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]

证券代码：603355 证券简称：莱克电气 公告编号：2026-001 转债代码：113659 转债简称：莱克转债 莱克电气股份有限公司 （一）可转债发行情况 经中国证券监督管理委员会《关于核准莱克电气股份有限公司公开发行可转换公司债券的批复》（证监 许可【2022】2065号）核准，莱克电气股份有限公司（以下简称"公司"）于2022年10月14日公开发行可 转换公司债券1,200万张，每张面值为人民币100元，募集资金总额为120,000万元。 本次发行的可转债期限为自发行之日起6年，即自2022年10月14日至2028年10月13日。债券利率为第一 年0.30%、第二年0.50%、第三年1.00%、第四年1.50%、第五年1.80%、第六年2.00%。 关于可转债转股结果暨股份变动公告 本公司董事会及全体董事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个别及连带责任。 重要内容提示： ● 累计转股情况：莱克电气股份有限公司公开发行可转换公司债券（以下简称"莱克转债"）自2023年4 月20日起开始转股，截至2025年12月31日，累计已有165,000 ...

| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：113659 | 转债简称：莱克转债 | | （一）可转债发行情况 经中国证券监督管理委员会《关于核准莱克电气股份有限公司公开发行可转 换公司债券的批复》（证监许可【2022】2065 号）核准，莱克电气股份有限公司 （以下简称"公司"）于 2022 年 10 月 14 日公开发行可转换公司债券 1,200 万张， 每张面值为人民币 100 元，募集资金总额为 120,000 万元。 莱克电气股份有限公司 关于可转债转股结果暨股份变动公告 本公司董事会及全体董事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个别及连带责任。 重要内容提示： 累计转股情况：莱克电气股份有限公司公开发行可转换公司债券（以下 简称"莱克转债"）自 2023 年 4 月 20 日起开始转股，截至 2025 年 12 月 31 日， 累计已有 165,000 元"莱克转债"转换为公司 A 股股份，累计转股股数为 5,130 股，占可转债转股前公司 ...

昆山帕捷和利华科技本次高新技术企业的认定系原高新技术企业证书有效期满后进行的重新认定，莱克 新能源系本次首获高新技术企业认定。根据国家对高新技术企业的相关税收政策，昆山帕捷、莱克新能 源及利华科技自本次通过高新技术企业认定后，连续三年（2025年至2027年）享受国家关于高新技术企 业的相关税收优惠政策，即按15%的税率缴纳企业所得税。 特此公告。 莱克电气股份有限公司董事会 本公司董事会及全体董事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个别及连带责任。 根据全国高新技术企业认定管理工作领导小组办公室于2025年12月26日发布的《对江苏省认定机构2025 年认定报备的第一批高新技术企业进行备案的公告》，莱克电气股份有限公司（以下简称"公司"或"莱 克电气"）全资子公司昆山帕捷汽车零部件有限公司（以下简称"昆山帕捷"）、苏州莱克新能源科技有 限公司（以下简称"莱克新能源"）以及控股子公司苏州利华科技有限公司（以下简称"利华科技"）已通 过高新技术企业认定，具体情况如下： ■ 证券代码：603355 证券简称：莱克电气 公告编号：2025-074 债券代 ...

Core Viewpoint - The article emphasizes that a focus on low prices in e-commerce can lead to a decline in product quality and ultimately harm value, tax revenue, and employment. It highlights that less than 5% of ecosystem companies on certain platforms survive in the long run [1][9]. Group 1: Industry Insights - Many industries in China fall into a vicious cycle of homogenization and low-cost competition, leading to resource waste and ecological damage within enterprises [3][11]. - The article discusses the detrimental effects of price wars, stating that companies engaging in such strategies often harm themselves more than their competitors, as prices can always go lower [3][11]. - The narrative illustrates that the core competitiveness of a company should focus on consumer orientation and differentiation, rather than solely on price [3][11]. Group 2: Company Case Study - The company Leike Electric, under the leadership of Chairman Ni Zugen, has successfully navigated the competitive landscape by focusing on consumer pain points and creating value through differentiated products [4][12]. - Leike's journey began with the successful launch of its first vacuum cleaner, which sold 1.5 million units, and by 2004, it became the world's largest vacuum cleaner manufacturer with an annual output of 8 million units [4][12]. - In response to declining profits from OEM business and increasing competition, Leike launched its own brand "LEXY" targeting the high-end market, focusing on consumer needs such as noise reduction and effective cleaning [5][13]. Group 3: Brand Development - Ni Zugen expresses a vision for creating a long-lasting high-end Chinese brand through innovation and a customer-oriented approach, despite the challenges faced by private enterprises in establishing credible brands [7][15]. - The article underscores the importance of continuous innovation and maintaining quality to build a brand with lasting vitality [7][15]. - It reflects on the historical context of brand competition in China, contrasting Ni Zugen's early recognition of the need for differentiation with the strategies of other industry leaders who relied on resource monopolization [16].

Market Overview - The small home appliance sector experienced a decline of 1.04% on December 29, with Supor leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Beiyikang: Closed at 37.40, up 2.80% with a trading volume of 34,000 shares and a turnover of 130 million yuan [1] - Jiuyang: Closed at 10.64, up 1.92% with a trading volume of 156,200 shares and a turnover of 167 million yuan [1] - Liren Technology: Closed at 30.44, up 1.10% with a trading volume of 13,600 shares and a turnover of 41.38 million yuan [1] - Supor, however, saw a significant decline, closing at 44.48, down 3.24% with a trading volume of 55,600 shares and a turnover of 250 million yuan [2] Capital Flow - The small home appliance sector experienced a net outflow of 20.17 million yuan from institutional investors, while retail investors saw a net outflow of 27.48 million yuan [2] - Conversely, speculative funds recorded a net inflow of 47.65 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Ecovacs: Net inflow of 27.24 million yuan from institutional investors, with a net outflow of 45.32 million yuan from retail investors [3] - Lek Electric: Net inflow of 25.88 million yuan from institutional investors, with a net outflow of 43.15 million yuan from retail investors [3] - Stone Technology: Net inflow of 22.51 million yuan from institutional investors, with a net outflow of 37.08 million yuan from retail investors [3]

关于控股及全资子公司被认定为高新技术企业的公告 本公司董事会及全体董事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个别及连带责任。 根据全国高新技术企业认定管理工作领导小组办公室于2025年12月26日发 布的《对江苏省认定机构2025年认定报备的第一批高新技术企业进行备案的公 告》，莱克电气股份有限公司（以下简称"公司"或"莱克电气"）全资子公司 昆山帕捷汽车零部件有限公司（以下简称"昆山帕捷"）、苏州莱克新能源科技有 限公司（以下简称"莱克新能源"）以及控股子公司苏州利华科技有限公司（以 下简称"利华科技"）已通过高新技术企业认定，具体情况如下： | 企业名称 | 证书编号 | 发证时间 | | --- | --- | --- | | 利华科技 | GR202532001245 | 2025年11月18日 | | 昆山帕捷 | GR202532002280 | 2025年11月18日 | | 莱克新能源 | GR202532004917 | 2025年11月18日 | 昆山帕捷和利华科技本次高新技术企业的认定系原高新技术企业证书有效 期满后进行的重新认 ...

格隆汇12月29日丨莱克电气(603355.SH)公布，根据全国高新技术企业认定管理工作领导小组办公室于 2025年12月26日发布的《对江苏省认定机构2025年认定报备的第一批高新技术企业进行备案的公告》， 公司全资子公司昆山帕捷汽车零部件有限公司（以下简称"昆山帕捷"）、苏州莱克新能源科技有限公司 （以下简称"莱克新能源"）以及控股子公司苏州利华科技有限公司（以下简称"利华科技"）已通过高新 技术企业认定，昆山帕捷和利华科技本次高新技术企业的认定系原高新技术企业证书有效期满后进行的 重新认定，莱克新能源系本次首获高新技术企业认定。 ...

Core Viewpoint - Leike Electric (603355) has seen a stock price increase of 6.07% this week, closing at 31.3 yuan, with a market capitalization of 17.947 billion yuan [1] Company Announcements - Leike Electric provided a guarantee of 71.5 million yuan for its wholly-owned subsidiary, Pache Automotive Parts (Thailand), to secure a loan from the Suzhou branch of the National Development Bank, with a loan term of 2 years [1] - The guarantee falls within the scope authorized by the company's 2024 annual general meeting and does not require further review [1] - Pache Thailand has a debt-to-asset ratio exceeding 70%, and the total amount of external guarantees provided by the company and its subsidiaries is 271.5 million yuan, accounting for 5.48% of the latest audited net assets, with no overdue guarantees reported [1]