Investment Rating - The investment rating for the company is "Accumulate" with a target price of 84.64 CNY [5][12]. Core Insights - The company has released its earnings forecast for 2025, indicating a significant increase in overseas sales, while domestic sales in Q4 are impacted by the reduction of government subsidies, leading to a slight decline in profitability [2][12]. - The forecasted net profit for 2025 is expected to be between 1.7 billion to 1.8 billion CNY, representing a year-on-year increase of 110.9% to 123.3% [12]. - The company is experiencing a notable increase in its market share overseas, with new product categories like lawn mowers contributing to revenue growth [12]. Financial Summary - Total revenue is projected to grow from 155 billion CNY in 2023 to 219 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 13.3% [4]. - Net profit attributable to shareholders is expected to rise from 6 billion CNY in 2023 to 26 billion CNY in 2027, reflecting a significant increase of 116.8% in 2025 [4]. - Earnings per share (EPS) is forecasted to increase from 1.06 CNY in 2023 to 4.50 CNY in 2027 [4]. Market Data - The company's stock has a 52-week price range of 45.98 CNY to 107.50 CNY, with a total market capitalization of 41.115 billion CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 67.17 in 2023 to 15.77 in 2027, indicating an improving valuation as earnings grow [4][6]. Investment Thesis - The company is positioned well in the global market for cleaning appliances, with low penetration rates providing growth opportunities. However, short-term challenges exist due to the impact of domestic subsidy reductions [12]. - The anticipated growth in overseas sales and the introduction of new products are expected to drive revenue and profit increases in the coming years [12].

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

[Table_Summary] 公司发布 2025 年业绩预增公告：公司预计 2025 年全年实现归母净利润 17.00~18.00 亿元， 较上年同期增加 8.94~9.94 亿元，同比增长 110.90%~123.30%，预计实现扣非归母净利润 16.00~17.00 亿元，较上年同期增加 8.84~9.84 亿元，同比增长 123.40%~137.36%。对应单 Q4 来看，公司实现归母净利润 2.82~3.82 亿元，同比增长 47.62%~99.96%，实现扣非归母净 利润 3.16~4.16 亿元，同比增长 70.18%~124.12%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨科沃斯（603486.SH） [Table_Title] 科沃斯：Q4 内销或有拖累，品类延展有望攫取 增量 报告要点 %% %% research.95579.com 1 [Table_scodeMsg2] 科沃斯（603486.SH） ...

公司近一年市场表现 | 年 月 市场数据：2026 2 4 | 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 71.56 | | 年内最高/最低（元/股）： | | 111.69/42.3 | | | | 0 | | 流通 A 股/总股本（亿股）： | | 5.73/5.79 | | 流通 股市值（亿元）： A | | 410.29 | | 总市值（亿元）： | | 414.28 | | 年 月 基础数据：2025 9 | 日 30 | | | --- | --- | --- | | 基本每股收益(元/股)： | | 2.51 | | 摊薄每股收益(元/股)： | | 2.51 | | 每股净资产(元/股)： | | 15.05 | | 净资产收益率(%)： | | 16.27 | | 资料来源：常闻 | | | 分析师： 陈玉卢 执业登记编码：S0760525050001 邮箱：chenyulu@sxzq.com 服务机器人 科沃斯（603486.SH） 买入-A(首次) 盈利能力改善，加速迈向多品类、全场景服务机器人 2026 年 2 月 5 日 公司研究/公司快报 ...

Core Insights - The CLNB 2026 New Energy Industry Expo will take place from April 8 to 10, 2026, at the Suzhou International Expo Center, featuring over 1,500 exhibitors, 30,000 professional visitors, and more than 200 international procurement teams from over 30 countries [1] Group 1: Exhibition Overview - The expo aims to provide valuable opportunities for attendees to connect with suppliers, projects, and collaboration opportunities in the new energy sector [1] - The event will feature a wide range of displays, including new battery technologies, mining resources, advanced materials, and battery recycling [2][3][4] Group 2: Business Matching Services - CLNB will offer a one-on-one business matching service, connecting exhibitors with selected professional buyers to facilitate in-depth communication and potential partnerships [4] - The event will include a VIP procurement matching session, ensuring targeted outreach to key buyers and decision-makers [4] Group 3: Forums and Discussions - The expo will host multiple forums focusing on global resource dynamics in lithium, nickel, and cobalt, as well as advancements in lithium batteries, solid-state technology, and energy storage [10][11] - The event will also feature discussions on the integration of aluminum and copper industries with the new energy sector, creating a comprehensive ecosystem for industry participants [10][11] Group 4: Group Participation Benefits - Groups of five or more attendees will receive special benefits, including customized services, access to multiple forums, and invitations to gala dinners [6][7] - Group members will also receive commemorative badges and access to presentation materials from the event [7]

亮相CES，加速迈向多品类、全场景服务机器人。2026 年1 月6 日公司参加国际消费电子展（CES）， 展示了全新地宝T90 PRO OMNI、地宝X12系列，以及擦窗机器人窗宝WINBOT、割草机器人GOAT 等 多款新品，并首次推出泳池机器人ULTRAMARINE，公司通过扫地机器人技术外溢效应，带动多品 类、全场景服务机器人品类爆发。全新OZMO ROLLER 3.0 恒压活水洗地技术对洗地滚筒进行了全面升 级，截止1 月7 日（公众号发布时间），科沃斯滚筒活水洗地机全球累计销量已突破160 万台，在滚筒 形态扫地机的总销量中占比超过91%。 机器人行业放量在即，积极布局机器人赛道。2025 年8 月8 日，公司成立擎鼎具身智能科技有限公司 （科沃斯持股比例100%），另外，公司还持有仙工智能等多家企业的股权，积极的布局机器人赛道。 投资建议 预计公司2025-2027 年EPS 分别为2.98 元、3.49 元、4.05 元，对应公司2 月4 日收盘价71.56 元，2025- 2027 年PE 分别为24.0 倍、20.5 倍、17.7 倍，我们预计行业具备较高的景气度，公司的盈利能力会延续 改善 ...

Group 1: Global Fiscal Policy Insights - In 2025, global fiscal policy is expected to shift towards a "cross-cycle" approach, with supply-side investments becoming a key focus, particularly in defense and industrial support [9][10] - The fiscal stance of major economies (US, EU, Japan) is anticipated to expand significantly, with Japan's deficit rate projected to increase by 0.8 percentage points to 3.2%, the US by 0.8 points to 6.8%, and Germany by 0.9 points to 4.0% [9][10] - The expansion of fiscal policy is characterized by a shift from demand-side management to proactive supply-side investments, indicating a more aggressive fiscal approach that is not solely triggered by recession [9][10] Group 2: Banking Sector Analysis - The banking sector is projected to experience stable revenue growth with a gradual improvement in profit margins, driven by a narrowing of interest margin declines and a recovery in market sentiment [11][12] - The performance of listed banks is expected to diverge, with regional banks in areas like Jiangsu and Zhejiang likely to achieve higher profit growth compared to larger state-owned banks [11][12] - The non-performing loan (NPL) ratio is expected to remain stable at around 1.22%, with a slight decrease in the provision coverage ratio, indicating a manageable risk environment for banks [12][16] Group 3: Company-Specific Insights on Ecovacs - Ecovacs is projected to achieve a significant increase in net profit, with estimates ranging from 1.7 to 1.8 billion yuan, reflecting a year-on-year growth of 111-123% [17][18] - The company's new product lines, particularly the rolling drum products, are expected to enhance its market share in the mid-to-high-end segment, contributing to rapid growth in both domestic and international sales [17][18] - Despite challenges from subsidy reductions, Ecovacs is focusing on expanding its product offerings and enhancing its overseas market presence, particularly in Europe and North America [17][18]

企业名称上海擎徙人工智能科技有限公司法定代表人王炜注册资本1000万人民币国标行业科学研究和技 术服务业>科技推广和应用服务业>技术推广服务地址上海市闵行区沪青平公路277号5楼（集中登记 地）企业类型有限责任公司（外商投资企业法人独资）营业期限2026-2-5至无固定期限登记机关闵行区 市场监督管理局 来源：市场资讯 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；人工智能应用软件开 发；人工智能双创服务平台；软件开发；基于云平台的业务外包服务；人工智能基础资源与技术平台； 信息技术咨询服务；物联网技术服务；数字技术服务；人工智能公共服务平台技术咨询服务；信息咨询 服务（不含许可类信息咨询服务）；科技中介服务；云计算装备技术服务；咨询策划服务；物联网技术 研发；企业管理咨询；人工智能硬件销售；家用电器销售。（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动） 天眼查显示，近日，上海擎徙人工智能科技有限公司成立，法定代表人为王炜，注册资本1000万人民 币，由科沃斯机器人股份有限公司全资持股。 序号股东名称持股比例1科沃斯机器人股份有限公司100% ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 买入（维持） | | --- | | 市场数据： | 2026 年 02 月 04 日 | | | --- | --- | --- | | 收盘价（元） | | 71.56 | | 一年内最高/最低（元） | 111.69/42.30 | | | 市净率 | | 4.8 | | 股息率%（分红/股价） | | 0.63 | | 流通 A 股市值（百万元） | | 41,029 | | 上证指数/深证成指 | 4,102.20/14,156.27 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.85 | | 资产负债率% | 47.18 | | 总股本/流通 A 股（百万） | 579/573 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 02-05 03-05 04-05 05-05 06-05 07-05 08-05 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a significant increase in revenue and profit for the year 2025, with a projected net profit of 1.7 to 1.8 billion yuan, representing a year-on-year increase of 111% to 123%. The non-recurring net profit is expected to be between 1.6 to 1.7 billion yuan, with a year-on-year increase of 123% to 137% [4] - The company's Q4 performance is slightly below expectations due to a reduction in national subsidies, which impacted profit margins [4] - The introduction of new products, particularly the rolling mop and water-washing products, has driven rapid growth in both domestic and international sales, enhancing the company's market share in the mid-to-high-end segment [6] - The company is expanding into new product categories, such as window-cleaning robots and lawn mowers, which are expected to contribute to revenue growth in 2025 [6] Financial Data and Profit Forecast - The total revenue for 2025 is projected to be 19.94 billion yuan, with a year-on-year growth rate of 20.5%. The net profit for the same year is expected to be 1.755 billion yuan, reflecting a year-on-year growth rate of 117.7% [5] - The gross profit margin is expected to be 48.7% in 2025, with a return on equity (ROE) of 20.4% [5] - The company has adjusted its profit forecast for 2025 to 1.755 billion yuan, down from a previous estimate of 1.975 billion yuan, while maintaining a growth outlook of 118% for the same year [6]