格隆汇1月19日丨莱克电气(603355.SH)公布，为充分借助专业投资机构的专业资源及其投资管理优势， 把握新兴产业投资机遇，拓展公司多元化投资渠道，进一步提升公司的综合竞争力和盈利能力，公司于 近日与普通合伙人北京睿石成长投资管理有限公司（称"睿石成长"）及其他有限合伙人共同签署了《共 青城莱克睿石创业投资合伙企业（有限合伙）之有限合伙协议》（称"《合伙协议》"）。合伙企业募集 资金总规模拟为人民币2亿元，其中公司作为有限合伙人以自有资金认缴出资人民币1.9亿元，占认缴出 资总额的95%。 ...

| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：113659 | 债券简称：莱克转债 | | 莱克电气股份有限公司 董事减持股份结果公告 1 | 持股数量 | 418,000股 | | --- | --- | | 持股比例 | 0.0729% | | 当前持股股份来源 | 股权激励取得：300,000股 | | | 其他方式取得：118,000股 | 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 董事持股的基本情况 本次减持计划实施前，莱克电气股份有限公司（以下简称"公司"）董事、 副总经理张玉清先生直接持有公司股份 418,000 股，占公司股份总数的 0.0729%。 张玉清先生所持有的全部股份均来源于公司股权激励及资本公积转增股本。 减持计划的实施结果情况 公司于 2025 年 9 月 18 日披露了《公司董事减持股份计划公告》（公告编号： 2025-052），张玉清先生计划自公司公告之日起 15 个 ...

格隆汇1月16日丨莱克电气(603355.SH)公布，近日，公司收到张玉清先生出具的《关于减持莱克电气股 份结果告知函》，截至2026年1月16日，张玉清先生通过集中竞价方式减持公司股份104,500股，占公司 股份总数的0.0182%，减持计划已实施完毕。 ...

Group 1 - The core viewpoint of the news is that 莱克电气 (Leek Electric) has shown significant stock price growth and financial performance fluctuations, with a notable increase in stock price and changes in shareholder structure [1][2][3] Group 2 - As of January 15, 莱克电气's stock price increased by 12.76% year-to-date, with a 62.49% rise over the past 60 days, reaching a price of 35.78 yuan per share and a market capitalization of 20.516 billion yuan [1] - The company's main business includes high-end health appliances and garden tools, with revenue composition being 58.15% from cleaning health appliances and garden tools, and 39.91% from motors and precision parts for electric vehicles [1] - For the period from January to September 2025, 莱克电气 reported a revenue of 7.313 billion yuan, a year-on-year increase of 0.92%, while net profit attributable to shareholders decreased by 29.32% to 621 million yuan [2] - The company has distributed a total of 4.153 billion yuan in dividends since its A-share listing, with 1.434 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased to 15,600, with an average of 36,709 circulating shares per person, a slight decrease of 0.59% [2][3]

Market Overview - The small home appliance sector experienced a decline of 0.19% on January 13, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Lek Electric (603355) saw a significant increase of 9.99%, closing at 34.56 with a trading volume of 47,700 shares and a transaction value of 160 million [1] - ST Dehao (002005) rose by 4.23%, closing at 2.96 with a trading volume of 337,700 shares and a transaction value of 99.1 million [1] - Other notable performers include Ousheng Electric (301187) up 3.23% and Kaineng Health (300272) up 2.80% [1] Declining Stocks - Beiyikang (920199) experienced the largest decline of 11.32%, closing at 49.80 with a trading volume of 61,700 shares and a transaction value of 321 million [2] - Other stocks that declined include Bi Yi Co. (603215) down 3.39% and Ecovacs (603486) down 2.85% [2] Capital Flow - The small home appliance sector saw a net outflow of 44.82 million from institutional investors, while retail investors experienced a net outflow of 29.78 million [2] - Conversely, speculative funds recorded a net inflow of 74.61 million [2] Individual Stock Capital Flow - Kaineng Health (300272) had a net outflow of 22.09 million from institutional investors, while it attracted a net inflow of 15.71 million from speculative funds [3] - Su Bor (002032) saw a net inflow of 21.78 million from institutional investors, but a net outflow of 14.63 million from speculative funds [3] - Lek Electric (603355) had a net inflow of 20.66 million from institutional investors, while it faced a net outflow of 9.65 million from speculative funds [3]

Core Viewpoint - The report from Dongfang Securities highlights that Lek Electric is building an ecological foundation with diversified businesses, countering the market perception of it being a traditional home appliance manufacturer with limited growth potential [1] Group 1: Business Diversification - The company is perceived as a traditional home appliance manufacturer, particularly in the vacuum cleaner sector, which is seen as having no growth space [1] - Dongfang Securities believes that the company's two core capabilities will enable it to become a more diversified entity [1] Group 2: Recent Acquisitions and Growth - The company completed the restructuring of its overseas production capacity in home appliances, leading to imminent profit improvements [1] - In 2021, the company acquired Shanghai Pache, entering the new energy vehicle die-casting business, with continuous improvement in orders and profitability [1] - In 2023, the company acquired Lihua Technology, focusing on PCBA business, primarily serving communications and consumer electronics, equipped with Siemens placement machines to meet AI product production requirements [1] Group 3: Future Prospects - The company's motor layout can extend into the robotics field, and it is investing in DPU, a potential IPO target, the digital chip unicorn Cloud Leopard Intelligence, indicating a multi-faceted approach to new fields [1] - Based on comparable company valuation methods, a target price of 42.63 yuan is set for 2026, with a 21 times earnings multiple, and a "buy" rating is initiated [1]

Market Overview - The Shanghai Composite Index is at 4164.11 points, slightly above the five-day moving average, with a change of -0.03% [1] - The total trading volume of A-shares is 18505.22 billion yuan, with 228 A-shares breaking through the five-day moving average [1] Stocks with Significant Deviation - The stocks with the largest deviation from the five-day moving average include: - Dapeng Industrial (证券代: 920091) with a deviation of 8.06% and a price increase of 10.14% [1] - Hongxing Development (证券代: 600367) with a deviation of 7.42% and a price increase of 10.01% [1] - Prologis Pharmaceutical (证券代: 000739) with a deviation of 7.37% and a price increase of 10.03% [1] Additional Notable Stocks - Other notable stocks with significant price movements include: - Lek Electric (证券代: 603355) with a deviation of 7.20% and a price increase of 9.99% [1] - Tianyi Medical (证券代: 301097) with a deviation of 6.87% and a price increase of 11.59% [1] - Meihu Co., Ltd. (证券代: 603319) with a deviation of 6.30% and a price increase of 7.73% [1] Stocks with Smaller Deviations - Stocks that have just crossed the five-day moving average with smaller deviations include: - Cangge Mining (证券代: 300300) with a deviation of 3.83% and a price increase of 5.01% [1] - ST Xiangxue (证券代: 300147) with a deviation of 3.57% and a price increase of 4.79% [1] - Shandong Molong (证券代: 002490) with a deviation of 3.43% and a price increase of 5.62% [1]

Core Viewpoint - The market perceives the company as a traditional home appliance manufacturer with limited growth potential in sectors like vacuum cleaners, leading to developmental bottlenecks. However, the company possesses two core capabilities that can facilitate its diversification: refined management skills and precise investment and acquisition capabilities [1] Group 1: Core Capabilities - The company excels in cost control and product quality management, maintaining a leading profitability level in the industry due to its solid manufacturing foundation as an OEM [1] - Historical acquisitions, such as the purchase of the automotive die-casting company Pache in 2021 and the PCBA company Lihua in 2023, have been successfully integrated into larger subsidiaries, significantly enhancing profitability. Currently, these acquisitions contribute approximately 30% to the company's revenue and are expected to further support diversification into other fields [1] Group 2: Overseas Production and Profitability - The company's overseas home appliance production capacity was fully transferred after the tariff event in Q2 2025, leading to initial pressure on net profit margins due to transition costs. Historical data suggests that the impact on net profit margins lasts about three quarters, after which production efficiency improves significantly [2] - The profitability of Pache is gradually increasing, with a full order book. The Thai automotive die-casting factory is expected to reach a production scale of $100 million, primarily supplying major U.S. clients. The automotive die-casting business is anticipated to drive overall net profit margin improvements due to its superior profitability compared to the home appliance sector [2] Group 3: Emerging Business Opportunities - The acquisition of Lihua Technology, focused on PCBA, opens up extensive downstream applications in communications and consumer electronics. The company possesses advanced technology capable of meeting the production requirements for AI products [2] - The company's investments in motor technology extend into the robotics sector, and it is also investing in the digital chip unicorn Cloud Leopard Intelligence, indicating a broadening of its business landscape [2] Group 4: Earnings Forecast and Investment Recommendation - The company is projected to achieve earnings per share of 1.47, 2.03, and 2.37 yuan for the years 2025 to 2027. Based on comparable company valuation methods, a target price of 42.63 yuan is set for 2026, with an initial "buy" rating assigned [3]

Investment Rating - The report assigns a "Buy" rating for the company for the first time, with a target price of 42.63 CNY based on a valuation of 21 times earnings for 2026 [3][5]. Core Insights - The company is transitioning from a traditional home appliance manufacturer to a more diversified entity, leveraging its core competencies in refined management and strategic acquisitions [8][9]. - The company has completed the transfer of its overseas production capacity, which is expected to lead to improved profitability in the near future [8]. - The acquisition of Shanghai Pajie has enhanced the company's profitability in the automotive parts sector, with a strong order backlog [8][67]. - The PCBA business, acquired through the purchase of Lihua Technology, has broad downstream applications and is expected to contribute positively to revenue growth [8]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 1.47 CNY, 2.03 CNY, and 2.37 CNY for the years 2025 to 2027, respectively [3]. - Revenue is expected to grow from 100.2 billion CNY in 2025 to 121.3 billion CNY in 2027, with a compound annual growth rate (CAGR) of 8.5% [11]. - The net profit attributable to the parent company is forecasted to be 8.4 billion CNY in 2025, increasing to 13.6 billion CNY by 2027 [11]. Business Overview - The company has diversified its operations into four main business segments: home appliances, automotive parts, electric motors, and PCBA manufacturing [10]. - The home appliance segment has seen a gradual decline in its revenue contribution, from 80% in 2019 to 58% in 2023, as the automotive and PCBA segments grow [29]. - The company maintains a strong focus on overseas markets, with approximately 70% of its revenue coming from exports [29]. Operational Performance - The company has demonstrated stable revenue growth, with a CAGR of 11.36% from 2019 to 2024, and net profit growth at a CAGR of 19.62% during the same period [36]. - The gross margin has remained stable, fluctuating between 20% and 30%, with recent strategic adjustments leading to an upward trend in profitability [39]. - The return on equity (ROE) is consistently high, projected to be between 25% and 30% from 2022 to 2024, indicating strong financial health compared to industry peers [42].

Market Performance - The small home appliance sector increased by 0.96% on January 12, with BeiYikang leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Performance - BeiYikang (code: 6610Z6) closed at 56.16, rising by 11.89% with a trading volume of 84,900 shares and a transaction value of 459 million yuan [1] - LiRen Technology (code: 001259) closed at 30.68, up 5.61%, with a trading volume of 32,900 shares and a transaction value of 99.8 million yuan [1] - Other notable performers include JiZhi Technology (code: 920926) with a 3.23% increase, and JiuYang Co. (code: 002242) with a 2.96% increase [1] Capital Flow - The small home appliance sector saw a net inflow of 29.01 million yuan from main funds, while retail investors experienced a net outflow of 22.02 million yuan [2] - Main funds showed significant interest in BeiYikang, with a net inflow of 28.40 million yuan, representing 6.19% of its trading volume [3] - Stone Technology (code: 688169) experienced a net outflow of 1.08 billion yuan from retail investors, indicating a negative sentiment among smaller investors [3]