| | 皇公司 都在用的商业查询工具 | 音表板 育关系 商风险 | | | | | --- | --- | --- | --- | --- | --- | | | 家中小企业发展子基金旗下机构 | 上海警徙人工智能科技有限公司 | × 天眼一下 | 體 应用 ▼ | 商务合作 | | 基本信息 114 | 法律诉讼 | 经营风险 | 经营信息 | 公司发展 | 知i | | 工商信息 ● | | | | | | | 工商信息 历史工商信息0 | | | | | | | 企业名称 | 上海警徙人工智能科技有限公司 | | | | | | 法定代表人 | 글 王炜 | 登记状态 ② | 存续 | | 天眼評分 ② | | | | 成立日期 | 2026-02-05 | | | | 统一社会信用代码 2 | 91310112MAK7FP35XJ | 注册资本 ② | 1000万人民币 | | 实缴资本 2 | | 工商注册号 | 310112003729356 | 纳税人识别号 ② | 91310112MAK7FP35XJ | | 组织机构代码( | | 营业期限 | 2026-02-05 至 无固定期限 | 纳 ...

Market Performance - The small home appliance sector increased by 0.89% on February 4, with Fujia Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Fujia Co., Ltd. (603219) closed at 19.40, up 3.47% with a trading volume of 101,300 shares and a transaction value of 192 million [1] - Lek Electric (603355) closed at 34.10, up 3.30% with a trading volume of 45,800 shares and a transaction value of 154 million [1] - Joyoung Co., Ltd. (002242) closed at 10.69, up 2.49% with a trading volume of 83,600 shares and a transaction value of 88.37 million [1] - Other notable stocks include Stone Technology (688169) which closed at 147.32, up 1.53% with a transaction value of 486 million [1] Capital Flow - The small home appliance sector experienced a net outflow of 56.84 million from institutional investors, while retail investors saw a net outflow of 6.16 million [2] - Conversely, speculative funds recorded a net inflow of 63.01 million [2] Individual Stock Capital Flow - Fujia Co., Ltd. had a net inflow of 29.21 million from institutional investors, but a net outflow of 28.55 million from retail investors [3] - Joyoung Co., Ltd. saw a net inflow of 6.15 million from institutional investors, with a net outflow of 4.35 million from retail investors [3] - Lek Electric had a net inflow of 4.43 million from institutional investors and a net inflow of 9.39 million from speculative funds [3]

事件：科沃斯发布业绩预告。预计2025 年归母净利润17 亿至18 亿元（同比+110.9%至123.3%）；扣非 后归母净利润16 亿至17 亿元（同比+123.4%至137.4%）。 盈利预测与投资建议：预计公司25-27 年实现营业收入192 亿元/221亿元/251 亿元，分别同比 +16%/+15%/+14%；实现归母净利润18 亿元/21 亿元/25 亿元，分别同比+119%/+20%/+20%。考虑到扫 地机器人行业成长空间大，公司26-27 年归母净利润预计20%增长，并且公司积极开展具身智能相关的 新兴产业。参考可比公司估值，给予公司26 年25x PE 值，每股合理价值为92.25 元，维持"增持"评级。 预计Q4 国内承压，海外扫地机业务高增。预计国内受国补高基数影响承压（奥维云网线上数据显示 2025Q4 公司扫地机/洗地机销售额-27%/-24%），海外业务得益于滚筒洗地机器人产品的良好销售，或 维持快速增长。 风险提示：市场竞争加剧；国补政策变化风险；国内需求不及预期等 利润端或受汇兑损失及国内外大促价格竞争影响。单Q4 人民币升值带来汇兑损失，国内自补+价格竞 争加剧折扣力度加大 ...

[Table_Page] 公告点评|家用电器 证券研究报告 [Table_Title] 科沃斯（603486.SH） 海外扫地机高增，国内经营承压静待拐点 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 15,502 | 16,542 | 19,221 | 22,091 | 25,140 | | 增长率（ % ） | 1.2% | 6.7% | 16.2% | 14.9% | 13.8% | | EBITDA | 1,056 | 1,698 | 2,262 | 2,615 | 3,087 | | 归母净利润 | 612 | 806 | 1,765 | 2,123 | 2,537 | | 增长率（ % ） | -64.0% | 31.7% | 118.9% | 20.3% | 19.5% | | EPS（元/股） | 1.06 | 1.40 | 3.07 | 3.69 | 4.41 | | 市 ...

2月2日，科沃斯跌0.56%，成交额5.10亿元。两融数据显示，当日科沃斯获融资买入额2994.63万元，融 资偿还3678.40万元，融资净买入-683.77万元。截至2月2日，科沃斯融资融券余额合计4.23亿元。 融资方面，科沃斯当日融资买入2994.63万元。当前融资余额4.10亿元，占流通市值的1.00%，融资余额 超过近一年50%分位水平，处于较高位。 融券方面，科沃斯2月2日融券偿还200.00股，融券卖出200.00股，按当日收盘价计算，卖出金额1.43万 元；融券余量17.69万股，融券余额1263.13万元，超过近一年60%分位水平，处于较高位。 资料显示，科沃斯机器人股份有限公司位于江苏省苏州市吴中区郭巷街道吴淞江产业园淞苇路518号， 成立日期1998年3月11日，上市日期2018年5月28日，公司主营业务涉及各类家庭服务机器人、清洁类小 家电等智能家用设备及相关零部件的研发、设计、生产与销售。主营业务收入构成为：服务机器人 55.89%，智能生活电器42.96%，其他产品1.15%。 截至9月30日，科沃斯股东户数3.14万，较上期减少8.38%；人均流通股18235股，较上期增加9. ...

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

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].

Market Overview - The small home appliance sector experienced a decline of 0.35% on February 2, with BeiYikang leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Supor (002032) with a closing price of 44.05, up 2.04% and a trading volume of 49,100 shares, totaling 218 million yuan [1] - ST Dehao (002005) closed at 2.96, up 1.37% with a trading volume of 167,600 shares, totaling 49.73 million yuan [1] - Major decliners included: - BeiYikang (6610Z6) with a closing price of 40.53, down 3.48% and a trading volume of 15,100 shares, totaling 62.29 million yuan [2] - Fuhua Co. (603219) closed at 18.06, down 3.32% with a trading volume of 65,600 shares, totaling 120 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 22.88 million yuan from institutional investors, while retail investors had a net inflow of 18.71 million yuan [2] - The capital flow for key stocks showed: - Supor had a net inflow of 21.56 million yuan from institutional investors, while retail investors had a net outflow of 12.38 million yuan [3] - LeiKe Electric (603355) experienced a net inflow of 16.44 million yuan from institutional investors, with a net outflow of 15.57 million yuan from retail investors [3]

Investment Rating - The industry investment rating is "Increase Holding" [6][13]. Core Insights - The real estate market is expected to stabilize, creating opportunities for recovery in the real estate supply chain, with a focus on key home appliance companies' annual report forecasts [2][6]. - Key home appliance companies are showing significant profit growth, with notable increases in net profits for companies like Ecovacs and Ninebot, while others like Roborock are experiencing declines [3][4][6]. Summary by Relevant Sections Key Home Appliance Company Forecasts - Ecovacs is projected to achieve a net profit of 1.7-1.8 billion yuan in 2025, representing a year-on-year increase of 111%-123% [3]. - Ninebot expects a net profit of 1.67-1.85 billion yuan in 2025, a year-on-year increase of 54%-71% [3]. - Roborock anticipates a net profit of no less than 1.34 billion yuan in 2025, a year-on-year decrease of 31% [3]. - Anfu Technology forecasts a net profit of 220-250 million yuan in 2025, a year-on-year increase of 29%-51% [3]. - TCL Electronics expects an adjusted net profit of 2.33-2.57 billion HKD in 2025, a year-on-year increase of 45%-60% [4]. - Beiding Co. anticipates a revenue of 950 million yuan in 2025, a year-on-year increase of 26% [4]. Investment Recommendations - The report recommends increasing holdings in companies such as Midea Group, Haier Smart Home, TCL Electronics, and Hisense Visual, which are expected to perform well due to stable operations and high dividends [6][7]. - The report highlights the potential for smart home appliances to drive growth, particularly for leading robotic vacuum companies like Roborock and Ecovacs [6]. - Companies like Ninebot and Anfu Technology are noted for their stable performance and upward potential, making them attractive investment options [6].

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 ...