家电行业2023年中期策略：把握业绩确定性，拥抱细分成长

2023年6月15日把握业绩确定性，拥抱细分成长——家电行业2023年中期策略行业评级：看好证券研究报告分析师闵繁皓邮箱minfanhao@stocke.com.cn证书编号S1230522040001联系人张云添、文煊行业概览01Partone2添加标题久经考验的经营韧性013 家电板块是A股稀有的、常年保持稳定的高ROE和高ROIC趋势的板块。资料来源：Bloomberg，Wind，浙商证券研究所表：各板块ROE(TTM)表：各板块ROIC(TTM)20122013201420152016201720182019202020212022煤炭15.3210.516.920.095.4112.4412.5311.5210.1517.2022.84食品饮料25.0520.6216.5715.6815.4218.1520.3120.3921.0720.5520.40有色金属4.325.33-0.06-0.183.906.402.711.825.7713.1118.79家用电器15.3718.5119.2615.3116.8418.9815.5017.1115.9815.9216.15电力设备4.753.419.457.697.348.084.045.588.2310.1014.76基础化工5.834.454.886.145.789.9311.254.639.2617.2814.06石油石化11.5111.818.724.203.114.526.695.993.189.4911.81银行20.9020.2118.5415.9314.2413.3212.6411.9010.6010.7310.47医药生物12.2112.2012.1811.9011.8512.359.708.479.3511.859.56通信3.305.256.566.252.693.301.35-0.373.474.108.15机械设备9.167.325.625.173.496.753.565.118.378.487.60建筑装饰10.6413.2712.6711.3110.7210.6010.059.248.777.737.49建筑材料8.1410.528.964.377.7212.6517.0815.1515.0115.407.12非银金融7.4510.3513.1017.3310.0510.568.1911.819.6210.147.10美容护理11.2910.968.9417.624.146.507.5210.190.2611.566.72电子4.667.456.845.946.646.315.535.836.5910.756.04轻工制造4.645.015.408.529.0212.399.889.489.269.105.89公用事业10.6513.6113.2513.1610.066.166.557.108.933.095.79环保10.6312.1610.0210.439.669.594.775.526.236.345.67汽车13.9515.6415.2514.4214.1812.889.596.516.646.965.65交通运输7.736.529.379.117.9510.427.968.091.049.515.43国防军工5.274.283.41-0.812.993.101.702.634.425.104.93纺织服饰8.409.1410.318.678.939.444.101.431.457.144.33钢铁-1.251.640.60-11.491.5113.7815.868.427.9713.773.75计算机10.2310.4412.0211.1410.9510.236.586.336.506.003.30农林牧渔6.145.104.697.3213.138.134.0114.9016.65-6.263.17传媒10.5510.4211.1712.7611.326.59-3.40-2.020.965.962.15商贸零售9.078.877.453.976.807.407.286.592.68-1.25-0.23房地产13.8014.0212.1511.5212.4513.1213.2612.549.802.62-1.89综合9.026.386.602.194.905.071.75-0.32-0.67-2.61-3.14社会服务10.808.136.008.218.668.864.497.62-0.56-4.56-5.8920122013201420152016201720182019202020212022食品饮料20.2016.8313.7613.2313.0715.4717.4617.4117.7317.2117.10煤炭9.846.153.53-0.432.516.396.556.385.769.4713.41家用电器8.8710.4712.149.8311.0712.599.3610.6310.1110.6810.55有色金属1.942.51-0.06-0.011.813.140.920.692.736.539.71电力设备2.881.865.994.734.605.172.383.455.336.679.46基础化工3.162.332.533.172.875.486.422.484.9610.938.78石油石化7.437.575.552.391.202.363.993.381.625.257.60医药生物8.868.758.788.628.578.696.745.626.398.647.12通信1.011.822.542.651.341.880.24-1.231.692.616.80美容护理9.288.757.4014.513.685.515.938.580.559.735.63机械设备5.214.263.193.152.034.092.153.235.595.815.25建筑材料3.965.534.732.524.307.6811.469.439.559.894.70电子2.974.694.373.744.164.173.243.273.386.694.00国防军工3.122.522.06-0.301.792.211.621.893.474.173.91汽车7.739.569.869.519.047.745.193.223.834.263.63轻工制造2.122.452.474.314.666.985.425.225.435.703.57纺织服饰5.886.567.226.025.936.313.031.381.385.173.35建筑装饰4.084.704.524.384.324.474.153.583.553.013.04环保6.877.986.496.616.145.852.593.013.273.412.99计算机8.158.559.328.738.447.734.854.704.974.662.61钢铁-0.510.780.47-5.190.806.468.194.544.408.282.23公用事业2.753.734.003.953.232.012.092.192.870