重视红利与全球化 家用电器 证券研究报告 行业专题报告 / 2026.03.23 投资评级:看好(维持) 最近 12 月市场表现 -13% -6% 1% 8% 15% 22% 家用电器 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 联系人 汤昕 tangxin@ctsec.com 2025 年年报&1Q2026 业绩前瞻 核心观点 | 表 1：重点公司投资评级 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 公司 | 总市值（亿 | 收盘价 | | EPS（元） | | | PE | | 投资评级 | | | | 元） | （03.23） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 000333 | 美的集团 | 5,574.03 | 73.37 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【以高级官员：伊朗和美国本周将在巴基斯坦举行会谈】 财联社3月23日电，以色列一位高级官员表示，本周晚些时候，伊朗和美国高级官员将在巴基斯坦首都伊斯兰堡举行 会谈。 【影石创新回应大疆起诉专利权属纠纷：研发过程合法合规】 据财联社3月23日电，影石创新(688775.SH)发布关于相关媒体报道的说明公告，公司关注到媒体报道称大疆在深圳 市中级人民法院起诉公司涉及6项专利权属纠纷，多名前大疆研发人员被指参与。截至目前，公司尚未收到相关诉讼 材料。 经内部核查，涉事员工均在大疆离职后一年内加入公司，其作为发明人提交的专利申请系在公司任职期间的自主创 新成果，研发过程合法合规。 公司强调，涉案专利未披露发明人姓名系依法依规操作，且所涉专利非公司核心或重大专利，预计不会对公司生产 经营、财务状况及未来发展产生重大影响。 公司将持续关注案件进展，并按规定履行信息披露义务。 【特朗普：希望霍尔木兹海峡由美伊共同管控】 美国总统特朗普周一接受采访时表示，霍尔木兹海峡很快就会开放，并希望这条关键航道由美伊共同管控。 在被追 问海 ...

公司提醒广大投资者，《中国证券报》《上海证券报》《证券日报》《证券 时报》《经济参考报》《中国日报》《金融时报》和上海证券交易所网站 （www.sse.com.cn）为公司信息披露媒体，公司所有公开披露的信息均以上述媒 体刊登的正式公告为准。敬请广大投资者注意投资风险。 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。 近日，部分媒体报道了深圳市大疆创新科技有限公司（以下简称"大疆"） 在广东省深圳市中级人民法院起诉影石创新科技股份有限公司（以下简称"公司"） 涉及 6 项专利权属纠纷，多名前大疆核心研发人员被指参与。该事项引发多家媒 体的持续转载及市场的广泛讨论。截止本公告披露之日，相关诉讼材料尚未送达 至公司，公司知悉相关媒体报道后极为重视，对有关情况进行了核实，现将相关 情况进行说明。 经公司内部仔细排查，案涉相关员工均系在大疆离职后一年内的员工，但该 期间内相关员工作为发明人递交的专利申请，根据现有证据显示均为其在公司任 职期间内产生的自主创新成果，研发过程合法规范。 关于涉案专利未公开发明人姓名的情况，公司系严格遵 ...

2026.03. 23 本文字数：1109，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 记者查询看到，与员工离职后专利申请相关的条文包括《专利法》第六条提到的：执行本单位的任务 或者主要是利用本单位的物质技术条件所完成的发明创造为职务发明创造，职务发明创造申请专利的 权利属于该单位。《专利法实施细则》在对上述第六条的解释中提到，执行本单位的任务所完成的职 务发明创造，包括退休、调离原单位后或者劳动、人事关系终止后1年内作出的，与其在原单位承担 的本职工作或者原单位分配的任务有关的发明创造。 就起诉一事是否真实、案件缘由等，记者向影石创新相关负责人求证，截至发稿尚未获得回应。记者 以投资者身份拨打影石创新证券事务代表电话，求证大疆起诉一事的真实性，工作人员表示，正在对 大疆起诉一事进行内部确认，如果所涉专利对公司有重大影响，或者涉及公司重要的专利，达到了披 露标准，将会进行公告。 该事件的背景与两家公司在无人机领域的竞争有关。去年12月，影石创新与第三方共同孵化的无人 机品牌影翎旗下全景无人机影翎A1发售，这是全球首款全景无人机，主打卖点包括沉浸式飞行体 验、全景图传等。发售后，影石创新创始人刘靖康在内部信 ...

Core Insights - The report identifies three main engines driving the transformation of the new consumption sector: AI + consumption, emotional economy, and new quality retail [2][3][4] AI + Consumption - AI technology is seen as a catalyst for consumption, with the potential to become a market hotspot. By the first half of 2025, the user base for generative AI products in China is expected to reach 515 million, a growth of 266 million from December 2024, with a penetration rate of 36.5% [2] - AI technologies such as large models, chips, embodied intelligence, and digital innovations are expected to comprehensively upgrade consumer goods across production, supply chain, and operational selection [2] Emotional Economy - Changes in economic demographics are giving rise to an emotional consumption market projected to reach 4.5 trillion yuan. The emotional consumption market in China is expected to grow from 1.63 trillion yuan in 2022 to 2.72 trillion yuan in 2025 and exceed 4.5 trillion yuan by 2029 [3] - Emotional consumption scenarios are rapidly expanding, with trends in collectibles, shopping, cultural tourism, pets, technology, and dining gaining traction among younger consumers [3] New Quality Retail - The shift from traditional retail to new quality retail focuses on enhancing consumer experience and value reconstruction. New quality retail includes aspects like quality-price ratio consumption and instant retail, optimizing supply-side offerings [4] - For instance, Sam's Club in China is projected to achieve sales of over 140 billion yuan by 2025, with online business accounting for about 50% of its sales [4] Investment Opportunities - Key companies to watch in the AI + consumption sector include Luxshare Precision, Goertek, DJI, and Xiaomi in various AI product categories [5] - In the emotional consumption space, companies like Laopuhuangjin and Chaohongji are highlighted, along with brands in outdoor sports and beauty sectors [5] Market Overview - The overall consumption industry in 2025 is expected to show structural changes, with a focus on upgrading consumption quality and enhancing consumer experiences [19][29] - The report emphasizes the importance of policies aimed at boosting domestic demand and consumption, which are expected to continue into 2026 [28][29] Economic Context - The contribution of final consumption expenditure to GDP growth in China is projected to remain significant, with a contribution rate of 53.5% in the first three quarters of 2025, reflecting a 9 percentage point increase from the previous year [18][36] - The report notes that the consumer market in China still has substantial growth potential, with the final consumption expenditure expected to rise from approximately 57% to 60% of GDP by the end of the 14th Five-Year Plan [28][36] Demographic Trends - The report highlights the aging population and declining birth rates in China, with the Z generation gradually becoming the main consumer force. This demographic shift is expected to drive new consumption patterns focused on emotional value and sustainability [40][41] Future Outlook - The report anticipates that 2026 will be a pivotal year for the integration of AI technology into the consumption sector, creating new market opportunities and innovative products [45][46] - The AI + consumption landscape is expected to evolve with advancements in AI-powered products, including smart home devices and wearables, which are projected to reshape consumer lifestyles [62][63]

Summary of Insta360 (688775.SS) Conference Call Company Overview - **Company**: Insta360 - **Ticker**: 688775.SS - **Industry**: Consumer Electronics, specifically action and 360 cameras Key Financial Highlights - **4Q25 Revenue**: Rmb3 billion, up 100% YoY and 10% QoQ, exceeding estimates by 8% and 6% respectively [5][10] - **Net Income**: Rmb172 million, 11% lower than estimates, but still showing a 13% YoY increase [5][10] - **Gross Margin**: 9.2% in 4Q25, slightly down from 9.4% in 4Q24 [10] - **Earnings Growth**: Expected to remain in double digits YoY despite rising raw material costs [5] Product Innovations - **Launch of Snap**: Insta360 introduced the Snap smartphone selfie screen in March 2026, priced at US$71, designed for enhanced user experience in photography [1][2] - **Design Features**: The Snap is portable (7.3mm thick), has low latency (30ms), and is compatible with beauty camera apps, catering to user demands for creative shooting [1] Growth Drivers - **Premium Brand Image**: The company's strong brand image supports higher average selling prices (ASP) [2] - **R&D and Innovation**: Continuous investment in research and development enhances user experience and product offerings [2] - **Accessory Offerings**: A rich variety of accessories expands application scenarios, attracting more customers [2] - **Market Expansion**: Plans to enter the drone market, which could provide additional revenue growth [2] Financial Projections - **Revenue Estimates**: Projected revenues for 2026-2030 remain largely unchanged, with a slight 2% cut in net income estimates for 2025 [11][12] - **Target Price**: The 12-month target price is set at Rmb311, based on a 20x P/E ratio for 2030E earnings [18][21] Risks and Challenges - **Market Competition**: Increased competition could impact growth and market share [20] - **Supply Chain Issues**: Rising raw material costs and supply chain diversification efforts are ongoing challenges [5] - **Accessory Attach Rate**: Lower-than-expected accessory sales could hinder revenue growth [20] Conclusion Insta360 is positioned for growth with strong financial performance, innovative product offerings, and a premium brand image. However, it faces challenges from market competition and rising costs. The company maintains a "Buy" rating with a significant upside potential based on its target price.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The OpenClaw phenomenon is gaining traction, and the penetration rate of AI NAS is expected to accelerate [4][8] - OpenClaw has surpassed 270,000 stars on GitHub, marking a significant milestone in AI application evolution from "scene-level projects" to "system-level agent platforms" [4][8] - NAS is positioned as a solution to OpenClaw's pain points, acting as a "vault" for data loss and an "isolation zone" for privacy breaches [4][17] Summary by Sections Investment Highlights - OpenClaw's rapid growth indicates a shift in AI applications, with NAS expected to address installation difficulties and data security concerns [4][17] - NAS's snapshot feature allows for quick recovery of deleted files, enhancing data security [5][17] - The deployment of OpenClaw on NAS can create a network island, limiting hacker access and protecting sensitive data [5][17] Market Performance - The NAS market is projected to grow significantly, with a CAGR of 38.0% from 2024 to 2029, driven by increasing consumer demand for localized AI applications [17][19] - Ugreen Technology, as a leading consumer NAS provider, is expected to benefit from the demand for AI agents and has gained a first-mover advantage [22][31] Investment Recommendations - The report suggests a "barbell strategy" focusing on dividend stocks and new overseas products, with three main investment lines: 1. Companies with improving operational cycles: XGIMI Technology, Boss Electric [32] 2. Companies redefining products for overseas markets: XGIMI Technology, Ninebot, Roborock, Ecovacs, and Yingshi Innovation [32] 3. Quality dividend stocks with low valuations: Midea Group, Haier Smart Home, and Hisense Home Appliances [32] Key Data Tracking - As of March 6, 2026, the RMB has appreciated by 203 basis points against the USD, which may support the valuation recovery of export-oriented companies [45] - The LME copper spot price was $12,808 per ton, down 4.7% week-on-week, indicating a downward trend [45]

Investment Rating - The report indicates a significant decline in overall industry profits expected by 2026, suggesting a cautious investment outlook for the handheld smart imaging device sector [1]. Core Insights - The handheld smart imaging device industry faces substantial pressure from rising component prices and new competitors entering the market, leading to a challenging environment for existing players [2][6]. - AI technology is identified as the largest growth opportunity for the industry in 2026, enhancing product experience and user engagement through features like real-time scene recognition and automatic composition [8]. - The shift towards a "hardware + subscription + cloud service" model is transforming the industry's revenue streams, allowing for continuous income growth and improved customer retention [10][11]. - Expansion into B2B applications and overseas markets is seen as a new growth driver, with increasing demand for immersive content and customized solutions in various sectors [13]. Summary by Sections 1. Structural Opportunities in 2026 - AI empowerment is expected to revolutionize product experiences, making devices more user-friendly and enhancing image quality through advanced features [8]. - The content ecosystem is evolving, with companies offering value-added services that extend beyond hardware sales, thus improving profitability [10]. - The expansion of application scenarios and international growth is anticipated to create new market opportunities, particularly in tourism and live broadcasting [13]. 2. Common Risks in 2026 - The entry of new competitors, including smartphone manufacturers, is intensifying market competition, which may lead to a decline in demand for handheld devices as consumers prefer smartphones for photography [17]. - A price war is emerging, with leading companies reducing prices significantly, which is expected to compress profit margins across the industry [19]. - Supply chain pressures, particularly from rising component costs, are anticipated to negatively impact profitability, with significant increases in prices for key components like storage chips [21][25]. 3. Impact of Costs on the Industry - The rising costs of critical components, such as storage chips, are expected to severely affect profit margins, with companies facing challenges in maintaining pricing power amid intense competition [28][31]. - The report highlights that the average gross margin is projected to decline due to increased costs, with specific examples from companies like Insta360 indicating a potential rise in product costs due to component price hikes [29][30].

Core Viewpoint - The article discusses the recent legal victory of Insta360 (影石创新) over GoPro in a patent dispute, highlighting its implications for Chinese tech companies navigating global compliance challenges. The company is projected to achieve nearly 10 billion yuan in revenue by 2025, marking its entry into the elite group of Chinese smart hardware companies with over 10 billion yuan in revenue [1][2]. Group 1: Legal Victory and Financial Performance - Insta360 successfully defended against five core patent infringement claims from GoPro, emerging from a two-year legal battle with a strong market position in North America [2][3]. - The company reported a revenue of approximately 9.858 billion yuan for 2025, representing a significant year-on-year growth of 76.85%, with net profit nearing 1 billion yuan, both reaching historical highs [2][3]. - The revenue growth is supported by a diversified product matrix, reducing reliance on a single product category and mitigating systemic risks associated with market fluctuations [2]. Group 2: Insights for Chinese Tech Companies - The article outlines six key insights for Chinese tech firms based on Insta360's experience in the 337 investigation, which is seen as a major legal barrier for companies expanding internationally [3][5]. - Insight one emphasizes the importance of maintaining a comprehensive R&D traceability system to counter patent infringement claims effectively [7]. - Insight two highlights the necessity of setting aside a "compliance reserve" to cover legal costs associated with international patent disputes, as demonstrated by Insta360's expenditure of over 10 million USD for its legal defense [9][10]. - Insight three suggests that companies should not only focus on defense but also establish equivalent bargaining chips in legal disputes, as Insta360 did by filing counterclaims against GoPro [11][12]. Group 3: Strategic Approaches and Market Position - Insight four recommends adopting a "soft and hard isolation" compliance structure, particularly in AI data compliance, to enhance patent protection and reduce legal risks [13][14]. - Insight five underscores the significance of user reputation as a competitive advantage, with Insta360's active content community contributing to its resilience during the legal battle [15][16]. - Insight six stresses the importance of collaborative efforts and leveraging public resources in legal challenges, as seen in the collective success of Shenzhen companies in similar investigations [19]. Group 4: Future Outlook - Insta360's victory and projected revenue growth indicate a robust capacity to navigate economic fluctuations and competitive pressures in the global market [20]. - The article concludes that ongoing legal challenges like the 337 investigation may become more common, but companies that focus on innovation and foundational technology will emerge stronger [20][21].

Summary of the Conference Call for Yingshi Innovation (Insta360) Company Overview - **Company**: Yingshi Innovation (Insta360) - **Industry**: Smart Imaging Devices, including panoramic cameras and drones Key Points and Arguments Legal and Market Position - Yingshi successfully resolved market access risks in the U.S. by winning a patent lawsuit, where 5 out of 6 core patents were ruled not to infringe, significantly reducing uncertainty in the U.S. market [2][3][4] - The remaining design patent pertains to an old product no longer sold in the U.S., indicating limited actual impact [2] AI Technology Impact - AI technology is reshaping the imaging creation process, with panoramic cameras expected to benefit from advancements in AI editing tools, simplifying the editing process and reducing learning costs [2][5] - The market for panoramic cameras could expand from a scale of tens of billions to hundreds of billions, driven by AI's ability to enhance user experience [2][5] Competitive Landscape - DJI's entry into the panoramic camera market has accelerated industry growth, but Yingshi's revenue growth remains unaffected, indicating its strong position, especially in overseas markets [2][6] - Despite DJI's low-price strategy impacting market share, it has positively contributed to industry expansion without significantly threatening Yingshi's leading position [6] Long-term Competitive Advantages - Yingshi's long-term success relies on algorithm accumulation, product reputation, and channel control, with historical data and user feedback enhancing algorithm optimization [7][8] - The smart imaging sector may evolve into an oligopoly, with leading brands capturing most revenue and profits as smaller brands are phased out [8] Product Expansion and Revenue Potential - Yingshi is expanding into larger markets, including drones and handheld gimbals, with the first panoramic drone achieving sales of 30,000 units in its first month, generating over 200 million yuan in revenue [3][9] - The handheld gimbal market, primarily dominated by DJI, has a potential revenue increase of approximately 20 million yuan for Yingshi if it captures a 20% market share [10][11] Valuation and Future Outlook - Current valuation is around 90 times earnings, indicating it is not cheap, with short-term profit release constrained by competition and new product investments [12] - As new product categories enter the harvest phase, revenue growth is expected to accelerate, potentially improving valuation as earnings catch up [12] - A significant lock-up period expiration in mid-2026 may enhance liquidity and create new investment opportunities [12]