Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The report maintains the "Overweight" rating, indicating expectations for the industry to outperform the market benchmark by over 10% in the next 6-12 months [5][9] - The report highlights significant developments in the home appliance sector, including Midea Group's successful bid for a centralized procurement project with China Mobile, which is expected to enhance its market position [1] - Anker's UV printer shipments have accelerated, with a notable increase in output, reflecting strong demand in the consumer technology segment [3] Summary by Relevant Sections White Goods & Small Appliances - Midea Group has won a centralized procurement project from China Mobile for high-pressure centrifugal chillers, which will support data center cooling needs [1] - The company has previously provided cooling systems for a large-scale liquid-cooled intelligent data center in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Consumer Technology - Anker's E1 printer has seen a significant increase in shipments, with 4,950 units shipped as of January 15, 2026, compared to earlier figures of 100 units in December [3] - Stone Technology has announced a pre-sale for its flagship model G30S Pro, with a starting price of 5,499 yuan, and a new P20 Ultra model priced at 3,899 yuan [3] Company Performance Forecasts - Beiding Co. expects Q4 revenue and net profit to be 30 million and 3 million yuan, respectively, with a year-on-year increase of 20.9% in revenue but a decrease of 9.8% in net profit [2] - For the full year 2025, Beiding anticipates revenue of 95 million yuan and a net profit of 11 million yuan, representing increases of 26.0% and 59.1% year-on-year [2] Investment Recommendations - The report suggests focusing on three main investment lines: 1. White goods, recommending Haier Smart Home, Midea Group, and Gree Electric, with a particular emphasis on Haier due to its transformation success and benefits from the overseas interest rate cycle [7] 2. Selective consumer technology stocks, including Anker Innovation and Ecovacs, while also monitoring Stone Technology and others in the 3D printing supply chain [7] 3. Companies with good growth prospects in international markets, such as TCL Electronics and Chunfeng Power [7]

Group 1 - The 2025 Hurun China Unicorn Graduation List identifies 796 companies that have graduated as unicorns, valued at over $1 billion, established after 2000 [1][3] - Chengdu ranks seventh in the number of listed companies, with 18 enterprises making the list [1][4] - The total value of these unicorn graduates across China reaches 24 trillion RMB, with an average establishment year of 2006 and an average age of 19 years [2][3] Group 2 - The top five industries by the number of listed companies are semiconductors, industrial equipment, biotechnology, new energy, and software services, accounting for 46% of the total [3] - The highest valued industries are semiconductors, new energy, industrial equipment, consumer electronics, and biotechnology [3] - Among the 796 unicorn graduates, 33 companies are valued over 100 billion RMB, with 3 exceeding 1 trillion RMB [3][4] Group 3 - Chengdu's notable companies include: - Xinyi Technology (New Easy Win) ranked 44th with a valuation of 82 billion RMB in telecommunications [2][5] - Kelong Botai Biotechnology ranked 55th with a valuation of 11 billion RMB in biotechnology [2][5] - Zhonghang Unmanned Aerial Vehicle ranked 149th with a valuation of 30 billion RMB in robotics [2][5] - Chengdu Huami and Jiachitech both ranked 236th with valuations of 21 billion RMB in semiconductors and new materials respectively [2][5] - Other notable companies include Dekang Agriculture Technology, Huatuo Shanding, and Tea Hundred Road, with valuations ranging from 13 billion to 19 billion RMB [2][5]

Key Points - The core viewpoint of the articles highlights various company announcements, including project investments, performance forecasts, and share buybacks, indicating active corporate strategies and potential growth opportunities in different sectors [1][2]. Company Announcements - Bawei Storage's advanced packaging manufacturing project is still in the sample verification stage [1] - Aerospace Power's main business does not involve commercial aerospace and has no related asset investments [1] Project Investments - Guanghui Energy plans to invest 2.511 billion yuan in the "Xinjiang Guanghui Coal Clean Refining and High-Value Utilization Upgrade Project" [1] - Wanrun New Energy intends to invest 1.079 billion yuan in a "70,000 tons/year high-pressure dense lithium iron phosphate project" [1] - Hualgreen Bio plans to establish a factory for producing 50,000 tons of deer antler mushrooms annually [1] - Beihua Co. intends to invest in a nitrocellulose production line project [1] Contract Awards - *ST Jiaotou, in a joint venture, won the general contracting project for the Qiaojia County National Fitness Center [1] - Dayu Irrigation won a project worth 133 million yuan in a joint venture [1] Performance Forecasts - Shenghong Technology expects a net profit growth of 260.35% to 295% in 2025 [1] - Cambridge Technology anticipates a net profit increase of 51.19% to 66.79% for 2025 [1] - Haitai Technology forecasts a net profit growth of 226.86% to 323.97% in 2025 [1] Share Transfers - Shanghai Lugu plans to sell 40% of Nanchang Huhang Industrial Co., Ltd. for 28.9034 million yuan [1] - Newhan New Materials intends to acquire 51% of Hairete [1] Share Buybacks - Buchang Pharmaceutical plans to repurchase shares worth 60 to 120 million yuan [1] Shareholding Changes - Yuyuan Silicon and its investors plan to reduce their holdings by no more than 3% [1] - Brother Technology's controlling shareholder intends to reduce holdings by no more than 2% [1] - Lianchuang Optoelectronics' controlling shareholder, Electronic Group, plans to reduce holdings by no more than 2% [2] Other Developments - Chengtian Weiye plans to raise no more than 800 million yuan through a private placement for the industrialization of liquid cooling heat dissipation systems [1] - XGIMI Technology's wholly-owned subsidiary received a development notification from a client [2]

Core Viewpoint - XGIMI Technology announced that its wholly-owned subsidiary, Yibin XGIMI Optoelectronics, has received a second development designation notification from a well-known domestic automotive manufacturer, officially becoming the in-car projection supplier for a specific vehicle model [2] Group 1: Business Development - Yibin XGIMI will strictly adhere to customer order requirements and complete the development, testing, production preparation, and delivery of specified products within the stipulated timeframe [2] - The acquisition of this designation is a direct result of XGIMI's strategy to "improve quality and efficiency," aligning closely with the company's long-term development plan for its automotive business [2] Group 2: Market Position - Since entering the automotive sector, XGIMI has successfully secured designated cooperation with multiple new energy vehicle clients and well-known automotive manufacturers, covering core products such as smart cockpits and intelligent headlight components [2] - The company's automotive products have gained widespread recognition from both domestic and international automotive industry chain clients and manufacturers due to their strong technical capabilities and reliable quality [2] Group 3: Future Prospects - This new development designation will further assist the company in expanding and sustaining its growth in the smart cockpit display business, enhancing its sustainable development capabilities, which aligns with the fundamental interests of the company and all shareholders [2]

Group 1 - Canada will grant China an annual quota of 49,000 electric vehicles, which will enjoy a 6.1% Most Favored Nation tariff rate, with the quota increasing at a certain rate each year [1] - The Ministry of Commerce of China expects both countries' industries to seize opportunities for mutual benefit and win-win cooperation [1] - The State Council of China is focusing on boosting consumption and supporting new service consumption growth points, aiming to enhance service quality and consumer willingness [1] Group 2 - The China Securities Regulatory Commission (CSRC) is strengthening market monitoring and regulation to prevent excessive speculation and market manipulation [1] - The CSRC is drafting a trial management method for derivative trading, emphasizing prudent regulation and maintaining reasonable leverage levels in the derivatives market [1] - The market supervision authority approved the acquisition of Dole Group by American Axle Manufacturing with additional restrictive conditions to ensure fair competition in the automotive parts sector [2] Group 3 - TCL Zhonghuan signed a cooperation framework agreement to invest in a new energy project [4] - Huatai Hotel's controlling shareholder is planning a merger and reorganization, which may lead to a change in actual control [4] - Cheng Tian Wei Ye plans to raise no more than 800 million yuan through a private placement for liquid cooling system projects [4]

证券代码：688696 证券简称：极米科技 公告编号：2026-002 极米科技股份有限公司 三、风险提示 关于自愿披露全资子公司收到客户的开发定点通知公 告 1、宜宾极米收到客户的开发定点通知后，双方已进入履约状态，但尚未构 成实质性订单，涉及的产品实际供货时间、供货价格、供货数量以宜宾极米与客 户正式签订的供货协议或销售合同为准，因此公司供货量尚存在不确定性。 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。 2、尽管合同双方均具备履约能力，但在订单履行过程中，可能会出现因产 品开发遇阻、供货质量不达标等各种原因导致项目变更、中止或终止等情况；如 遇政策、市场环境等不可预计或不可抗力因素的影响，将可能会导致合同无法正 常履行的风险。 一、收到车企的开发定点通知概况 3、针对上述风险，宜宾极米后续将严格按照客户订单需求，积极做好产品 的研发、生产及交付工作，同时加强风险管控，减少上述风险可能造成的影响。 同时，客户车型产销计划、汽车市场情况、宏观经济环境等因素均可能对项目的 最终实施产生影响。敬请广大投资者注意投资风险。 ...

人民财讯1月16日电，极米科技(688696)1月16日公告，公司全资子公司宜宾市极米光电有限公司近日收 到某国内知名汽车主机厂的第二个开发定点通知，宜宾极米将成为该客户某车型的车载投影供应商。 ...

Market Overview - The black home appliance sector experienced a decline of 1.85% on January 15, with Zhaochi Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Sichuan Changhong (600839) saw a price increase of 5.00%, closing at 10.70, with a trading volume of 5.9554 million shares [1] - ST Gauss (002848) also increased by 5.00%, closing at 11.96, with a trading volume of 126,100 shares [1] - Other notable performers included Chenyi Intelligent (301578) with a slight increase of 0.81% and a closing price of 35.91 [1] - Conversely, stocks like Feichi Co., Ltd. (002429) experienced a significant decline of 9.75%, closing at 8.70, with a trading volume of 2.7528 million shares [1] Capital Flow - The black home appliance sector saw a net inflow of 310 million yuan from institutional investors, while retail investors experienced a net outflow of 129 million yuan [1] - The capital flow data indicates that Sichuan Changhong had a net inflow of 5.90 billion yuan from institutional investors, while retail investors had a net outflow of 2.56 billion yuan [2] - Zhaochi Co., Ltd. reported a net outflow of 1.89 billion yuan from institutional investors, with a retail net inflow of 717.1 million yuan [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company is focusing on deepening its core projection business while exploring new growth opportunities in the wearable display sector, as showcased at CES 2026 with the launch of two significant products [1]. - The Titan Noir Max series of projectors aims to redefine consumer-grade image quality with advanced features, while the MemoMind AI glasses represent a strategic expansion into the wearable technology market [6]. - The company's strategy emphasizes a comprehensive display ecosystem, covering various scenarios from home projection to personal wearable devices, which is expected to unlock new growth avenues [6]. Financial Data and Valuation - Total revenue projections for the company are as follows: 2023 at 3,557 million, 2024 at 3,405 million, 2025E at 3,614 million, 2026E at 4,611 million, and 2027E at 5,802 million, reflecting a growth trajectory with a notable increase of 28% in 2026 [2][18]. - Operating profit is projected to recover significantly from 33 million in 2023 to 454 million in 2026, with a year-on-year growth of 138% [2][18]. - Net profit attributable to shareholders is expected to rise from 121 million in 2023 to 454 million in 2026, indicating a 131% increase [2][18]. - The company's PE ratio is projected to decrease from 64.7 in 2023 to 17.2 in 2026, suggesting a potential valuation bottoming out [2][18]. Key Products and Innovations - The Titan Noir Max projector features a dynamic aperture system achieving a native contrast ratio of 10,000:1, enhancing image quality for both consumer and professional use [6]. - The MemoMind AI glasses are designed for lightweight smart interaction, featuring a MicroLED display and supporting real-time translation and information display [6]. - The company has established a strong synergy between its optical technology and wearable device needs, enhancing its competitive position in the market [6].

Group 1 - The black home appliance sector increased by 3.43% on January 14, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] - Major stocks in the black home appliance sector showed varied performance, with Zhao Chi Co., Ltd. closing at 9.64, up 10.05% [1] Group 2 - The net inflow of main funds in the black home appliance sector was 738 million yuan, while retail funds saw a net outflow of 168 million yuan [1] - The detailed fund flow for individual stocks indicates that Zhao Chi Co., Ltd. had a main fund net inflow of 5.41 billion yuan, representing 15.23% of its total [2] - Sichuan Changhong experienced a main fund net inflow of 2.85 billion yuan, accounting for 7.12% of its total [2]