炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：远近新闻 2月11日，科沃斯机器人股份有限公司发布一则严正声明：近期，我们发现有个别公司及个人在网络平 台上对科沃斯集团进行毫无依据的无端指责及恶意诋毁。科沃斯集团作为一家公众公司，始终秉持依法 合规的经营理念，专注产品创新，恪守道德底线，致力于推动行业健康有序发展。对出于任何目的蓄意 抹黑我司的不法行为，公司法务部门已依法取证并保留追究相关责任方法律责任的权利。在此，我们进 一步呼吁行业各参与方秉持公平竞争理念，恪守公序良俗，聚焦经营本质，践行求真务实价值观，为行 业发展营造积极良好的氛围和环境。 来源：远近新闻 2月11日，科沃斯机器人股份有限公司发布一则严正声明：近期，我们发现有个别公司及个人在网络平 台上对科沃斯集团进行毫无依据的无端指责及恶意诋毁。科沃斯集团作为一家公众公司，始终秉持依法 合规的经营理念，专注产品创新，恪守道德底线，致力于推动行业健康有序发展。对出于任何目的蓄意 抹黑我司的不法行为，公司法务部门已依法取证并保留追究相关责任方法律责任 ...

科沃斯2月11日发布声明称，近期，公司发现有个别公司及个人在网络平台上对科沃斯集团进行毫无依据的无端指责及恶意诋毁。对出于任何目的蓄 意抹黑公司的不法行为，法务部门已依法取证并保留追究相关责任方法律责任的权利。 ...

为避免占用公共资源，我们对此事公开回应到此为止。公司将继续用更优质的产品和服务回馈用户和市 场。 2月11日消息，科沃斯机器人股份有限公司发文表示，近期，我们发现有个别公司及个人在网络平台上 对科沃斯集团进行毫无依据的无端指责及恶意诋毁，对此行为我司严正声明如下： 科沃斯集团作为一家公众公司，始终秉持依法合规的经营理念，专注产品创新，恪守道德底线，致力于 推动行业健康有序发展。 对出于任何目的蓄意抹黑我司的不法行为，公司法务部门已依法取证并保留追究相关责任方法律责任的 权利。在此，我们进一步呼吁行业各参与方秉持公平竞争理念，恪守公序良俗，聚焦经营本质，践行求 真务实价值观，为行业发展营造积极良好的氛围和环境。 责任编辑：李思阳 2月11日消息，科沃斯机器人股份有限公司发文表示，近期，我们发现有个别公司及个人在网络平台上 对科沃斯集团进行毫无依据的无端指责及恶意诋毁，对此行为我司严正声明如下： 科沃斯集团作为一家公众公司，始终秉持依法合规的经营理念，专注产品创新，恪守道德底线，致力于 推动行业健康有序发展。 值得注意的是，此前追觅科技创始人兼CEO俞浩多次发文称"科沃斯大量购买水军"。 他直言，我们以前那么多黑 ...

智通财经APP获悉，国联民生证券发布研报称，预计2026年家电基本面走势为内需盘整、外需底部改 善，总体表现平稳，国补政策过渡之年，基本面或难展望较大弹性。家电板块2026年行情或值得期待， 一是基本面预期有望向上，贸易摩擦缓和、海外降息预期正向，家电企业出海表现或有惊喜，内需也有 创新活力、品类外拓等关注点;二是风格切换后具备弹性，2025H2的相对跑输已经超过了2014-2015H1 阶段的科技行情，当前板块仓位调整充分，家电龙头的股息率、估值以及增长指标已经显示出较强的竞 争力。 展望后续，即便假设政策完全退出，内销量价仍有底，同比或逐季改善;外销关税、利率环境好转，有 望先于内销迎来拐点，整体来看，2026年板块内外销筑底向上，龙头经营韧性突出，品牌出海势能强 劲，新兴市场产能布局加持，弱β阶段表现有望超越行业。当前板块相对估值仍在历史偏低分位，岁末 年初价值风格回暖，预期逐步改善，基本面尚在左侧，估值向上有空间。 标的方面，一、推荐性价比优势突出的白电龙头美的集团、海尔智家、海信家电、格力电器;二、推荐 综合实力领先,份额及盈利中枢稳步提升的彩电龙头海信视像，关注TCL电子;三、推荐海内外高景气的 ...

截至2026年1月31日，根据申万行业分类，A股家用电器行业103家上市公司，其中44家已披露2025年业绩预告。 整体来看，已披露2025年业绩预告的44家家电上市公司中，业绩偏正面（包括预增、略增、扭亏及续盈）的企业合计15家。 | | Six 3r 11724 面 901 经 | | | --- | --- | --- | | A股家电行业上市公司2025年业绩预告 | | | | 预告方向 | 预告类型 | 公司数 | | 正面 | 预增 | 8 | | | 扭亏 | 5 | | | 略增 牡丹 | 1 | | | 续盈 | 1 | | 负面 | 预减 | 15 | | | 续亏 | 8 | | | 賞号 | 6 | 图1：A股家电行业上市公司2025年业绩预告类型 30家家电上市公司2025年实现盈利，占比约68.18%，其中2家归母净利润超10亿元。 近七成公司预告盈利三花智控、科沃斯盈利规模居前 以业绩预告净利润下限统计，已公布2025年业绩预告的44家家电上市公司中，30家预计实现盈利，占比近七成。 其中，2家公司预告归母净利润超10亿元，分别是三花智控、科沃斯。 C 2025年预告利润排名前 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

【申万宏源家电】扫地机1月数据更新 # 1月扫地机线上数据由于受以旧换新政策与春节前置消费错期拉动同比增长，石头科技份额仍大幅提升，头部效 应明显： 据奥维云网数据，扫地机1月线上销额同比+7.9%，销量同比+4.5%，均价同比-1%。 市占率方面，1月线上石头/科沃斯/云鲸/追觅销额市占率同比+8.0%/+5.1%/-3.4%/-7.8%，达到 31.0%/29.1%/11.0%/11.6%，石头/科沃斯/云鲸/追觅销售额同比+6.6%/+5.3%/-2.2%/-4.5%。 【申万宏源家电】扫地机1月数据更新 # 1月扫地机线上数据由于受以旧换新政策与春节前置消费错期拉动同比增长，石头科技份额仍大幅提升，头部效 应明显： 据奥维云网数据，扫地机1月线上销额同比+7.9%，销量同比+4.5%，均价同比-1%。 市占率方面，1月线上石头/科沃斯/云鲸/追觅销额市占率同比+8.0%/+5.1%/-3.4%/-7.8%，达到 31.0%/29.1%/11.0%/11.6%，石头/ # 新品及份额点评： 1月销售冠军单品仍然为石头P20 Ultra plus，8月上市以来月市占率始终第一。 整体成交均价高于位列第二的 ...

2月9日消息，追觅科技创始人兼CEO俞浩微博发文炮轰科沃斯和添可"黑水军"。他表示，请大家不要相 信评论区说追觅产品不好或售后有问题的。 2月9日消息，追觅科技创始人兼CEO俞浩微博发文炮轰科沃斯和添可"黑水军"。他表示，请大家不要相 信评论区说追觅产品不好或售后有问题的。 "尤其是这种主页没有任何内容的，基本都是科沃斯和添可家请的水军，专门来黑的。IP地址主要在广 东和江苏，也有其他省份，我们已经追查到分布在16个省份。 "他说。 他还转发强调，"这家人家实在是道德水平低下"。 责任编辑：李思阳 "尤其是这种主页没有任何内容的，基本都是科沃斯和添可家请的水军，专门来黑的。IP地址主要在广 东和江苏，也有其他省份，我们已经追查到分布在16个省份。 "他说。 他还转发强调，"这家人家实在是道德水平低下"。 责任编辑：李思阳 ...

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are spending more on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free beverages and functional drinks. Brands like Dongfang Shuye and Jianchun are gaining traction in this sector [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, is on the rise. Companies like Jinbo Biological are seeing significant market value growth [23][25]. - **Outdoor and Leisure Products**: The outdoor equipment market is thriving, with brands like Kailas and Camel experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands like Labubu and Rio are tapping into the emotional needs of consumers, providing products that offer comfort and joy, even in a tight economic climate [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations spend less time cooking. Companies like Anjijia and Kewot are benefiting from this trend [33][35][36]. Group 2: Market Trends - The article emphasizes that the current economic climate, often viewed as a "winter," presents opportunities for those willing to invest in counter-cyclical sectors. The key to success lies in recognizing and seizing these opportunities [39].

公 司 研 究 外销持续高增，Q4 内销受国补退坡影响 科沃斯(603486) 科沃斯 2025 年业绩预告点评 | [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： 公司发布 25 年业绩预告，外销占比持续提升，Q4 盈利能力收到国内自补影响，环 比略有下降。 投资要点： | [Table_Finance] 财务摘要(亿元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 155 | 165 | 188 | 193 | 219 | | (+/-)% | 1.2% | 6.7% | 13.4% | 3.0% | 13.3% ...