[Table_Title] 周专题：极米入局商用投影市场，巨星再获电动工具采购 订单 [Table_Title2] 家电行业周报（2025W17） 证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 20 日 【华宝新能】官方发布 Prime Day 战报数据：美洲市场户外 电源品类销量同比大增 173%，销售额增 106%，稳居市占率 第一；日本市场斩获工具大类及电源小类双类目 TOP 1，销 售额同比增长 100%；欧洲市场销量同比增 150%。 【巨星科技】拟以现金支付方式收购杭州微纳科技股份有限 公司 18.4706%股权，交易总价 4540 万元人民币。交易完成 后，公司持有微纳科技 51%股权，微纳科技成为公司控股子 公司。微纳科技 2024 年营业收入 1.46 亿元，交易估值按照 2024 年营业收入的 1.88 倍确定，即微纳科技 100%股权对应 2.75 亿元估值。 2025 年 7 月 16 日，巨星科技公告取得来自某欧洲大型零售 业公司的订单中标通知，订单标的为部分消费级无绳锂电池 电动工具系列和相关零配件，订单采购范围为欧洲近千家门 店的未来三年全部该系列 ...

行 业 及 产 业 家用电器 看好 ——《2025/7/14-2025/7/18》家电周报 本期投资提示： 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 2025 年 07 月 19 日 新一轮以旧换新国补资金本月有望 到位，美的深化全球体育营销布局 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数同比上涨 1.9%，同期沪 深 300 指数上涨 1.1%。重点公司方面，亿田智能（25.0%）、科沃斯（20.9%）、石头 科技（9.7%）领涨，华翔股份（-4.8%）、海信视像（-2.4%）、极米科技（-2.2%）领 跌。 ⚫ 行业动态：1）1230 亿元超长期特别国债完成发行，本月国补继续。7 月 14 日财 ...

Group 1 - The core viewpoint indicates that the stock of XGIMI Technology (688696) is currently showing a weak overall score of 35.52, suggesting a cautious investment outlook [1] - The main cost analysis reveals that the current main cost is 110.50 CNY, with a 5-day average cost of 106.83 CNY, a 20-day average of 112.82 CNY, and a 60-day average of 118.03 CNY, indicating a downward trend in costs over time [1] - The stock has not experienced any limit-up or limit-down events in the past year, reflecting a stable trading environment [1] Group 2 - The technical analysis shows a short-term resistance level at 112.52 CNY and a support level at 105.12 CNY, while the mid-term resistance is at 120.53 CNY with the same support level [2] - The current short-term and mid-term trends are unclear, with a need for main funds to choose a direction [2] - On July 11, 2025, the net inflow of main funds was 944.91 million CNY, accounting for 9% of the total transaction volume, indicating a positive sentiment among larger investors [2]

Investment Rating - The report maintains a "Positive" outlook on the home appliance industry for the mid-2025 performance forecast [3] Core Insights - The home appliance sector is expected to benefit from domestic sales policies and the "old-for-new" program, which is driving demand for major appliances and kitchen appliances [4][5] - The air conditioning industry saw a cumulative production of 101.54 million units from January to May 2025, representing an 8% year-on-year increase, while sales reached 103.49 million units, up 9% year-on-year [4][17] - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies and the "old-for-new" program are expected to catalyze growth in the white goods sector, which is characterized by low valuations, high dividends, and stable growth [5][6] 2. **Exports**: Companies like Ousheng Electric are recommended due to stable income growth driven by large customer orders, while Dechang shares are highlighted for their expanding automotive parts business [6] 3. **Core Components**: The report suggests that the demand for core components will exceed expectations due to the strong performance of white goods, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [6] Summary by Sections 1. Air Conditioning and Major Appliances - The air conditioning sector is experiencing high growth in exports, with a 11% year-on-year increase in external sales from January to May 2025 [4][17] - The "old-for-new" policy is expected to enhance the average price of white goods, with major companies like Midea and Gree projected to see revenue growth of 8% and 5% respectively in Q2 2025 [4][29] 2. Kitchen Appliances - The kitchen appliance market is recovering due to real estate policies and the "old-for-new" program, with online sales of range hoods and gas stoves increasing by 17.5% and 16.5% respectively [40] - Companies like Boss Appliances are maintaining strong market shares in the kitchen appliance sector, with expected revenue growth of 5% in Q2 2025 [41] 3. Small Appliances - The small appliance sector is benefiting from high growth in domestic sales and exports, with companies like Supor and Joyoung expected to see revenue increases of 5% and 120% respectively in Q2 2025 [4][41] - The "old-for-new" policy is set to include small appliances, which is anticipated to significantly boost sales [5][20] 4. New Displays and Lighting - The emerging display market is at a turning point, with companies like Hisense and Jimi Technology expected to see revenue growth of 5% in Q2 2025 [4][5] 5. Investment Highlights - The report emphasizes the potential for a rebound in the home appliance sector driven by favorable policies and market conditions, recommending a combination of leading companies such as Midea, Haier, and Gree for investment [5][6]

极米科技 20250627 摘要 极米科技国内市场毛利率约为 30%，海外市场更高，近期已接近 45%。毛利率提升主要得益于 TI DLP 芯片价格下降 40%及光机结构方 案设计迭代和零部件国产化替代。 国内市场需求承压，但利润端持续好转，规模保持稳定。海外市场持续 增长，欧洲市场去年收入 6 亿人民币，增速超 40%，美国市场收入近 2 亿人民币，增速相近。日本市场因渠道调整拖累海外整体增长，海外市 场增速约为 20%以上。 车载业务聚焦智能座舱和智能大灯，已与华为智选车合作落地，预计今 年贡献 3-4 亿人民币收入。目前车载业务处于投入期，预计收入达 10 亿人民币左右时实现稳定盈利，目标后年毛利率达 20%，净利率达 10%左右。 商用投影业务 6 月底量产，7 月开始出货，目标占据国内 100 亿人民币 商用市场 10%-20%份额。前期规划两款商用 SKU，亮度分别为 5,000 流明和 8,000-10,000 流明，预计今年实现数千万人民币收入，毛利率 预计 40%-50%，规模化后稳态净利率目标 15%-20%。 Q&A 极米科技家用产品线的毛利率结构如何，以及国内外市场的毛利率表现是否存 ...

Group 1 - The overall score for the company is 43.64, indicating a weak performance [1] - The main cost analysis shows that the current cost for major players is 115.24 yuan, with a 5-day cost of 114.25 yuan and a 20-day cost of 118.20 yuan [1] - There have been no instances of the stock hitting the upper limit or lower limit in the past year [1] Group 2 - The short-term resistance level is at 117.00 yuan, while the short-term support level is at 112.06 yuan [2] - The net outflow of main funds on June 26, 2025, was 582.15 million yuan, accounting for 12% of the total transaction amount [2] - The company is associated with the home appliance industry, which saw a decline of 0.80% [2]

Group 1 - The core viewpoint of the articles highlights the launch of the MoGo4 and MoGo4Laser portable projectors by the company in Paris, marking the overseas debut of the Play6 series in Europe [1] - The MoGo4 series aims to enhance the perception of portable projectors, emphasizing not only portability but also personal expression, as stated by the company's chairman [1] - The company introduced two accessories, the Power Base stand and a 70-inch portable outdoor screen, to enhance user experience and convenience for outdoor settings [1] Group 2 - According to Mordor Intelligence, the global projector market is projected to grow from $12.39 billion in 2025 to $16.27 billion by 2030, with an annual growth rate of 5.6% [2] - Chinese brands dominate the global projector market, producing 75% of projectors and 62% of core panels, indicating a strong manufacturing presence [2] - The company's revenue for 2024 is expected to reach 3.405 billion yuan, with overseas revenue accounting for approximately 31.89% [2] - The overseas projector market is expected to grow faster than the domestic market, providing significant opportunities for penetration of smart projectors [2] - The company continues to lead in global home projector shipments, supported by its global expansion strategy and advancements in smart systems, content resources, light source technology, and automation features [2]

Group 1 - The second "Belt and Road" Technology Exchange Conference was held in Chengdu from June 10 to 12, focusing on new display technologies and international capacity cooperation [2] - The conference gathered leading companies, industry associations, and experts to discuss innovative mechanisms and models for technology collaboration along the "Belt and Road" [2][5] - The conference highlighted advancements in projection technology, with a focus on commercial market innovations by companies like XGIMI Technology [2] Group 2 - A new generation of electronic paper display technology was introduced, achieving a significant breakthrough with 50 frames per second color dynamic electronic paper [3] - The ultra-high-definition industry is projected to reach a scale of 8 trillion yuan by 2030, driven by multiple factors including user demand and policy support [3] - The integration of culture and technology is becoming a national strategy, positioning the ultra-high-definition audio and video industry as a pillar of the national economy [3] Group 3 - XGIMI Technology is prioritizing its vehicle-mounted business, establishing a dedicated division and increasing investment in R&D and market expansion [4] - The vehicle-mounted business is seen as a new chapter for XGIMI, leveraging its core competencies in optical and projection technologies [4] - XGIMI has secured eight vehicle-mounted business contracts, with production expected to commence in 2025 [4]

极米科技股份有限公司 关于核心技术人员变动的公告 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、准确性和完整性依法承担法律责任。 证券代码：688696 证券简称：极米科技 公告编号：2025-043 重要内容提示： 极米科技股份有限公司（以下简称"公司"、"极米科技"）核心技术人员 王鑫先生因个人原因申请辞去在公司担任的所有职务，离职后王鑫先生不再担任 公司任何职务。截至本公告日，王鑫先生不持有公司股份。 公司一直重视自主知识产权的研发，已建立较为完善的研发管理体系和知识 产权保护管理体系。本次核心技术人员变动不会影响公司拥有的核心技术及其专 利权属完整性，亦不会对公司的核心竞争力、技术优势、业务及产品创新能力产 生重大不利影响。 一、核心技术人员变动的具体情况 核心技术人员王鑫先生因个人原因辞去公司核心技术人员职务。离职后，王 鑫先生不再担任公司任何职务，公司及董事会对王鑫先生为公司发展所做出的贡 献表示衷心感谢。 1、核心技术人员的具体情况 王鑫先生，男，中国国籍，1978 年 3 月出生，本科学历，无境外永久居留 权。2000 年 7 月毕业于天 ...