行业报告 | 行业研究周报 家用电器 证券研究报告 泳池清洁机器人加速放量，蓝海市场未来可期——25W20 周度研究 周度研究聚焦：泳池清洁机器人加速放量，蓝海市场未来可期 泳池清洁机器人是一种自动化的泳池清洁设备，能在泳池中自动行走以清理 池水、池壁、池底的沙尘、杂质和污垢等。泳池清洁机器人最大优势在于其 能实现水下自主清理功能，其构造包括结构件、传动件、控制件与清洁件， 通过多传感器融合算法实现水下智能定向移动，通过电机、水泵与清洁滚刷 等部件的配合实现池水与池底池壁的清洁功能。 全球泳池数量持续增长，泳池机器人需求量大。据嘉程资本统计，2021 年 全球有 2888 万个泳池，每年呈持续增长态势。据嘉程资本预测，到 2026 年，会增至 3692 万个泳池，2021-2026 年复合增速在 5%。主要集中在欧美 市场，尤其以美国为主。美国泳池数量在 2021 年就已达到 1060 万个，到 2022 年增至 1900 多万个，包含了私家泳池和公共泳池，其中私家泳池占比 70%以上。我们认为随着全球泳池数量的持续增长，泳池机器人的需求量也 相应释放，其市场足够庞大。 泳池机器人加速渗透，已经从最开始的导入 ...

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Insights - The pool cleaning robot market is experiencing rapid growth, transitioning from the introduction phase to a fast-growing phase, with a projected global penetration rate of 28% by 2026 [2][16] - The global pool count is expected to increase from 28.88 million in 2021 to 36.92 million by 2026, with a compound annual growth rate (CAGR) of 5% [1][16] - The market size for pool cleaning robots is projected to reach approximately $3.1 billion by 2026, based on an estimated demand of 10.34 million units at an average price of $300 [2][16] Summary by Sections Market Growth - The demand for pool cleaning robots is driven by the increasing number of pools globally, particularly in the U.S., where the number of pools rose from 10.6 million in 2021 to over 19 million in 2022 [1][15] - The U.S. market is expected to lead in penetration rates, with projections of 39% by 2026 [2][16] Competitive Landscape - The market is highly concentrated, with the top 10 brands holding over 80% market share as of 2023, primarily dominated by brands like Dolphin, Polaris, BWT, and Hayward [3][19] - Chinese brands have gained significant market share, increasing from 15.9% in 2022 to 31% in 2023 on major platforms [3][19] Product Challenges - Current products face high levels of homogeneity, with common issues such as a lack of sensors and low levels of automation, which presents opportunities for innovation [4][22] - The leading manufacturer, Maytronics, has reported a double-digit revenue decline for the first time in five years, indicating a shift in the competitive landscape [4][25] Investment Recommendations - Recommended stocks include major appliance manufacturers such as Gree Electric, Midea Group, Hisense, and Haier, as well as smaller appliance companies like Ecovacs and Roborock [5]

Group 1: Market Overview - The domestic consumer-grade AI/AR glasses market in China saw sales reach 96,000 units in Q1 2025, representing a year-on-year growth of 45% [2] - The market is characterized by a significant structural differentiation, with screen-based AR glasses (including integrated and split types) accounting for 80% of the market share, while non-screen AI glasses make up 20% [2] - Global AI smart glasses market is expected to experience explosive growth, with sales projected to reach 600,000 units in Q1 2025, marking a year-on-year increase of 216% [2] Group 2: Industry Competition - Major tech giants such as Meta, Xiaomi, and Huawei are entering the AI/AR glasses market, intensifying competition [3] - The main control SoC chip constitutes about 30% of the total product cost, with its performance directly influencing product experience differences [3] - System-level low-power SoC is considered an optimal solution, and domestic chips provide a rich array of options for the market [3] Group 3: Company Developments - TCL Electronics has launched the AI photography glasses under its Thunder brand and plans to release the smart glasses X3Pro in Q2 2025 [4] - Sunny Optical Technology has developed a comprehensive XR visual solution covering various technologies and is advancing in high resolution, miniaturization, and variable aperture [4] - Conant Optical has signed a product supply framework agreement with a multinational consumer electronics company, aiming for long-term collaboration and has established an XR R&D and service center [4] Group 4: Product Launches - Xiaomi's AI glasses are set to compete directly with Meta's Ray-Ban, featuring AI capabilities, audio modules, and camera modules, with an estimated post-tax comprehensive cost of approximately 1,281 yuan [5] - Baidu's AI glasses are expected to officially launch in the first half of 2025 [5]

Investment Rating - The report maintains a "Recommendation" rating for the home appliance industry [4] Core Viewpoints - The proportion of actively managed equity funds holding home appliance stocks decreased in Q1 2025, primarily due to a temporary policy gap and consumer concerns leading to preemptive consumption [7][15] - The "old-for-new" policy is expected to expand, alleviating market concerns and boosting domestic demand for home appliances [7][15] - Leading home appliance companies are expanding into emerging markets, which is anticipated to steadily increase export revenues [7][15] - The report highlights the high dividend yield and stable operations of leading companies, indicating strong investment value in home appliance stocks [7][15] Summary by Sections Section 1: Fund Holdings in Home Appliances - The proportion of actively managed equity funds holding home appliance stocks was 5.51% in Q1 2025, down by 0.09 percentage points from the previous quarter [15] - The home appliance sector was over-allocated by 2.99%, a decrease of 0.16 percentage points [15] Section 2: Sector Allocation Changes - Funds increased their allocation to the two-wheeler and black appliance sectors, with increases of 0.39 percentage points and 0.04 percentage points, respectively [20] - Conversely, the white appliance and small appliance sectors saw reductions in allocation, with decreases of 0.53 percentage points and 0.01 percentage points [20] Section 3: Key Stocks in Focus - Funds increased their holdings in Ninebot, Yadea, Chunfeng Power, and Hisense Visual, with increases of 0.26 percentage points, 0.04 percentage points, 0.04 percentage points, and 0.05 percentage points, respectively [67][70] - The report suggests that the "old-for-new" policy will continue to stimulate demand and improve product structure in the two-wheeler sector [70] - In the white appliance sector, the report notes a decline in fund holdings for Midea Group, Gree Electric, and Haier Smart Home, with decreases of 0.30 percentage points, 0.20 percentage points, and 0.04 percentage points, respectively [68][69]

Core Summary - The company plans to distribute a final dividend of HKD 0.318 per share for the year ending 2024, subject to shareholder approval at the upcoming annual general meeting [2] - The company will allow the issuance of new shares up to 20% of the existing share capital and repurchase up to 10% of the issued shares [2] - The annual general meeting is scheduled for June 6, 2025, in Hong Kong, with a registration deadline for shareholders on June 2, 2025 [2] Key Data and Conditions - The source of funds for the dividend will be from the share premium account, with a total of HKD 4.576 billion available for dividend payments after transferring capital reserves [2] - After the proposed dividend payment, the balance in the share premium account will be approximately HKD 3.775 billion [2] - The company has a total of 2.521 billion shares issued as of the last practicable date, with no treasury shares [2] Other Important Notes - The controlling shareholder, T.C.L. Industries (Hong Kong), holds 54.54% of the shares, which would increase to 60.60% if a full buyback occurs [2] - The company must ensure that public shareholding remains above 25% to avoid triggering mandatory offer obligations [2] - In case of adverse weather conditions, the company will announce any changes to the meeting arrangements through the Stock Exchange of Hong Kong [2]

Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [8] Core Insights - TCL's global TV shipment volume reached 6.51 million units in Q1 2025, representing a year-on-year increase of 11.4%, with sales revenue growing by 22.3% [2][5] - The company is focusing on a "mid-to-high-end and large-screen" strategy, with significant growth in shipments of large-screen high-end products [8] - TCL's average screen size for TVs increased by 1.9 inches to 53.4 inches due to the rise in shipments of larger models [8] Summary by Sections Global Performance - In Q1 2025, TCL's TV shipments globally increased by 11.4% year-on-year, with sales revenue up by 22.3% [2][5] - Shipments of TVs sized 65 inches and above grew by 33.0%, accounting for 27.7% of total shipments, while shipments of 75 inches and above surged by 41.6% [8] Chinese Market - In the Chinese market, TCL's TV shipments increased by 10.8% year-on-year in Q1 2025, with 65 inches and above products growing by 18.3% [8] - The average selling price of TCL TVs in China rose by 22.2% due to the demand for larger and Mini LED products [8] International Market - TCL's international market shipments grew by 11.6% year-on-year in Q1 2025, with significant increases in large-screen products [8] - The company became a global Olympic partner in February 2025, enhancing its brand influence through strategic sports marketing [8] Financial Projections - The projected net profit for TCL for 2025, 2026, and 2027 is estimated at HKD 22.23 billion, HKD 26.71 billion, and HKD 30.65 billion respectively, with corresponding PE ratios of 11.30, 9.40, and 8.19 [8]

硅基研究室 . 智能时代前沿观察者 以下文章来源于硅基研究室 ，作者Judy 来 源丨硅基研究室 作者丨Judy 编辑丨山核桃 图源丨midjourney 当AI的风吹向千行百业，作为最早探索智能化的行业之一，电视也不例外。 作为典型的成熟存量市场，经历了几轮行业大战后，电视行业似乎因AI迎来了第二春。 前有谷歌、微软、OpenAI等巨头纷纷宣布将大模型导入电视端，后有AWE大会上国产电视巨头海 信、TCL等从底层芯片、大模型到终端体验将AI卷了个遍......就连苹果近期也被媒体曝出尝试推出一 款有别于Apple TV的全新自研智能电视。 复盘电视行业这些年的变化，从早些年硬件端卷价格，到互联网电视时代靠软件侧靠广告和内容付费 赚钱，再到如今靠AI重塑中心价值和终端体验，这一次，电视巨头和产业链玩家们，能靠AI打一场翻 身仗吗？ 光从2024年业绩基本面来看，电视巨头们似乎都吃到了AI的第一轮红利，各家也都把AI成果写在了财报 里。 以海信、TCL为例，经历了2024年前三季度归母净利的压力后，海信视像全年实现正增长，其中，电视 营收更是超466亿元。另一边的TCL电子2024年营收达993.2亿港元，同比 ...

Core Viewpoint - TCL Electronics reported a strong performance in Q1 2025, with global TV shipments reaching 6.51 million units, a year-on-year increase of 11.4%, and sales revenue growing by 22.3%, demonstrating the effectiveness of its "mid-to-high-end + large-screen" strategy [1] Group 1: Financial Performance - The market reacted positively to TCL Electronics' performance, with a significant increase in public fund holdings, which rose by 189.25% year-on-year to 785 million yuan, accounting for 3.60% of circulating shares [1] - TCL Electronics' stock price surged by 52.28% year-to-date, outperforming the Hang Seng Index and reaching a nearly 20-year high [1] Group 2: Global Strategy and Market Expansion - Since 2016, TCL Electronics has shifted its strategic focus to overseas markets, enhancing brand influence through local partnerships and a localized approach across various operational aspects [2] - The company has optimized its organizational structure in 2023, creating six major marketing divisions to improve decision-making efficiency and enhance global operational capabilities [2] Group 3: Product and Market Performance - In Q1 2025, TCL's international TV shipments grew by 11.6%, with significant increases in large-screen models, including a 48.5% rise in shipments of 65-inch and above TVs, and an 86.8% increase for 75-inch and above models [3] - The European market saw a 15.8% increase in TCL TV shipments, with 75-inch and above models soaring by 74.4% [3] Group 4: Emerging Markets and Competitive Position - In emerging markets, TCL's TV shipments increased by 18.8%, with 75-inch and above models doubling in growth at 100.5% [4] - In North America, TCL focused on high-end channels like BestBuy, resulting in a 79.3% increase in shipments of 75-inch and above TVs, with market share remaining strong [4] Group 5: Technological Advancements - TCL Electronics is a pioneer in Mini LED technology, with Q1 shipments increasing by 232.9% globally and 341.1% domestically, significantly enhancing its market position [6] - The company's investment in R&D has led to advancements in display technology, contributing to its competitive edge in the high-end market [6] Group 6: Strategic Initiatives and Future Outlook - The recent stock incentive plan aims to align the interests of core teams with long-term profit targets, setting ambitious growth rates for adjusted net profit from 2025 to 2027 [8] - TCL Electronics is positioned to capitalize on the global display industry upgrade, leveraging its early advantages in quantum dot and Mini LED technologies to capture high-end market share [9]

Core Viewpoint - The television industry, traditionally a mature market, is experiencing a resurgence due to the integration of AI technologies, with major players like Hisense and TCL leveraging AI to enhance their product offerings and financial performance [2][3][4]. Group 1: AI's Impact on Financial Performance - Major television manufacturers have reported positive financial results for 2024, with Hisense achieving over 46.6 billion yuan in television revenue and TCL's revenue reaching 99.32 billion HKD, a year-on-year increase of 25.7% [2][3]. - The recovery in performance is attributed more to strategic shifts towards high-end and large-screen products rather than AI alone, as companies focus on upgrading product structures to avoid price wars [3][4]. Group 2: Role of System Service Providers - System service providers, such as Coocaa, have capitalized on the AI trend, quickly commercializing AI applications across various sectors, including telecommunications and automotive [6][8]. - Coocaa's transition to an "AI-native enterprise" has allowed it to develop new products and services, leveraging its extensive data accumulated from diverse verticals [6][7]. Group 3: AI Television Development - The integration of AI in televisions is not a new concept, but the industry faces challenges such as declining daily active users, prompting manufacturers to enhance user interaction through AI [9][10]. - Key areas of focus for AI television include improvements in display quality, user interaction, and connectivity with smart home devices [10][11]. Group 4: Competitive Landscape - The competition in AI television is intensifying, with companies like Samsung and Hisense adopting different strategies; Samsung emphasizes integration with its IoT ecosystem, while Hisense focuses on developing centralized AI assistants [13][14]. - The competition is still in its early stages, and success will depend on how well companies can articulate their AI narratives and engage users [15].

Core Viewpoint - TCL Electronics has demonstrated significant success in global television sales, showcasing the effectiveness of its high-end and global strategies, leading to a notable increase in stock price following the release of its performance data [1][4]. Group 1: Structural Upgrade Driving Profit Quality Improvement - The shift in consumer preferences towards high-end products has transformed televisions from traditional entertainment devices to essential smart home components, driving market growth [5]. - Government subsidy policies, such as trade-in programs and consumption subsidies, have lowered the cost barrier for consumers to purchase high-end large-screen products, shifting market demand from price sensitivity to quality orientation [6]. - In Q1 2025, TCL's Mini LED television shipments in China surged by 341.1%, with a market share increase of 13.2 percentage points to 17.6%, while shipments of 65-inch and larger products grew by 18.3% [6][7]. Group 2: Global Strategy Deepening, Continuously Releasing Brand Potential - TCL's global strategy focuses on "global localization," balancing efficiency and flexibility, resulting in an 11.6% increase in overseas shipments, with Europe achieving a 15.8% growth [8][9]. - The company is enhancing its brand value by partnering with top-tier IPs, transitioning from a "Chinese leader" to a "global high-end brand," which supports pricing power [8]. - In Q1 2025, TCL ranked among the top two in retail volume in several European countries and first in markets like Australia and the Philippines, indicating strong brand synergy [8]. Group 3: Investment Logic and Valuation Insights - The global layout allows TCL to effectively diversify risks and enhance efficiency, with differentiated growth drivers in various markets [9]. - The current stock price reflects a strong technical recovery, surpassing previous resistance levels, yet the valuation remains significantly below the industry average, indicating a potential for value recognition [11]. - The core valuation drivers for TCL have shifted from traditional cost control to innovation premium, with future growth dependent on technological advancements and global operational capabilities [12].