌结构优化下后续毛利率仍具备提升空间，公司整体净利率仍有提升空间。极米科技：我们认为作为传统平板电视的替代与补充，消费级投影受益于终端消费升级及显