格隆汇11月18日丨莱克电气(603355.SH)公布，近日，公司收到实际控制人倪祖根先生及一致行动人莱 克投资和立达投资的告知函，获悉其在2025年3月12日至2025年11月18日期间，通过上海证券交易所系 统以集中竞价交易方式合计减持"莱克转债"122.55万张，占发行总量的10.21%。 ...

Market Overview - The small home appliance sector experienced a decline of 0.54% on November 18, with Rainbow Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers in the small appliance sector included: - Joyoung Co., Ltd. (002242) with a closing price of 11.80, up 1.99% and a trading volume of 644,200 shares, totaling 736 million yuan [1] - Biyin Co., Ltd. (603215) closed at 20.29, up 1.45% with a trading volume of 33,400 shares, totaling 67.34 million yuan [1] - Major decliners included: - Rainbow Group (003023) which fell 8.33% to a closing price of 25.20, with a trading volume of 96,000 shares, totaling 249 million yuan [2] - ST Dehao (002005) down 5.08% to 2.80, with a trading volume of 244,100 shares, totaling 68.69 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 55.19 million yuan from institutional investors, while retail investors contributed a net inflow of 72.79 million yuan [2] - Specific stock capital flows indicated: - Lek Electric (603355) had a net inflow of 18.91 million yuan from institutional investors, but a net outflow of 17.39 million yuan from retail investors [3] - Joyoung Co., Ltd. (002242) experienced a net inflow of 18.21 million yuan from institutional investors, with a slight net outflow from retail investors [3]

Market Overview - The small home appliance sector experienced a decline of 1.01% on November 17, with ST Dehao leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the small appliance sector included: - Lek Electric (603355) with a closing price of 29.09, up 2.68% on a trading volume of 57,000 shares and a turnover of 163 million yuan [1] - Supor (002032) closed at 49.81, up 1.14% with a trading volume of 28,400 shares and a turnover of 141 million yuan [1] - Other stocks showed mixed performance, with some experiencing slight declines, such as: - Kewo (603486) closed at 80.50, down 1.01% on a trading volume of 33,800 shares and a turnover of 272 million yuan [1] Capital Flow - The small home appliance sector saw a net outflow of 148 million yuan from institutional investors, while retail investors had a net inflow of 170 million yuan [2] - The capital flow for specific stocks indicated: - Supor (002032) had a net outflow of 43.21 million yuan from institutional investors [3] - Stone Technology (688169) recorded a net inflow of 15.83 million yuan from institutional investors [3]

Core Viewpoint - Leek Electric's stock has shown significant growth in 2023, with a year-to-date increase of 27.59% and a recent surge of 32.08% over the past 20 trading days, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Leek Electric reported a revenue of 7.313 billion yuan, reflecting a year-on-year growth of 0.92%. However, the net profit attributable to shareholders decreased by 29.32% to 621 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 4.153 billion yuan, with 1.434 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Leek Electric reached 15,600, an increase of 0.99% from the previous period. The average number of circulating shares per shareholder decreased by 0.59% to 36,709 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 2.6385 million shares, which is a decrease of 4.0845 million shares compared to the previous period [3]. Market Activity - On November 17, Leek Electric's stock price rose by 2.01% to 28.90 yuan per share, with a trading volume of 97.9135 million yuan and a turnover rate of 0.60%. The total market capitalization stands at 16.571 billion yuan [1]. - The net outflow of main funds was 2.9553 million yuan, with large orders accounting for 23.64% of purchases and 24.10% of sales [1]. Business Overview - Leek Electric, established on December 26, 2001, and listed on May 13, 2015, is based in Suzhou, Jiangsu Province. The company specializes in high-end health-related small household appliances and garden tools, with a revenue composition of 58.15% from cleaning health appliances and garden tools, and 39.91% from motors and precision components for new energy vehicles [1]. - The company operates within the household appliances sector, specifically in small appliances and cleaning devices, and is associated with concepts such as household appliances, margin financing, PM2.5, and new energy vehicles [1].

Market Overview - The small home appliance sector increased by 1.98% on November 14, with Joyoung Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Joyoung Co., Ltd. (002242) closed at 12.17, up 10.04% with a trading volume of 105,700 shares and a turnover of 129 million yuan [1] - Rainbow Group (003023) closed at 28.51, up 6.26% with a trading volume of 179,700 shares [1] - Liren Technology (001259) closed at 31.54, up 4.61% with a trading volume of 22,700 shares [1] - Stone Technology (688169) closed at 163.42, up 0.99% with a trading volume of 25,800 shares [1] - Other notable stocks include ST Dehao (002005) at 3.11, up 0.97%, and Supor (002032) at 49.25, up 0.20% [1] Capital Flow - The small home appliance sector saw a net inflow of 29.17 million yuan from institutional investors, while retail investors experienced a net outflow of 33.84 million yuan [2] - Key stocks with significant capital inflow include Rainbow Group with 29.22 million yuan from institutional investors and 1.29 million yuan from retail investors [3] - Kewo Technology (603486) had a net inflow of 17.07 million yuan from institutional investors, while retail investors saw a net outflow of 30.00 million yuan [3]

Core Viewpoint - On November 12, 2025, Lake Electric (603355) experienced a net financing purchase of 1.24 million, with a financing balance of 273 million, indicating a positive trend in investor sentiment towards the stock [1]. Financing Activity Summary - On November 12, 2025, the net financing purchase was 123.81 thousand, with a financing balance of 27.3 million, representing 1.69% of the circulating market value [2]. - Over the past three trading days, the cumulative net financing purchase reached 2.55 million, with 13 out of the last 20 trading days showing net financing purchases [1][2]. - The financing balance increased by 0.44% from the previous day, reaching 274 million [4]. Margin Trading Summary - On November 12, 2025, there were no shares sold short, but 600 shares were repaid, resulting in a net short position of 600 shares and a remaining short balance of 31,600 shares [3]. - The margin trading balance on November 12, 2025, was 2.74 million, reflecting a daily increase of 120.07 thousand [4]. Additional Information - Financing refers to the process where securities companies lend money to investors to purchase stocks, while margin trading involves borrowing stocks to sell, with the expectation of repurchasing them later at a lower price [5].

Core Viewpoint - Leike Electric's stock price has shown significant fluctuations, with a year-to-date increase of 24.28% and a recent decline of 2.02% on November 12, 2025, indicating volatility in market performance [1][2]. Financial Performance - For the period from January to September 2025, Leike Electric achieved a revenue of 7.313 billion yuan, reflecting a year-on-year growth of 0.92%. However, the net profit attributable to shareholders decreased by 29.32% to 621 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 4.153 billion yuan, with 1.434 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, 2025, Leike Electric's stock was trading at 28.15 yuan per share, with a market capitalization of 16.141 billion yuan. The trading volume was 36.7142 million yuan, with a turnover rate of 0.23% [1]. - The stock has experienced a recent net outflow of 869,700 yuan in principal funds, with large orders accounting for 20.88% of purchases and 23.25% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Leike Electric was 15,600, an increase of 0.99% from the previous period. The average circulating shares per person decreased by 0.59% to 36,709 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 2.6385 million shares, a decrease of 4.0845 million shares compared to the previous period [3]. Business Overview - Leike Electric, established on December 26, 2001, and listed on May 13, 2015, is based in Suzhou, Jiangsu Province. The company specializes in high-end health-related small household appliances and garden tools, with a revenue composition of 58.15% from cleaning health appliances and gardening tools, and 39.91% from motors and precision components for new energy vehicles [2]. - The company operates within the household appliances sector, specifically in small appliances and cleaning devices, and is associated with various concepts including financing, household appliances, PM2.5, and new energy vehicles [2].

Group 1 - The core viewpoint of the news is that 莱克电气 (Leek Electric) experienced a stock price increase of 5.23%, reaching 26.58 yuan per share, with a trading volume of 1.29 billion yuan and a turnover rate of 0.87%, resulting in a total market capitalization of 152.41 billion yuan [1] - 莱克电气 is located in Suzhou, Jiangsu Province, and was established on December 26, 2001, with its listing date on May 13, 2015. The company specializes in high-end health-related small household appliances and garden tools, including vacuum cleaners, air purifiers, water purifiers, and kitchen appliances [1] - The revenue composition of 莱克电气 includes 58.15% from cleaning health appliances and gardening tools, 39.91% from motors, precision components for new energy vehicles, and other components, with the remaining 1.94% categorized as other [1] Group 2 - From the perspective of fund holdings, 鑫元基金 (Xinyuan Fund) has one fund heavily invested in 莱克电气. The fund, 鑫元鑫趋势A (Xinyuan Xintendency A), held 123,000 shares in the third quarter, accounting for 2.15% of the fund's net value, making it the fourth-largest holding [2] - The fund 鑫元鑫趋势A was established on August 24, 2017, with a latest scale of 68.03 million yuan. It has achieved a year-to-date return of 23.13%, ranking 3992 out of 8219 in its category, and a one-year return of 20.77%, ranking 3476 out of 8125 [2] - The fund manager, 刘宇涛 (Liu Yutao), has been in position for 3 years and 53 days, with the total asset scale of 1.552 billion yuan. During his tenure, the best fund return was 36.23%, while the worst was -8.03% [2]

Summary of Leek Electric's Conference Call Company Overview - **Company**: Leek Electric - **Industry**: Home Appliances and Robotics Key Points Financial Performance - In Q3 2025, Leek Electric implemented cost reduction and efficiency measures to adjust overseas transfer costs, but the effects have not fully reflected in net profit yet, expected to manifest gradually in Q4 [2][3][4] - Q3 sales showed slight growth, with overall revenue projected to approach 10 billion RMB for the year, maintaining a double-digit net profit margin [2][4] - Q3 overseas revenue reached 2.5 billion RMB, with a 10% decline in the European market and over 20% growth in the Americas [3][15] - ODM business revenue for the first three quarters was approximately 3.6 billion RMB, with environmental cleaning appliances contributing 2.3 billion RMB [3][18] Business Segments - ODM business sales saw a small increase, while the gardening tools segment remained flat; however, the self-owned brand business showed improvement [2][3] - The automotive motor business grew by 22%-30% in Q3, with new business segments expected to contribute significantly to revenue growth in 2026, projected to exceed 20% [3][9] - The vacuum cleaner remains the primary revenue source, with kitchenware products experiencing a nearly 200% year-on-year growth [3][18] International Operations - Leek Electric has two vacuum cleaner factories in Vietnam with a total capacity of 2 billion RMB, and a home appliance factory and an automotive parts factory in Thailand with annual outputs exceeding 1 billion and 700-800 million RMB respectively [2][5] - The Vietnamese factory is operating at full capacity, while the Thai factory is gradually increasing sales, with the automotive parts factory expected to start mass production in H1 2026 [2][5] Robotics and New Product Development - The company is expanding into collaborative robotics with frameless torque motors, having received customer certifications and exploring partnerships with a German industrial robot manufacturer [6][7] - Engineering machinery motors are in the sample submission or mass production stage, with expected sales in the tens of millions next year [7][8] - The mid-mounted motor has successfully entered the supply chain of leading bicycle manufacturers, contributing to future revenue [8] Market Challenges and Strategies - The self-owned brand faced pressure due to reduced government subsidies and weak consumer confidence, but signs of recovery were noted in Q3 [13][16] - The cross-border e-commerce sector struggled to grow rapidly due to global economic conditions and intensified price competition [21] - The European market's decline was attributed to war, rising energy prices, and weak economic recovery, compounded by capacity overflow from China [22] Future Outlook - Capital expenditures are expected to decrease in 2026 after high spending in 2024 and 2025, with ongoing investments in the Thai aluminum die-casting factory [11] - The company is actively pursuing internationalization of the Biyunquan brand and has established partnerships for logistics and overseas warehousing [16] Additional Insights - The company’s sales data for October showed a month-on-month recovery, indicating potential positive trends for Q4 [4][19] - The impact of U.S.-China tariff negotiations has led to some products being produced at costs lower than those in Thailand, attracting customers back to Chinese factories [2][4][12]

Investment Rating - The investment rating for the company is maintained as "Buy" [5]. Core Insights - The company's revenue performance for the first three quarters of 2025 was below expectations, with total revenue of 73.13 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 6.21 billion yuan, a year-on-year decrease of 29% [5]. - The company has successfully completed the production transfer of its products exported to the U.S., which is expected to reduce tariff burdens significantly as new overseas factories come online [5]. - New business development is progressing well, with over 400 million yuan in new orders for core components and a diversification strategy into various electric motor applications [5]. Financial Data and Profit Forecast - Total revenue forecast for 2024 is 9.765 billion yuan, with a projected growth rate of 11.1%. For 2025, the revenue is expected to be 10.023 billion yuan, reflecting a growth rate of 2.6% [2]. - The net profit attributable to shareholders is forecasted to be 1.275 billion yuan in 2026, with a year-on-year growth of 33.5% [2]. - The gross profit margin is expected to stabilize around 24.6% in 2026, with a return on equity (ROE) projected at 22.2% [2]. Market Data - As of October 28, 2025, the closing price of the stock was 26.96 yuan, with a price-to-book ratio of 2.9 and a dividend yield of 5.56% [3]. - The company has a total share capital of 573 million shares, with a net asset value per share of 9.53 yuan [3]. Operational Highlights - The company has successfully developed nearly 60 new products and filed 98 patents in the first half of 2025, indicating strong innovation capabilities [5]. - The construction of new production bases in Vietnam and Thailand is expected to enhance production capacity significantly, with Vietnam's facility projected to produce over 4 million small appliances annually [5].