家电行业2023Q4机构持仓分析：外销表现优于内销2024寻求突破

家电行业2023Q4机构持仓分析外销表现优于内销，2024寻求突破西南证券研究发展中心家电研究团队2024年2月2日分析师：龚梦泓执业证号：

S1250518090001电话箱：gmh@联系人：方建钊电话箱：fjz@swsc.com.cn主要观点1重仓市值环比微降，家电重仓占比环比提升：从持仓绝对值看，2023年Q4家电行业基金重仓股合计市值为744亿元，环比下降2.5%；从持仓占比看，2023年Q4公募基金重仓SW家电板块的总市值占比为2.71%，环比提升0.12pp，家电持仓占比有所提升。一方面，前期困扰家电行业的不利因素在2023年整体得到改善；另一方面，23Q4冰洗、小家电延续出口高景气度，冰洗出口数量分别同比增长63.8%、37.9%、21%。从估值水平来看，当前申万家电指数动态PE为12倍，安全边际较强。其他家电配置提升明显：从家电子行业持仓市值变化来看，2023Q4家用电器子行业重仓市值变化情况排序依次为：白电板块重仓市值为444.4亿元，环比下降3.1%，在家电行业里面占比达到59.7%，环比下降0.4pp；家电零部件板块重仓市值为167.9亿元，环比增加3.5%；小家电板块重仓市值为58.1亿元，环比下降15.8%；黑电板块重仓市值为65.2亿元，环比增加5%；厨卫电器板块重仓市值为4.4亿元，环比下降44%；其他家电板块重仓市值为3.8亿元，环比增加39.3%。关注终端需求持续向好的个股：目前来看，我们建议关注四条投资主线：1）家电整体行业估值已经位于近几年的底部区间，我们推荐关注高股息率、经营稳健的龙头标的：美的集团、海尔智家、格力电器、苏泊尔；2）推荐业务多元化持续推进，外延业务贡献新动能的标的：三花智控、盾安环境、兆驰股份等；3）推荐关注内部运营提效，盈利持续改善的标的：海信家电、海信视像、长虹美菱等；4）推荐关注新兴品类在海外渗透率持续提升，有望通过功能升级提升均价的扫地机器人标的：石头科技、科沃斯等。风险提示：原材料价格大幅波动风险；汇率波动风险；终端需求修复不及预期风险。2.7%2%1%0%3%4%7%6%5%743.991,4001,2001,00080060040020002018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q4家电行业基金持仓市值（亿元）家电行业占比2从公募基金持仓看家电行业持仓占比提升。从持仓绝对值看，2023年Q4家电行业基金重仓股合计市值为744亿元，环比下降2.5%。从持仓占比看，2023年Q4公募基金重仓SW家电板块的总市值占比为2.71%，环比提升0.12pp，家电持仓占比有所提升。其他家电配置提升明显。从家电子行业持仓市值变化来看，2023Q4家用电器子行业重仓市值变化情况排序依次为：白电板块重仓市值为444.4亿元，环比下降3.1%，在家电行业里面占比达到59.7%，环比下降0.4pp；家电零部件板块重仓市值为167.9亿元，环比增加3.5%；小家电板块重仓市值为58.1亿元，环比下降15.8%；黑电板块重仓市值为65.2亿元，环比增加5%；厨卫电器板块重仓市值为4.4亿元，环比下降44%；其他家电板块重仓市值为3.8亿元，环比增加39.3%。数据来源：wind，西南证券整理（注：公募基金持仓分析是基于Wind基金数据库内开放式和封闭式公募基金披露的2023年半年度重仓持股明细汇总，存在因为部分股票在十大重仓股之外导致的样本误差风险。）

家电配置有所提升

各子板块在家电持仓市值的占比

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%白电黑电厨电0.1%0.0%小家电 照明零部件

其他家电2023Q3 2023Q43从公募基金持仓看从持股基金的数量来看，公募基金数量前五的分别为：美的集团（694支）、三花智控（388支)、格力电器（227支）、海尔智家（211支）、石头科技（133支），基金数量增加前五支股票分别是：美的集团（+80支）、盾安环境（+42支）、三花智控（+29支）、兆驰股份（+23支）、创维数字（+13支）。从公募基金持仓总市值来看，持仓总市值排名前五分别是：美的集团（255.5亿元）、三花智控（154.0亿元）、海尔智家（100.7亿元）、格力电器（67.6亿元）、海信视像（45.7亿元）；变动情况来看，基金持仓市值增加前五分别为：美的集团（+50.0亿元）、兆驰股份（+5.6亿元）、盾安环境（+5.1亿元）、三花智控（+2.7亿元）、创维数字（+2.1亿元）。从公募基金持仓占比情况来看，1）持仓占流通股比例前五分别为：海信视像（17.0%）、三花智控（14.2%）、盾安环境（10.2%）、石头科技（9.9%）、海尔智家（7.6%）；2）持仓占总市值比例前五分别为：海信视像（16.8%）、三花智控（14.0%）、石头科技（9.9%）、盾安环境（8.8%）、美的集团（6.7%）。2023年Q4基金持仓情况2023年Q4持股基金数量TOP20数据来源：Wind，西南证券整理4代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值000333.SZ美的集团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格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982688169.SH石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372600060.SH海信视像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273002011.SZ盾安环境624212.85.110.2%2.6%8.8%2.3%24%126145000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283002429.SZ兆驰股份362313.95.65.5%1.9%5.5%1.9%11%252253002508.SZ老板电器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%1992070669.HK创科实业2253.60.90.2%0.0%0.2%0.0%22%-1,707000810.SZ创维数字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苏泊尔1518.41.32.0%0.1%2.0%0.1%9%426428603868.SH飞科电器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极米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279000404.SZ长虹华意1130.6-0.11.4%-0.2%1.4%-0.2%-3%41410921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234002705.SZ新宝股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17.4%119120备注：标红公司为A+H上市公司2023年Q4基金持仓情况2023年Q4持股基金数量季度增加前20数据来源：Wind，西南证券整理5代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值000333.SZ美的集团694+80255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002011.SZ盾安环境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兆驰股份36+2313.95.65.5%1.9%5.5%1.9%11%252253000810.SZ创维数字19+132.32.11.3%1.2%1.3%1.2%15%176181688609.SH九联科技8+80.50.51.2%1.2%0.0%0.0%32%43660669.HK创科实业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小熊电器9+40.20.10.2%0.2%0.2%0.2%-11%8081000404.SZ长虹华意11+30.6-0.11.4%-0.2%1.4%-0.2%-3%4141301187.SZ欧圣电气3+30.10.11.2%1.2%0.3%0.3%10%1036001326.SZ联域股份2+20.10.10.9%0.9%0.2%0.2%-15%1040301362.SZ民爆光电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苏泊尔15+18.41.32.0%0.1%2.0%0.1%9%426428002035.SZ华帝股份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华翔股份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基金持仓情况2023年Q4持股基金数量季度减少前20备注：标红公司为A+H上市公司数据来源：Wind，西南证券整理6代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812002508.SZ老板电器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002705.SZ新宝股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120688169.SH石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372000921.SZ海信家电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长虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858603868.SH飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220300217.SZ东方电热3-70.0-1.30.0%-1.9%0.0%-1.6%-4%67800921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234603551.SH奥普家居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帅丰电器0-4--0.20.0%-1.9%0.0%-0.6%-13%2727600060.SH海信视像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273603579.SH荣泰健康4-30.20.20.7%0.6%0.7%0.6%-12%2929603355.SH莱克电气1-30.0-0.20.0%-0.1%0.0%-0.1%-16%127128600839.SH四川长虹6-20.9-0.10.4%-0.1%0.4%-0.1%17%244244002860.SZ星帅尔4-20.2-0.10.7%-0.2%0.5%-0.2%-2%2740300342.SZ天银机电0-2--0.40.0%-0.8%0.0%-0.8%32%64652023年Q4基金持仓情况2023年Q4基金持股市值TOP20备注：标红公司为A+H上市公司数据来源：Wind，西南证券整理7代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值000333.SZ美的集团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海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812600060.SH海信视像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273688169.SH石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002429.SZ兆驰股份362313.95.65.5%1.9%5.5%1.9%11%252253002011.SZ盾安环境624212.85.110.2%2.6%8.8%2.3%24%126145000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283603868.SH飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220002032.SZ苏泊尔1518.41.32.0%0.1%2.0%0.1%9%4264286690.HK海尔智家10-16.6-0.91.2%0.8%0.3%0.0%-11%2,0812,0810669.HK创科实业2253.60.90.2%0.0%0.2%0.0%22%-1,707002035.SZ华帝股份912.60.75.3%1.3%4.9%1.2%4%4853000810.SZ创维数字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极米科技1101.70.23.3%0.6%0.0%-1.7%-8%52790921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234002508.SZ老板电器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207600839.SH四川长虹6-20.9-0.10.4%-0.1%0.4%-0.1%17%2442442023年Q4基金持仓情况2023年Q4基金持股市值增加前20数据来源：Wind，西南证券整理8代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值000333.SZ美的集团69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002429.SZ兆驰股份362313.95.65.5%1.9%5.5%1.9%11%252253002011.SZ盾安环境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创维数字19132.32.11.3%1.2%1.3%1.2%15%176181002032.SZ苏泊尔1518.41.32.0%0.1%2.0%0.1%9%4264280669.HK创科实业2253.60.90.2%0.0%0.2%0.0%22%-1,707002035.SZ华帝股份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九联科技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极米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279603579.SH荣泰健康4-30.20.20.7%0.6%0.7%0.6%-12%2929002959.SZ小熊电器940.20.10.2%0.2%0.2%0.2%-11%8081301187.SZ欧圣电气330.10.11.2%1.2%0.3%0.3%10%1036603515.SH欧普照明110.10.10.1%0.1%0.1%0.1%-17%129130001326.SZ联域股份220.10.10.9%0.9%0.2%0.2%-15%1040002543.SZ万和电气110.10.10.1%0.1%0.1%0.1%5%5966301362.SZ民爆光电220.00.00.1%0.1%0.0%0.0%-10%9412023年Q4基金持仓情况2023年Q4基金持股市值减少前20备注：标红公司为A+H上市公司数据来源：Wind，西南证券整理9代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982688169.SH石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372600060.SH海信视像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%269273000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283002508.SZ老板电器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207002705.SZ新宝股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120603868.SH飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%2202200921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234300217.SZ东方电热3-70.0-1.30.0%-1.9%0.0%-1.6%-4%67806690.HK海尔智家10-16.6-0.91.2%0.8%0.3%0.0%-11%2,0812,081000521.SZ长虹美菱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电子0-1--0.40.0%-0.6%0.0%-0.5%-16%-64300342.SZ天银机电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帅丰电器0-4--0.20.0%-1.9%0.0%-0.6%-13%2727603551.SH奥普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243603355.SH莱克电气1-30.0-0.20.0%-0.1%0.0%-0.1%-16%127128300403.SZ汉宇集团1-10.0-0.10.0%-0.4%0.0%-0.3%12%36532023年Q4基金持仓情况2023年Q4基金持股流通市值占比TOP20备注：标红公司为A+H上市公司数据来源：Wind，西南证券整理10代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值600060.SH海信视像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盾安环境624212.85.110.2%2.6%8.8%2.3%24%126145688169.SH石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982000333.SZ美的集团69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283688793.SH倍轻松5-10.7-0.15.9%-3.1%0.0%-2.4%-8%1129002429.SZ兆驰股份362313.95.65.5%1.9%5.5%1.9%11%252253002035.SZ华帝股份912.60.75.3%1.3%4.9%1.2%4%4853603868.SH飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812688696.SH极米科技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海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234002032.SZ苏泊尔1518.41.32.0%0.1%2.0%0.1%9%426428000404.SZ长虹华意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141000810.SZ创维数字19132.32.11.3%1.2%1.3%1.2%15%176181000521.SZ长虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858301187.SZ欧圣电气330.10.11.2%1.2%0.3%0.3%10%10362023年Q4基金持仓情况2023年Q4基金持股流通市值占比增加前20备注：标红公司为A+H上市公司数据来源：Wind，西南证券整理11代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002011.SZ盾安环境624212.85.110.2%2.6%8.8%2.3%24%126145002429.SZ兆驰股份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美的集团69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002035.SZ华帝股份912.60.75.3%1.3%4.9%1.2%4%4853000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283000810.SZ创维数字19132.32.11.3%1.2%1.3%1.2%15%176181301187.SZ欧圣电气330.10.11.2%1.2%0.3%0.3%10%1036688609.SH九联科技880.50.51.2%1.2%0.0%0.0%32%43660921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234001326.SZ联域股份220.10.10.9%0.9%0.2%0.2%-15%10406690.HK海尔智家10-16.6-0.91.2%0.8%0.3%0.0%-11%2,0812,081688696.SH极米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279603579.SH荣泰健康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飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220002959.SZ小熊电器940.20.10.2%0.2%0.2%0.2%-11%8081301362.SZ民爆光电220.00.00.1%0.1%0.0%0.0%-10%9412023年Q4基金持仓情况2023年Q4基金持股流通市值占比减少前20数据来源：Wind，西南证券整理12代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值688793.SH倍轻松5-10.7-0.15.9%-3.1%0.0%-2.4%-8%1129002705.SZ新宝股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120605336.SH帅丰电器0-4--0.20.0%-1.9%0.0%-0.6%-13%2727000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812300217.SZ东方电热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石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002508.SZ老板电器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长虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858300342.SZ天银机电0-2--0.40.0%-0.8%0.0%-0.8%32%64651070.HKTCL电子0-1--0.40.0%-0.6%0.0%-0.5%-16%-64600060.SH海信视像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汉宇集团1-10.0-0.10.0%-0.4%0.0%-0.3%12%3653603551.SH奥普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243002860.SZ星帅尔4-20.2-0.10.7%-0.2%0.5%-0.2%-2%2740000404.SZ长虹华意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华翔股份310.3-0.10.6%-0.1%0.6%-0.1%2%53532023年Q4基金持仓情况2023年Q4基金持股总市值占比TOP20数据来源：Wind，西南证券整理13代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值600060.SH海信视像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石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002011.SZ盾安环境624212.85.110.2%2.6%8.8%2.3%24%126145000333.SZ美的集团69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002429.SZ兆驰股份362313.95.65.5%1.9%5.5%1.9%11%252253600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002035.SZ华帝股份912.60.75.3%1.3%4.9%1.2%4%4853000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283603868.SH飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812002032.SZ苏泊尔1518.41.32.0%0.1%2.0%0.1%9%426428000404.SZ长虹华意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141000810.SZ创维数字19132.32.11.3%1.2%1.3%1.2%15%176181000521.SZ长虹美菱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老板电器32-341.5-3.80.8%-1.4%0.7%-1.3%-19%199207603579.SH荣泰健康4-30.20.20.7%0.6%0.7%0.6%-12%29290921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234备注：标红公司为A+H上市公司2023年Q4基金持仓情况2023年Q4基金持股总市值占比增加前20数据来源：Wind，西南证券整理14代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值002011.SZ盾安环境624212.85.110.2%2.6%8.8%2.3%24%126145002429.SZ兆驰股份362313.95.65.5%1.9%5.5%1.9%11%252253000333.SZ美的集团69480255.550.06.8%1.4%6.7%1.4%-2%3,7653,838002035.SZ华帝股份912.60.75.3%1.3%4.9%1.2%4%4853000810.SZ创维数字19132.32.11.3%1.2%1.3%1.2%15%176181603579.SH荣泰健康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欧圣电气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联域股份220.10.10.9%0.9%0.2%0.2%-15%1040603868.SH飞科电器12-78.4-2.53.8%0.2%3.8%0.2%-27%220220002959.SZ小熊电器940.20.10.2%0.2%0.2%0.2%-11%8081002032.SZ苏泊尔1518.41.32.0%0.1%2.0%0.1%9%426428600690.SH海尔智家211-32100.7-9.67.6%2.6%5.1%0.1%-11%1,9821,982002543.SZ万和电气110.10.10.1%0.1%0.1%0.1%5%5966603515.SH欧普照明110.10.10.1%0.1%0.1%0.1%-17%129130301362.SZ民爆光电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基金持仓情况2023年Q2基金持股总市值占比减少前20数据来源：Wind，西南证券整理15代码 名称持股基金数量持股总市值(亿元)流通市值占比总市值占比季度涨跌幅最新市值（亿元）最新季度变化最新季度变化最新季度变化最新季度变化流通市值总市值688793.SH倍轻松5-10.7-0.15.9%-3.1%0.0%-2.4%-8%1129002705.SZ新宝股份10-230.6-3.20.5%-2.1%0.5%-2.1%-17%119120000651.SZ格力电器227-13467.6-47.13.8%-1.9%3.7%-1.9%-11%1,7961,812688696.SH极米科技1101.70.23.3%0.6%0.0%-1.7%-8%5279300217.SZ东方电热3-70.0-1.30.0%-1.9%0.0%-1.6%-4%6780688169.SH石头科技133-2236.7-7.09.9%-1.4%9.9%-1.4%-4%372372002508.SZ老板电器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长虹美菱10-120.6-0.81.2%-1.0%1.0%-1.2%-9%5858000921.SZ海信家电60-1411.5-4.66.2%1.2%4.1%-0.9%-13%278283300342.SZ天银机电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帅丰电器0-4--0.20.0%-1.9%0.0%-0.6%-13%27271070.HKTCL电子0-1--0.40.0%-0.6%0.0%-0.5%-16%-64600060.SH海信视像71-345.7-4.917.0%-0.5%16.8%-0.5%-7%2692730921.HK海信家电11-61.6-1.42.2%1.1%0.7%-0.4%-16%230234603551.SH奥普家居3-40.2-0.20.4%-0.3%0.4%-0.3%-6%4243300403.SZ汉宇集团1-10.0-0.10.0%-0.4%0.0%-0.3%12%3653002860.SZ星帅尔4-20.2-0.10.7%-0.2%0.5%-0.2%-2%2740000404.SZ长虹华意1130.6-0.11.4%-0.2%1.4%-0.2%-3%4141备注：标红公司为A+H上市公司板块估值位于近三年底部

板块估值已经位于近三年底部水平

板块估值安全边际较强：当前申万家用电器指数动态PE为12倍，低于近10年的均值，已经位于近三年的底部，安全边际较强，长期投资潜力凸显。

近一年家电行业涨跌幅居前（%）-18.8%数据来源：Wind，西南证券整理16-30%-40%0%-10%-20%10%银行煤炭传媒通信非银金融交通运输纺织服饰社会服务公用事业汽车家用电器石油石化建筑装饰钢铁轻工制造商贸零售计算机机械设备环保农林牧渔电子房地产食品饮料医药生物建筑材料综合有色金属美容护理基础化工国防军工电力设备内外销边际向好，盈利持续好转数据来源：Wind，西南证券整理172023年家电行业海外需求表现好于内需，一方面得益于海外渠道商、品牌商去库存结束进入补库周期，另一方面我国家电厂商技术进步，新品持续功能升级，竞争力和品牌力显著增强，在海外市占率显著提升。我们认为，2024年家电市场需求有望延续2023年以来的温和回暖趋势，但天气变化导致的旺季需求波动、原材料价格波动、人民币汇率波动等因素仍具有不确定性。长期发展来看，国内的增长着重于产品高端化、套系化进而向全屋智能家居方向突破；海外市场增长重点在于区域扩展、提升区域市占率等。基于以上，我们认为2024年需要关注4条投资主线。建议关注高股息龙头标的。家电整体行业估值已经位于近几年的底部区间，我们推荐关注高股息率、经营稳健的龙头标的：美的集团（000333）、海尔智家（600690）、格力电器（000651）、苏泊尔（002032）；建议关注多元业务标的。长期来看，国内高速成长期已经过去，多元化业务成为家电企业长期发展的重要议题，推荐关注：三花智控（002050）、盾安环境（002011）、兆驰股份（002429）等；建议关注内部提效，盈利改善的标的。如海信家电（000921）、海信视像（600060）、长虹美菱（000521）等；建议关注海外渗透率提升标的。扫地机器人在海外渗透率持续提升，同时有望通过功能升级提升均价的扫地机器人标的：石头科技（688169）、科沃斯（603486）等。西南证券研究发展中心分析师承诺报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式的补偿。重要声明西南证券股份有限公司（以下简称“本公司”）具有中国证券监督管理委员会核准的证券投资咨询业务资格。本公司与作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默措施的利益冲突。《证券期货投资者适当性管理办法》于2017年7月1日起正式实施，本报告仅供本公司签约客户使用，若您并非本公司签约客户，为控制投资风险，请取消接收、订阅或使用本报告中的任何信息。本公司也不会因接收人收到、阅读或关注自媒体推送本报告中的内容而视其为客户。本公司或关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供或争取提供投资银行或财务顾问服务。本报告中的信息均来源于公开资料，本公司对这些信息的准确性、完整性或可靠性不作任何保证。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的