导语：窗口期末尾，冰火两重天。 作者：市值风云 App：迷宫 2025 年报业绩预告开箱（六）：百亿巨亏连环爆，AI 与创新药继续领跑 本研报基于截至 2026 年 2 月 2 日 A 股上市公司发布的业绩预告公告，筛选出值得关 注的标的。 一、业绩增速亮眼标的 1、新易盛（300502.SZ） 核心原因摘要： • 受益于全球算力投资持续增长，800G、1.6T 等高速率光模块需求快速提升 • 公司产品结构高端化，800G 营收占比达 65%-70%，毛利率稳定在 48%-50% • 1.6T产品通过英伟达GB200平台认证并规模化量产，在英伟达供应链占比超30%， 零售价格较上市初期上涨 70%至 2000 美元以上，毛利率超 50% • 泰国工厂产能释放，交付周期从 12 周压缩至 8 周，规模效应进一步摊薄成本 亮点分析： 业绩超市场一致预期（机构预测均值约 90-92 亿元），Q4 单季净利润环比增长 29%- 50%，增长加速度明显；扣非净利润与净利润高度吻合，盈利质量高；海外营收占比 94.47%，客户基本盘稳固；资产负债率仅 31.99%，财务风险极低。 2、寒武纪（688256.SH） 公司简 ...

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

从资金流向上来看，当日小家电板块主力资金净流出2287.8万元，游资资金净流入416.44万元，散户资金 净流入1871.36万元。小家电板块个股资金流向见下表： 证券之星消息，2月2日小家电板块较上一交易日下跌0.35%，倍益康领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002032 | 苏泊尔 | 44.05 | 2.04% | 4.91万 | | 2.18亿 | | 002005 | ST德豪 | 2.96 | 1.37% | 16.76万 | | 4972.69万 | | 603355 | 莱克电气 | 32.57 | 0.71% | 3.85万 | 1 | 1.25亿 | | 688169 | 石头科技 | 143.00 | 0.27% | - 3.57万 | | 5.15亿 | | 603868 | 飞科申器 | 38.23 | - ...

关注地产链复苏机会，重点家电公司披露年报预告 [Table_Industry] 家用电器业 家电行业 2026W04 周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | 本报告导读： 房地产市场止跌企稳预期升温，关注地产链复苏机会，重点家电公司披露年报预告。 投资要点： 重点家电公司披露年报预告： 1）科沃斯：25 年实现归母净利润 17-18 亿元，同比+111%~+123%， 扣非归母 16-17 亿元，同比+123%~+137%；其中 Q4 归母 2.8-3.8 亿 元，同比+48%~+100%，扣非归母 3.2-4.2 亿元，同比+71%~+125%。 2）九号公司：25 年实现归母净利润 16.7~18.5 亿元，同比+54%~71%， 扣非归母 1 ...

外销快速增长,后续新品类是看点 科沃斯(603486) ■ 证券研究报告 因 投资评级:买入(维持) | 基本数据 | 2026-01-30 | | --- | --- | | 收盘价(元) | 71.82 | | 流通股本(亿股) | 5.73 | | 每股净资产(元) | 14.85 | | 总股本(亿股) | 5.79 | 最近 12 月市场表现 ----------- SAC 证书编号: S0160525060001 sungian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1.《扫地机内外销增速亮眼,期间费用率有 所优化》 2025-10-25 2.《科沃斯品牌内外销高增,积极布局具身 智能》 2025-08-18 3. 《收入业绩高增,被忽视的新消费公司》 2025-07-11 核心观点 盈利预测 | 市神(人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,502 ...

2月1日上午消息，近日，追觅科技创始人兼CEO俞浩在社交媒体发文，喊话科沃斯："要买水军黑粉啥 的，管理水平也应该提高提高啊。" 俞浩表示，"不是说好，朴实无华的商战，应该是互相浇浇发财树的嘛？怎么搞这一套。我发出来的还 是最轻的，那些一模一样买来黑我们的我就不发了。不过，要买水军黑粉啥的，管理水平也应该提高提 高啊。这种作弊太容易被发现了呀。不会用chatgpt嘛，至少要求每个人的评论话术各不相同啊。难道还 是说要买的水军太多了，把能用的话术都用光了！" 据俞浩发布的图片显示，在多条社交媒体发帖内容的评论区内出现内容相同且夸赞科沃斯的内容，内容 为"3000多块入手科沃斯T80s，用了半年，一点毛病没有，太值了。" 2月1日上午消息，近日，追觅科技创始人兼CEO俞浩在社交媒体发文，喊话科沃斯："要买水军黑粉啥 的，管理水平也应该提高提高啊。" 俞浩表示，"不是说好，朴实无华的商战，应该是互相浇浇发财树的嘛？怎么搞这一套。我发出来的还 是最轻的，那些一模一样买来黑我们的我就不发了。不过，要买水军黑粉啥的，管理水平也应该提高提 高啊。这种作弊太容易被发现了呀。不会用chatgpt嘛，至少要求每个人的评论话术各不 ...

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with a recommendation to focus on leading companies that exhibit low valuations, high dividends, and stable growth potential [5][10]. Core Insights - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 Index, with a decline of 2.4% in the appliance index while the broader index rose by 1.1% [5][6]. - Major companies like Opple Lighting, Boss Electric, and Midea Group showed positive performance, while companies like Ecovacs, Lek Electric, and Huaxiang suffered significant declines [5][8]. - Production data for major appliances in February 2026 revealed substantial year-on-year declines, with air conditioner production down 31.6%, refrigerators down 17%, and washing machines down 3.2% [10][11]. - The report highlights three main investment themes: 1. **Dividend Play**: Leading white and black appliance companies are characterized by low valuations and high dividend yields, providing a safety margin and growth potential [5]. 2. **Technology Transition**: Key component manufacturers are diversifying into emerging tech sectors such as robotics and semiconductor cooling, indicating a shift in business strategy [5]. 3. **Export Opportunities**: Major appliance firms are well-positioned in global markets, with production bases in various regions to mitigate trade risks and capitalize on demand in emerging markets [5]. Industry Dynamics - The report notes a significant drop in production for major appliances in February 2026, with air conditioners at 11.49 million units, refrigerators at 6 million units, and washing machines at 6.3 million units, all showing declines compared to the previous year [10]. - The report also mentions a planned acquisition by Minexplosion Optoelectronics, which aims to purchase a 49% stake in Xiamen Maida and a 51% stake in cash, with a total consideration not exceeding 250 million yuan [11]. Data Observations - Sales data for cleaning appliances in December 2025 showed an increase in volume but a decrease in revenue and average price, with robotic vacuum sales up 29.11% but revenue down 2.14% [34]. - Personal care products like hair dryers saw a decline in sales volume and revenue, while electric shaver sales revenue increased despite a drop in volume [40][41]. Macro Economic Environment - As of January 30, 2026, the USD to RMB exchange rate showed a decrease of 0.87% since the beginning of the year, indicating potential impacts on import costs for raw materials [47]. Company Announcements - Ecovacs announced a bond buyback option, with no investors opting for the buyback during the specified period, indicating confidence in the company's stock performance [63]. - Other companies like Aojiahua and Foshan Lighting provided profit forecasts indicating significant declines in net profits for 2025, reflecting broader industry challenges [60][64].

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly recommending leading companies in the white and black goods categories due to their low valuations, high dividends, and stable growth potential [5][11]. Core Insights - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 Index, with a decline of 2.4% in the home appliance index while the broader index rose by 1.1% [5][6]. - Production data for major home appliances in February 2026 shows significant year-on-year declines: air conditioners down 31.6%, refrigerators down 17%, and washing machines down 3.2% [11][12]. - The report highlights the resilience of leading companies in the face of international trade fluctuations and emphasizes the growth potential in emerging markets [5][11]. Summary by Sections Industry Performance - The home appliance sector index decreased by 2.4%, while the Shanghai and Shenzhen 300 Index increased by 1.1% [5][6]. - Key companies such as Opple Lighting, Boss Electric, and Midea Group showed gains, while companies like Ecovacs and Lek Electric faced significant declines [5][8]. Production Data - February 2026 production figures indicate a total of 11.49 million air conditioners produced, a 31.6% decrease from the previous year; 6 million refrigerators, down 17%; and 6.3 million washing machines, down 3.2% [11][12]. Company Developments - Minexplosion Optoelectronics announced plans to acquire a 49% stake in Xiamen Maida and a cash purchase of 51% stake in Xiamen Precision, with a total cash consideration not exceeding 250 million yuan [12]. Market Trends - The report notes a year-on-year increase in sales of cleaning appliances, with robotic vacuum sales up 29.11% in December 2025, although sales revenue decreased by 2.14% [35][40]. - Personal care products showed mixed results, with hairdryer sales down 26.36% but electric shaver sales revenue up by 1.78% [42][45]. Investment Opportunities - The report identifies three main investment themes: 1. Leading white and black goods companies with low valuations and high dividends [5]. 2. Core component manufacturers expanding into new technology sectors [5]. 3. Companies like Ecovacs and Roborock benefiting from strong demand for cleaning appliances [5][11]. Economic Environment - As of January 30, 2026, the USD to RMB exchange rate has decreased by 0.87% since the beginning of the year [50][51]. - Retail sales in December 2025 showed a slight increase of 0.86% year-on-year, while disposable income for urban residents rose by 4.27% [52][53]. Regulatory Developments - Shenzhen's three-year action plan aims to enhance the consumption environment, promoting smart home products and digital consumption [73][75]. - The plan encourages the integration of artificial intelligence in home appliances and aims to boost home renovation and smart home adoption [75][76].

证券代码：603486 证券简称：科沃斯 公告编号：2026-020 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 2025年年度业绩预增公告 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法律责任。 重要内容提示： ● 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升50%以上的情形。 二、上年同期业绩情况 （一）利润总额90,204.97万元。归属于母公司所有者的净利润：80,608.71万元。归属于母公司所有者的 扣除非经常性损益的净利润：71,621.32万元。 ● 科沃斯机器人股份有限公司（以下简称"公司"）预计2025年年度实现归属于母公司所有者的净利润 170,000万元到180,000万元，与上年同期相比将增加89,391.29万元到99,391.29万元，同比增加110.90% 到123.30%。归属于母公司所有者的扣除非经常性损益的净利润160,000万元到170,000万元，与上年同 期相比将增加88,378.68万元到98,378.68万元，同比增加123.40%到137.36%。 ...

经济观察网科沃斯（603486）公告，预计2025年年度实现归属于母公司所有者的净利润17亿元到18亿 元，与上年同期相比将增加8.94亿元到9.94亿元，同比增加110.90%到123.30%。归属于母公司所有者的 扣除非经常性损益的净利润16亿元到17亿元，与上年同期相比将增加8.84亿元到9.84亿元，同比增加 123.40%到137.36%。 ...